Can a brokerage firm based in South Africa, regulated solely by the FSCA, really be trusted? That is a fair question. In this FXNovus review, we will try to answer it and also explore who this broker is, what advantages and trading conditions it offers — or whether it is a blatant scam to steer clear of.
Brief Overview
- 🖥Official Website: https://www.fxnovus.com
- ✈️Contact Address: Nr 1 Casino Road, Foundershill, Office G31 Modderfontein Estate, Johannesburg, 1609 South Africa
- 📞Customer Support: +441512655514, support@fxnovus.com
- 🔐Licensing and Accreditation: FSCA
- ⏳Track Record: 2021
- 🧰Specialization: brokerage service
- 🤝Terms of Cooperation: $250, 1:400
- 💰Additional Services: education, partnership program
Fxnovus.com Examination
Let us begin with the official website. It appears fairly standard for a brokerage firm. At the top, there is a main menu with the following sections:
- About.
- Trading accounts.
- Markets.
- Platforms.
- Tools.
- Become partner.
- Legal.
Overall, all the necessary sections are present. Next to the menu is a language switch button, with support for 11 languages — not only European, but also Asian. Further to the right are the buttons to log into the personal account and to register with FXNovus. The homepage lists the platform’s key features and conditions, while the footer contains all legal information, including a risk warning. Nothing out of the ordinary.
The overall color scheme is black and white with orange highlights. The images are clearly sourced from the internet rather than being original. There are no photos of the team or office.
FXNovus has created an ordinary website containing all the essential information. It includes details about the legal entity, contact information, and trading conditions, and even a full set of documents. We did not find anything suspicious, but there is nothing particularly praiseworthy either, as having an official website is standard for any serious company.
Company Contacts
In the contact section, one can find a British phone number and an email address. Why it is a British number remains unclear, especially considering FXNovus does not have a branch in the United Kingdom.
The website also features a live chat function, but response times are slow, and some queries are simply ignored. This is clearly not the sign of a client-focused company. There are also social media accounts, including YouTube, Instagram, Twitter, and others, but with very few followers and views. The most recent video on their YouTube channel was uploaded 11 months ago.
Key Conditions
FXNovus offers clients several types of accounts: Classic, Silver, Gold, Platinum, and VIP. The logic is straightforward — the better the plan, the more favorable the spreads. For example, the spread on EUR/USD is 2.5 points on the Classic account, while it is 1.8 on the Gold account. In other words, the broker encourages traders to deposit more by offering improved conditions at higher-tier plans. However, specific balance requirements are not disclosed, and the minimum deposit is set at $250. Interestingly, this is a common figure used by fraudulent brokers — for some reason, they tend to favor this exact threshold.
The remaining conditions are the same across all account types: leverage of 1:400; a 100% margin call level, 20% stop-out level, minimum trade volume of 0.01 lot, negative balance protection, free support, and education.
It is important to highlight another feature — FXNovus claims that there are no commissions on trades. At the same time, the spreads are relatively low. So how does the company make its money? From client losses. It is in the broker’s interest for traders to lose funds. That is how their business is structured — as a dealing desk. The broker does not pass client orders to liquidity providers, which creates a conflict of interest.
Exposing FXNovus
Up to this point in our review, we cannot definitively state that this is a fraudulent company. On the surface, everything appears normal. However, the trading conditions resemble those seen with suspicious firms. We still need to examine its regulatory status, operational history, and legal information to reach a conclusion.
So, the company claims to be legally registered in South Africa. This is true. We checked the register of the financial authority and can confirm that FXNovus is listed. However, one should not rush to conclude that this ensures the safety of client funds.
The FSCA is indeed a legitimate South African regulator, but it offers limited protection for traders outside South Africa. The license is issued to domestic companies, does not cover international operations, and lacks the stringent standards set by authorities such as the FCA or ASIC. As a result, many questionable brokers use FSCA registration as a “legitimacy shield”. Having an FSCA license does not guarantee your protection — especially if you do not reside in South Africa. Always verify the company’s registration, trading conditions, and prefer brokers regulated in more reputable jurisdictions.
FXNovus also claims to be part of the Peaksight Ltd group — a Cyprus-registered broker that holds a CySEC license. However, we found no evidence confirming any connection between these entities. There is no mention of such an affiliation on the official Peaksight Ltd website or in the CySEC register.
Therefore, the subject of our review cannot be considered a safe place for trading. Yes, the company is officially registered, and it would be incorrect to call it a 100% scam. However, it could shut down at any moment, and clients could lose their funds. Moreover, such a platform may be intentionally designed to trade against its clients, and has every incentive to do so.
What Reviews Do Users Leave?
Reviews of FXNovus are mixed. While there are both positive and negative comments, the positive ones appear suspicious, as if they were written to manufacture the image of a safe and profitable broker. This is another red flag.
Conclusions
The conclusion of our FXNovus review: this is a high-risk broker for CFD trading, despite its registration in South Africa and the abundance of online commentary. There are no guarantees of reliability, and genuine reviews point to issues with fund withdrawals.
Pros/Cons
- The company holds a license from the FSCA.
- No regulation from serious and reputable financial commissions.
- Real reviews — negativity and complaints.
- The business model with conflict of interest.
- No evidence that the firm is actually related to Cyprus-based Peaksight Ltd.
FXNovus is a typical pseudo-broker setup with minimal transparency. The absence of MT4/MT5, proprietary pricing, a dealing desk model, and questionable FSCA regulation make the company extremely risky. Attempts to verify the alleged link with Cyprus-based broker Peaksight Ltd yielded nothing – it appears to be pure marketing spin. With such practices, there is no way to speak of honest trading. Serious traders have no business here
I invested $500, traded profitably, and in a couple of weeks turned it into $870. I submitted a withdrawal request. First, they asked me to re-verify my identity (which I had already done), then said they were undergoing “technical maintenance” and to wait 48 hours. It has now been 10 days, no money, no replies, the live chat is silent… A textbook fake and scam. I regret getting involved…