Novifx.com Review Is NoviFX A Legit Forex Broker

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Novifx.com Review: Is NoviFX A Legit Forex Broker?

NoviFX Review: this is the name of a Forex broker that provides managed accounts services. We found that it is owned by a Bulgaria owned company. Is novifx.com a scam Forex broker?

We find that NoviFX claims to be a branch of the MAGIC CONSULTING LTD. It claims that it is located in Bulgaria which is a European nation with a Forex regulatory commission active there known as the FSC. But the FSC does not mention the company as a legit trading services provider. This means that the broker is running illegally.

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What we find on the website are mostly reasons why traders should choose NoviFX or why they should invest in Forex trading. Most of the things we look out for in Forex brokers are missing on the page. We find it largely shallow bothering on vagueness and shadiness.

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.

NoviFX Trading Platform

It is not mentioned what trading platform is used by the NoviFX trading software and this is not an encouraging find.

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 not also provided. This is not advisable for brokerages. 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 are not mentioned and while some may be generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are not stated as well, and traders will like to be aware of this if they are to consider trading with the broker.

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.

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Deposit and Withdrawal methods on NoviFX

The means of making payments and withdrawals with this broker are not mentioned. It is uncharacteristic to find this missing on the page of a Forex brokerage.

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 not mentioned. It is difficult to know if it is within the obtainable average of $100 – $250 among brokers. 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.

Is NoviFX Licensed?

No. NoviFX is not a licensed Forex broker. It is unwise to trade with unlicensed brokers because they do not have any obligation to be fair to their clients. Misappropriated funds may prove difficult to be recovered.

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.

Support

To reach the company or any representative of the customer care, email: [email protected] or use the online form to send an enquiry.

Conclusion

We find it discouraging that Novi FX does not have a legit trading license despite being located in Europe. The shallow information we find on the page is also discouraging. It does not possess the least characteristics that trusted brokers have.

Traders would be wise to stay away from the broker for now. If they may more attention to details on their page and are willing to be more transparent, they would get better rating.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

Novi FX review – is Novifx.com a scam or legit forex broker?

NoviFX is Р° forex brokerage which gives little to none information about itself and the company behind it on its website. We have grave concerns regarding the legitimacy of the broker – read the whole review to find out why!

Disadvantages

According to the website of the brokerage the company-owner is registered in Bulgaria under the name Magic Consulting ltd. Furthermore, we read that the company is supposedly regulated according to the highest European standards.

Bulgaria is deeply integrated within the EU with it being a member-state. Online Forex trading has been taken into consideration in the country’s legislation and the Commission for Financial Supervision is in charge of overseeing financial activities. Forex brokerages in the country have to be licensed by FSC but we find no mention of such a license on the broker’s website. However, after checking the online registry of the Bulgarian authorities we can safely conclude that NoviFX does not fall under any regulatory oversight whatsoever.

The lack of regulation exposes potential traders to many risks. Due diligence requires us to state that there is no assurance for the safety of the clients funds, besides the supposed cordiality of the brokerage. Without regulation, we have no guarantee of the segregation of accounts i.e. the clients funds may well be mixed with those of the company and liable to all sort of illegal encroachments on part of the broker. Compliance with the highest regulatory standards also offers potential clients of the brokerage participation in a compensatory scheme by which, in the unlikely case of the broker’s bankruptcy, the losses of traders will be covered by up to 85 000 per person. We would suggest interested traders take a look at our list of recommended FCA-regulated brokerages that provide such important safety nests:

Regulatory warning by CNMV

On top of all that was outlined, when researching the brokerage on the web, we came upon an official warning issued by the Spanish regulatory agency CNMV regarding the broker. It reads that NoviFX has been targeting Spanish traders without proper authorization and is further suspected in taking part in scam operations. Such a warning is an unambiguous sign of trouble in Forex trading and we heed traders take notice of it and steer clear of the brokerage.

Advantages

No fees or commissions

Due diligence always requires us to go through the lengthy terms and conditions of the brokerage in search of potential fees or commission that may be hidden there. Such fees should be taken seriously, because they do not show up on the home page of the brokerage, but may significantly drive up the cost of trading. After a thorough research on our part, we can confirm that NoviFX does not have such surprises in store for potential clients. This should be seen as a huge advantage.

Conclusion

Going through the brokers website and its trading platform – we found many disconcerting things. There is a serious lack of information on crucial aspects of a brokerage, as well a lack of clarity as to precisely what the brokerage is offering. However, what we must most emphasize is that NoviFX operates under no regulatory oversight whatsoever which means the safety of the client’s funds is in serious jeopardy.

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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