Overall Rating | Overall Ranking | Trading Terminals |
1.2 | 158th  |  |
FXNovus Review
Forex brokers play a crucial role in the world of currency trading by providing the platforms and tools necessary for individuals and institutions to trade currencies. They act as intermediaries, facilitating the buying and selling of currency pairs in the global forex market. Choosing the right forex broker is essential for any trader, as it can significantly impact their trading experience and success.
FXNovus is a modern online forex and CFD broker, regulated by the Financial Sector Conduct Authority (FSCA) of South Africa. Established in 2020, FXNovus offers traders access to a wide range of financial instruments, including over 160 CFDs on assets such as forex, cryptocurrencies, indices, stocks, and commodities.
In this detailed review, we aim to provide an exhaustive evaluation of FXNovus, emphasizing its unique selling propositions and potential drawbacks. Our objective is to supply you with essential insights about the broker, such as the various account options available, deposit and withdrawal processes, commission structures, and other crucial details. Our balanced perspective combines expert analysis and actual trader experiences to equip you with the necessary information to make an informed decision about considering FXNovus as your preferred brokerage service provider.
What is FXNovus?
FXNovus is a South African-based forex and CFD broker, regulated by the Financial Sector Conduct Authority (FSCA). Founded in 2020, it has quickly established itself as a reliable platform for traders worldwide, offering a secure trading environment.
FXNovus provides access to over 160 CFDs on a variety of assets, including forex, cryptocurrencies, indices, stocks, and commodities. This diverse range of instruments allows traders to diversify their portfolios effectively and take advantage of various market opportunities.
Safety and Security of FXNovus
FXNovus places a high priority on the safety and security of its clients’ funds and data. Regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, the broker adheres to stringent regulatory standards to ensure a secure trading environment. This information was gathered after thorough research on Dumb Little Man.
One of the key security measures of FXNovus is the segregation of client funds from corporate funds, ensuring that traders’ money is protected and used solely for trading purposes. Negative balance protection is also provided, which prevents traders from losing more than their initial investment, further enhancing financial security.
FXNovus employs advanced encryption technologies to protect personal and financial data. The broker uses SSL (Secure Socket Layer) encryption to secure transactions and communications, ensuring that sensitive information remains confidential and safe from cyber threats.
Pros and Cons of FXNovus
Pros
- Competitive Spreads
- FSCA Regulated
- Diverse Trading Options
- Zero Commission Trading
- 24/7 Customer Support
- Advanced Trading Platforms
Cons
- Slow Withdrawal Speed
- Limited Educational Resources
- Inconsistent Mobile Experience
Sign-Up Bonus of FXNovus
Currently, FXNovus does not offer a sign-up bonus to new traders. This means that traders looking to join FXNovus will not receive any extra funds or promotional credits upon creating their accounts.
Minimum Deposit of FXNovus
FXNovus requires a minimum deposit of $250 to open a trading account. This amount allows traders to start trading across various instruments offered by the broker without a significant financial commitment.
The $250 minimum deposit is designed to be accessible for most traders, making it easier for beginners to enter the market. This reasonable initial deposit requirement also ensures that traders can test the platform and trading conditions without risking a large sum of money.
FXNovus Account Types
Our team of experts at Dumb Little Man tested the various account types offered by FXNovus and gathered the following detailed information after thorough research.
Classic Account
- Designed for beginners
- Maximum leverage of 1:400
- Spreads starting from 2.5 pips
- Zero commission trading
- 24/7 support
- Minimum deposit of $250
Silver Account
- Suitable for advanced beginners
- Same features as the Classic Account
- Leverage up to 1:400
- Spreads from 2.5 pips
- 24/7 support and no commissions
Gold Account
- Geared towards intermediate traders
- Spreads starting from 1.8 pips
- Maintains the 1:400 leverage
- Zero commission trading
- 24/7 support
- Minimum deposit of $250
Platinum Account
- For advanced traders
- Spreads starting from 1.4 pips
- Same 1:400 leverage
- Zero commission trading
- 24/7 support
- Minimum deposit of $250
VIP Account
- Designed for expert traders
- Tightest spreads starting from 0.9 pips
- Negative balance protection
- Zero commission trading
- 24/7 support
- Access to free trading education
- Minimum deposit of $250
FXNovus Customer Reviews
FXNovus receives mixed reviews from its users, highlighting both strengths and areas for improvement. The mobile application is praised for its top-notch quality, though some users experience difficulties in opening positions, which they attribute to reasons other than internet speed. Customer support, particularly account managers, is noted as very helpful in assisting new traders, although some users find it challenging to manage trades due to time constraints. Many users feel that FXNovus is a safe place to hold funds and appreciate the smooth deposit and withdrawal process, emphasizing the importance of security and reliability over having the lowest spreads.
FXNovus Fees, Spreads, and Commissions
FXNovus operates on a zero-commission trading model, meaning traders do not pay any commissions on their trades. This is a significant advantage for traders looking to minimize their overall trading costs. However, there are other fees to be aware of, such as inactivity fees and withdrawal fees, which can impact profitability if not managed properly.
Spreads at FXNovus vary depending on the account type. For the Classic and Silver accounts, spreads start from 2.5 pips, which is relatively higher compared to some other brokers. Intermediate traders using the Gold account benefit from spreads starting at 1.8 pips, while advanced traders using the Platinum account can access spreads from 1.4 pips. The VIP account offers the tightest spreads, starting from 0.9 pips, making it ideal for high-volume traders.
While FXNovus does not charge commissions on trades, it is important to note the presence of non-trading fees, such as a monthly inactivity fee and withdrawal fees. Traders may face a $100 monthly inactivity fee after 30 days of dormancy, which increases to $250 after 60 days and $500 after 180 days. Additionally, there is a bank wire withdrawal fee of $30, which traders should factor into their cost calculations.
Deposit and Withdrawal
Depositing funds into an FXNovus account is straightforward and supports various methods, including credit/debit cards, wire transfers, and alternative payment options. A minimum deposit of $250 is required, making it accessible for most traders. This information was gathered after being tested by a trading professional at Dumb Little Man.
Withdrawals from FXNovus are processed efficiently, though they typically take 8-10 business days to complete. The first withdrawal after account verification is free of charge, but subsequent withdrawals may incur fees depending on the method used. Traders should plan their withdrawals accordingly to avoid unnecessary fees.
The withdrawal process is simple, requiring an official request through the account dashboard. A $30 fee applies to bank wire withdrawals, which is a standard charge in the industry. Ensuring all account verification steps are completed can help avoid delays in the withdrawal process.
How to Open an FXNovus Account
- Visit the FXNovus homepage and click on the “Open Account” button.
- Complete the registration form with your personal details like name, email address, and phone number.
- Check your email for a verification link from FXNovus and click on it to confirm your email address.
- Upload required identification documents, such as a passport or driver’s license, to verify your identity.
- Select the account type that best suits your needs, choosing from Classic, Silver, Gold, Platinum, or VIP.
- Choose a payment method and deposit at least $250 to fund your account.
- Answer a few questions about your trading experience and financial situation to complete the Know Your Customer (KYC) process.
- Wait for your account to be verified by FXNovus.
- Once verified and funded, you can start trading on the FXNovus platform.
FXNovus Affiliate Program
The FXNovus Affiliate Program is designed to reward individuals and businesses for promoting the broker’s services. Affiliates earn commissions for referring new clients to FXNovus, creating a mutually beneficial partnership. This program offers competitive commission structures, ensuring that affiliates are well-compensated for their efforts.
Affiliates benefit from a dedicated account manager who provides support and resources to maximize their promotional activities. Marketing materials and tracking tools are also provided, enabling affiliates to effectively monitor their referrals and earnings. This comprehensive support helps affiliates succeed in their promotional endeavors.
The program is open to a wide range of participants, including bloggers, social media influencers, and financial educators. With no entry barriers, the FXNovus Affiliate Program is accessible to anyone looking to monetize their online presence by promoting a reputable trading platform.
FXNovus Customer Support
FXNovus offers comprehensive customer support to assist traders with any issues they might encounter. Available 24/7 through multiple channels, including live chat, email, and phone, the support team ensures that help is always at hand. This information is based on the experience of Dumb Little Man with their customer support.
The customer support team at FXNovus is known for its prompt response times and knowledgeable assistance. Traders can expect efficient and effective solutions to their queries, whether they are related to account setup, trading issues, or general inquiries. This level of support enhances the overall trading experience.
FXNovus also provides personalized assistance through dedicated account managers, who offer tailored support and advice to traders. This personalized service is particularly beneficial for new traders, helping them navigate the platform and develop their trading strategies with confidence.
Advantages and Disadvantages of FXNovus Customer Support
FXNovus vs Other Brokers
#1. FXNovus vs AvaTrade
FXNovus is a relatively new broker, established in 2020, and regulated by the FSCA in South Africa. It offers over 160 CFDs on various assets, including forex, cryptocurrencies, indices, stocks, and commodities, with a focus on providing a secure trading environment. AvaTrade, founded in 2006, is a well-established broker with a global presence and regulation in multiple jurisdictions, including Ireland, Australia, and Japan. AvaTrade offers more than 1,250 financial instruments and caters to over 300,000 clients worldwide. While FXNovus provides competitive spreads and a user-friendly platform, AvaTrade excels in offering a comprehensive trading experience with advanced tools and a wide range of trading instruments.
Verdict: AvaTrade is the better option due to its extensive regulatory oversight, wide range of financial instruments, and robust trading tools. FXNovus, while competitive, lacks the global reach and diversity in trading options that AvaTrade offers.
#2. FXNovus vs RoboForex
FXNovus, established in 2020, focuses on providing a secure and straightforward trading experience with a variety of account types and competitive spreads. RoboForex, founded in 2009 and regulated by the FSC, offers a vast array of trading options with over 12,000 instruments across eight asset classes. RoboForex is known for its advanced trading platforms, including MetaTrader, cTrader, and RTrader, and offers various contests and promotions to engage traders. While FXNovus provides a solid trading environment, RoboForex stands out with its extensive range of trading tools and platforms tailored to different trading styles and experience levels.
Verdict: RoboForex is superior due to its extensive range of trading instruments, advanced platforms, and additional features such as trading contests and promotions. FXNovus, although reliable, does not match the breadth of offerings provided by RoboForex.
#3. FXNovus vs FXChoice
FXNovus, with its establishment in 2020, offers competitive spreads and multiple account types regulated by the FSCA in South Africa. FXChoice, established in 2010, is regulated by the FSC in Belize and is popular among Western traders for its integrity and customer-focused services. FXChoice offers professional ECN accounts with tight spreads and automated trading options but is more suited for experienced traders due to its higher trading volume requirements and limited beginner-friendly features. While FXNovus aims to provide a secure and user-friendly experience for traders of all levels, FXChoice focuses on providing advanced trading services and tools primarily for professional traders.
Verdict: FXChoice is better for experienced traders due to its professional ECN accounts and advanced trading tools. However, FXNovus is more accessible for beginners and traders seeking a user-friendly and secure trading environment.
>> Also Read: AvaTrade Review 2024 By Dumb Little Man: Is It The Best Overall Broker?
Choose Asia Forex Mentor for Your Forex Trading Success
If you are passionate about building a successful career in forex trading and aim to achieve significant financial gains, Asia Forex Mentor is the best choice for a comprehensive forex, stock, and crypto trading course. Ezekiel Chew, recognized as the expert behind training institutions and banks, leads Asia Forex Mentor. Personally, Ezekiel consistently secures seven-figure trades, a unique achievement that distinguishes him from other educators. Here are the compelling reasons for our recommendation:
Comprehensive Curriculum: Asia Forex Mentor offers a thorough educational program that includes stock, crypto, and forex trading. This well-organized curriculum provides aspiring traders with the necessary knowledge and skills to excel in these markets.
Proven Track Record: Asia Forex Mentor has a strong track record of producing consistently profitable traders across various market sectors, demonstrating the effectiveness of their training methods and mentorship.
Expert Mentor: Students at Asia Forex Mentor receive guidance from an experienced mentor who has achieved significant success in stock, crypto, and forex trading. Ezekiel offers personalized support, helping students confidently navigate each market’s complexities.
Supportive Community: Joining Asia Forex Mentor grants access to a community of like-minded traders aiming for success in the stock, crypto, and forex markets. This community promotes collaboration, idea-sharing, and peer learning, enhancing the overall learning experience.
Emphasis on Discipline and Psychology: Success in trading requires a strong mindset and disciplined approach. Asia Forex Mentor provides essential psychological training to help traders manage emotions, handle stress, and make rational decisions during trading.
Constant Updates and Resources: The financial markets are dynamic, and Asia Forex Mentor ensures students stay updated with the latest trends, strategies, and market insights. Continuous access to valuable resources keeps traders ahead of the curve.
Success Stories: Asia Forex Mentor proudly showcases numerous success stories where students have transformed their trading careers and achieved financial independence through their comprehensive forex, stock, and crypto trading education.
Asia Forex Mentor is the top choice for those seeking the best forex, stock, and crypto trading course to build a rewarding career and achieve financial prosperity. With its comprehensive curriculum, experienced mentors, practical approach, and supportive community, Asia Forex Mentor provides the tools and guidance necessary to turn aspiring traders into accomplished professionals across various financial markets.
RECOMMENDED TRADING COURSE | REVIEW | VISIT |
 | #1 Forex, Crypto and Stocks trading course. Ranked most comprehensive by Investopedia and Best by Benzinga. Free to Try! |
Conclusion: FXNovus Review
Based on the detailed analysis by the team of trading experts at Dumb Little Man, FXNovus proves to be a strong contender in the forex and CFD brokerage space. The broker offers competitive spreads and a variety of account types, making it accessible for both novice and experienced traders. The platform is user-friendly and supported by robust customer service, which is available 24/7. Regulated by the FSCA, FXNovus ensures a secure and transparent trading environment, providing traders with confidence in their operations.
However, it is important to be aware of some potential drawbacks. FXNovus has relatively slow withdrawal processing times and charges fees for inactivity and withdrawals that can add to the overall trading cost. Additionally, while the mobile trading app is top-notch, some users have reported issues with opening positions, which may require a stable and fast internet connection.
>> Also Read: Sage FX Review 2024 with Rankings By Dumb Little Man
FXNovus Review FAQs
What is the minimum deposit required to start trading with FXNovus?
The minimum deposit required to start trading with FXNovus is $250. This amount is designed to be accessible for most traders, allowing beginners to enter the market without a significant financial commitment. It provides traders with the opportunity to test the platform and its features while managing their investment risk effectively.
How long does it take to process withdrawals from FXNovus?
Withdrawals from FXNovus typically take 8-10 business days to process. While the first withdrawal after account verification is free, subsequent withdrawals may incur fees depending on the method used. Traders are advised to plan their withdrawals accordingly to avoid any inconvenience caused by the processing time.
Is FXNovus a regulated broker, and how secure is it?
Yes, FXNovus is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa. This regulation ensures that the broker adheres to strict financial and operational standards, providing a secure trading environment. Additionally, FXNovus employs advanced encryption technologies and segregates client funds from corporate funds to enhance security and protect traders’ investments.
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