The company is managed by FXnovus (PTY) Ltd, which is registered in South Africa. Judging by the information on the website, this company is part of the Peaksight Ltd trust, which has its registered office at Kremmastis, 62, 1st etk, apartment/office 101, Episkopi, 4620, Limassol, Cyprus. Besides, the platform has regional restrictions, it does not offer services in the USA, Israel, Canada, Australia, some EU member states, and the brokerage organization refuses to register an account for residents of Turkey. In addition, the interface supports 13 languages, including Chinese, Serbian, and Thai. However, all Rules and Regulations of the broker are presented on the site in English only. Is it safe to trade here? Is this company reliable? We will review the broker’s services, consider the functions of the terminal, and make a conclusion regarding its legitimacy and convenience of work.
How to Trade
FXNovus offers its clients the Webtrader authoring terminal, which is available in desktop and mobile versions. You will be able to trade more than 160 CFDs on assets such as stocks, indices, cryptocurrency, and others. The broker accepts funds to the account in USD/GBP/EUR/CHF currencies. The minimum deposit is $10 when depositing via e-wallet or credit/debit card and $100 by bank transfer. You can test the platform on a demo account or choose real trading with multiple accounts from 5 variants of trading plans. Basic working conditions:
- Leverage up to 1:400.
- Spreads from 0.03 pips.
- Average execution speed 0.04 seconds.
Traders can use take profit, stop loss, and other available execution modes. The company guarantees clients instant account activation in just 3 steps. FXNovus promises withdrawals within 8-10 business days, once your request is approved.
You can trade on the FXNovus terminal in 24/5 or 24/7 modes, depending on the types of assets selected, switching between several accounts. Additional income will be provided by the Affiliate Program and bonuses offered by the broker.
FXNovus Vital Info
The company does not disclose any information about its history or the date of its creation. As for the domain, it was registered in October 2021 and renewed in May 2023. The website lists the registered office of this firm in South Africa and the address of a group of companies in Cyprus, which includes FXNovus. If we go by the license number FSP 50963 listed on the website, its registration number FXNOVUS (PTY) LTD – 2020/183344/07 indicates that the broker has been providing its services in the financial market since 2020.
However, we did not find any links to the South African regulator on FXNovus’ website. This can be inconvenient for clients, who must search through registries to verify the authenticity of the license.
Do not contact this broker if you do not want to lose all your money!!! I have not been able to withdraw my 2.3 thousand euros for three weeks now, I have been wrongfully deleted requests on the platform and denied withdrawal without any reason! They are scammers!
I can't trade the cryptocurrency I need here. I thought that the South African platform would be interesting for me to trade on, as crypto trading is well developed in South Africa, as far as I know. But to be honest, I didn't like the Fxnovus terminal at all, as the situation with altcoins is very bad here, you can trade with a small profit only bitcoin and ether, unfortunately.
The most unpredictable brokerage company Fxnovus, I never thought that scammers could cheat me so easily for the amount above 1,800$.... Initially, I was interested here, the profit was excellent, and I decided to try to take a risk against the background of recent events in the world, I started trading metals via CFD with FXNovus, mainly copper, it now brings a good income... But after my funds were credited to the trading account, the account went into high security mode and asked to re-verify by video call with an employee, I provided all the documents, but it was useless! These thieves were stalling and promised to help me... For the second month, I've been trying to get something from them, but how to work with fraudsters, I don't know. Thieves and cheaters, do not believe their promises…
I am satisfied with the amount of earnings. I have never opened and will not open in the future my trades for more than 10% of the deposit, I always calculate all my closed trades. I do not work at those hours when there is high volatility on the market. More often I work at night, sometimes also during the day, but at night I have higher earnings. I get a profit of about 500 dollars a month, if I trade twice a week for 3-4 hours. It is possible that experienced traders will find my earnings insignificant, but it is enough for me as an additional amount to my salary. Trading is calm, and slippages are sometimes, but not more than 5%, in general, I am satisfied with the work of FXNovus.
I am not sure that I will continue trading on FXNovus, because this platform has too many disadvantages. But first I'll talk about the pluses, or rather there is only one and it is the excellent work of the resource. Indeed, I have never noticed any hang-ups or glitches. As for the minuses, they start already during the account creation, at this stage I had a lot of questions, and most of them have nothing to do with trading. Also, the choice of crypto-assets is very poor, and the withdrawal of money lasts longer than a week.
I can't withdraw my deposit. I don't know if I'm the only one with this problem, but Fxnovus consultants don't want to solve it, they keep sending me the same type of messages. I decided to withdraw my 680$, as I could not earn anything for a month, I traded in plus and in minus, only lost time. I'm trying to withdraw the money to my e-wallet, but I can't do anything. More precisely, I see in my personal cabinet that the status of the request is "processed", but the money has not arrived.....
I was not satisfied with the brokerage company. I had difficulties already at the stage of account registration, as it is impossible to do it without an interpreter (I could not read the rules in English, as I only speak Hungarian). I was immediately deceived with the reward. I deposited 20 dollars and I was supposed to get a bonus. In fact, no bonus was given to me, and it is impossible to withdraw the money back, the technical support does not answer. Fxnovus are cheaters! I do not advise you to trade here.
I fell for the broker's advertisement. I liked the availability of the large leverage. I started trading with 300$. It turned out that there is no good support, apparently, Africans have a very peculiar way of working, not like us in India. What is simple for them is too difficult for us to understand. I tried to get a clear explanation of the terminal operation from the support, but we could not understand each other. I traded for a few days on this terrible platform, drained half of my deposit, and then applied for withdrawal. I waited for the withdrawal not very long, but for some reason, I was deducted a much higher commission than promised in the advertisement. I recommend newbies to stay away, especially if you live in Asia and not in Africa. Terrible software, you will not understand anything.
I opened an account here and the broker assigned me some advisor. This manager supervised all my trades. At first, everything was going fine, the money on the bill was increasing and he offered to deposit more to earn a large sum. I believed him. I transferred another £4,000 to fxnovus.com. And MY MONEY WAS LEAVED for violating the regulations!!! Nobody responds to my appeals :( I think it is useless to sue the Africans… THIS IS A SCAM!!!
The broker has an old format of the trading terminal, liquidity is very small on the instruments. Although I withdrew money without any problems, I, as an experienced trader, the platform is definitely not suitable for me, so I traded on it for only 3 days and then withdrew everything, as I realized that it is impossible to actively trade here according to the strategies that I use in trading. I was not impressed by this terminal:((