FxNice is a foreign exchange broker located in Virginia, United States. FxNice claims that some of their best points include their customer support, offering 24/5 support to all clients, reports by their in-house research team, education of their clients through tutorials and more. Safety, keeping funds and data safe and being a trustworthy business, offering transparency to their clients and partners. Throughout this review we will be seeing they manage to live up to this or if they fall short.
Account Types
There are three different accounts available, each one having their own requirements and features, so lets briefly look at what each one offers.
Mini Account:
The mini account has a minimum deposit requirement of $100, it must be in a base currency of USD. It has spread starting from 3 pips and uses the ECN execution type. Due to being an ECN account, there is an added commission of $6 per lot traded, the leverage on the account can go up to 1:500 and the trade sizes start from 0.01 lots. There is no maximum number of open trades and the account is swap-free. Scalping and hedging are allowed and the margin call level is set between 30% and 40%.
Standard Account:
The Standard account increases the minimum deposit requirement up to $2,000, it must be in a base currency of USD. It has spread starting from 2 pips and uses the ECN execution type. While it does use ECN execution, there is no added commission on this account, the leverage on the account can go up to 1:500 and the trade sizes start from 0.01 lots. There is no maximum number of open trades and the account has swaps, however, a swap-free version is also available. Scalping and hedging are allowed and the margin call level is set between 30% and 40%.
Premium Account:
The Premium account increases the deposit requirements up to $5,000, it must be in a base currency of USD. It has spread starting from 1 pip and uses the ECN execution type. While it does use ECN execution, there is no added commission on this account, the leverage on the account can go up to 1:500 and the trade sizes start from 0.01 lots. There is no maximum number of open trades and the account has swaps, however, a swap-free version is also available. Scalping and hedging are allowed and the margin call level is set between 30% and 40%.
Platforms
Just the single trading platform on offer from FxNice, this is MetaTrader 5 (MT5), a trading platform by MetaQuotes. MT5 is a well known and widely used trading platform providing a whole host of features. It has the ability to show multiple charts at the same time, to trade micro-lots, offers one-click trading, hedging, and is compatible with hundreds and thousands of indicators and expert advisors. MT5 is also highly accessible as it can be used as a desktop download, a mobile application or as a web trader in your internet browser, ensuring you can access it and trade wherever you are.
Leverage
The leverage on all three accounts go up to a maximum of 1:500, the leverage can be selected when opening up a new account, should you wish to change it on an already open account then you will need to get in contact with the customer service team to request this.
Trade Sizes
Trade sizes start from 0.01 lots on all three accounts and they go up in increments of 0.01 lots. We are not sure what the maximum trade size is, but we would recommend not trading over 50 lots in a single trade due to execution times and slippage. There is no maximum to the number of trades you can have open at any one time.
Trading Costs
The only account with an added commission is the Mini account which has an added commission of $6 per lot traded which is in line with the average we see across the industry. It is strange that this account has the commission, as it is also the account with the highest starting spread. The other two accounts just use a spread based system.
There are also swap fees on the Standard and Premium accounts which are interest charges for holding trades overnight, swap-free versions of these accounts are also available.
Assets
The assets at FxNice have been broken down into four different categories, unfortunately, FxNice does not give us a breakdown of what they are, instead of each section simply gives an overview of what each category is, we have tried to find as much as we can and have outlined them below.,
Forex:
FxNice does not give exact examples of the currency pairs available, they simply state that currencies from the US, Japan, UK, Euro Zone, Canada, Australia, Switzerland, and New Zealand are tradable with them.
Metals:
From what we can see Aluminium, Iridium, Copper, Nickle, Palladium, Platinum, Gold and Silver are all the available metals for trading.
Energy:
FxNice gives some examples of energies that are traded, but they are just basic examples, it does not state if any of them are also tradable with them, the only ones mentioned that are tradable are Brent Crude Oil and WTI Crude Oil.
Crypto:
Unfortunately, there aren’t any specific examples given, but we can see that cryptocurrencies are available to trade at FxNice.
Spreads
The spreads depend on the account that you use, the Mini account has spread starting from 3 pips, the Standard account has spread starting from 2 pips and the Premium account has spreads starting from 1 pip.
The spreads are available which means they move with the markets when there is a lot of volatility they will be seen higher, the different instruments also have different starting spreads and the figures mentioned above ar ethe minimums.
Minimum Deposit
The minimum deposit is $100 which will allow you to open up the Mini account, if you want a commission-free account you will need to deposit at least $2,000 for the Standard account. It is unknown if the minimum deposit reduces once an account is already open.
Deposit Methods & Costs
There are a few different ways to deposit, these are Bank Wire Transfer, Credit / Debit Card (Both Vias and MasterCard), Neteller, Bitcoin, and Skrill.
It is unknown if there are any added fees from FxNice as this information is not stated, however you should check with your own bank or processor to see if they will add any fees of their own. It is not uncommon for banks to assess their own fees on bank wire transfers.
Withdrawal Methods & Costs
All accounts must be fully verified before being able to withdraw, it is not actually clear exactly which methods are available to withdraw but we would assume they are the same which are Bank Wire Transfer, Credit / Debit Card (Both Vias and MasterCard), Neteller, Bitcoin, and Skrill.
Just like with the deposits, there is no indication of any fees, so it is unknown if there are any, but check with your bank or card issuer to see if they will add any fees of their own.
Withdrawal Processing & Wait Time
The exact processing time from FxNice is not specified by them, however, the only figure they do state is that credit. debit card withdrawals will take up to 3 working days. We would expect al withdrawal requests to be fully processed between 1 to 5 business days from the request being made.
Bonuses & Promotions
It does not appear that there are any bonuses or promotions active at the time of writing this review, this does not mean that there won’t be any in the future, so if there aren’t any active when you are looking, be sure to contact the customer service team to see if there are any promotions coming up that you can take part in.
Educational & Trading Tools
There are a few different aspects available when it comes to education and tools, the first being an economic calendar that details upcoming news events as well as any potential effects they may have in the markets. Next is a heat map that tells you where the majority of trading is happening and in which direction it is currently going. There is a currency converter, but when we looked it was not loading properly, there is also a pivot points table, but again this was not loading when we looked at it. Finally, there is a traders’ room, which just outlines how to perform certain things with FxNice, nothing that will make you an expert trader.
Customer Service
The customer service team is available from Monday to Friday between 07:30 am and 19:00 pm. There are a few different ways that you can get in contact with them, you can use the broker favorite online submission form, simply fill in your question or query and you should then get a reply via email. You are also able to contact three different locations which are Mumbai, London and, Honduras using email addresses, physical addresses or phone numbers.
Mumbai:
Address: 319, NCP, Mind Space, Malad West, Mumbai 400 064
Email: [email protected]
Phone: (+91) 90290 10161
London:
Address: 71-75 Shelton Street, Covent Garden, London WC 2H9 JQ
Phone: +44 702 401 0699
Honduras:
Address: La Estancia, Final Del, Torre Consortium 1, Boulevard Morazan, Tegucigalpa, Honduras CA
Demo Account
Demo accounts are available when creating a demo account you can select leverage of 1:100, 1:200, 1:300, 1:400 or 1:500, you can also select a balance of 1,000, 10,000 or 100,000. There doesn’t seem to be any other options and so we are not sure which account type the demo account will mimic, we are also not sure if there is an expiration time on the demo account.
Demo accounts are great because they allow potential clients to test out the markets and trading conditions while also allowing existing clients to test out new strategies without risking any of their capital.
Countries Accepted
The following statement is present on the FxNice website: “It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FXNICE brand based on the legal requirements in his/her country of residence”
That isn’t the most helpful statement, so if you are not sure of your eligibility, we would recommend contacting the customer service team to find out.
Conclusion
There was a little confusion when we looked at the three accounts on offer, the one account with the added commission was also the account with the highest spread, we are assuming this is due to it not having any swap charges. There isn’t a huge difference between the accounts apart from the spreads.
The overall trading conditions seem ok, but we do not know what assets are available, there are only a few examples instead of a full specification or breakdown, so it can be hard to judge if the assets you like to trade will be available. Information about deposits and withdrawals is there, but when it comes to withdrawals we are not fully aware of which methods are available or what the costs are. Should you like the look of FxNice, just be wary about any potential deposit and withdrawal fees.
We hope you like this review if you did be sure to check out some of the other reviews so you can find the broker that is right for you.
