FXNovus Review 2025

Trust

FXNovus Regulations

In this section, we will delve into the regulatory frameworks governing broker’s various entities and what that means for you as a trader. We employ a rating system for regulators, ranging from 1 to 3, where Tier 1 signifies the pinnacle of trustworthiness.

FXNovus operates under one entity:

• FXNOVUS PTY (LTD) is regulated by the Financial Sector Conduct Authority (FSCA). We rate FSCA as a Tier 2 regulator.

Why is it Important to Know Where Your Broker’s Subsidiary is Regulated?

Each regulator has its own requirements for brokers, which may differ substantially. Such requirements cover aspects like leverage levels and specific protections for investors.

These protections may include negative balance protection, segregated accounts, and investor compensation funds. Traders should understand the differences between regulations to evaluate whether the broker suits their needs.

FXNovus operates under one entity, which provides negative balance protection and segregates client funds from its own. Negative balance protection safeguards clients from losing more money than they have in their accounts. The broker’s clients do not have access to any compensation schemes. The segregation of clients’ funds ensures that clients’ money is not used for the broker’s own business purposes.

I have summarized key aspects of the brokers’ entities in terms of regulation and safety in the table below:

Stability and Transparency

In my tests for the Trust category, I also cover factors relating to stability and transparency. Here, I focused on how long the broker has been in business, the size of the company, and the transparency in terms of readily available information.

FXNovus has been in business for four years. My research showed that the company is not publicly traded and does not operate a bank. Clients can find important documents in the Legal section of the website. The documents include the AML Policy, Bonus Program Terms and Conditions, Client Agreement, Product Specifications, Refund and Cancellation Policy, and others.

Is FXNovus Safe to Trade With?

FXNovus has existed since 2020. It operates through one entity, which is regulated by FSCA. It provides negative balance protection and holds client funds in segregated accounts. Given these, I consider FXNovus to be a sufficiently secure broker.

In summary, my research indicates that FXNovus can be regarded as having a reasonable level of trust and stability due to the following factors:

• Regulated by FSCA
• Provides negative balance protection
• Segregates client funds
• Provides easy access to important information on its website

Fees

FXNovus Trading Fees

For this review, I tested the FXNovus Classic Account, where the broker charges spreads and swap/rollover fees but does not charge commissions. Spreads are variable and depend on the liquidity situation for each instrument at a certain point in time.

FXNovus Spreads

I tested the spreads on the FXNovus during the London open at 8:00 a.m. UK time and just after the US open at 2:45 p.m. UK time. These are the most actively traded times. I summarized my findings in the table below:

My tests indicated that FXNovus offered high spreads for all the instruments I tested.

Swap Fees

My tests indicated that swap fees for EUR/USD and GBP/JPY were high. Traders should note that both long and short swaps are a charge in the FXNovus case.

Non-Trading Fees

FXNovus charges an inactivity fee if the trading account has not been used for at least one month. The fee is 100 EUR/USD for a period of 1-2 months. It rises to 250 EUR/USD if the account is inactive for 2-6 months and 500 EUR/USD if it is inactive for over 6 months.

The broker also charges a maintenance fee of 10 USD (or equivalent as per account currency). This fee is charged each month, regardless if there are transactions on the account or not. This is an unusual fee for a modern broker.

Are FXNovus Trading Fees Competitive?

My hands-on testing revealed that FXNovus’s trading fees exceeded the industry average across all the instruments I tested, with notably high swap fees as well. As a result, I find FXNovus’s fees to be non-competitive.

Platforms and Tools

FXNovus Web Platform

I explored FXNovus’ Webtrader platform and found it intuitive and beginner-friendly.

General Ease of Use

The Webtrader platform was designed with user-friendliness in mind. It features a clear and intuitive interface that enables even beginner traders to quickly learn how to make their first trades. FXNovus also offers a demo account, allowing traders to build their skills and become familiar with the platform without risking any money.

Charts

The platform offers 20 indicators and 9 timeframes, a basic set of tools for a modern trading platform. Indicators include Bollinger Bands, MACD, Moving Average, RSI, Rate of Change, and others.

Traders can also use 5 drawing tools: Vertical Line, Channel, Horizontal Line, Trend Line, and Fibonacci. The platform supports two chart types: candlestick and line charts.

In my view, Webtrader’s charting tools are fairly basic and may not meet the needs of advanced traders. However, for beginners, the available options should be sufficient to start their trading journey.

To complement its in-house charts, FXNovus offers access to TradingView charts, which are popular among traders for their robust features and suitability for more advanced trading strategies.

This version improves readability while highlighting key features and limitations for different user levels

Orders

The platform offers the following order types:

• Market order is used to buy or sell the instrument at the current marketplace. This order is used when a trader wants to establish a position as fast as possible. Typically, this order is necessary when the instrument’s price begins to move quickly. The main risk of this order is that you pay a spread, which is the difference between the bid price and the ask price.
• Limit order serves for buying or selling the instrument at a preset price or better. It is used when the trader wants to establish a position at a certain level and is not willing to pay current market prices. Using limit orders is a good way to control risks because the trader controls the price that will be paid. In case of a fast breakout, the limit order may be used as an “upgraded” market order when the limit price is placed above the current market price.
• Stop-loss order is used to exit the position when the price moves in the wrong direction. This order is triggered when the price reaches a specified price point.
• Take-profit order serves to take your profits off the table when the instrument reaches a specified price.

FXNovus Webtrader Platform: My Key Takeaways

After a week of thorough evaluation, I found the FXNovus Webtrader platform to be straightforward and user-friendly. Those experienced with trading platforms will adapt quickly, and beginners should also be able to make their first trade with ease.

However, in my view, the platform lacks advanced functionality due to its limited selection of indicators, drawing tools, timeframes, and chart types. That said, the integration of TradingView charts within the platform adds significant efficiency. As for the watchlists, I found them to be somewhat inconvenient to use.

FXNovus Mobile App

FXNovus has a trading app advertised on its website. However, the link leads to nowhere, so it may be a trading app in development.

Tradable Instruments

FXNovus provides a balanced offering of tradable assets, which includes forex pairs, commodities, indices, cryptocurrencies, and stocks. The number of available commodities and indices is high, while the number of forex pairs, cryptocurrencies, and stocks fall within the industry average.

What are CFDs?

CFDs (Contracts for Differences) are financial instruments that allow traders to bet on asset prices without actually holding the respective assets. The key advantage of CFDs is the access to significant leverage, which is typically not available when trading other instruments. Hence, CFDs are very popular in short-term trading.

What Can You Trade With FXNovus?

FXNovus Instruments: My Key Takeaways

I found FXNovus’s range of tradable instruments to be well-balanced. While the stock selection is average in size, it includes options from diverse markets, including less common ones like Taiwan and the UAE

Customer Support

Deposit and Withdrawal

FXNovus Deposits

FXNovus clients can fund their accounts via credit cards, prepaid cards, bank transfer, e-wallets, and crypto, which will be funded to the broker as fiat currency.

FXNovus Withdrawals

FXNovus clients can withdraw money via credit cards, prepaid cards, bank transfer, and e-wallets. A withdrawal fee is applied to wire transfers. Traders should note that the withdrawal process takes 8-10 days, which is more than the industry average.

Account Types and Terms

FXNovus Account Opening Process

To open an account with FXNovus, follow these steps:

• Step 1: Click “Open account” on the main page of the broker’s website
• Step 2: Provide your personal details: name, last name, email, phone, date of birth, address, and zip code.
• Step 3: Set a password.
• Step 4: Answer questions about your trading experience and financial status.
• Step 5:Submit documents to provide proof of your identity and residence.

FXNovus Account Types and Their Benefits

FXNovus provides five types of accounts. All accounts provide access to four base currencies and leverage of up to 1:400. Spreads become tighter if the trader deposits more money and upgrades the account to the next level.

Demo Account

FXNovus provides a demo account for the Classic Account. A demo account allows you to test the broker’s services and your trading skills without risking your money.

Please note that your trading experience will differ when you use a demo account compared to a real-money account due to psychological factors, as traders find themselves under pressure when real money is at stake.

It’s a good idea to use the demo account to practice and learn the trading platform, but do not spend too much time on the demo.

Islamic Account

FXNovus does not provide an Islamic Account option for its accounts.

What is CFD leverage?

CFD Leverage allows traders to hold a position without paying the full value. Instead, you pay a deposit, which is called margin, while borrowing the rest.

Major regulators such as the FCA, CFTC, and ASIC have implemented leverage caps to shield retail traders from undue financial risk. In contrast, some offshore or unregulated brokers may offer high leverage to entice traders aiming for larger returns, albeit at a higher risk and with limited protective measures. While high leverage can exponentially increase potential gains, it can also escalate losses, a fact that may elude beginner traders.

For FXNovus, the leverage ceiling is set at 1:400. This is a high level of leverage, so traders should use the appropriate risk management techniques.

Maximum Leverage by Asset Class

FXNovus Restricted Countries

FXNovus does not provide its services to residents of the European Union, South Africa, or any other jurisdiction where such distribution would be contrary to local laws and regulations.

Research

The economic calendar is integrated into the Webtrader platform, allowing traders to filter economic reports by their impact level (low, medium, or high) and the currency likely to be affected by the report.

Additionally, the platform’s top movers list highlights instruments with significant daily changes, helping traders identify trending assets.

The chart analysis tool provides multiple trading ideas each day, complete with charts indicating support and resistance levels, along with textual commentaries. Traders can easily switch between ideas across various asset classes, including forex, crypto, stocks, indices, and commodities.

FXNovus Research: Key Takeaways

I found the FXNovus chart analysis feature particularly helpful for generating trading ideas. Most of the ideas are tailored for intraday trading, making them ideal for traders who prefer shorter timeframes. While the economic calendar and the list of top movers are standard offerings across most brokers, FXNovus’s research tools seem primarily designed for beginner traders who need guidance in developing trading ideas.

Education

FXNovus offers comprehensive trading courses suited to both beginners and advanced traders, covering fundamental concepts like support and resistance to more advanced trading strategies.

The educational resources also include ebooks on subjects such as beginner strategies, trading psychology, technical analysis, and capital management. Additionally, traders have access to a glossary that explains key trading terms.”

This version enhances flow and readability, creating a cohesive description of the educational offerings.

The Bottom Line

FXNovus is a South African forex and CFD broker regulated by the FSCA. It offers a well-rounded asset portfolio, including forex, stocks, commodities, commodity futures, indices, and cryptocurrencies. While the stock selection is moderate in size, it features some notable names from various exchanges.

The Webtrader platform is user-friendly but has somewhat limited functionality. FXNovus provides several essential research tools; however, the content lacks diversity, and the educational offering is fairly limited.

My tests showed that the Classic Account has high spreads and an above-average inactivity fee. Additionally, the broker charges a withdrawal fee for wire transfers.

Overall, I rate FXNovus as a broker for beginner traders who need a simplistic trading platform and some help with trading idea generation.

FAQ