FXNovus review

Introduction

As a South African CFD broker founded in 2020, FXNovus aims to carve its niche by offering a regulated platform that promises a new trading experience. With over 160 CFDs on assets and various analytical tools, FXNovus provides traders with ample opportunities. The platform boasts a user-friendly interface, swift access, and fast execution, making trading seamless.

FXNovus appears to be a reliable platform, offering a diverse portfolio of CFD products, including forex, cryptocurrencies, indices, commodities, and stocks. With over 160 different CFD assets, traders can diversify their portfolios and enhance their trading strategies.

The WebTrader interface caters to novice and expert traders, featuring a seamless and intuitive design. Traders can set price change notifications and switch between accounts effortlessly.

Whether diving straight in or practicing with a demo account, FXNovus ensures a secure trading environment. From different account options to educational resources, this FXNovus broker review covers all you need to know.

Supported Countries

FXNovus presents itself as a worldwide forex trading platform, welcoming clients from various countries worldwide.

However, due to local regulations, FXNovus cannot accept traders from certain countries. Regrettably, individuals from the USA, Canada, Australia, Iran, North Korea, Myanmar, Israel, and Turkey cannot register with FXNovus (PTY) LTD.

Customer Service Rating

On Trustpilot, FXNovus boasts a profile with 19 reviews, achieving an impressive TrustScore of 4.5 stars out of 5. Many reviewers lauded their customer support team’s extensive knowledge of forex trading. The platform offers a hotline for direct assistance, enhancing user experience.

Additionally, several users appreciated the provision of free webinars tailored for beginners. Furthermore, users commended the availability of multiple account tiers, allowing flexibility based on individual preferences. However, one reviewer expressed dissatisfaction with occasional lags and extended booting times on the platform.

FXNovus Trading Platforms

FXNovus sets itself apart from other forex trading platforms by offering its proprietary WebTrader platform exclusively. Unlike many competitors, FXNovus does not support industry-popular platforms like MT4 or MT5.

FXNovus WebTrader Platform: This is the centerpiece of the FXNovus broker offering. It can be downloaded as a desktop app and boasts a user-friendly interface. With over 20 analytical tools, an economic calendar, and multi-chart functionality, it caters to diverse trading needs. The platform supports multiple languages, including English, Arabic, French, German, Italian, Malay, Portuguese, Spanish, and Thai. While the interface is straightforward and supports multi-chart views, it only facilitates manual trading. Nevertheless, the platform assists users in navigating price fluctuations and complexities within the trading realm. One of the platform’s highlights is its user-friendliness. Traders can customize it to their preferences, receive price change notifications, switch between accounts seamlessly, and adapt it to their unique trading styles. Moreover, users can easily execute “stop loss” and “take profit” orders, along with other deal-making functionalities.

Type of Trading Accounts on FXNovus

FXNovus values the unique journey of each trader and their pursuit of an optimal trading experience. That’s why the platform offers multiple account types to accommodate such diversity. Regardless of the account type, clients can enjoy a minimal deposit requirement of $250. Clients can pick from up to five account types:

1. Classic Account: The Classic Account suits those who are new to trading. It allows substantial trading capital with leverage up to 1:400. With spreads starting at 2.5 points and access to over 160 trading options, users enjoy a fee-free trading experience. Round-the-clock support ensures assistance is readily available, and the account provides additional security with margin call/stop-out levels set at 100%/20%.
2. Silver Account: The Silver Account, which is also beginner-friendly, mirrors the Classic Account’s features. It offers the same leverage, spreads, and assets without commissions or minimum deposit requirements. The ongoing 24/7 support further enhances the user experience, and the margin call/stop-out levels remain at 100%/20%.
3. Gold Account: Geared towards traders with some experience, the Gold Account maintains maximum leverage and asset options but offers narrower spreads, starting from 1.8 pips. Commission-free trading, 24/7 support, and swift execution times of just 1 second are standard. Minimum deposit requirement for this account is 250 USD.
4. Platinum Account: This caters to competent traders seeking tighter spreads, starting from 1.4 pips. It shares the benefits of zero commission trading, full 24/7 support, and swift execution times. Minimum deposit requirement for this account is 250 USD.
5. VIP Account: The VIP Account offers the tightest spreads, from 0.9 pips to zero commission trading and continuous 24/7 support. Notably, it includes Negative Balance Protection to safeguard account balances.

Trading Denominations on FXNovus

FXNovus permits clients to choose their account base currencies from USD, EUR, GBP, and CHF, catering to a diverse clientele across various regions. However, this selection might seem limited compared to other brokers offering more than four account-based currencies, potentially restricting options for some clients.

Company Structure

FXNovus, established in 2020, operates under FXNOVUS (PTY) LTD, a South African Investment Firm. The firm’s registration number is 2020/183344/07, and it is located at Unit 16B7, 159 Rivonia Rd, Sinosteel Plaza, Morningside Ext, Sandton, 2146. The broker has subsidiaries in Cyprus that partner with it to function as an international brokerage firm.

FXNovus and Peaksight Ltd are part of the same group of Companies. Peaksight Ltd, registered in Cyprus under ΗΕ 433420, is at Kremmastis Rodou 62, 1 floor, Flat/Office 101, Episkopi, 4620, Limassol, Cyprus. Twimount Services Ltd, also based in Cyprus with registration number HE407940, acts as the payment agent for FXNOVUS (PTY) LTD, with its address at 8 Makedonias, 4184, Ypsonas, Limassol, Cyprus.

FXNovus is a reliable and user-friendly trading platform offering a diverse portfolio of CFD products. With over 160 different CFD assets, traders can diversify their portfolios and enhance their trading strategies. The WebTrader interface caters to novice and expert traders, featuring a seamless and intuitive design. Traders can set price change notifications and switch between accounts effortlessly.

The FXNovus website supports multiple languages, including English, Arabic, French, German, Italian, Malay, Portuguese, Spanish, and Thai. Despite its growing reputation, FXNovus already have a Best Customer Support award from BrokerCheck.

FXNovus Licenses and Regulatory Compliance

FXNovus operates under the regulation of the Financial Sector Conduct Authority (FSCA) in South Africa, holding FSP License Number 50963. Its affiliated companies, such as Peaksight Ltd, adhere to regulatory frameworks established under the laws of Cyprus, ensuring compliance across multiple jurisdictions.

FXNovus Customer Protection

FXNovus operates under the regulation of the South African FSCA, a tier-two regulatory body overseeing compliance with international trading standards. To safeguard client funds, FXNovus ensures segregated client deposits from corporate funds, maintaining transparency and security.

Additionally, traders benefit from negative balance protection against significant market shifts. FXNovus boasts a refund policy for account deposits without trading activity, enhancing client trust. The platform employs SSL certification to secure data transmission between clients and servers, prioritizing privacy and safety.

Customer Service

FXNovus emphasizes customer support, offering a responsive team available 24/7. Clients can access support by filling out a form on the website or using the live chat option. Additionally, support can be contacted via email at [email protected] or by calling +27101571900 to speak with a representative. An FAQ page addresses common queries, ensuring timely responses based on positive client reviews. FXNovus already have a Best Customer Support award from BrokerCheck.

Trading Information

FXNovus ensures a secure trading environment through its advanced platform and comprehensive analysis tools. Equipped with cutting-edge technology, the platform features user-friendly interfaces and built-in analytical tools. Trading occurs from Sunday to Friday, though specific instruments may have designated trading times. Commission-free trading is offered, with fees contingent on the trading account and instrument.

The minimum EUR/USD spread in the Classic account is 4.0 pips or $40.00 per 1.0 standard round lot, with no forward positive swap rates on qualifying assets. FXNovus is well-suited for short-term intra-day trading due to its high swap rates and spreads. Notably, a $10 monthly maintenance fee and a $30 bank wire withdrawal fee apply to all accounts regardless of activity. Traders may encounter third-party processing costs and currency conversion fees.

FXNovus imposes an inactivity fee based on the days an account remains dormant. For instance, a $100 monthly inactivity fee applies after 30 days of dormancy, escalating to $250 after 60 days and $500 after 180 days. The steep inactivity fee may pose challenges for inactive clients.

Tradable Instruments

Traders on FXNovus can engage in various financial markets and participate in the price movements of different assets through Contracts for Difference (CFDs). Clients can diversify their portfolios with access to trading CFDs on over 160 assets. The platform facilitates trading in:

• Metals
• Cryptocurrencies
• Stocks
• Forex
• Commodities
• Indices

While FXNovus offers a diverse range of tradable instruments, it may seem limited compared to other forex platforms that provide extensive collections to their clients.

FXNovus Leverage

The FXNovus forex trading platform offers variable leverage, with the maximum leverage capped at 1:400. However, certain tradable instruments have limited leverage. For example, Equity traders have a leverage of 1:5, while Cryptocurrency leverage is capped at 1:5. Additionally, the maximum leverage for commodities, indices, and metals is set at 1:200.

Deposits and Withdrawals

Deposits 

Deposit and withdrawal methods information can be found on the FAQ page. FXNovus allows deposits via Credit/Debit Cards, Wire Transfers, and APMs, supporting currencies such as EUR, USD, CHF, and GBP. It’s important to note that FXNovus does not accept third-party deposits, and the name on the payment processor must match the FXNovus trading account to comply with AML regulations.

Withdrawals

FXNovus offers withdrawal options via Credit/Debit Cards, Wire Transfers, and APMs. The minimum withdrawal amount from an FXNovus account is 10 EUR/USD/CHF for credit Cards and e-wallets and 100 EUR/USD/CHF for wire transfers. However, FXNovus retains the right to impose a withdrawal fee depending on the circumstances. FXNovus imposes a bank wire fee of $30. Traders should be aware that third-party payment processing costs might be applicable. It’s important to consider potential currency conversion fees.

Traders can initiate withdrawals anytime, provided they have sufficient margin in their account to cover the withdrawal amount and any additional fees. According to FXNovus, withdrawal typically takes 8 to 10 business days. Clients can also cancel a withdrawal if the transfer has not been processed.

FXNovus Trading Education and Training

At present, FXNovus doesn’t offer educational resources for its clients, such as seminars, research, or webinars, which could be valuable for beginner traders. However, it’s worth noting that FXNovus does provide some basic knowledge tips through its FAQ page.

Additionally, a section called Market Holidays features an economic calendar, offering insights into upcoming economic events and their potential impact on financial markets. Users can find essential economic indicators like GDP, inflation, employment data, and central bank announcements, with details including date, time, and expected impact. Users can filter events based on importance and set up notifications.

The FXNovus WebTrader platform also grants access to charts, key levels, and a Technical Score, providing a comprehensive view of financial instruments through Trading Central’s Panoramic View. Users can access newsletters, the Alpha Generation feature, Technical Insight, and Strategy Builder.

Conclusion

This comprehensive FXNovus forex broker review has shown that the broker offers a range of features to cater to traders of varying experience levels. With multiple account types tailored to different trading preferences and a user-friendly trading platform equipped with advanced tools and analysis capabilities, FXNovus provides a dynamic trading environment.

Supported in numerous countries while adhering to regulatory standards, FXNovus ensures compliance with global regulations, prioritizing customer protection through segregated client funds and robust security measures. Traders can access various trading instruments across forex, cryptocurrencies, stocks, commodities, and indices, with flexible leverage options to suit individual risk appetites.

The deposit and withdrawal process is streamlined, although certain fees and minimum requirements apply. While FXNovus doesn’t offer extensive educational resources, its FAQ section and economic calendar provide valuable insights for traders. It’s important to note that FXNovus restricts clients from certain jurisdictions due to regulatory constraints.

Overall, FXNovus presents a reliable option for traders seeking a secure and accessible platform for forex trading. With its commitment to regulatory compliance, customer protection, and diverse trading opportunities, FXNovus is a promising choice for traders looking to navigate the dynamic world of forex markets.

FAQs

Is FXNovus a Scam?

FXNovus is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa and holds an FSP License Number 50963. This regulatory oversight ensures that FXNovus adheres to established financial standards and practices.

Additionally, online reviews on platforms like Trustpilot provide insights into the experiences of FXNovus users. FXNovus has garnered reviews on Trustpilot, with its TrustScore and user feedback as indicators of its credibility and reliability.

How do I open an FXNovus trading account?

When creating an account on FXNovus, traders need to respond to personal questions regarding their trading background and income. FXNovus ensures compliance with global Anti-Money Laundering/Know Your Customer (AML/KYC) regulations. Account verification is a necessary step in the process.

Traders can verify their accounts by uploading a government-issued ID and a proof of residency document. FXNovus may request additional information on a case-by-case basis. Traders must also verify their chosen payment method before proceeding. These measures help maintain security and regulatory compliance on the FXNovus platform.

To open an FXNovus trading account, follow these general steps:

• Go to the official FXNovus website to begin the account opening process.
• Click on the “Open Account” option on the website’s homepage at the top corner of the screen.
• You’ll typically be required to provide personal information such as your full name, email address, phone number, and country of residence. Make sure to enter accurate details.
• Review and agree to the terms and conditions of FXNovus. Make sure you understand the risks involved in trading financial instruments.
• Select the type of trading account that best suits your trading preferences and experience level. FXNovus may offer various account types with different features and benefits.
• Following regulatory requirements, clients must undergo a verification process to confirm their identity. This may involve submitting identification documents such as a passport or driver’s license and proof of address.
• Once your account is verified and approved, you must fund your trading account with the required minimum deposit. FXNovus offers multiple deposit methods, such as credit/debit cards, bank wire transfers, and online payment processors.