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NoaFX Scam Review

NoaFX is the brokerage arm of the leading financial investment firm, CMI Group. The brokerage first started operations in 1976 as a fund management entity. In 2010, their monthly turnover was already approximately $8 billion with roughly $200 million worth of assets under their management. However, it was only in 2013 that NoaFX began to offer their trading services to the retail trading sector.  Today, NoaFX is already regarded as one of the top retail brokers in the industry.

NoaFX Reliability – Is NoaFX a scam?

While the brand NoaFX is relatively a new brand in the online forex trading industry, the actual company behind this brand, called Capital Market Investments Limited, is actually a well-established fund management company. Their initial operation first began as far back as 1975. And by 2010, the fund management aspect of the company business had already reached a monthly turnover of $8 billion on an asset management size of just under $200 million.

In order to offer the best possible services to their clients, NoaFX began streamlining their operations starting in 2006. By 2013, the brokerage expanded their services to include the retail trading sector. It is this recent shift of focus to the retail trading sector and the name change from NoahFX to NoaFX which helps to account for the relative anonymity of the NoaFX brand. Despite these factors, the NoaFX brand actually stands for transparency and reliability.

Their efforts to provide better services to their clients are all reflected in the various ways which NoaFX runs their operations. For example, to be able to cater effectively to a diverse clientele base, NoaFX has provided their customer support services on a multi-lingual basis. And if a client requires a particular language to be supported, a request can be made to the support team for such an inclusion. In addition, there are multiple choices of trading platforms and trading accounts ensuring that all the traders trading needs are met. In other words, NoaFX has shown that it is willing to go to great lengths to satisfy all the trading needs of their clients.

Trading Platforms

Altogether, NoaFX offers their clients up to 8 different types trading platforms to trade the markets with. Nevertheless, the mainstay of NoaFX’s trading platforms is the MetaTrader 4 trading platform. This platform also happens to be the most popular trading platform in the retail forex trading industry. Several factors such as a user-friendly interface, the availability of comprehensive charting package and the ability to do trade automation with the use of Expert Advisors (EAs) are just some of the many reasons why the MT4 platform is the platform of choice among traders and brokers alike. To support different devices and operating systems, the MT4 is available for PC, Mac computers, iPads, iPhones and Android devices. For traders who want to trade in binary options, NoaFX has also provided several different types of trading platforms such as the Binary Options Android trader, the Binary Options iOS trader and Binary Options EA.

Account Types

At NoaFX, traders have the ability to trade micro, mini or standard lots depending on the type of trading accounts that they are trading from. Essentially, there are 6 different types of trading accounts that traders at NoaFX can choose from. They include:

  • NoaFX Ultra account

Minimum Deposit amount $10

1:400 Leverage Ratio

Minimum Trading lot size 0.01

Forex and Metals Trading

  • NoaFX Ultra Pro

    Minimum Deposit of $5001

Ideal account for professional traders

Multi Instruments Trading including FX, CFDs, Commodities

Floating Spread

Maximum leverage ratio of 1:400

  • NoaFX Joint Account

Same trading benefits as an individual trading account except that the account is jointly owned and managed by 2 or more individuals

  • NoaFX Corporate Account

For institutional clients, NoaFX has also provided a corporate trading account to ensure that larger orders can be filled expeditiously. The corporate account offers multi-platform and multi-assets trading capabilities as well as more competitive rates

  • NoaFX MAMM account

The NoaFX MAMM trading account lets account managers manage their investors’ funds more efficiently as well as letting them earn additional income. Investors also have the option to decide which MAMM account to invest in by reviewing the ratings of the MAMM accounts. Profits or losses are then divided between account managers and investors based on the share held by the investor in the MAMM account.

  • NoaFX Islamic Account

The NoaFX Islamic account let the account holder trade the markets according to the Islamic Shariah principle of no “RIBA”.

  • NoaFX Demo Account

For beginner traders or traders who just want to test out their trading strategies without the risk of losing real money, the NoaFX demo account is an extremely useful tool.

Commission & Spreads

To make their services as competitive as possible, NoaFX has sought to provide their traders with some of the most favorable spreads in the market. For example, the minimum fixed spread for the NoaFX Ultra account starts from as low as 0.2 pips. The spread for the NoaFX Ultra Pro account starts from a minimum of 1.6 pips. The commission rates are also competitive being fixed as 0.5 pips for the NoaFX Ultra trading account.

Customer Support

At NoaFX, they aim to provide their traders with world-class customer support without discriminating between account size or trading volume. The support services are channeled through email or live chat support available on a 24/5 basis. Their email response is to be commended as they normally try to reply back within a 30-minute window and a 6 hours resolution timeframe. Finally, they also provide multi-lingual support to their clients. Specific language support may also be provided upon a client’s request.

Pros

  • Multi-Platform Trading
  • Ultra Tight Spreads
  • 24/7 Support
  • Binary Options within MT4
  • 100% STP broker
  • Comprehensive Educational Support

Cons

  • No incentive such as Bonuses or Promotions
  • Limited Instruments for Ultra Accounts
  • No localized telephone support

Conclusion

With their business foundation as fund managers, NoaFX is able to comprehend the needs of their traders. This is one of the key reasons why they take great pains to offer their utmost to their traders in terms of spreads, trading platforms, and customer support. In our opinion, this broker is a one which is really worth considering.

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