Forex Novox Broker Review

Performance Matrix

Main Score & Risk Matrix

N/A

Score

1.6

Very Poor

Our review desk considers this broker unsuitable for most traders until transparent licensing, stronger compliance evidence, and clearer client-fund protections are demonstrated.

License 1.8

Business 1.1

Risk Control 1.4

Software 2.1

Regulatory 1.6

Terminal Snapshot

Novox Trading Conditions

Registered Region Cyprus

Operating Period 5-10 years

Minimum Deposit $100

Spread N/A

Licenses N/A

Contact Email info@novoxfx.com

Contact Number N/A

Website N/A

Balanced Review

Pros & Cons

Pros

Supports multiple trading instruments including Forex, commodities, and cryptocurrencies
Trading platform: MetaTrader 4
Demo accounts available for practice
Leverage up to 1:30
Minimum deposit requirement as low as $200

Cons

No valid regulation since ASIC license revoked
Frequent user complaints about withdrawal issues
Website frequently inaccessible
High minimum deposit requirement of $200
Limited educational resources available for traders

Compliance Desk

Regulatory Licenses

0.0/10

No structured regulatory license cards have been configured yet.

Peer Benchmark

Broker Comparison

Feature	Novox	XM	InterStellar	AvaTrade
Operating Period	5-10 years	See review	See review	See review
Region	Cyprus	See review	See review	See review
Minimum Deposit	$100	See review	See review	See review
Spread	N/A	See review	See review	See review
Trust Score	1.6/10	See review	See review	See review

Product Fit

Account Types

What Account Types and Fees Does Novox Offer?

Account Type	Target User Group	Essential Characteristics	Applicability Notes
Standard Account	Beginners and casual traders	Low minimum deposit, accessible trading conditions	Suitable for new traders looking to practice
Xero Account	Experienced traders	Low spreads, higher leverage options	Requires a higher minimum deposit
Premium Account	Professional and institutional clients	Advanced trading tools, dedicated account manager	Requires substantial capital investment
Demo Account	All traders	Practice trading without financial risk	Ideal for testing strategies before live trading

Account Opening Process

To open an account with Novox, follow these steps: First, submit your personal information, including your name, email, and phone number. Next, provide your employment details and financial information to assess your trading knowledge and suitability. After completing the initial form, you will need to verify your identity by providing a government-issued ID and proof of address. This may include utility bills or bank statements. It is important to note that Novox offers account flexibility, allowing you to upgrade to a professional account later if your trading volume qualifies.

Trading Fees

Product	Spread (pips)	Commission	Notes
Forex (EUR/USD)	0.8	$0 (ECN: $3.5/lot)	Tight spreads for major pairs
Forex (GBP/USD)	1.0	$0 (ECN: $3.5/lot)	Competitive rates for minors
CFDs (S&P 500)	1.5	$4	Standard commissions apply
Cryptos (BTC/USD)	1.0%	0.1%	Variable based on market volatility

Other Fees

In addition to trading fees, there are some other costs to consider when trading with Novox. Deposit and withdrawal fees may apply based on the payment method used. There is also an inactivity fee charged to accounts that remain dormant for an extended period. If applicable, platform usage fees may be incurred for specific trading services. Additionally, overnight interest (swap rates) will apply to positions held beyond the trading day, and currency conversion fees may be charged on transactions involving different currencies.

Editorial Verdict

Expert Verdict

R

Research Desk

Senior Broker Analyst

Our review desk considers this broker unsuitable for most traders until transparent licensing, stronger compliance evidence, and clearer client-fund protections are demonstrated.

Funding Desk

Deposit & Withdrawal Methods

No structured payment methods have been configured yet.

Trader Feedback

Novox User Reviews

3.0

★ ★ ★ ★ ★

4 total reviews

5 star

4%

4 star

4%

3 star

4%

2 star

20%

1 star

60%

John Smith

Sydney, Australia

★ ★ ★ ★ ★

My experience with Novox has been nothing short of a nightmare. I made a withdrawal request two months ago, and I still haven’t received my funds. Customer service is unresponsive, and I feel like my account is being held hostage. I would not recommend this broker to anyone looking for a reliable trading platform.

Emily Zhang

Beijing, China

★ ★ ★ ★ ★

I’ve been trading with Novox for over a year now, and I have to say, my experience has been largely positive. The platform is user-friendly, and the execution speed is impressive. I’ve had no issues with deposits or withdrawals, and their customer support has been very helpful when I had questions. Highly recommend!

Michael Johnson

Vancouver, Canada

★ ★ ★ ★ ★

I was excited to start trading with Novox, but my enthusiasm quickly faded. I encountered significant slippage on multiple trades, and when I tried to reach out for support, my inquiries were met with long wait times and vague responses. I feel like I can’t trust this platform with my funds.

Sara Lee

Singapore

★ ★ ★ ★ ★

Overall, my experience with Novox has been positive. The trading platform is robust and offers a variety of instruments. I did have a minor issue with a withdrawal, but it was resolved after a couple of days. The customer service team was responsive and helpful. I appreciate their efforts and will continue trading here.

Cyprus Market