You might not hear of Novox FX Forex broker, there are no reviews of the brokerage and you will have a hard time to find customer opinions about it. While all of the brokers are actively trying to market themselves it is suspicious to see a broker that chooses to stay in a shadow. We decided to learn more about the broker and what kind of service does it offer to their customers.

It is not clear when the brokerage appeared first and how long does it operate on the marker. The website of Novox FX can be viewed in three languages – English, Japanese, and Chinese. Meaning that the broker mainly focuses on Asian and English speaking markets – possibly Europe since the broker has one of its offices in London. Novox FX does not provide information where exactly they operate and who can use their service. One can open a trading account with the minimum deposit of 200 USD with the broker and use the leverage as high as 1:500. The broker offers approximately 30 currency pairs, several commodities, precious metals and, stock indexes. The regulatory side of the broker is very complicated, hence we need to talk more about it to answer the question is Novox Fx legit or not.

Is Novox FX legit?

The information about the regulation is provided in a very complex way on the broker’s website. The broker belongs to the Novox Group. Novox Group itself consists of two companies – Novox Global Limited and Novox Capital Ltd.

• Novox Global Limited is registered in Saint Vincent and the Grenades as an international business company. The registration number is 25032IBC2018. The company is regulated by the Financial Services Commission of Saint Vincent and Grenadines.
• Novox Capital LTD is registered in Cyprus. It is regulated by the Cyprus Securities and Exchange Commission with the license number 224/14 and registration number: 292182.

Novox also has a company in Australia, Novox Group PTY LTD, which is representative of Cardiff Global Markets PSY LTD. Regulated and licensed by the Australian Securities and Investment Commissions with the license number 439907.

None of the licenses includes the domain of Novox FX which means that the brokerage itself does not have a license. So can Novox FX be trusted?  The website of the broker states that the address of it is in Beachmont Kingstonst, Vincent and the Grenadines, hence we can assume that the brokerage is run by the Novox Global Limited. It means that it is an offshore brokerage that does not have a right to provide its service to the residents of Europe, as well as Japan or China.

Is Novox Capital scam or just a bad company?

When you are choosing the broker it is better to find out information not only about the brokerage itself, but the company that operates it. Otherwise, you might miss very important information. Novox Capital LTD is a famous company for very wrong reasons. While there is not much information about Novox FX, there are a lot of headlines about Novox Capital Ltd scam. Novox Capital owned various binary options brokers, including ZoomTrade, OptionBit, Option888 and others. Most of them are closed or banned as of today. The company was fined several times for violating various rules of the CySEC.

One of the biggest fines the broker had to pay was 175,000 EUR for several violations. The broker was providing unauthorized services to the customers, for providing misleading information to the clients as the call centre employees where deliberately telling lies or confused the customers to make them invest money. In addition to that, the company representatives did not warn the customers about the risks associated with binary options and promised them high profits. Apart from it, there were a lot of customers complaining that they could not withdraw money from their trading account. Last but definitely not least the company was giving the private information of the customers to the third parties. This is only a small list of the regulations the company failed to comply with that shows Novox scam was actual. Somehow, these violations were not enough reasons for CySEC to revoke the license of the company, which is also shady and disturbing. It is hard to believe that Novox FX will not have this kind of issues that the other brokerages of the company had. The fact that many aspects of the broker are not known or are disclosed in a very confusing way is already a bad sign. It makes hard not to think of Novox FX fraud.

Can Novox Fx be trusted?

Novox FX website does not leave a very good impression. The website does not look well and have some technical error. It creates an idea that the website was designed for one reason – to make it harder for a visitor to find out the weaklings of the broker and confuse them as much as possible. The way the content is distributed on the website supports this idea as well. It is hard to find the information, and contentwise there is not much to see. This does not help the Novox FX rating which is already very law.  Now let us see how good or how bad the broker is in terms of the service.

Novox FX offers four asset classes to its customers – currency pairs, commodities such as oil, precious metals and stock indexes. There are up to 30 currency pairs you can trade with the broker major and exotic pairs. There is less diversity with the other trading instruments. There are only 3 commodities, 4 precious metals and 9 stock indexes.

Novox FX accounts

Novox FX Forex broker accounts really show if you can trust the broker or not it provides misleading information as well. There are three account types one can choose from Standard Account, VIP account, and professional account. The fact that a person can himself choose the professional account is disturbing as in Europe the brokers cannot offer the professional status to the customers by themselves unless they will not request it. Even if they will brokers need to check if the person complies with the requirements for getting professional trader status. If Novox FX provides the service to the residents of EU it is already a matter for concern.

There is not much difference between the account types. All of the traders have a leverage of 1:500 and single minimum trading lot requirement 0.01 lot.

Novox FX minimum deposit for the standard account is 200 USD, for VIP 5,000 USD and for professional account 10,000 USD. Apart from these, the main difference between the account types is the spread. The spread for Professional account is as low as 0.12, for VIP and standard accounts 0.20 and 0.25 pips. However, this information is not quite true and can be part of Novox FX scam.  The broker shows how the spreads actually look like on another page of the website and one can see how different those are. The tightest spread you can find for the standard account is 21 pips! Which is too much for any kind of traders, especially when some of the best international brokerages have very tight spreads.

Novox FX withdrawal

Novox FX withdrawal is a matter of a concern as well. On the website, the broker claims to have a fast withdrawal and multiple payment methods for depositing money and withdrawing profits. On the other page, the broker shows that the processing time for withdrawal is 2-3 days for every payment method which clearly is not very fast. Also, the payment methods are limited to credit/debit card and the payment channels are NovoxPay – which seems like a custom payment channel of the broker itself, ZotaPay, and Trustpay. Moreover, the broker does not show how the process goes and what traders should do to withdraw money.

Novox FX opinion

Novoxfx.com review once again proved that the apple doesn’t fall far from the tree. The broker seems to have the same issues that the Novox Capital Ltd was fined several times. It does not provide much information about the service and the front page shows misleading information to make the broker look as legit as possible. The regulations of the broker do not seem promising either it is not regulated at all or has a license from the SVGFSA, that does not have a good reputation. The features of the broker are not exciting as well, there is not much diversity in trading instruments, spreads are not tight, the broker does not disclose any information about commissions. The withdrawal policy is not on the website and there are no Novox FX reviews anywhere. Overall, Movox FX is not the broker you should trade with if you want a reputable, good broker that ensures the safety of the funds.