Nano Forex Review

WHO IS NANO FOREX?

According to research in South Africa Nano Forex is a STP Forex broker based in the UK, they were founded in 2010 and have offices in Indonesia, Russia, India and Nigeria.

The company has associations with the top 6 banks in the world and thus provides to their client’s direct access to the interbank liquidity.

SAFE OR SCAM?

One of the best benchmarks to measure the safety of a broker like Nano Forex, is to establish which regulating authorities are watchdogs over its actions.

Nano Forex is regulated by the FSC (Financial Services Commission).

PROS AND CONS

LEVERAGE

Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.

Leverage amount is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.

Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.

For example, on a 1% margin a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.

Nano Forex offers a maximum leverage ratio of 1:500.

ACCOUNTS

A forex account at Nano Forex is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.

Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith.

Often, the number and type of accounts that a trader can open with a broker company differs depending on the country in which it operates and the regulation authorities under whose jurisdiction it falls.

Nano Forex offers STP accounts for its clients. An STP account is a straight through processing account which is a Forex brokerage model that involves sending client orders directly to the market without passing them through a dealing desk.

Nano Forex also offers an Islamic account.

MARKET INSTRUMENTS

The most popular market instruments available from most brokers for trading include:

Forex

Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.

Commodities

Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management.

Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.

Indices

Equity, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.

Precious metals

The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

Energy

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.

Nano Forex only trades in forex currencies including AUD/CAD, AUD/JPY, EUR/USD, EUR/CAD, and more, for a total of 18 major currency pairs available on its platform.

FEES

Cost depends on different factors, like spread and margins, and XXX clients may also experience different fee structures according to their country or place of residence.

The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.

Nano Forex offers variable spreads that start at 1.6pips. As an STP Forex broker, the company cannot hold proprietary positions and they have a Discount Broker License. The company does not charge any extra commissions on trades.

DEPOSIT AND WITHDRAWAL

Accounts usually requires a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ.

In the case of Nano Forex, the following methods and minimum deposits are required:

• Wire Transfer
• Web Money
• Visa
• Mastercard
• Liberty Reserve

There are no minimum deposit requirements.

TRADING PLATFORMS

The forex trading platform provided by Nano Forex to its clients is in essence the software to carry out their trades. Some brokers provide only one, others quite a few platforms.

A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.

Nano Forex provides the very popular trading platform, MetaTrader4, unfortunately they do not have their own web-based trading platform or mobile trading platform.

However the MetaTrader4 trading platform is a powerful trading tool and one of the most commonly used platforms amongst seasoned traders.

HOW TO OPEN AN ACCOUNT

Similarly to a bank, to register a forex trading account with Nano Forex for the first time, you will be required to go through a basic “know your customer” process.

This will allow Nano Forex to ascertain that your submitted details and ensure the safety of your funds and account details.

With Nano Forex the process entails logging onto their website, where you will have to follow the easy step by step guide, answering some basic financial questions and submitting documents like a copy of your ID as proof of identification.

CUSTOMER SUPPORT

Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.

In the case of Nano Forex customers can reach the support team via their live chat option on their website, telephone and email. The customer service is friendly, fast and knowledgeable.

EDUCATION

Before starting to trade, potential clients of Nano Forex should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.

Unfortunately, Nano Forex does not offer educational material like most of its competitors, no webinars or seminars, tutorials or coaching of any kind which is a major drawback when it comes to attracting first time traders.

RESEARCH

To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.

With Nano Forex they have access to research tools such as charts, analysis updates, news feed and a financial calendar which are all extremely helpful in the world of forex trading.

AWARDS

Although Nano Forex is acclaimed by customers, there is no indication of awards won on its homepage.

CONCLUSION

Nano Forex can be described as a company that is one of the few forex brokers that offer auto trading through the use of robots.

The company is very proud of their PTA-N robot which is designed to help traders find their footing in the Forex market without having to work too hard.

It’s not recommended to join a broker based solely on its auto trading system as this can be confused with guaranteed profit which does not exist in the world of Forex trading.

DISCLAIMER

Nano Forex warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.

Before deciding to trade with Nano Forex, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

Nano Forex warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable.

Nano Forex cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

FAQs

TRADING ENVIRONMENT

How many instruments can I trade with Nano Forex?

With Nano Forex, you are able to trade up to 18 different currencies.

Which platforms are supported by Nano Forex?

Nano Forex provides the use of the very popular and powerful MetaTrader4 platform

Does Nano Forex offer leverage?

Yes, Nano Forex offers a maximum leverage of 1:500

What spreads can I expect with Nano Forex?

Nano Forex offers both fixed and varied spreads starting from 1.6pips

If details on the website is not comprehensive, more information can be obtained from the customer support service.

Does Nano Forex charge commission?

No, more information on commissions can be obtained from the customer support service.

Is Nano Forex regulated?

Yes, Nano Forex is regulated by the FSC (Financial Services Commission)

Is Nano Forex a recommended forex trading broker for experts and beginners?

Nano Forex offers a fair-trading environment for all types of traders/beginners/experienced traders.

What is the overall rating out of 10 for Nano Forex?

5/10

ACCOUNTS

What is the difference between a demo and live trading account?

A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customers actual money.

Does Nano Forex offer a demo account?

Yes, Nano Forex offers a demo account to practise with until you feel more comfortable with the platform.

How long is the demo account valid?

The demo account can be used for a total of 30 days

Which live trading accounts does Nano Forex offer?

Nano Forex offers STP accounts, they also offer an Islamic account.

What are the available deposit currencies for a live trading account?

The only currencies accepted for deposit are USD and EUR.

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for Nano Forex?

There are no minimum deposit requirements for Nano Forex accounts.

How do you make a deposit and withdrawal with Nano Forex?

Nano Forex offers the following deposit and withdrawal methods:

• Wire Transfer
• Web Money
• Visa
• Mastercard
• Liberty Reserve

Withdrawals can be done via:

• Wire Transfer
• Web Money
• Visa
• Mastercard
• Liberty Reserve

Does Nano Forex charge withdrawal fees?

No, but fees from financial institution may apply

How long does it take to make a withdrawal?

Depending on bank services it may take several days for the money to be available.