northfinanceProbably Northfinance is the most controversial forex broker lately. Fact that North finance get lesser customer complaints than other brokers doesn’t lessen minor opinion directed to them. Many trader worry to use them because Northfinance is neither regulated nor registered to any legal body.

They have been running their business since 2001. Northfinance doesn’t offer micro account account. Only standard and mini account. The minimum deposit is $100 usd and there is no minimum withdrawal. No fee will be charged for both deposit and withdrawal.

They previously accept e-gold as one of their deposit and withdrawal method. They have stopped using e-gold and currently accepting only Wire Transfer.

They offer 2 pips spreads on Eur/Usd and 3 pips spreads on Gbp/Usd. Of course with the additional note ‘under normal market condition’. I always think that it is normal in Non-ECN forex brokers to have spreads widening during major news release. In fact, I often experience spreads widening with them. News trading with them (and all other non-ECN broker) is not a wise choice.

Metatrader4 (Mt4) is the only trading platform used. Their server seems to bee well maintained. Thing I like most about Northfinance is they give free life time demo account. This is really useful for novice traders. Well, I think this is the marketing key that keep many novice traders choose them, ignoring many warns from more experienced traders.

Customer support is other thing they are good at. Many traders admit it, even those traders who warn about North finance company legal status .

About using a Mt4 EA, you should notice several trouble I got when using expert advisors (EA) with Northfinance. Believe me, it happened many time, even in a normal market circumstances.

Below is Northfinance addresses:

Address:
No. 5 Cork Street, Belize City, Belize
Postal Address:
PO BOX 58362, CY-3733 Limassol, Cyprus
24 hours Client Service:
+357.25.969.000
Fax:
+357.25.969.069

www.northfinance.com

Any experience with Northfinance? Give your comment and let’s discuss. Your opinion is counted and I believe is valuable for other trader.

I have to mention that Northfinance is no longer operating, and has suggested all of their clients to move to FXPro. (14-05-2008, Ganes)

Tags: EA, Expert Advisors, forex broker, Forex Broker Reviews, gbp-usd, metatrader, mt4, northfinance, spreads
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