The FAQ section that follows is a useful directory of frequently asked questions to give you a head start with your Nord trading experience. Whether you have questions about opening an account or are keen to find out more about forex terminology and trading platforms, we have the answers here at your fingertips.
The process is simple: complete the registration with us and upload your proof of identification and proof of residence as required by Law. We will examine your application as soon as possible and if everything is in order we will approve it. After this is done you will be able to proceed with trading in your Live Account.
Individuals should provide the following documents:
Please note that the proof of residence must be in the full name of the person registering the account and must show the full address. Online statements, mobile telephone bills and documents which contain a P.O. Box are not accepted.
In order to activate your account and enable you to trade quicker we will accept scanned colour copies of the above documents. We reserve the right to request further information or clarification.
Legal Entities should provide ALL of the following documents:
*If a Nominee entity is used as a Nominee Director or Nominee Shareholder then for that legal entity all of the above documents are required and the Deed of Trust indicating the Ultimate Beneficial Owners.
All documents must be finally submitted in hard copy in one of the following forms:
A Certified Copy is a duplicate of an original document the authenticity of which is certified by an independent organization such as a Notary, a Bank Officer or a Lawyer and it must include the stamp, the name, the address, the signature of the person who has certified it and the date on which it was certified. Certification of documents is used to prevent impersonation fraud.
NordFX CY offers a single account type with no commissions and no minimum deposit. This provides all our clients with the same tight competitive spreads. We believe in a fair trading environment and an equal opportunity for all traders, a level playing field for all.
At NordFX CY you can choose either EUR or USD as the currency of each of your accounts.
Yes. Our clients can open more than one account with NordFX CY. The currency of each account can be either EUR or USD. Each account can also use a different leverage level.
Once you have registered for a live account, uploaded your documents and you have been accepted by us you can start trading. Please be aware that you will first need to deposit funds.
NordFX CY takes measures for the verification of the identity of our clients, so as to ensure the safety of their funds and for satisfying Regulatory Requirements for Anti-money Laundering and prevention of Terrorist Funding. Your information is safe with us.
MyNordFX is your secure personal working area. Through MyNordFX secure area you may:
Yes, you can. If you need to amend any personal details that you gave us during the registration process, you can do it within your MyNordFX secure area by submitting a Contact Support Request. Please note that you can also send an email to Customer Support: email@example.com using your NordFX CY registered email address.
We automatically send a welcome letter to the email address you registered with us. You should receive this email within a few minutes of completing and submitting the online account registration form on our website. If you cannot see this email in your inbox please check your junk/spam folder in case your email provider automatically marked it as spam. The email will have “NordFX CY” in the subject and the sender will be firstname.lastname@example.org. Locate and mark this email as “Not Spam”. You may also add our support email address to your list of safe email addresses. If you cannot locate the email please Contact Us and let us know. We will be happy to resend the email to you.
This is a password used for identification purposes. We ask you for this password should you contact us via telephone. A telephone password can consist of a memorable word or a number or a combination of both. You should never reveal this or any of your passwords to anyone and only disclose your telephone password to us if you are asked to do so.
We request information regarding your financial background and investment experience in accordance to our regulatory requirements. Furthermore, the information given will help our Support Team and your Account Manager to assist you better. The information given will not affect your application. Any information collected is in the strictest confidence and held in accordance to data protection Laws. We will never disclose your personal information to a third party unless we are required to do so by Law.
You can use any of the payment methods below to fund your account:
1. Bank Transfer
2. Credit / Debit Card
Login to your MyNordFX secure area, click on the Make a Deposit icon, select your preferred method and follow the instructions.
You can use a Credit/Debit card that you have registered with us. You can make withdrawals using the card that you have already made a deposit with . If you wish to use another card for the withdrawal you must first make a deposit using this card.
Please check with your bank that you can send your funds in the currency of your trading account. We can accept funds received in EUR or USD. If you send funds in a different currency these may not be accepted or they may be converted to the currency of your account at additional cost. Should this be required conversion rates will apply.
For deposits made via bank wire transfer 3-5 days are usually required for the deposit to reach our bank(s). Credit/debit card and Skrill or Neteller deposits are processed within 2 business hours. We will post your money to your trading account the same day that we receive it. If for whatever reason we cannot do this we will post it on the following business day at the latest.
You can withdraw funds only by the same method you used to deposit it or via Wire Transfer to your bank account.
Withdrawal requests are usually processed by us within 2 business days. Depending on the payment method it can take a further 3-5 business days for the funds to be received back to your designated account. For detailed information on withdrawals please see our Deposits & Withdrawals page.
You may find details of any charges on our Deposits & Withdrawals page.
Yes. Login to your MyNordFX secure area, click first on the Withdrawal icon and then on the Internal Transfer icon and follow the instructions.
No. We do not accept transfers from third parties.
No. We cannot accept a deposit to your NordFX CY account from someone else's e-wallet.
No, once you make a deposit to your account using your e-wallet system, you can make the withdrawal only from the same e-wallet account or via wire transfer.
Yes, you can make a withdrawal when you have open positions. The procedure to follow is to send a withdrawal request to us through your secure MyNordFX area.
No, there is no minimum amount for withdrawals.
Card copies and any scanned documents you upload through your MyNordFX secure area are protected with SSL encryption. All communication on our website including your MyNordFX area is also protected using SSL encryption.
Yes, you can make transfers using more than one bank account, which is held in your name. Please, note that you can withdraw your funds back to any bank account you used to deposit funds with us. You will need to provide us with details of the bank accounts you wish to use.
No, we do not charge any commission for transferring funds between accounts.
There is no minimum deposit.
In the rare and unlikely event that you are unable to open or close a position you may call us during our normal office hours as detailed on our Contact Us page.
Leverage is a multiplier of your purchasing power which allows you to proceed to larger investments than the ones you would otherwise be able to do.
For example, if you deposit $1,000 and use leverage of 1:100 each $1's purchasing power is multiplied by 100 times, thus the $1,000 will be equivalent to an available amount of $100,000 for investments. Trading in forex is done using standard lots of 100,000 units of currency. You can therefore open a position with volume of 1 Lot.
Using the same $1,000 an account with leverage of 1:200 has the purchasing power of $200,000 (1,000 x 200) enabling a trader to open a position with volume of 2 lots (2 x 100,000).
The ability to earn significant profits by using leverage is substantial. Leverage, however, can also work against investors if price moves against a position by amplifying potential losses.
No, we are not offering swap free accounts.
No. NordFX CY will not provide investment advice or any recommendation. The Customer understands that independent advice should be sought in relation to trading financial instruments.
Yes, you can change the leverage you have with NordFX CY. The procedure to follow is to send a "Change Leverage" request to us through Contact Us. Please note that changing your leverage when having open positions will affect your free margin. In this case when reducing your leverage we may contact you prior to making the change.
Please note: In an effort to protect the client and in line with the EU and our regulatory requirements, the determination of the leverage ratio is based on the client’s specific characteristics. Whilst the client may ask for a leverage higher than that of default, the company will base the determination on the appropriateness assessment carried out on a compulsory basis during the account opening process. The default Leverage is 1:20.
You can trade forex 24/5. The markets open at 10:00 p.m. GMT on Sunday and close at 10:00 p.m. GMT on Friday.
No. Your account will still be active with a balance of zero.
The minimum position size you may open is 0.01 of a lot.
The most commonly traded pair is EURUSD followed by GBPUSD and USDJPY. You may see quotes of the most popular pairs on our website.
The bid price is the price at which market particpants are willing to buy a currency pair. The ask price is the price at which market participants would like to sell a currency pair. The difference between the two is called the spread.
For example, a market order to buy EURUSD will be executed at the current ask price and a market order to sell EURUSD will be executed at the current bid price.
Swap charges refer to the difference in interest rates of the currency pair when holding positions open overnight.This is also known as rollover charges. This varies according to the difference in interest rates of the base currency against the quote currency. This charge (or earning) derives from whether you bought or sold the currency with the highest interest rate .You can see rollover costs (or swap rates) on your MT4 terminal. Login and select "Symbols" under "Market Watch". Then select the pair that is of interest. Under "Properties", you shall find the corresponding rates. You can also see these swap/rollover charges on your statement for all your trades. For detailed information for each currency pair and for the formula used in the calculation please see our Trading Accounts webpage.
Going long means buying, while going short means selling. For instance, if you go long GBPUSD this means you expect the price to rise in the future and so you buy GBPUSD now so you can sell it at higher price at a later time. If you go short this means you expect the price to fall in the future so you sell now to buy it back cheaper at a later time.
Balance is the amount of money you have in your account when you have no open positions. This is the realized balance of your account. Equity is your account balance plus the floating profit/loss of your open positions. When you have no open positions your balance and equity are the same. When you have open positions your equity will change in real time as the price of your open positions changes.
You can see our spreads on our website.
Margin is the amount of money required in order to open a position. Margin depends on leverage. For example, to buy 1 lot (100,000 currency units) a USD account with leverage of 1:100 requires: 1000 * EURUSD rate. If the rate was say 1.38506 the margin used would be $1,385.06. If the leverage of the account was 1:500 the margin used would be: 200 * EURUSD rate. In the above example this would be $277.01.
Margin Level is Equity / Margin * 100. It is a percentage (or ratio) of your equity against the margin used.
A Margin Call happens when your account reaches a margin level set by NordFX CY to indicate that your account does not have enough free margin to support any new positions. This may happen if your open positions are running at a loss. The balance of your account will turn red in your MT4 terminal. If this happens and you would like to open new positions you will need to deposit funds into your account in order to increase your equity.
After receiving a Margin Call and if your open positions continue to incur further losses your account may receive a Stop Out. This happens at a Margin Level set by NordFX CY when the Equity in your account can no longer support your open positions. Some or all of your positions will be automatically closed in order to protect your account from further losses.
You can find detailed information on Margin requirements and our Margin Call and Stop Out levels here.
We currently offer a wide range of foreign exchange currency pairs. You may find detailed information here.
Spread is the difference between the bid and ask price. You may find our average spreads here.
You can find details of the margin requirements for each currency pair here.
The margin used when you open a position depends on the currency and leverage of your account and the base currency and volume of the pair you would like to trade. Here are some examples using a trading volume of 1 standard lot (100,000 currency units):
Note that in this last example the calculation is actually 100,000 * USDEUR rate / 200 which is the same as dividing by the EURUSD rate.
MetaTrader 4 provides a rich set of order types. These come in two categories Market Orders and Limit Orders. There are six types of limit orders Buy Limit, Buy Stop, Sell Limit, Sell Stop, Stop Loss and Take Profit.
You can find detailed information on all order types in the Help section of your MT4 Client Terminal by following the steps below:
The time displayed in MetaTrader 4 is GMT+2 (GMT+3 during Daylight Savings Time).
No, the time zone in MT4 cannot be changed.
You have to launch your client terminal and then you need to click “File” and go to “Login”, a new box will appear prompting you to enter your login, password, and the server your account has been assigned to. Your login details are sent to you by email when the approval of your account is confirmed.
You can reset your password using one of the following methods:
Once we have verified your identity we will issue you with a new password and sent it to you at your registered email. For your own security and protection once you receive your new password please change it immediately. Please see "How do I change my MT4 password" in this FAQ.
To change your MT4 password:
Pending orders can be created from the same ‘Order’ window in which market orders are placed. In order to place a pending order change the ‘Type:’ from ‘Market Execution’ to ‘Pending Order’. Once this is done you will be given the option to place buy limit, sell limit, buy stop and sell stop orders, as well as setting their limit price and expiry date and time.
In certain situations you will need to alter the parameters of a pending order you have placed, or delete it completely. This can be done by locating the order in your MT4 terminal. They can be found on the "Trade" tab of the ‘Terminal’ section. Open orders appear above your account details, whereas limit orders that have yet to be executed appear below them.
You may also modify your orders directly on the chart. For a full explanation of this method please see the Help section of your MT4 terminal under "Trading" and "Trading on Chart".
If you have set stop-loss and/or take-profit levels your order will be closed automatically when the market price reaches either of the levels you have defined. For an open position to be closed manually you must locate it in the MT4 ‘Terminal’ window. From here you can right-click and select ‘Close Order’, or double-click to bring up the ‘Order’ window and close it from there. You can also click on the <X> button on the far right hand side of the order to close it in one click.
For any questions please contact us .
In your MT4 terminal double click on the S/L or T/P field of the order. A window will open where you can enter the SL/TP levels you wish. Click on the button to submit the change.
You may also set these levels on the chart by double clicking on the order line and dragging it to the desired level.
You can download the MT4 platform from our Trading Platforms webpage.
Yes, it is. As long as you save it to a different location than the first one.
Possible causes of this are:
There are two ways to get your full history:
Our minimum contract size and volume increment is 0.01 of a lot, i.e. 1,000 currency units.
All open positions as of 11.59 pm are rolled over to the next business day. As a result, they incur a swap charge/credit. For more information about roll over, please click here.
For detailed information on the system requirements for each MetaTrader 4 client please see our Trading Platforms webpage.
To change your password on your Android/iPhone please click on the “Settings” tab, then click on “Accounts”. On the bottom right corner you will see a Key icon, please click on it. You will then get a pop up window to change your password.
We offer the MT4 platforms for iPhone, iPad and Android. You can find details of each platform here.
You can connect through an iPhone or iPad device by downloading the relevant mobile client app from our Trading Platforms webpage. Once you install the app to your device, please launch the application and enter your login details, which are the same login details that you use to login into MT4 platform.
At NordFX CY we take the appropriate measures to protect all of our clients’ personal data. The information you submit is communicated via Secure Socket Layer (SSL) encryption technology to ensure that it is protected while it is being transmitted to us. Once received it is stored on secure servers in datacenters that meet the stringest mission-critical security standards for financial global businesses such as ours. Only a limited number of authorised personnel have access to it. Your passwords are also encrypted and none of our staff is able to access them.
Clients' money is kept fully segregated from the Company's money, at Tier1 International Banks. In addition to that NordFX CY is a member of the Investor Compensation Fund. This provides protection of retail clients against the members of the fund upto EUR 20,000 in the event that the member (in this case, NordFX CY) fails to meet its obligations in the course of providing investment and ancillary services and its financial condition is not expected to improve in the near future.
The Markets in Financial Instruments Directive (MiFID) came in to force in November of 2007. The purpose of MiFID is to ensure a level playing field for investors throughout the European Union. NordFX CY complies fully with the European Markets in Financial Instruments Directive (MiFID) as adopted by Law 144(I)/2007. You can find more information here.
No, NordFX CY is currently regulated only in Cyprus by the Cyprus Securities and Exchange Commission.
The Company is registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission with license number 209/13. NordFX CY is operating under Law 144(I)/2007 and is also compliant with MIFID (EU Markets in Financial Instruments Directive).
You may find all our Regulatory documents here.
We classify all our clients as Retail Clients, unless specifically requested otherwise by the client. A client may request to be categorised as a Professional Client, in which case, we may request further information and assess suitability. The Company reserves the right to accept the Client's request, or not.
In case of death of a client and according to the Laws in Cyprus, the client's equity belongs to the beneficiary person(s).