NoviFX

This review of NoviFX will give you all the details you need to need to know before investing in it.

The website claims that the broker is operated by a MAGIC CONSULTING LTD, a company based in Sofia, Bulgaria. In Bulgaria, the license issuer is the Financial Supervision Commission (FSC). The agency is not the most renowned, and Bulgaria is known to host some shady firms, yet there is an upside to it. There is a compensation scheme that covers 90% of the clients funds in the event the brokers becomes insolvent. The reimbursed sum cannot surpass €20 450. After searching the official FSC website for both MAGIC CONSULTING LTD and NoviFX names, and found no results. Furthermore, nowhere does it say on the broker’s website that these companies are actual holders of a license, meaning that NoviFX is most definitely UNREGULATED.

We easily opened what seemed like a Live Account, which is always a pointer of just how fraudulent a broker is. Any legitimate brokerage firm will ask you for ID documents prior to any Live registration.

Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.

Both the leverage and spread values are of no importance at NoviFX for a reason we shall see in the Login section. Unfortunately, for the same reason, any trading assets the broker claims to offer are irrelevant.

The website is only in English, while the client portal is translatable in over close to 20 languages, including English, Arabic, Bulgarian, Chinese, Czech, German, Spanish, Croatian, French, Polish, Japanese, Italian, Portuguese, Romanian, Russian, Vietnamese, and Greek.

NOVIFX LOGIN

The reason for which a leverage value, a cost of trade, and the inclusion of trading assets (in the review), seems like a waste of breath is because NoviFX has no trading platform. We downloaded a MT4 client from the Client Area and were greeted with a metatrader owned by another company, a BetaMGM, which at first glance seems like a forex trading consulting firm.

The MT4 is operated by a totally different company, the same way it’s done by other scammer brokers like JP Global Trading and CapitalGBP.

NOVIFX MINIMUM DEPOSIT

There seems to be no minimum deposit; we proceeded with the payment of just $1.

The only method of funding an account given to us by the client portal is via Credit card.

Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

NOVIFX WITHDRAWAL TIME AND FEE

Without depositing first, we were unable to get any withdrawal info from the Client Area. So, the following information is taken from the legal documents.

Typically, withdrawal requests are processed within 5 days.

The minimum withdrawal via wire transfer is $250, as claimed in the T/Cs, yet as we have seen the only depositing method is Credit cards, meaning that there is probably something out of line here.

Withdrawals are subjected to undisclosed fees, whose values are not mentioned anywhere:

We checked for a fee schedule as suggested, and found no such thing.

ADDITIONAL FEES AND TAXES

The only 2 clauses worth mentioning are the classic ones that absolve the broker from any damage, financial or otherwise, it causes the trader:

There are no additional fees mentioned in any of the Legal Documents. Don’t let this soften you up. Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

NoviFX is nothing more than an online attempt at taking your money, disguised as a broker. Do yourself and your funds a favor, and keep away from this one.