- Name : NoaFX
- Website : noafx.com
- Established : 2013
- Regulation : None
- Country : New Zealand
U.S. Clients Allowed :
NoDue to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.
NoaFX ReviewNoaFX Review
NoaFX, the brokerage arm of Capital Market Investments Limited in New Zealand, is a financial broker that offers both Forex and binary options trading, a distinct offering in today’s times when most Forex brokers are distancing themselves with binary options offerings. The company is based in New Zealand and was previously registered as a Financial Services Provider (FSP), but has recently been delisted from the FSP list. Consequently, we have serious questions about the integrity of this company and doubts as to whether the company is operating properly, if at all.
NoaFX began as a fund management company in 2006 and worked its way up until 2013 when it began offering services to retail market traders under the name NoaFX. The members of their top management team include Courtney Smith who they claim is the World's No.1 FX Trainer and Hedge Fund Manager.
NoaFX is a 100% STP broker with No Dealing Desk and more than 70% fund management trade flow.
There are 4 different types of NoaFX trading accounts and each offers a wide range of products that include binary options, FX, energy, metals, indices, and commodities. All of these can be traded using the same platform. The smallest order size in any of the accounts is a micro lot order at 0.01 lot size or 1,000 contracts.
In the Live account category, the NoaFX Ultra account is for pure FX traders looking for tight spreads, high leverage and a small deposit of up to $5,000. The minimum deposit for this account is $10 and leverage is available up 1: 400.
Anyone depositing over $5,000 can open the NoaFX Ultra Pro which is for professional multi-instrument traders. It uses variable spreads in true market environments, 70 different products with no maximum capital restriction and the ability to trade FX, Metals, Energy, CFDs and more. Floating spreads start at 1.6 pips and maximum leverage is 1:400.
NoaFX Account Types
A NoaFX joint account offers all of the same great tools and resources for traders as the live individual account but the account is jointly owned and managed by more than two people.
A NoaFX corporate account allows corporate clients the flexibility needed while ensuring that larger orders can be filled quickly and effectively. Corporations tend to trade larger blocks and need to fill bigger orders and NoaFX is able to fill bulk orders quickly and effectively.
NoaFX corporate accounts offer multi-platform trading, high broker ethics, MT4 binary options and complete transparency as well as a superior clearance engine, the highest standards, and the best rates. They provide quick execution times and strive to have zero requotes.
A demo account is always appreciated by new traders and the NoaFX demo account provides traders with the opportunity to get familiar with the markets and gain trading experience without risking capital.
NoaFX also offers a MAMM account, or Multi Account Money Manager Account which allows investors to make money on the Forex market without any trading, while providing money managers the opportunity to earn additional income when they manage client funds.
NoaFX investors look through the account ratings for MAMM accounts, and then decide which money manager account they want to invest in. When the investor joins the trader’s MAMM account he/she will start trading on the account using both personal funds and the funds of the investors. Any trading profits or losses are divided up between the two groups and the percentages are based on the specific share held in the account.
NoaFX is big on CFD trading and offers clear explanations and examples of how to trade CFDs successfully.
There are several calculators at NoaFX including the Margin calculator, Stoploss calculator, Lot Size calculator and the Profit/Loss calculator.
Another key feature about NoaFX is their insurance backed deposit scheme. Under this scheme, the clients’ funds are invested under an independent trust and insured. This insurance is an added layer of protection for NoaFX’s clients as claims against the trustee cannot be paid out.
NoaFX Trust Facility
There is a full line up of educational material at NoaFX. At least one Market insight, sometimes more, is posted daily, videos on a variety of topics are available for all account holders, a full glossary of financial terms is listed and there are various blogs.
NoaFX Market Analysis
Additional market insights are available for those who sign up to receive them.
NoaFX offers funding via bank wire transfers, Credit/Debit Cards and via E-wallets such as Neteller, Skrill, Payza, China Unionpay and Fasapay. Funds made via Credit Cards are automatically deposited to the trader’s account.
Withdrawals use the same methods. A minimum deposit amount of $10 is required to start trading. And a minimum withdrawal amount currently stands at an amount equivalent to $40.
NoaFX does not impose any charges for funding a trading account. It does charge $30 or equivalent for other currencies for withdrawals made via Bank wire, Credit Cards and CUP (China UnionPay). Also, 1% of withdrawal amount will be levied for withdrawals made via Skrill.
NoaFX strives to provide world class customer service to all our clients, regardless of account size, volume, or profitability. They offer 30 minute-mail response time, 6 hours e-mail resolution time and 24 hours over 5 days live chat service.
Their support staff is multi-lingual and there are offices in New Zealand, Singapore and Cyprus.
NoaFX offers a diverse product offering and interesting platform optionsThe only things missing are bonuses or promotions which most brokers today utilize in order to attract more clients and regulation which would give us more confidence when investing with the company.
- Ultra Tight Spreads 24/7 Support
- No Regulation
- No Bonuses or Promotions
- Limited Instruments for Ultra Accounts
Review info: NoaFX
Review Date: 2017-06-26
Rating : 2
Reviewed By : Sara Patterson (Google+)