Novox Review Is A Legit Forex Broker

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Novox Review: Is A Legit Forex Broker? Review: this is the name of a Forex broker that claims to be based in Cyprus and Australia. We also found an offshore address on the page as well. Is Novox a scam Forex broker or a legit one?

The locations that the broker mentions to be based in are actually regulated by top European authorities. Besides the address at Saint Vincent and the Grenadines we are encouraged by the first two we mentioned above. In Australia, Forex trade is controlled by the Australian Investment and Securities Commission and in Cyprus, by the Cyprus Securities and Exchange Commission.

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When we checked, it was confirmed that it is an AFS representative of Cardiff Global Markets which is an ASIC registered company. It is not registered as a broker with the ASIC. Under the CySEC, Novox is a licensed broker but the website provided under it is

On the website, it is mentioned that besides the licenses, there are other benefits of choosing this trading company. They allow quick trade executions, offer security of funds and an effective customer service. Mention is made of some trading awards and their competitive pricing. Their servers are also touted to have a worldwide coverage range.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Novox Trading Platform

Novox offers traders the MetaTrader 4 trading platform. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are 50+ currency pairs. We do not find mention of other assets and this is not impressive as there is also no mention of cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages offered is 1:400 and while this may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are 1.7 pips on the EURUSD pairs.

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Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Novox

The means of making payments and withdrawals are: VISA, MasterCard, Neteller, UnionPay, POLi, and more. It is encouraging that e-wallets are allowed.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is $100 and since this is within the obtainable average of $100 – $250 among brokers it is good. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

The 20% credit bonus on first deposit offer is discouraging. It is a characteristic of scam brokers and is used to tie down their clients with unrealistic withdrawal conditions.

Is Novox Licensed?

We have explained the dicey situation surrounding this broker above. It seems that the website is an intentional imitation of the Novox broker licensed by the CySEC. There is no clear detail on what an AFS representative of an ASIC registered company means.

The address it publishes in the offshore region is one commonly used by many scam brokers. This is a red flag and traders are warned to be careful trading with this company.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.


To get in touch with the company or an agent of the customer support service, call: +61 (0)2 9159 8555 or email: [email protected]


The confusion surrounding the license of this broker is not a good thing and it is largely discouraging. There are important details missing on the page and we would like Novox to fill this gaps in information. When we accessed the website, it was written in Chinese and we had to translate it, making it unlikely that it is based in Europe or has European clients as their target.



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Novox Review – is scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Standard $200 1:400 1.7 pips
Xero $200 1:400 1 pips + $7 /lot

Novox presents itself as a global forex broker offering trading on two benchmark platforms – the MetaTrader4 and MetaTrader5. It offers the account types listed above, plus PAMM/MAM services. Here are our impressions of this broker, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with Novox.

Novox Advantages

Registered as an AR of an ASIC-licensed firm

Let’s start with the most important thing in the trading world: regulation. Novox is a brand of Novox Group PTY LTD, an Australian Financial Services Representative of Cardiff Global Markets. This means that Novox is a registered representative of a company that holds a license granted by the Australian Securities and Investment Commission (ASIC). This is one of the most reliable financial watchdogs in the world.

Trading on MT4 and MT5

As was mentioned above, Novox supports both MetaQuotes’ platforms – the MetaTrader4 and the MetaTrader5. Those two share a lot of similarities, most of which are highly praised by the forex community: the top-notch charting and market analysis tools, the support of automated trading bots (Expert Advisors), the customization options, and more.

Besides, users of the MT5 can trade in OTC products and exchange-traded stocks from one and the same account.

Solid selection of assets, high leverage levels

Another possible benefit of using this broker’s services is that Novox offers leverage as high as 1:400, and its product portfolio is quite good.

Leverage is an important part of forex trading, but it is also a bit controversial. Higher leverage allows opening of larger positions, as well as the chance for higher profits. It does, however, also hide the risk of heavy losses.

Novox Disadvantages

As a matter of fact, Novox claims to be regulated in Cyprus, Australia, as well as in Saint Vincent and the Grenadines (SVG). Interestingly, the default language of the broker’s website is Chinese.

We always check carefully whether the brokers we review are indeed licensed as claimed, and advise investors to do the same. So, our check in CySEC’s online register revealed that a company named Novox Capital ltd. is licensed, however is not present in the list of approved domains. The Cypriot broker has another website and its logo is quite different from those of Novox.

As we mentioned earlier, Novox acts an Authorised Representative of an ASIC-licensed brokerage. While the licensee itself is responsible for the conduct of the authorised representative, if the latter is acting outside their powers, the ASIC-regulated company will not be liable for any such actions. So, things might get a bit complicated with corporate authorized representatives such as Novox.

If you choose to invest with this broker nonetheless, make sure you contract the Australian entity, and not the offshore one, as we noticed that Novox’ Client Agreement mentions the laws of SFG as governing. You should know that companies registered in the SVG are actually not regulated and not to be trusted.

Of course, we cannot write a thorough review on any brokerage without covering the cost of trading. BeFX has announced its spreads on the website, and they don’t appear very attractive – the spread on the benchmark EUR/USD is 1.7 pips. When we tested the broker’s demo MT4, things turned out to be even worse – the spread for this pair floated around 2.3 pips.

Click on the image to view larger.

Those of you who are familiar with the industry will know that even a spread of 2 pips is more than expected for a major pair. For further information on trading costs, you can check out the spreads of some leading forex brokerages.


Novox offers trading on both MT4 and MT5 with high leverage levels, but the cost of trading seems high. What bothers us more is that the broker tries to mislead investors it is regulated in several jurisdictions, while in fact does not have a license of its own.

Note that is best to deal with a company that is a primary holder of a forex broker license. Below, yoy can find a list of reliable brokers regulated to operate in Australia.

And finally, here are the highlights of the present review of Novox:

Pros Cons
Registered as an AR of an ASIC-licensed firm Questionable regulation
Trading on MT4 and MT5 High spreads
Solid selection of assets, high leverage
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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NovoxFX Review

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 25032IBC2020. 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.

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