General Information
Noon FX is a forex broker operating in the United Kingdom. However, it is important to note that this broker lacks regulation, which raises concerns about the level of oversight and protection offered to clients. Founded within the past 2-5 years, this broker seems to disappear so quickly, with its official website inaccessible for a long time.
Noon FX provides traders with the opportunity to enter the forex market with a minimum deposit requirement of $100. The maximum leverage offered is up to 1:500, enabling traders to potentially amplify their trading positions. When it comes to trading conditions, Noon FX offers spreads starting from as low as 0.5 pips for VIP account holders. The broker's trading platform of choice is MetaTrader 5, a widely recognized and reliable platform known for its advanced charting and trading features. However, it is worth noting that Noon FX primarily focuses on forex trading, and information regarding other tradable assets is currently unavailable.
Noon FX offers different account types to cater to the needs of various traders. These include Basic, VIP, and ECN accounts, each with its own set of features and benefits. Unfortunately, the broker does not specify whether it provides a demo account for traders to practice and familiarize themselves with the platform before investing in real funds.
Is Noon FX legit or a scam？
When it comes to regulation, it is crucial to highlight that Noon FX currently operates without any regulatory oversight. This means that the broker does not fall under the supervision of reputable regulatory authorities. Noon FX operates under the trading brand of NoonFX Capital Ltd., and although they claim to be registered in the United Kingdom, their registration can not be verified on the official website of the Financial Conduct Authority (FCA) or other recognized regulatory bodies ( see the screenshot below).
Regulation serves as a vital safeguard in the financial industry, ensuring transparency, fairness, and investor protection. Regulated brokers are typically subject to stringent guidelines and rules that promote market integrity and client fund protection. The absence of regulation for Noon FX raises questions about their adherence to industry standards and the level of safeguards in place to protect traders' interests.
User Experience of Noon FX
User experiences of Noon FX have been predominantly negative, with numerous complaints about the broker's practices. Many users have reported instances of suspected fraudulent activities and manipulation of funds. Traders have expressed concerns about issues such as withdrawal delays, account closures without justification, and difficulties in contacting customer support.
Several users have claimed that Noon FX engages in unethical practices by manipulating prices, resulting in significant losses for traders. There have been allegations of stop-loss hunting and slippage, where trades are executed at unfavorable prices, leading to unexpected losses. These experiences have left traders feeling frustrated and distrustful of the broker.
Furthermore, there have been reports of poor customer support from Noon FX. Traders have struggled to get timely responses to their inquiries and have encountered difficulties in resolving account-related issues. The lack of transparency and communication from the broker has contributed to a sense of dissatisfaction among users.
Pros and Cons of Noon FX
Noon FX presents several advantages to traders, including a diverse selection of account types to cater to different trading preferences, access to the widely-used MetaTrader 5 trading platform, and the potential to leverage trades up to 1:500.
However, it is crucial to consider the drawbacks associated with this broker. The absence of regulation raises concerns about the safety and security of funds. Furthermore, there is a lack of specific information regarding educational resources, available payment methods, and the presence of a demo account for practice purposes. Moreover, customer support is limited to social media platforms, potentially impacting the responsiveness and efficiency of addressing queries and concerns.
Market Instruments
As a specialized forex broker, Noon FX primarily focuses on providing forex trading services to its clients. While Noon FX's website is currently under construction, it limits our ability to access detailed information about other tradable assets.
Account Types
Noon FX provides a diverse range of account types designed to cater to the unique requirements of traders. These account types offer varying leverage options, minimum deposit amounts, and spreads, allowing traders to choose the one that aligns with their trading preferences.
The Basic account at Noon FX offers a maximum leverage of 1:500, enabling traders to amplify their positions and potentially enhance their trading outcomes. With a minimum deposit requirement of $100, this account type ensures accessibility for traders with smaller capital. The spreads for the Basic account start from 1.8 pips*, representing the difference between the buying and selling prices.
For those seeking advanced trading conditions and greater flexibility, Noon FX presents the ECN account. Traders opting for the ECN account should be prepared to meet a higher minimum deposit requirement of $10,000, making it more suitable for experienced traders with substantial trading capital. The spreads for the ECN account start from 0.8 pips*, offering tighter pricing and potentially reducing trading costs.
For traders looking for an elevated trading experience, Noon FX offers the VIP account. With a maximum leverage of 1:500 and a minimum deposit requirement of $1,000, the VIP account provides exclusive benefits and personalized support. The spreads for the VIP account start from 1.4 pips*, ensuring competitive pricing for VIP traders.
Here is the information about the account types of Noon FX presented in a table:
With commissions not disclosed, this broker offers spreads vary depending on trading account, with Basic account from 1.8 pips, VIP account from 1.4 pips and ECN account with 0.8 pips.
How to open an account？
Opening an account with Noon FX is a simple and streamlined process. Follow these steps to get started:
Registration: Visit the Noon FX website and click on the “Open Account” or “Register” button to begin the registration process. You will be redirected to the account registration page.
Provide Personal Information: Fill in the required information accurately, including your full name, email address, phone number, and country of residence. Create a strong password to ensure the security of your account.
Account Type Selection: Choose the trading account type that suits your trading preferences. Noon FX typically offers a range of account types, such as Standard, VIP, or ECN accounts. Each account type may have unique features and requirements, so carefully consider your trading goals and select the most suitable option.
Verification: As part of the regulatory requirements and security measures, Noon FX may request additional documents for account verification. These may include proof of identity (such as a passport or ID card) and proof of address (such as a utility bill or bank statement). Follow the instructions provided by Noon FX to submit the required documents.
Fund Your Account: Once your account is successfully verified, you can proceed to fund your trading account. Noon FX offers a variety of convenient payment methods, such as bank wire transfers, credit/debit cards, or online payment systems. Choose the method that is most convenient for you and follow the provided instructions to make a deposit.
Leverage
The maximum trading leverage provided by Noon FX is up to 1:500. Unregulated brokers are known to attract potential clients by offering high leverage as a means to entice traders with the promise of larger profit potential. By providing high leverage ratios, these brokers allow traders to control larger positions in the market with a relatively smaller amount of capital. This can be appealing to traders who seek to maximize their potential returns.
However, it is important to note that high leverage comes with inherent risks. The increased buying power also amplifies the potential losses, and traders can quickly incur significant losses if the market moves against them. Unregulated brokers may not have proper oversight and regulations in place to ensure the fair and transparent use of leverage. This can expose traders to higher risks of fraud or unethical practices.
Spreads
Noon FX provides traders with a diverse range of spreads and commissions that are tailored to different types of trading accounts.
For the Basic account, traders can expect spreads starting from 1.8 pips. This account type appeals to individuals who prefer a more flexible minimum deposit requirement and are comfortable with slightly wider spreads. It may suit traders who are new to the market or adopt a more relaxed trading strategy.
The VIP account, on the other hand, offers tighter spreads starting from 1.4 pips. This account type generally requires a higher minimum deposit and is designed for seasoned traders who prioritize competitive pricing and potentially faster trade executions.
For those seeking even lower spreads, Noon FX offers an ECN account option with spreads starting from as low as 0.8 pips. The ECN account is particularly suitable for traders who prioritize cost-efficient trading and direct market access, as it operates on an Electronic Communication Network (ECN) model.
However, the exact commission details are not explicitly stated anywhere, which causes some inconvenience when evaluating the trading costs.
Trading Platform Available
Noon FX stands out by offering its clients the widely acclaimed MetaTrader 5 (MT5) trading platform. Known for its versatility and comprehensive features, MT5 is a highly regarded platform that enjoys immense popularity among traders worldwide. With its user-friendly interface and advanced functionalities, MT5 provides traders with a powerful tool to execute trades and analyze market trends with precision.
The MT5 platform caters to a diverse range of trading instruments, encompassing forex, commodities, indices, and cryptocurrencies. This extensive selection allows traders to diversify their portfolios and explore various market opportunities. Real-time market quotes, customizable charts, and an array of technical indicators and analysis tools empower traders to make well-informed trading decisions.
A notable advantage of the MT5 platform is its ability to support multiple order types, including market orders, pending orders, and stop orders. This flexibility enables traders to execute trades promptly and capitalize on favorable market movements, aligning with their preferred trading strategies.
MT5 also offers additional features like algorithmic trading through expert advisors (EAs), enabling traders to automate their trading strategies and execute trades based on pre-established rules.
Customer Support
Regrettably, Noon FX does not provide specific information regarding the available payment methods for deposit and withdrawal transactions. This lack of transparency regarding payment methods is a cause of concern, as it leaves potential traders in the dark about the options and processes involved in funding their trading accounts or withdrawing their funds.
Traders generally prefer brokers that offer a diverse range of payment options, including bank transfers, credit/debit cards, e-wallets, and other popular payment processors.
Customer Support
Noon FX's customer support is primarily focused on its presence on various social media platforms, including Twitter, Facebook, LinkedIn, and Instagram. These platforms may serve as a means for brand promotion and general communication with their audience. However, it's worth noting that their social media presence appears limited, with a relatively small number of followers on Twitter and the absence of an Instagram page.
Unfortunately, we couldn't find any specific details about direct contact channels such as telephone numbers or email addresses for customer support. This lack of direct contact information may be a limitation when it comes to resolving specific queries or issues that traders may encounter.
Given the limited information available, it is advisable to reach out to Noon FX through their social media channels and see if they respond promptly. Alternatively, you may want to explore their website or reach out to them via the provided registration or contact forms to inquire about their customer support options and availability.
Educational Resources
Noon FX's website currently does not provide specific details regarding the educational resources available to its traders. While educational materials are typically valuable tools for traders to expand their knowledge and improve their trading skills, it seems that Noon FX may not offer an extensive range of educational content at this time.
Conclusion
In conclusion, Noon FX is a forex broker that offers various account types and the popular MetaTrader 5 trading platform. However, the lack of regulation is a significant concern. Operating without regulation means that the broker is not subjected to the oversight and compliance standards set by reputable regulatory authorities. This absence of regulation raises questions about the safety of funds and the overall trustworthiness of the broker. Traders should be cautious and consider the potential risks associated with trading with an unregulated broker.
FAQs
Q: Is Noon FX safe to trade with？
A: No, Noon FX operates without regulation, which raises concerns about the safety and security of clients' funds.
Q: What is the minimum deposit required to open an account with Noon FX？
A: The minimum deposit required to open an account with Noon FX is $100.
Q: What is the maximum leverage offered by Noon FX？
A: Noon FX offers a maximum leverage of up to 1:500, allowing traders to potentially amplify their trading positions.
Q:What trading platform does Noon FX provide？
A: Noon FX provides the MetaTrader 5 trading platform, a popular and robust platform known for its advanced charting tools and comprehensive trading capabilities.
Q: Does Noon FX offer a demo account？
A: No specific information is available regarding the availability of a demo account on Noon FX. Traders are advised to contact their customer support for more details.
2023-02-23 13:56
2022-12-01 14:49
