NoaFX belongs to the group of brokers that just recently appeared on the global trading market, and with only a few years of experience – these brokers usually present a hazardous environment for investments. Our NoaFX review will go over the most important features and characteristics of this brokerage, and by doing so, we will hopefully shed some more light on the operations and activities of this company. If you continue reading, you will learn more about the broker in question, and this additional knowledge will allow you to make an informed decision and invest your funds wisely.
Leverage: 1:200 Licences: BIFSC
Min. Deposit: 100 USD Bonus: N/A
Spreads: from 2 pips US Clients: No
Looking for Forex Broker? Sign up with Plus500 instead!
80.6% of retail CFD accounts lose money
NoaFX broker – overview of the company
The fact that a significant regulatory body does not regulate NoaFX is the first sign of a potential NoaFX scam, but let us present this organization in a bit more detail. According to the information on their portal, this broker company was established in 2013, but in those days the official name of the broker was NoahFX. However, in 2014, the enterprise went through a re-branding phase, and the name was changed to Noa, which means “blessing” in Maori. As you could have guessed, the headquarters of NoaFX are located in New Zealand, and the parent company of this STP (Straight Through Protocol) broker is also coming from this country. In other words, NoaFX is a subsidiary of CMI Group (Capital Markets Investment Ltd), a corporation that has a long-lasting presence in the financial world, which goes all the way back to 1976.
NoaFX review regulations and licenses
As we already mentioned, NoaFX lacks high-profile seals of approval, and you will only further discover, by reading NoaFX reviews, that this brokerage is a member of the FSP scheme in New Zealand. What this means is that an agency will step in and try to protect your investments in case you run into some trouble with your broker, and that is why Financial Dispute Resolution Scheme plays a vital role in the safety and security of Forex market in New Zealand. But, another contradictory element of NoaFX is the fact that their address says that they are located in St. Vincent and Grenadines, a well-known paradise for off-shore corporations and potentially illegal activities.
How to start trading with NoaFX
Trading with unreliable and shady brokers is not something we would recommend, and this friendly piece of advice can be of great value to your overall financial stability in the long run. However, if you insists on investing with NoaFX broker, you should know that this brokerage offers several types of trading accounts, which are called Ultra, Pro, Joint Account, and Corporate Account. The minimum deposit you need to make to start the Ultra account is $100, and it comes with a leverage of 1:400. Other accounts have higher requirements and different features, and there is also a MAMM option – Multi Account Money Manager.
NoaFX trading platform review
Traders who want our NoaFX opinion are always asking about the quality of the trading platform with this broker company. What we were able to see, NoaFX uses a tried and tested software solution in the form of MetaTrader4 platform, and this reliable piece of software is available on both desktop computers and mobile devices. Also, binary options trading is incorporated into the trading terminal, but this abundance of commands and numbers often confuses the traders and potential investors.
Banking methods at NoaFX Broker
Just like most other NoaFX opinions, we feel that this company is not a professional and legitimate broker, but if you want to deposit your funds to their accounts – several different methods are at your disposal. You could use credit and debit cards, such as VISA, or e-wallet services, including Neteller, Skrill, and PayZa. The minimum amount you can withdraw with NoaFX is set to $40.
NoaFX Forex broker allegedly offers 24/7 customer support, but with conflicting addresses, we sincerely doubt the quality of their problem-solving skills. Admittedly, their website contains some educational material and some webinars, but this is not nearly enough to qualify this broker in the exclusive group of reliable and professionals trading companies.
NoaFX review conclusion
To conclude this NoaFX FX broker review, we can say that this brokerage clearly operates under suspicious conditions and not in agreement with transparent policies that are needed in the world of high investments. Furthermore, the lack of reputable license is something that is a major drawback in the Forex scene, and that is why our clients should be very cautious when investing with this STP broker.
80.6% of retail CFD accounts lose money