Summary
FXNovus, which is handled by FXNOVUS (PTY) LTD, is an online trading platform based in South Africa and has been granted the Financial Sector Conduct Authority (FSCA) license under No. 50963 (Registration No. 2020/183344/07). Despite its promises of openness and being ready to adopt new ways and methods, the customer reviews and opinions tell another story. A lot of users experienced delayed payments, difficulties with getting refunds, and a lack of support from the staff among the negative aspects of trading on FXNovus. The FXNovus review is dedicated to FXNovus’ activities, the traders’ input, and the advice for the affected investors who had problems.
About FXNovus
FXNovus is branding itself as a revolutionary online broking firm providing:
- More than 160 CFDs on assets including forex, commodities, and indices
- Sophisticated analytics for trades based on data
- Very quick order executions on a regulated platform
The above-mentioned characteristics might be quite alluring to traders, but the trading done under regulation might sometimes not be so smooth or fair.
FXNovus Regulation and Licensing
FXNovus is under the supervision of the FSCA (Financial Sector Conduct Authority) in South Africa, which is often regarded as one of the main regulators in the area.
- License No.: 50963
- Company Registration No.: 2020/183344/07
Being regulated does not necessarily mean being a trustworthy broker. A number of clients have complained about withdrawal delays and poor customer service, which have not been addressed, and this raises concerns over the company’s operational integrity.
User Experiences and Reviews
According to the reviews presented on Trustpilot, it is evident that the reviews, as posted on FXNovus, typically exhibit a negative bias.
Common Complaints Reported by Users
- Withdrawal Delays: A large number of traders have indicated that they have waited over 30 days for their funds and have been declined after ensuring all documentation is accurate.
- Customer Service Disappointment: Traders have indicated that the customer support agent they are working with continues to ask them for more documentation, simply elongating the process.
- Refund Issues: Several traders have indicated this. Even when they have done everything perfectly accurately, they are unable to receive their refund.
- Misleading of Guarantees: Some customers reported incurring losses because of guarantees and misleading information provided to them by the broker.
Example User Reviews
- “We suffered significant losses based on the false promises from this service.”
- “FXNovus is a complete scam, and your support team is also trying to fool us… It has been 15 days, and I have not received my funds.”
- “I have finally had my funds returned by the broker after legal assistance. The action was open and honest.”
There is a recurring theme in these reviews indicating some dissatisfaction and advising caution with FXNovus.
Should You Trade with FXNovus?
While FXNovus functions under a regulatory license, the extent to which negative feedback can be overlooked is subjective. If you are considering trading with this broker:
- Check the latest regulatory status from their FSCA website.
- Do not deposit a large amount of money up front.
- Always keep a record of communication and transactional history.
- Conduct independent broker reviews and forum research first, before committing.
What to Do If You’ve Lost Money with FXNovus
If you’ve encountered any issues relating to non-payment, delays in getting a refund, or poor trading advice, you’re not alone. TRU CLAIM has successfully recovered funds through professional fund recovery services. Contact us to start your fund recovery process.
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