The Forex business has been booming for decades now, and the number of traders keeps increasing every day. Many Forex companies compete to outrun the rest. Luckily, lack of clients does not apply to the already overcrowded market. From America to Africa, market participants try to earn some extra money from their trades. If you are looking to join a broker, you probably need some advice what to look for. This NoaFX review can help you with your decision. NoaFX is one of the many Forex companies who offer their services to numerous traders. The NoaFX company was established in 2006 with the goal to become one of the most reliable brokers in the market. It is a well-known fact that this decentralized market struggles with illegal brokers on a daily basis, and every old or new trustworthy broker contributes to the market’s reputation.
Background and Regulation
NoaFX, as a market leader, which was under the supervision of New Zealand FMA (Financial Markets Authority) which means that they had to operate according to the highest industry standards. The FMA is known for its rigorous registration procedure, and it tightened the leash even more in 2016 with a new capital policy. Namely, Forex brokers now have to provide $1,000 000 minimum capital to start operating. However, rumor has it that NoaFX is no longer a part of the FMA network. The best would be to contact the FMA to check this information since the regulator keeps a list of companies under their wing, as well as those that were suspended or banned. As far as we know, the NoaFX broker has a long list of customers who are satisfied with their services. The broker is also a part of the Financial Dispute Resolution Scheme which serves as a double safety measure for customers.
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NoaFX Platform
The NoaFX trading platform is the multi-award winning MT4 platform. The Meta Trader 4 is the universal platform which dominates the market for many years just like Facebook dominates social media. With millions of users, the MT4 was and remains the leader platform. With a simple and clear interface, it attracts newcomers, whereas sophisticated features like auto trading and expert advisors, as well as hedging and scalping techniques, provide joy to experienced and professionals traders. What NoaFX offers is PC and mobile version of the platform, as well as a Mac version. The MT4 is suitable for every device. The NoaFX mobile app keeps smartphone junkies happy who are able to access their trades whenever they want to. The NoaFX mobile app can be downloaded to iOS and Android devices. Since recently, NoaFX also provided an MT4 application allowing binary options trading from the same platform.
Your Trading Options: NoaFX Account Types
The accounts you can register with NoaFX include a NoaFX Ultra and NoaFX Pro account. You can already register with a deposit of $10 with the NoaFX ultra account, whereas the NoaFX Pro account requires a $1000 minimum deposit:
- NoaFX Ultra: minimum deposit of $10 but very few extras
- NoaFX Pro: miminum deposit of $1,000 – suitable for professional traders offering some conveniences like lower spreads and access to over 70 trading assets
This broker also offers joint accounts (which are popular in countries like Indonesia), corporate and MAM (multi-account manager for investment managers) accounts. A free demo account is also provided for Forex beginners who need every help to figure out the features and complex market conditions.
Finding Extra Value: NoaFX Bonus Policy
The majority of Forex brokers offer generous bonuses to attract and reward their clients. Even if some Forex companies include multiple bonuses, NoaFX offers only a welcome bonus to newcomers. Nevertheless, it is still generous, and free money is free money, why not take it? If you should register with this broker, do not miss out on the NoaFX welcome bonus of 15%.
Banking Options
Since Forex has grown to global proportions, it is only logical to include as many payment options as possible. The NoaFX company does not lag behind and accepts different payment methods. If you are more of the conservative type who prefers wire transfer and credit card payments, you can do so with this broker. Also, if you prefer e-wallets, you can deposit and withdraw via Skrill, Neteller, UnionPay, Payza, and FasaPay. Minimum deposits for e-wallets are $10, whereas credit card deposits require a minimum of $100. The minimum withdrawal amount is $40 for all payment methods. Most withdrawal requests are processed within one work day and will be in your account in 1-3 days. Also, a $30 fee is charged for wire transfers, and 1% of the withdrawal amount is charged for Skrill payments. Other payment methods do not include fees.
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Customer Support
Noah Fx support is available 24/7 which means that you can call them on weekends as well, which is not possible with the majority of brokers whose staff is available only during the week. The NoaFX is headquartered in New Zealand but has branch offices in Singapore and Cyprus. The customer support is available via live chat, e-mail, phone, and a web contact form advertised on their website. Also, they have the FAQ section which includes a lot of useful information, especially for beginners.
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