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.

The company may charge a withdrawal fee in the amount it deems acceptable depending on the circumstances. The fee may be fixed at 30 USD (or equivalent in the account currency) for bank transfers, or calculated at 3.5% of the transfer amount by other payment methods. 

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.

In addition, the company does not provide scans of its licenses and certificates, which is quite strange for a financial organization. However, is everything okay with the broker if it has such data? It is possible that the company is falsifying its legal addresses and document numbers.

FAQ

What are the key facts about FXNovus?

The date of the company's foundation is not indicated on the website, and the legal address and license issued in South Africa are not confirmed by their scans. The broker indicates 5 symbols of social networks for quick access to their accounts, but on Instagram, the first posts appeared only in July 2023, and there are no publications on YouTube. Judging by the number, the tech support is located in South Africa.

What's the risk to my wallet when working with this broker?

The risks of FXNovus clients losing money are high due to its offshore legal status, which does not inspire confidence among experts in the world of finance. Please note that CFD trading with such a high leverage is prohibited in the USA and almost in all European countries as especially dangerous for the trader's capital.

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