image NordFX VISIT NORDFX image Boston Merchant Financial VISIT BOSTON MERCHANT FINANCIAL image IG VISIT IG
About

NordFX is regulated by Financial Services Commission of the Republic of Mauritius and has provided forex trading services since 2008.

Boston Merchant Financial is regulated by FFMS 1220. Boston Merchant Financial have provided Forex, Spread betting, CFD trading services since 1988.

IG is regulated by the Financial Conduct Authority and ASIC. IG have provided forex, spread betting, CFD, and stock trading services since 1974.

Why choose them?
  • Yes Over 10 years in business
  • Yes
  • Yes
  • Yes Over 30 years in business
  • Yes Segregates clients funds
  • Yes Regulated by ASIC
  • Yes Over 44 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority and ASIC
Headquarters Ebene, Mauritius Moscow, Russia London, UK

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) No No Yes
CFD No No Yes
Spread Betting No No Yes
Social Trading No No No
MARKETS & INSTRUMENTS
Forex (currency pairs) 23 90
Commodities Offered 2 34
Stocks Offered 37 8000
Bitcoin No No Yes
Majors Yes Yes Yes
Indices No Yes Yes
US Stocks No Yes Yes
Penny stocks No No No
Energies No Yes Yes
Metals Yes Yes Yes
Agriculturals No Yes Yes
FTSE No Yes Yes
Dow Jones No Yes Yes
Dax No Yes Yes
Nikkei No Yes Yes
ETFs No Yes Yes
IPO No No Yes
See all instruments

Losses can exceed deposits

See all instruments

Losses can exceed deposits

See all instruments

76% of retail investor accounts lose money when trading spread bets and CFDs with this provider

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes Yes Yes
MT5 Yes No No
MT4 Mac No No Yes
WebTrader No Yes Yes
Mirror Trader No No No
ZuluTrade No No No
Sirix No No No
cTrader No No No
PAMM No Yes No
Custom Platforms No UNITRADER ProRealTime & L2 Dealer

APPS

iOS image Yes Yes Yes
Android image Yes Yes Yes
Windows image No Yes No
Available Languages

Hindi, Chinese, Arabic, Portuguese, English, Spanish, and Russian

English, Russian, Chinese, Arabic, and Spanish

English, French, German, Spanish, and Portuguese

See platform & features

Losses can exceed deposits

See platform & features

Losses can exceed deposits

See platform & features

76% of retail investor accounts lose money when trading spread bets and CFDs with this provider

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by NordFX and Boston Merchant Financial

Demo account Yes Yes Yes
Mini account Yes No Yes
Micro account Yes Yes No
Standard account Yes Yes Yes
ECN Account Yes No No
Islamic account Yes Yes No
Zero spread account Yes No No
VIP account Yes Yes Yes
Fixed spreads Yes Yes No
Variable spreads No Yes Yes
See account options

Losses can exceed deposits

See account options

Losses can exceed deposits

See account options

76% of retail investor accounts lose money when trading spread bets and CFDs with this provider

TRADING CONDITIONS

Scalping Yes Yes Yes
Hedging Yes Yes Yes
Expert advisors (EAs) Yes Yes Yes
Virtual private server No No Yes
Direct market access Yes Yes Yes
STP broker Yes Yes Yes
Market maker Yes Yes No
Min trade 0.01 Lot 0.01 Lot £1
Max trade None None Variable
Min deposit $1 $50 $250

RISK MANAGEMENT

Stop losses No Yes Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops No Yes Yes
Price alerts No Yes Yes
Signal trading No No Yes

FUNDING METHODS

Credit card No Yes Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No Yes
Neteller Yes Yes No
Skrill No Yes No
Payment processing time Varies 1-2 business days Varies
Withdrawal processing time Varies 1-3 business days Varies
See all funding options

Losses can exceed deposits

See all funding options

Losses can exceed deposits

See all funding options

76% of retail investor accounts lose money when trading spread bets and CFDs with this provider

DETAILED INFO

Excluded countries US US BE,FR,IN,IL,PL,ZW
Contact email Send Email Send Email Send Email
phone number No 1 514 667 8470 44 20 7633 5300
Live Chat No Yes Yes
Website http://nordfx.com/ https://bmfn.com/ http://www.ig.com/
Forex Spreads
EUR/USD 0.60
GBP/USD 0.90
USD/JPY 0.70
AUD/USD N/A 0.6
Cryptocurrency Spreads N/A 10
View all FX spreads

Losses can exceed deposits

View all FX spreads

Losses can exceed deposits

View all FX spreads

76% of retail investor accounts lose money when trading spread bets and CFDs with this provider

INDICE SPREADS
Dax 30 1.0
Nasdaq 100 1.0
Euro Stoxx 50 1.5
ASX 200 1.0
S&P 500 0.4
FTSE 100 1.0
Google 1 to 20
Facebook 4 points per side
View all spreads

Losses can exceed deposits

View all spreads

Losses can exceed deposits

View all spreads

76% of retail investor accounts lose money when trading spread bets and CFDs with this provider

FEES

Inactivity Fee No No Yes
Commission Yes No Yes (0.1%)
Deposit Fee No No Varies
Withdrawal Fee No No No
View All Fees

Losses can exceed deposits

View All Fees

Losses can exceed deposits

View All Fees

76% of retail investor accounts lose money when trading spread bets and CFDs with this provider

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Last update

All information collected from http://nordfx.com/. Last updated on 01/06/2019.

All information collected from https://bmfn.com/. Last updated on 01/06/2019.

All information collected from http://www.ig.com/. Last updated on 01/06/2019.

Company

NordFX is an online forex trading service provider who are regulated by the Financial Services Commission. To open an account with NordFX, minimum deposits start from $1.

With NordFX you can trade currencies, stocks, commodities and indices. If you like to trade on the go, NordFX have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

NordFX offer Integral, MetaTrader 5, MetaTrader 4, iPhone/iPad, Android, BlackberryTrader, Mobile, Mobile SE, MultiTerminal, Trading Signals, and ZuluTrade platforms to make your trades and support 11 different languages.

The spreads offered by NordFX for the most popular instruments are:
1.6 EUR/USD, n/a FTSE 100, 5 GOLD,
2.2 GBP/USD, n/a DOW/JONES, n/a Crude Oil,
see all the spreads here.

Boston Merchant Financial is an online forex trading service provider who are regulated by the Financial Conduct Authority. To open an account with Boston Merchant Financial, minimum deposits start from $50.

With Boston Merchant Financial you can trade FX, CFDs on shares and commodities. If you like to trade on the go, Boston Merchant Financial have iPhone and android apps so you can trade from anywhere on your phone.

Boston Merchant Financial offer MetaTrader 4, UniTrader Mobile Trading platforms to make your trades and support 11 different languages.

The spreads offered by Boston Merchant Financial for the most popular instruments are:
5.0 EUR/USD, 2.0 FTSE 100, 2.0 GOLD,
5.0 GBP/USD, 2.0 DOW/JONES, 2.0 Crude Oil,
see all the spreads here.

Founded in 1974, IG are one of the largest and most respected brokers in the world. With over 125,000 traders, low margins and spreads, and a range of platforms, they're a popular choice for traders looking for a reputable broker that also offers a good range of markets and trading options.

IG are also one of the few brokers that offer experienced traders the chance to upgrade to an elective professional status. For more information about trading with IG, we have put together an indepth IG review with all the pros and cons about this broker.

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NordFX or Boston Merchant Financial?

ECN execution or well established?

If you’re a trader looking for a broker that offers ECN execution (as opposed to a market maker), NordFX is likely the better choice. However, if you want a broker that has been established for a long time, Boston Merchant Financial may be a more appropriate option.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider Boston Merchant Financial to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

NordFX is regulated by Unregulated, while Boston Merchant Financial is regulated by ASIC.

IG are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

NordFX has been around for 11 years, while Boston Merchant Financial have been around for 31 years. Our third alternative broker, IG, have been around for 45 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both NordFX and Boston Merchant Financial use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both NordFX and Boston Merchant Financial are privately owned companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

NordFX are based in Ebene, Mauritius, while Boston Merchant Financial are based in Moscow, Russia.

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both NordFX and Boston Merchant Financial offer forex trading. Boston Merchant Financial have a slightly larger variety of currency pairs with 23 pairs, compared to offered by NordFX. Also, if you’re looking to trade cryptocurrencies,

If you’re looking to trade commodities like gold, silver or oil, NordFX may be a better fit as Boston Merchant Financial does not offer commodity trading.

Platforms & Account Types

If you trade forex, there’s a good chance you might want a broker that offers the popular MT4 trading platform. If that’s the case, both NordFX and Boston Merchant Financial offer this. NordFX also offer the new & improved MT5 platform. Our alternative broker, IG, also offers MT4 and MT5.

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. NordFX, for example, offer a mini account, standard account and VIP account.

For Muslim traders, NordFX offers an Islamic account, which doesn’t accrue interest or incur/receive rollover swap points, as this is prohibited in Shariah law. You can learn more & compare Islamic trading accounts head-to-head here.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

NordFX does allow scalping and hedging. While Boston Merchant Financial also allows scalping and hedging. You can trade with EAs (expert advisors) on both NordFX and Boston Merchant Financial.

In terms of risk management tools, neither NordFX or Boston Merchant Financial offers negative balance protection. Negative balance protection prevents you owing your broker more than you’ve deposited.

NordFX accept Neteller while Boston Merchant Financial accept Neteller.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, NordFX and Boston Merchant Financial both charge points. Therefore, both brokers are equally affordable for this instrument. You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: NordFX or Boston Merchant Financial?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, Boston Merchant Financial is more reliable based on our criteria above. Boston Merchant Financial has a wider range of instruments to trade. Boston Merchant Financial offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.