Introduction
FXNovus emerges as a promising contender in the competitive landscape of South African CFD brokers. Offering a user-friendly trading platform with a diverse range of assets and round-the-clock customer support, it aims to carve a niche for itself. In this comprehensive review, we delve deep into FXNovus to uncover its strengths, weaknesses, and suitability for traders.
Pros and Cons
Pros
- 24/7 customer support: FXNovus ensures assistance is available at all times to address traders' queries and concerns.
- Balanced asset selection: With over 160 trading instruments spanning six sectors, FXNovus provides ample opportunities for diversification.
- User-friendly trading platform: The intuitive platform design facilitates seamless navigation and execution of trades.
Cons
- Limited trading options: Lack of support for MT4 or algorithmic trading may deter some advanced traders.
- Manual-only trading: FXNovus restricts trading to manual execution, potentially limiting automation possibilities.
Overview
Description
FXNovus stands as a South African broker committed to providing a seamless trading experience through its user-friendly platform and robust customer support.
Headquarters
South Africa
Regulators
Regulated by the Financial Sector Conduct Authority (FSCA), ensuring adherence to regulatory standards.
Year Established
2020
Broker Type
ECN/STP, Market Maker
Country
South Africa
Accept US Clients
No
Regulation & Security
Trading with a regulated broker like FXNovus offers peace of mind to traders, minimizing the risk of fraud and malpractice. Regulated by the FSCA, FXNovus segregates client deposits from corporate funds, providing an added layer of security.
Fees
Trading Costs
Trading costs play a pivotal role in determining overall profitability. While FXNovus offers commission-free trading, traders should consider other associated fees.
Non-Trading Fees
- Inactivity Fees: Varying monthly fees apply after a certain period of account dormancy.
- Bank Wire Withdrawal Fee: A fixed fee is levied on bank wire withdrawals.
Trading Hours
Understanding trading hours across different asset classes is crucial for effective trade execution and strategy planning. Here's an overview of FXNovus trading hours:
| Asset Class | From | To |
|---|---|---|
| Currency Pairs | Sunday 22:05 | Friday 21:50 |
| Cryptocurrencies | Sunday 22:05 | Friday 21:50 |
| Commodities | Sunday 23:05 | Friday 22:00 |
| Crude Oil | Sunday 23:05 | Friday 22:00 |
| Gold | Sunday 23:05 | Friday 22:00 |
| Metals | Sunday 23:05 | Friday 22:00 |
| Stocks | Monday 01:05 | Friday 21:00 |
Range of Assets
FXNovus boasts a diversified asset selection, covering various sectors including forex, cryptocurrencies, commodities, equities, indices, and metals. This extensive range offers ample opportunities for traders to explore different markets and build diversified portfolios.
Leverage
Leverage amplifies trading potential but also increases risk. Here's a breakdown of leverage options available at FXNovus:
| Asset Class | Maximum Retail Leverage | Maximum Pro Leverage |
|---|---|---|
| Forex | 1:400 | 1:400 |
| Equity | 1:5 | - |
| Cryptocurrency | 1:5 | - |
| Commodity, Index, Metals | 1:200 | - |
Account Types
FXNovus offers multiple account types, each tailored to different trading preferences and requirements. The minimum deposit is $250, with trading conditions remaining consistent across all account types except for varying fee structures.
Account Features
- Swap Discounts: Available on all account types except Classic.
- Automatic Margin Call: Issued at 100% of equity with a stop-out at 20%.
- Trade Volume: Ranges from 0.01 to 50.00 on every account type.
Demo Account
While demo trading serves as a valuable educational tool, it's essential to approach it with caution. The FXNovus demo account offers unlimited access with a generous $100,000 balance, allowing traders to practice and familiarize themselves with the platform.
Trading Platforms
FXNovus presents its proprietary web-based trading platform, featuring an intuitive interface, multi-chart functionality, and one-click trading. Available in multiple languages, the platform caters to a diverse user base.
Overview of Trading Platforms
| Platform | Automated Trading | Social/Copy Trading | DOM? | Guaranteed Stop Loss |
|---|---|---|---|---|
| FXNovus Platform | No | No | No | No |
Research & Education
While FXNovus does not provide in-house research, it acknowledges the importance of education. Traders are encouraged to seek third-party educational resources to enhance their trading knowledge and skills.
Educational Resources
- Free Educational Tools: FXNovus plans to offer a wealth of educational resources in the future.
- Third-Party Education: Beginners should explore third-party resources focusing on trading psychology and risk management.
Customer Support
FXNovus offers round-the-clock customer support via email, phone, and live chat. Traders are encouraged to explore the FAQ section before contacting support, ensuring efficient resolution of queries.
Bonuses and Promotions
FXNovus does not currently offer bonuses or promotions, focusing instead on providing competitive trading conditions and quality service to its clients.
Customer Support Methods
| Support Hours | 24/7 | | Website Languages | English, Spanish, Arabic, Italian, French, German, Portuguese, Malay, Thai |
Opening an Account
Opening an account with FXNovus is a straightforward process, requiring basic personal information and compliance with global AML/KYC requirements. Traders can choose from multiple account base currencies and verify their accounts conveniently.
Account Opening Process
- Personal Questions: Traders must provide information about their trading experience and income.
- AML/KYC Compliance: FXNovus adheres to global AML/KYC requirements for account verification.
- Document Verification: Traders may need to submit identity and residency documents for account verification.
- Payment Method Verification: Verification of the chosen payment method is mandatory.
Deposits and Withdrawals
FXNovus offers multiple deposit and withdrawal options, ensuring flexibility and convenience for traders. While there are no internal deposit fees, traders should consider potential third-party processing costs and currency conversion fees.
Key Takeaways
- Deposit Methods: Bank wires, credit/debit cards, Skrill, and STICPAY are accepted.
- Withdrawal Options: Withdrawals can be made via bank wire, credit cards, and e-wallets.
- Processing Time: Withdrawals typically take between eight to ten business days.
- AML Compliance: Traders must ensure the name on their payment processor matches their FXNovus trading account to comply with AML regulations.
Conclusion
In conclusion, FXNovus presents a compelling option for traders seeking a user-friendly trading environment with robust customer support. While it may lack some advanced features and trading options, its commitment to regulation, security, and customer satisfaction makes it a legitimate and safe choice for traders.