Editor’s Verdict
Overview
Review
Headquarters | Russia |
|---|---|
Regulators | FSC Belize |
Year Established | 2016 |
US Persons Accepted? |
NPFBX is a Forex brokerage that used to be part of a Russian commercial bank and has now become its own entity offering trading services regulated off shore, except for institutional clients who are still served by the parent body. NBPFX’s parent bank is regulated by the Bank of Russia, and claims to be operating since 1996. The current retail Forex brokerage is regulated by the International Financial Services Commission in Belize. When the new company was formed it became part of the Financial Commission and then established a compensation fund of $20,000 per customer. The website is available in English, French, Vietnamese, Malaysian, Russian, and Indonesian and their target market seems to be Russian speakers.
NPFBX has a low minimum deposit of only $10. They offer three different account types: Master, Expert and VIP. The minimum deposit for a Master account is $10 and with that account users can trade with a leverage of 1:500 and an average spread of 1.2 pips. The Expert account requires a deposit of at least $5000 and allows traders leverage of 1:100 and an average spread of 1.0 pips. A VIP will have to deposit $50,000 and will trade with an average spread of 0.8 pips and leverage of 1:100. Aside from the leverage and minimum deposits and trade volume, the accounts have almost no difference. Each account holder is able to trade 36 currency pairs, Gold, Silver, Oil and natural gas.
This Forex broker offers customer support 25 hours a day, 5 days a week in several languages. The website has a chat function as well as a live support phone line. NPFBX has many different avenues for deposit and withdrawal with instructions for each on their website.
The popular MetaTrader 4 is the trading platform of choice for NPFBX. The website lists the advantages to this platform and it is easy to access. In addition, is integrated with ZuluTrade which allows customers to choose and follow successful traders within the platform. This platform can be a great combination of one’s own trading strategy and the strategies of other successful traders. Traders who wish to use mirror trading can utilize the MyFxbook Auto Trade platform through NPFBX. It is an advanced mirror trading platform that can be used by customers of this brokerage and it is supported by the MyFxbook staff.
One thing that NPFBX does not seem to offer is educational resources. Their website has very little under the heading of education. Traders who want to learn via using a demo account are welcome but there are no lessons, videos, ebooks or other educational resources that other Forex brokers generally provide.
The online reviews of NPFBX are basically favorable. Ironically, their website itself does not have testimonials but other websites that review Forex brokers seem to have positive things to say about this company. The user comments are positive and complimentary which is not something to take lightly. Though we question why the brokerage, based in Russia, would be regulated by a body located across the world, we do appreciate that regulation exists, and that traders do seem satisfied with the service. Don’t be afraid to try a demo account before trading with NBPFX – it’s research time that may be important to your financial future.