Trading on financial markets is associated with a high level of risks and can lead to a loss of money deposited

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.

Account Opening

How do I open a Live Account?

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.

Which documents do Individuals need to open an account with NordFX CY?

Individuals should provide the following documents:

  • Proof of Identification. A certified true hard copy of the original or apostiled hard copy of ONE of these documents:
    • International or Local Passport
    • National Identity Card
    • Driver's Licence
  • Proof of Residence. A certified true hard copy of the original or apostiled hard copy of any ONE of the documents below which must not be older than 6 months:
    • Utility bill, either electricity, gas, water or landline telephone
    • Bank/Credit card statement or confirmation letter from the bank (signed and stamped by an authorized person of the bank)
    • Official Residency Certificate/Residence Book (not hand written)
    • Local Authority Tax Bill
    • Tenancy Agreement
    • Local Passport, National ID or Driver's Licence can also be used as long as it is not used as proof of ID and it clearly bears the residence address

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.

Which documents do Legal Entities need to open an account with NordFX CY?

Legal Entities should provide ALL of the following documents:

  • Certificate of Incorporation
  • Certificate of good standing/Certificate of Incumbency (if company documents are older than 1year)
  • Memorandum and Article of Association
  • Certificate of Registered Address
  • Certificate of Director(s)
  • Passport and utility bill of all Director(s)
  • Certificate of shareholders (no Bearer shares issued)
  • List of all 10%+ owners/Ultimate beneficial shareholders, settlors, trustees
  • Trust Deed Agreement (if Nominee entity* is used)
  • Passport and utility bill of all Ultimate Beneficial Shareholders
  • Board Resolution/Declaration
  • Power of Attorney
  • Attorney Passport and utility bill
  • Audited financial statements of the previous year

*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:

  • Certified True Copy of the Original, where the legal entity is incorporated within the EU or a Jurisdiction classed as equivalent for AML purposes
  • Apostiled, where the legal entity is incorporated outside the EU or a Jurisdiction classed as equivalent for AML purposes.
What is a certified copy of a document?

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.

What account types does NordFX CY offer?

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.

In which currencies may I open an account?

At NordFX CY you can choose either EUR or USD as the currency of each of your accounts.

Is it possible to have more than one account with NordFX CY?

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.

How soon can I start trading?

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.

Why do I have to send the documents you request in order to activate my account?

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.

What is MyNordFX secure area?

MyNordFX is your secure personal working area. Through MyNordFX secure area you may:

  • Access all of the services and tools available at NordFX CY
  • View a complete history for each of your accounts
  • Make deposits and withdrawals
  • Transfer money to and from your accounts 
  • Change the leverage of your accounts
  • Request help and support
  • Upload documents required
Can I change my personal details in MyNordFX secure area?

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 Supportsupport@nordfx.com.cy using your NordFX CY registered email address.

I opened an account but I did not receive an email. What do I do?

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 support@nordfx.com.cy. 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. 

What is a telephone password?

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. 

Why do you need information about my financial investment background?

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. 

Deposits and Withdrawals

What payment methods do you accept?

You can use any of the payment methods below to fund your account:

1. Bank Transfer

2. Credit / Debit Card

3. Neteller

4. Skrill

How do I deposit funds into my trading account?

Login to your MyNordFX secure area, click on the Make a Deposit icon, select your preferred method and follow the instructions.

May I use a different Debit/Credit card to make a withdrawal?

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.

Can I deposit funds to my trading account in any currency?

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.

What is the typical processing time for deposits?

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.

How do I withdraw my profits if I use Visa/MasterCard or e-wallet?

You can withdraw funds using your Visa/MasterCard or your e-wallet only up to the amount you already have deposited. Profits can be withdrawn via Wire Transfer to your bank account. In order to verify your bank account you must make a deposit using this account or send us a reference letter from your bank.

How do I make a withdrawal from my account?

Login to your MyNordFX secure area, click on the Withdrawal icon, select your preferred method and follow the instructions. Please be aware that it can take up to 1 business day for your request to be processed by us. You must withdraw the initial deposit amount by the same method you used to deposit it. Withdrawals of profits can be made via Wire Transfer.

What is the typical processing time for withdrawals?

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.

Do you have charges for deposits and withdrawals?

You may find details of any charges on our Deposits & Withdrawals page. 

Can I transfer funds between my trading accounts?

Yes. Login to your MyNordFX secure area, click first on the Withdrawal icon and then on the Internal Transfer icon and follow the instructions.

What documents do I need to upload in order to use my credit/debit card?

You can see a full list of documents and the procedure below:

For security purposes before uploading a scanned copy or a photocopy of your Credit or Debit Card, you should leave only the first 6 digits and the last 4 digits of your card number visible. Your name, expiration date and the issuing bank should be clearly visible. You should also cover the CVV/CVC number on the back of your credit card image.

We are forced to apply security measures designed for the security of both our clients and ourselves in line with current recommendations from card providers such as Visa and MasterCard. Following on from the above, we are required to obtain copies of any card used for a deposit to ensure that the cardholder is the owner of the trading account. Also be advised that we may request card copies before the approval of a withdrawal request. If you have lost any of your cards previously used, we will require either:

  • An old credit card statement that includes both your name and your card number or 
  • Alternatively a written statement from the card issuing bank that confirms you are the card owner but are no longer in possession of that card.
Can I receive transfers from third parties to my Trading Account?

No. We do not accept transfers from third parties.

Can I make a deposit from the e-wallet of another person?

No. We cannot accept a deposit to your NordFX CY account from someone else's e-wallet.

Can I make a withdrawal from the e-wallet of another person?

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.

Can I make a withdrawal if I have open positions?

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.

Is there a minimum amount for withdrawals?

No, there is no minimum amount for withdrawals.

How secure is it when I upload my card copies through MyNordFX?

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.

Can I use more than one bank account for transfers to/from my trading account?

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.

Do you charge any commission for transfer funds between accounts?

No, we do not charge any commission for transferring  funds between accounts.

What is the minimum initial deposit to open a Live Account?

There is no minimum deposit.

Trading Terms and Conditions

I cannot close an open position, what do I do?

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.

What is leverage?

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.

Does NordFX CY offer swap free accounts?

No, we are not offering swap free accounts.

Does NordFX CY offer the client any financial advice?

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.

Can I change my leverage?

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 1:50.

Which hours can I trade?

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.

If my trading account reaches a balance of zero, will it be closed?

No. Your account will still be active with a balance of zero.

What is the minimum size of a position, that I can open?

The minimum position size you may open is  0.01 of a lot.

Which pairs are traded most of all?

The most commonly traded pair is EURUSD followed by GBPUSD and USDJPY. You may see quotes of the most popular pairs on our website.

What are bid and ask prices?

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. 

What are swap/rollover charges?

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 & Products webpage.

What does go long and go short mean?

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.

What is the difference between Balance and Equity?

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.

What spreads do you offer?

You can see our spreads on our website.

Are you a Market Maker?

No. We do not maintain a B-Book. Our business model is pure STP (Straight Through Processing). All of our clients orders are sent directly to our liquidity provider who aggregates liquidity from 15 Tier-1 Banks. Once the order is filled our clients receive immediate confirmation. We never interfere with any of our clients' orders in any way.

What is a Margin Call/Stop Out?

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.

What trading instruments do you offer?

We currently offer a wide range of foreign exchange currency pairs. You may find detailed information here.

What is the spread?

Spread is the difference between the bid and ask price. You may find our average spreads here.

How do I calculate my margin?

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):

  • USD Account of 1:100 leverage, EURUSD pair - 100,000 * EURUSD rate / 100
  • EUR Account of 1:100 leverage, EURUSD pair - 100,000 / 100 = 1,000
  • USD Account of 1:200 leverage, AUDCHF pair - 100,000 * AUDUSD rate / 200
  • EUR Account of 1:200 leverage, USDCHF pair - 100,000 / EURUSD rate / 200

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.

Can you explain the different Order Types in MT4?

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:

  • Login to your MT4 terminal and click on the <Help> button.
  • Select <Help Topics>.
  • Expand the contents of the <Client Terminal> section.
  • Expand the contents of the <Trading> section.
  • Select <Order Types>.

Trading Platforms

What time does MetaTrader 4 display?

The time displayed in MetaTrader 4 is GMT+2 (GMT+3 during Daylight Savings Time).

Can I change the time zone in MetaTrader 4?

No, the time zone in MT4 cannot be changed.

How do I Iog into my desktop MT4 trading platform?

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.

I forgot my MT4 password. What should I do?

You can reset your password using one of the following methods:

  • Send an email to support@nordfx.com.cy from the email address that is associated with your account, mentioning your MT4 account number and request a new MT4 password.
  • Submit a support request through your NordFX CY personal area again mentioning your MT4 account number.
  • Request a new password via Live Chat.
  • Call us as per our Contact us page.

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.

How do I change my MT4 password?

To change your MT4 password:

  • Login to your MT4 terminal.
  • Select <Tools> from the menu bar and click on <Options>
  • On the pop-up window that appears select the <Server> tab.
  • Click the <Change> button.
  • On the pop-up window that appears fill in the requested fields and click <OK>
How do I place a pending order in MT4?

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.

How do I modify or delete a pending order in MT4?

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.

  • To delete a pending order click on the button on the far right hand side of the order.
  • To modify a pending order double-click on the order. This will bring up the ‘Order’ window. From here you can change the price at which the order is triggered, as well as the expiry date of the order, the stop-loss and the take-profit levels. You may also delete the order by clicking on the button.

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".

How do I close a position in MT4?

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.

What does the message 'Invalid Account' in MT4 mean?
  • The login you have entered is not correct
  • The password you have entered is not correct
  • You did not select the correct server
  • Your account no longer exists

For any questions please contact us .

How do I place/change a SL/TP?

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.

How do I install the MT4 platform?

You can download the MT4 platform from our Trading Platforms webpage.

Is it possible to download a second MT4 terminal to my computer?

Yes, it is. As long as you save it to a different location than the first one.

Why can't I place an order?

Possible causes of this are:

  • You may not have enough funds in your account.
  • You may be logged into your MT4 terminal using your investor (read only) password.
  • Your MT4 account is disabled.
How do I obtain a full history?

There are two ways to get your full history:

  • Through your MT4 terminal by clicking on the "Account History" tab. Then right click anywhere in the Account History tab. A pop-up window will appear where you may select one of the two "Save Report" options.
  • The second way is through your "NordFX CY" area. Select "My Accounts" and you will be able to see your full history under the "My Trades" section.
What is the smallest lot size you offer?

Our minimum contract size and volume increment is 0.01 of a lot, i.e. 1,000 currency units.

What happens to my position overnight?

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.

What Operating System (OS) do I need for MT4?

For detailed information on the system requirements for each MetaTrader 4 client please see our Trading Platforms webpage.

 

Mobile Platforms

How do I change my password on Android/iPhone?

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.

What mobile platforms do you offer?

We offer the MT4 platforms for iPhone, iPad and Android. You can find details of each platform here.

How do I connect through an iPhone or iPad device?

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.

 

Regulations and Security

How is my personal information secured with NordFX Capital CY Ltd?

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.

How is client money secured?

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.

What is MiFID?

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.

 

Miscellaneous

Are you listed under any other authority outside Cyprus?

No, NordFX CY is currently regulated only in Cyprus by the Cyprus Securities and Exchange Commission.

Where is the Company registered?

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).

Where can I find your Order Execution & Best Interest Policy, Terms of Business etc?

You may find all our Regulatory documents here.

In accordance with MiFID, what classification do you give your Clients?

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 what will happen to the funds of a client's account?

In case of death of a client and according to the Laws in Cyprus, the client's equity belongs to the beneficiary person(s).