FXNovus Review
GET A FREE CONSULTATION
FXNovus Review: A Suspicious Trading Platform
Fx Novus (fxnovus.io) claims to be the regulated trading. But, on analysis, several warning signs appear there. According to the mentioned website, the Financial Sector Conduct Authority (FSCA) in South Africa has regulatory standing. It is operated and maintained by a firm called Fx Novus (PTY) LTD with license number FSP No.50963. Yes, there are records under this number in FSCA’s register; however, the information confirms that the link is very minor between these and the officially licensed entity itself.
Questionable Affiliation with Peaksight Ltd and CySEC
FXNovus also claims to be related to Peaksight Ltd, which is a licensed company of the Cyprus Securities and Exchange Commission, CySEC. However, the said affiliation could not be confirmed. Even if true, this would not necessarily mean that FXNovus was regulated because so many fraud brokers use the names of registered companies to give their business the false impression of having regulatory oversight.
Negative Reviews and Website Concerns
On consumer feedback sites like Sitejabber and Reviews.io, FXNovus has gotten a lot of unfavorable comments. Many investors have experienced losing their funds without any recovery. Reports are that the company uses deceptive methods, such as offering manipulated trading videos and screenshots of profits, to attract people to deposit money. However, once a person invests, communication from FXNovus ends, and the withdrawal requests are ignored.
A victim claimed that he invested $17,500 after receiving signals from FXNovus. He saw videos of trading activity and screenshots of profit, which seemed to be working. After a few days, the investor was able to quickly realize that they were dealing with a fraudulent broker because the account manager ignored his request to withdraw funds. He was knowledgeable and convincing, thus adding to the deception. Another victim claimed to have paid extra taxes to withdraw money but lost even more without any returns. The majority view of traders is that FXNovus is a scam.
Platform and Trading Limitations
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms don’t supported by FXNovus. These features are essential in sophisticated charting tools, automated trading, and custom indicators. Without these accepted platforms, FXNovus seems less attractive to professional traders, and red flags may arise with its legitimacy. FXNovus offers a proprietary trading platform, which has fewer features and hence is less reliable.
FXNovus also has a limited number of tradable assets compared to major competitors. This greatly limits the investment opportunities for traders, who often require brokers that have diverse asset offerings. The platform has lengthy withdrawal processing times, which are very inconvenient for traders who need to have their funds at their disposal immediately. This is a significant drawback because reputable brokers ensure seamless and timely withdrawals.
FXNovus Review Conclusion
The FXNovus review raises several red flags that make this broker very suspicious. Starting from the fact that its regulatory claims are unverified, up to many complaints from investors, FXNovus is characterized as a fraudulent broker. MT4 or MT5 support is missing, assets are limited, and withdrawals take too long to process. A trader should be very careful when considering investing in FXNovus. Given the number of victims who have lost money, it is advisable to avoid this platform altogether. If you are considering FXNovus, think twice—many traders have already suffered financial losses, and the risk of falling into a similar trap is high.
Report the FXNovus fraud, ask for chargebacks, and consult with scam recovery experts right away if you have lost anything. Visit CryptoScams.com.au to begin your recovery process immediately.
Also, check some scam broker reviews here.