NiroTrade Forex Broker

Since this brokers official site is not accessible at the time of writing this introduction, only a cursory understanding can be obtained from other related reviews. General Information & Regulation NiroTrade says to be a globally renowned financial services provider and one of the worlds fastest growing online forex and CFD brokers, based in Saint Vincent and the Grenadines, offering a web-based trading platform, leverage as high as 1:200, over low spreads on 1000+ trading assets and a choice of six account types. Market Instruments NiroTrade advertises that it offers more than 1000 trading instruments, including forex pairs and CFDs on stocks, commodities, indices and cryptocurrencies. Account Types There are five trading accounts provided by NiroTrade, namely Basic, Bronze, Silver, Gold, Platinum and VIP. Opening a Basic account requires the minimum initial deposit of $250, while the other four accounts start at $2,500, $5,000, $10,000 and $20,000 respectively with the exception of the VIP account where clients need to contact for more detailed information. Leverage In terms of trading leverage, the maximum level offered by NiroTrade is pretty high, up to 1:200. Attention that too high leverage is not always beneficial for traders due to its consistent gains and losses. Spreads & Commissions The site shows that the spread for the EUR/USD currency pair is 3 pips. Unluckily, other more detailed information about spreads and commissions are not concerned directly. Trading Platform Available NiroTrade claims that it offers a unique, state- of- the- art web-based trading platform. However, compare to industry trading platform like WebTrader4 and WebTrader5, it seems to be too simplified with limited functionalities. Deposit & Withdrawal At the bottom of NiroTrade‘s home page, we can see multiple logos of payment methods, including wire transfer, credit card, Paysafe card, Neteller, Skrill, WebMoney, QIWI, Yandex and AstroPay. However, when we click on “Deposit and withdrawal”, we only see payment via credit card, BPay and bank transfer. Furthermore, when we open a trading account and click on the deposit button, the only option is credit card. The minimum deposit requirement at NiroTrade says to be $250 while the minimum withdrawal amount is $75. According to the NiroTrade’s Terms and Conditions, for traders holding the Platinum, Black and VIP accounts, the first withdrawal is free of charge. All other conditions will have to pay a service fee of 3.5% or $50 per withdrawal, the trader will be charged with the higher one. And if the required turnover is not met when making a withdrawal request—the withdrawal request will be automatically canceled. The withdrawal request may be processed within 15 business days and then another 15 business days until the money gets into the clients account. NiroTrade also offers some bonuses, yet if traders want to withdraw the bonus amount, they have to execute a trading volume that is 30 times the sum of the deposit and bonus amount. Fees NiroTrade also requires some fees, which include but are not limited to inactivity fee, verification fee and maintenance fee. First of all, if you have not traded for just 30 days, you will be fined with a $200 monthly inactivity fee. Besides, after making the first deposit, if the clients hasn‘t completed the verification of the identity process, they will have to be charged a verification fee of $150. What’s more, it also requires a maintenance fee of $30 monthly. Customer Support NiroTrade‘s customer support can be reached through telephone: +41615083130, email: support@nirotrade.com. However, this broker doesn’t provide any more direct contact information about company address while most brokers offer.