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Score

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The WikiFX Score of this broker is reduced because of too many complaints!

NOVOX

Cyprus|2-5 years|
Cyprus Market Making(MM) Revoked|High potential risk|

https://www.novoxfx.eu/

Website

Rating Index

Contact

+357 25 267 880
info@novoxfx.eu
https://www.novoxfx.eu/
Griva Digeni 105, #202, Limassol, 3101, CYPRUS
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Contact number

English

+357 25 267 880

Other ways of contact

Broker Information

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Company Name

Novox Capital Limited.

Abbreviation

NOVOX

Platform registered country and region

Cyprus

Company website
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Pyramid scheme complaint

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Warning: Low score, please stay away! 7
Previous Detection : 2024-11-05
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 15 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!
  • CyprusCYSEC (license number: 224/14) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!
  • United KingdomFCA (license number: 622514) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!
  • The AustraliaASIC regulation (license number: 439907) claimed by this broker is suspected to be clone. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

NOVOX · WikiFX Survey
Danger A Visit to NOVOX in Cyprus – No Office Found
Cyprus

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NOVOX · Company Summary

General Information & Regulation

Novox was founded in 2014, a provider of contracts for difference (CFDs), delivering trading facilities on forex, commodities, futures,etc. Novox is operated by Novox Capital Ltd – registered in Cyprus and regulated by the CySEC (registration number 224/14). The CySEC website indicates that the regulation is for the Novox Capital LTD and the website of Novox itself is not listed as one of the approved domains. In addition to this, Novox Capital Ltd does not have a very clear history and it is worth checking before any trader decided to open an account with Novox.

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Market Instruments

Novox offers investor trading instruments including forex, commodities, futures, cryptocurrencies, indices and shares.

Minimum Deposit

There are four account options on offer at Novox, namely Standard (deposit from $200), Xero (deposit from $25000 or equivalent), and Premium accounts (deposit from $50,000 or equivalent). The minimum deposit to open an account seems affordable for most regular investors, while deposit for the Xero and Premium is incredibly high.

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Leverage

The leverage that the Novox offers to the customers is the same for all account types on FX, up to 1:30 and on CFDs up to 1:20. This is quite consistent with the European regulation.

Spreads & Commission

The minimum spread starts from 2.4 pips, 0.0 pips and 0.0 pips in standard, Xero and Premium accounts, respectively. The standard account with wide spreads requires no commissions, and the Xero and the premium accounts requires a commission of $5.5 and $4 respectively.

Trading Platforms

Novox provides traders with the MT4 trading platforms. MT4 trading platform is packed with advanced trading tools and offers straightforward access to even the most dynamic financial markets. MT4 trading platform is available as desktop applications for Windows and Mac computers, WebTrader, and mobile apps that are compatible with Android and iOS devices.

Deposits & Withdrawals

NOVOX seems to have accepted a few payments methods for traders to fund their accounts, such as COINPAY, U-PAYMENT, UnionPay, Visa, MasterCard, Skrill, Neteller, POLi, Bitwallet, NLV and bank wire. The minimum amount of money that can be cashed out is 50 USD and as the broker claims the processing time is 1-2 days which does not sound very well. The broker also states there are no fees for the withdrawal but comments that the corresponding fees will be deducted from the traders withdrawal funds.

Accepted Countries

NOVOX brand does not provide services to residents of the USA, Yemen, Syria, North Korea, Puerto Rico.

Customer support

NOVOX provides traders with a customer support team who can be contacted via any of the following contact channels: telephone, email, Live Chat, and social media.

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