Illegal Broker Novi FX Swallowed Investor’s Deposit

Exposed broker: Novi FX

Regulatory status: unregulated

Complainant: Mr. Miranda (from Philippines)

Cause of complaint: investor cant withdraw

The rapid development of Southeast Asian financial markets has attracted many forex brokers, including those illegal ones. Hype marketing is usually the trick of these illegal brokers, but some investors still fall victim to these traps. Recently, WikiFX received a complaint from a Filipino investor, saying that the illegal broker Novi FX swallowed his funds deliberately.

Event recap

In August, 2019, attracted by the broker's advertisements online, Mr. Miranda opened an account and made deposits on the trading platform of Novi FX. After successfully opening an account, Mr. Miranda immediately received an email from the broker, claiming that the platform is strictly regulated and will assist him in the trading process. This letter largely dispelled Mr. Miranda's initial doubts.

Mr. Miranda then traded on the platform, and the trading records showed that his account was able to make some small profits.

But soon, the platform manager, who had vowed to provide trading assistance at first, disappeared when Mr. Miranda contacted him in order to withdraw. It turned out that Mr. Miranda urgently needed to withdraw US$ 900 due to some issues on September 20th, but his application was never approved. When Mr. Miranda emailed the manager about the withdrawal, the latter gave no reply. Mr. Miranda continued to trade on the platform on and off, but soon he found that he seemed to be having greater losses than profits. So he stopped trading, but the previous withdrawal request had never been approved, and the balance in the account wasn't able to be withdrawn.

The inquiry email from the complainant hasn't been replied

AboutNovi FX

Through investigation, WikiFX found that Novi FX did not mention its regulation status in any of its advertisements, while the link to the so-called regulation website in its email to investors did not contain valid information either.

We also believe that Novi FX's wordings in its marketing campaign have violated advertising laws, and investors need to carefully screen out the exaggerated advertisements from illegal brokers.

Conclusion

According to WikiFX App, Novi FX is unregulated at the moment and is rated at only 1.07. WikiFX suggests investors to stay away from this dangerous and unreliable broker.

Up to now, WikiFX APP has included profiles of more than 17,000 global forex borkers. If you have any question about a broker's qualification, you may check the broker's profile on WikiFX App. WikiFX has also released the new feature of “Wiki Fair”, a forum where investors can discuss forex trend and expose illegal brokers.