FXNovus Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
Business
License
FSCA Suspicious Clone 
This broker is truly a scam platform. They charge a $100 inactivity fee if you don't trade for a week. Even when trying to withdraw the remaining $138, they make it extremely difficult. It's a petty and narrow-minded company. Absolutely do not deposit any more money with them.
FXNovus has emerged as a notable player in the online trading landscape since its inception in 2020. This South African broker, regulated by the Financial Sector Conduct Authority (FSCA), offers a proprietary trading platform and access to a wide range of financial instruments, including Forex, commodities, indices, and cryptocurrencies. However, user experiences are mixed, with some praising its customer support and user-friendly interface, while others raise concerns about high fees and withdrawal delays.
Note: Its important to consider that FXNovus operates under different regulatory frameworks depending on the region, which may impact the level of protection offered to traders. This review aims to provide a balanced perspective based on various user experiences and expert analyses.
| Category | Rating (Out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 7 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 6 |
| User Experience | 5 |
| Overall | 5.5 |
How We Rated the Broker: Our ratings are based on a comprehensive analysis of user reviews, expert opinions, and factual data regarding FXNovus's services and offerings.
Founded in 2020, FXNovus operates under the regulatory oversight of the FSCA in South Africa, with license number 50963. The broker provides a proprietary web-based trading platform that is designed to be user-friendly, catering to both novice and experienced traders. FXNovus offers a range of trading accounts, including Classic, Silver, Gold, Platinum, and VIP, each providing different features and benefits. Traders can access over 160 CFDs across various asset classes, which include Forex, commodities, indices, shares, and cryptocurrencies.
FXNovus is primarily regulated in South Africa by the FSCA. However, it does not hold licenses from other top-tier regulatory bodies, which could be a concern for traders looking for additional security.
FXNovus supports deposits and withdrawals in multiple currencies, including USD, EUR, GBP, and CHF. Cryptocurrency deposits are also accepted, allowing for a broader range of funding options.
The minimum deposit required to open an account with FXNovus is $250, which is relatively standard among brokers in this category.
Currently, FXNovus does not offer any bonuses or promotional incentives, which may be a drawback for traders looking for additional value.
FXNovus provides access to a diverse range of asset classes, including:
FXNovus operates on a commission-free trading model; however, the spreads can be relatively high, starting from 2.5 pips for the Classic and Silver accounts and going down to 0.9 pips for the VIP account. Notably, the average spread for major pairs like EUR/USD is reported to be around 4.1 pips, which is above the industry average. Additionally, FXNovus imposes inactivity fees that escalate over time, which can be a significant cost for less active traders.
FXNovus offers a maximum leverage of up to 1:400 for Forex trading, which is attractive for traders looking to maximize their market exposure. However, this high leverage comes with increased risk, especially for inexperienced traders.
FXNovus utilizes a proprietary trading platform, which may lack some features found in widely used platforms like MetaTrader 4 or 5. This may deter traders who prefer the advanced functionalities and automated trading capabilities offered by these established platforms.
FXNovus does not accept clients from several countries, including the United States, Canada, Australia, and certain EU member states. This limitation may affect traders looking to open accounts from those regions.
The broker offers customer support in multiple languages, ensuring accessibility for a diverse clientele. Support is available 24/7 through live chat, email, and phone.
| Category | Rating (Out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 7 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 6 |
| User Experience | 5 |
| Overall | 5.5 |
FXNovus offers a variety of account types, but the high minimum deposit and inactivity fees can be off-putting for some traders. The absence of an Islamic account option may also limit appeal for certain traders.
While FXNovus provides a user-friendly platform, the educational resources are somewhat limited. Users have expressed a desire for more comprehensive training materials and market analysis tools.
Customer support receives positive feedback for being responsive and helpful. However, some users have reported delays in withdrawal processing, which raises concerns about the overall reliability of the broker.
The proprietary platform is generally well-received for its user-friendliness, but it lacks the advanced features and flexibility that many traders expect from established platforms like MetaTrader.
FXNovus is regulated by the FSCA, which adds a layer of credibility. However, the lack of additional licenses from top-tier regulators may raise concerns among potential clients.
Overall, user experiences are mixed, with some praising the platform's ease of use and customer service, while others highlight issues with fees and withdrawal processing times.
In conclusion, FXNovus presents a viable option for traders seeking a regulated broker with a user-friendly platform and responsive customer support. However, potential clients should weigh the high spreads and inactivity fees against the benefits offered.
