NOVOX Forex Broker

General Information & Regulation Novox was founded in 2014, a provider of contracts for difference (CFDs), delivering trading facilities on forex, commodities, futures,etc. Novox is operated by Novox Capital Ltd – registered in Cyprus and regulated by the CySEC (registration number 224/14). The CySEC website indicates that the regulation is for the Novox Capital LTD and the website of Novox itself is not listed as one of the approved domains. In addition to this, Novox Capital Ltd does not have a very clear history and it is worth checking before any trader decided to open an account with Novox. Market Instruments Novox offers investor trading instruments including forex, commodities, futures, cryptocurrencies, indices and shares. Minimum Deposit There are four account options on offer at Novox, namely Standard (deposit from $200), Xero (deposit from $25000 or equivalent), and Premium accounts (deposit from $50,000 or equivalent). The minimum deposit to open an account seems affordable for most regular investors, while deposit for the Xero and Premium is incredibly high. Leverage The leverage that the Novox offers to the customers is the same for all account types on FX, up to 1:30 and on CFDs up to 1:20. This is quite consistent with the European regulation. Spreads & Commission The minimum spread starts from 2.4 pips, 0.0 pips and 0.0 pips in standard, Xero and Premium accounts, respectively. The standard account with wide spreads requires no commissions, and the Xero and the premium accounts requires a commission of $5.5 and $4 respectively. Trading Platforms Novox provides traders with the MT4 trading platforms. MT4 trading platform is packed with advanced trading tools and offers straightforward access to even the most dynamic financial markets. MT4 trading platform is available as desktop applications for Windows and Mac computers, WebTrader, and mobile apps that are compatible with Android and iOS devices. Deposits & Withdrawals NOVOX seems to have accepted a few payments methods for traders to fund their accounts, such as COINPAY, U-PAYMENT, UnionPay, Visa, MasterCard, Skrill, Neteller, POLi, Bitwallet, NLV and bank wire. The minimum amount of money that can be cashed out is 50 USD and as the broker claims the processing time is 1-2 days which does not sound very well. The broker also states there are no fees for the withdrawal but comments that the corresponding fees will be deducted from the traders withdrawal funds. Accepted Countries NOVOX brand does not provide services to residents of the USA, Yemen, Syria, North Korea, Puerto Rico. Customer support NOVOX provides traders with a customer support team who can be contacted via any of the following contact channels: telephone, email, Live Chat, and social media.