Unregulated

Comment

South Africa

2021-10-20

1.45

Website

https://fxnovus.com

Rating Index

Software

5.03

Licensed

Risk Control

1.2

Experience

4.74

Institution

Industry Classification

Unqualified

Trading Platforms

Proprietary platform

Basic Information

Registered Region

South Africa
Operation Status

Abnormal
Operating Period

2021-10-20
Deposit Methods

Credit/Debit Card, Wire Transfers, APMs
Website

https://fxnovus.com
Market Type

Foreign exchange
Support Languges

English
Main Business

FX, CFDs
Business Type

FX broker
Social Media
Contact Details

support@fxnovus.com

+44 1512655514
Type of Accounts

Classic
Trading Platforms

Proprietary platform
Withdraw Methods

Bank Transfer, Credit Card
Auto Trading

Not supported

Pros and Cons

Pros: Competitive spreads starting from 0.9 pips; high leverage up to 1:400; multiple account types; 24/7 customer support. Cons: Regarded as suspicious clone; lack of established regulatory oversight; proprietary trading platform may lack the robustness of industry-standard platforms like MT4/MT5.

Company Background

FXNovus, founded on October 20, 2021, operates primarily in South Africa. While it presents itself as offering a range of trading instruments—including forex, commodities, and cryptocurrencies—its regulatory standing is questionable. As a relatively new entrant, its operations are shrouded in concerns regarding legitimacy, with various online accounts suggesting a lack of transparency and consumer trust.

Fund Security

FXNovus claims to facilitate secure transactions through mixed payment methods including credit cards and wire transfers. However, the absence of formal regulatory safeguards raises significant concerns about investor protection and fund segregation. It is essential for potential clients to evaluate the risk involved given the broker's classification as a suspicious clone.

Account Opening

FXNovus provides several account types, including Classic, Silver, Gold, Platinum, and VIP, all with a minimum deposit requirement of USD 250. While the onboarding process seems straightforward, the absence of verification details and potential consumer feedback suggests a lack of transparency regarding the account opening experience.

Trading Fees

The fee structure includes spreads starting from 0.9 pips across different account types, with zero commissions. Nevertheless, further details on inactivity fees or any additional hidden charges remain unclear, contributing to a perception of potential hidden costs for traders.

Trading Instruments

FXNovus offers a wide array of tradable instruments, including 160+ CFDs covering forex, commodities, indices, stocks, and cryptocurrencies. However, the actual availability of certain instruments may vary based on account type and trading conditions, requiring diligence from traders to review these specifics before committing.

Trading Technology

The trading experience at FXNovus is facilitated through its proprietary platform, available on Mac, mobile, and desktop. Although the user interface appears functional, the lack of widely recognized platforms like MT4 and MT5 could deter experienced traders seeking established functionality, comprehensive charting tools, and algorithmic trading features.

Research and Education

Educational resources are limited, with no specific mention of webinars, economic analysis, or trading guides on the website, suggesting that traders seeking comprehensive market insights may need to look elsewhere. This gap in educational offerings may hinder new traders from building adequate knowledge to navigate the markets effectively.

Customer Support

FXNovus offers customer support through various channels including phone, email, and live chat. Their commitment to 24/7 availability is a positive aspect; however, online feedback raises concerns about the quality and responsiveness of the support services, illustrating potential weaknesses in service delivery that could impact overall trader satisfaction.

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Rating Index

FXNovus

Unregulated

Legal Environment

5.03

License Value

Risk Management

1.2

Investor Protection

4.74

Regulatory Policy

Software

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Institution

Analyzes the regulator's policy framework, decision-making process, and enforcement transparency, including rule-making, internal control, and policy implementation effectiveness.
Licensed

Assesses the market value of the licenses issued by the regulator, including entry thresholds, compliance costs, approval duration, and overall global recognition and influence.
Risk Control

Evaluates the regulator's financial stability and risk management capacity, including budgeting, reserves, revenues, expenditures, and ability to respond to market or financial shocks.
Investor Protection

Examines the regulator's complaint-handling and investor protection systems, assessing fairness, responsiveness, and enforcement effectiveness in safeguarding investor rights.

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