NICOFX Journal

Journal status: live
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NICOFX Profile
Year
2013
Country
Cyprus
Branches
1
Regulation
CySEC Cyprus
Registration
FCA UK, BaFin Germany
Investor protection
Fund protection
Cyprus Investor Compensation Fund (ICF)
Publicly traded
no
Restricted countries
Not serving
х Cuba, Iran, North Korea, Sudan, Syria, UK, US
Broker type
STP, DMA, ECN marketing
Dealing book
A-book
Tier
3
Execution speed
...
LPs total
4
LPs quality
Other
LPs names
GBE Brokers , KTrade, OBR Investments, OM Bridge

NICOFX Accounts
STP
Minimum Deposit
100 $
Leverage
30 : 1
Minimum Lot
0.01 lots
EURUSD spread
2.6 pips
Commission
0 $/lotRT
Volume
50 lots
Margin Call
100 %
Stop Out
50 %
Execution
Market
Spread
floating
Scalping
yes
Update broker

Is NICOFX safe?

  • Investor protection: Cyprus Investor Compensation Fund (ICF)
  • Regulation: CySEC Cyprus
  • Registration: FCA UK, BaFin Germany
  • Publicly traded: no
  • Segregated account: yes
  • Guaranteed Stop Loss: no
  • Negative Balance Protection: yes

Is NICOFX trusted?

  • Information transparency: sufficient ★★★
  • Customer service: virtually non-existent
  • NICOFX website: semi-detailed, updated ★★★
  • NICOFX popularity (by visitor count): least visited

How NICOFX works

The Company acts as principal and not as agent on the Customer’s behalf; therefore, the Company is the sole Execution Venue for the execution of the Customer’s orders for the Financial Instruments provided by the Company.

http://www.nicofx.com/en/pdf/EQSS_Statement_2020.pdf

he Company is always the counterparty (or principal) to every trade; therefore, if the Customer decides to open a position in a Financial Instrument with the Company, then that open position can be only closed with the Company.

6.5. Speed Execution – High Importance

As explained in the ‘Execution Venues’ section of this Policy, the Company acts as principal and not as agent on the Customer’s behalf; therefore, the Company is the sole Execution Venue for the execution of the Customer’s orders for the Financial Instruments provided by the Company.

4.1. Prices: The Company generates its own tradable prices based on price feeds from some of the world’s leading liquidity providers and independent price providers.

Mark-up: in the context of http://www.nicofx.com the Customers shall be charged a mark-up per currency pair.

4) For the ECN platform, traders are routed directly to liquidity providers through the electronic execution system. This system automatically requests a quote from a selection of liquidity providers. In conjunction with the price, the Company quotes the available liquidity, (or ‘market depth’), as obtained from its third party liquidity providers. The Company’s software will automatically aggregate all available liquidity at the best possible prices available and fill at the Volume-Weighted Average Price (V.W.A.P.).

http://www.nicofx.com/en/pdf/Order%20execution%20and%20best%20interest%20policy.pdf/div>

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