Minimum Deposit: $250
Maximum Leverage: 1:500
My Score: 3.1
FXNobel is a relatively new forex broker and CFD that is established in late 2017, headquartered in Sofia, Bulgaria. FXNobel is a new player on markets, but it gets remarkable amount of visitors to the site.
Although FXNobel is registered in Republic of Marshall Islands and Bulgaria, the company isn’t licensed by any major reliable foundations like FCA (Financial Conduct Authority, UK) , ASIC (Australian Securities & Investment Commission) etc.
Now let’s move on to the most important issues for investors, the most curious. What are FXNobel account types and trading conditions offered like spreads, minimum deposit, bonuses and more? Is FXNobel scam or reliable broker? Pros and cons of FXNobel? What kind of deposit/withdrawal methods they offer and are there any withdraw problem? You will find all the answers in my FXNobel review.
Regulation and Trader Protection
As I mentioned before, FXNobel isn’t regulated and this is one of their major cons. The website shows that they are member of The Financial Commission. However, since the commission is an independent self-regulatory organization, FXNobel has very limited credibility.
FCA license is vital for forex trading sites. The United Kingdom based authority makes sure markets to work well by regulating more than 58,000 businesses. £50,000 is maximum amount of client’s money guaranteed by FCA after forex brokers bankrupted. I personally trust FCA licensed and regulated forex brokers and I also recommend others to do so.
See a List of FCA Regulated and Reputable Forex Brokers
Republic of Marshall Islands is one of safe havens for forex brokers that want to stay away from eyes of watchdogs. FXNobel or any forex brokers can register online with a little effort. So this wouldn’t make the firm to gain credibility alone, yet it also doesn’t mean that the firm has lost all the trust of me just because it has a company operating there. Because some of big forex brokers started operating by off-shore companies after the decision about maximum leverage by ESMA (European Securities and Markets Authority).
FXNobel Account Types, Spreads and Leverage.
FXNobel offers total six account types which are also divided in two categories. Basic Account category includes Bronze Account, Silver Account and Gold Account. Premium Account category includes Premium Account, Platinum Account and Royal Account. All of the accounts enables leverages up to 1:500. They use MetaTrader4 Platform as well as unrenowned Status Platform. MetaTrader4 Platform is outstanding and popular platform, thus this is one of the advantages of the site.
Spreads are unclear if we ignore percentages that appears before ‘spread’. The percentages are increasing with upper class memberships up to 75% which makes no sense.
For Bronze Account, minimum deposit is $250. Since the majority of forex trading sites offer minimum deposit of $100, i find it quite risky to invest $250 to unreliable site like FXNobel.
See a List of forex brokers with minimum deposit of $100
If you choose Premium, Platinum and Royal account types, you will receive a large amount of bonus. For example; You receive a 75% bonus on the Premium account type. Note, however, that the minimum deposit limit for the Premium account type is $ 10,000.
There are free signals in premium account types. However, you can try the signals of the standard account type before funding for one of the premium account types. Because the minimum deposit limit of the standard account type is much lower. After testing the success of the signals you receive in this account type, I suggest that you make an evaluation.
Deposit/Withdrawal Methods of FXNobel
The broker doesn’t support e-wallet systems like PayPal, Skrill or Neteller. This can be considered as another disadvantage. However the site supports VISA, MasterCard and bank wire transfer.
Of course, the fastest method is funding through a credit card. Using Neteller or Skrill can be a quick method, but in this case fees may be in question. Unfortunately, detailed information about deposit and withdrawal methods is not available on the official website. This is an important negativity. Because information about transfer processes and fees are important for investors.
Service in Other Languages
The website provides services in total 8 languages i.e. English, Russian, Italian, German, Spanish, Polish, Portuguese and Chinese. This feature of the site is great. Since Forex trading is international by nature, I find it really meaningful to add some extra languages besides English. In this particular case, FXNobel, I can claim serving in Russian and Portuguese was very useful since most of their visitors are from either Russia or Portugal.
My personal experiences weren’t good with the site. Firstly, there isn’t live chat service which could be very time saving. Secondly my questions aren’t answered by their employees for hours.
When I conclude pros and cons of the broker, the cons are significantly higher than the pros. However since the website is quite new and getting licenses takes time, there is always possibility that this broker can find its place among trustable, popular forex brokers in upcoming years.