Novi FX (Novifx.com) is another brutal Forex scam platform ripping off investors who deposit funds. NoviFX is claiming to be a leading Forex trader and fund management consultant offering services worldwide. Are these claims true or is this another well laid plan to trap investors? Most members are crying foul with this broker after being blocked from withdrawing their funds. Read this detailed and honest NOVI FX review for more.
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During the past couple of weeks, members have been sending email complaints to our help desk. After checking some of the posts, we had to investigate the misconduct of this broker. Novi FX is openly defrauding members by refusing them access to funds. Imagine depositing $1,000 and having your account blocked for inactivity of less than 30 days? These are simply scam tactics to steal from anyone who deposits funds with this broker. There is more to this broker than they let out.
Professional scam brokers lure unsuspecting investors to sign up by using over the moon claims and promises. What these scammers have done is create a website which is easily appealing to newbie investors. And these are scam tactics used to lure investors into believing this is a real brokerage firm. Why do investors sign up with rogue brokers in the first place? Most don’t conduct a thorough research before signing up with online investment platforms. Thanks to our years of trading experience, we will expose these scam tricks used.
Magic Consulting Ltd is the company which claims to be behind this brokerage site. According to the disclaimer at the footer of the homepage, this company is based in Sofia, Bulgaria. After checking with the local company registrar, no company is listed under this name. Novi FX is using an anonymous company to try and sell their identity to investors. And this is one of the many red flags we spotted with this broker. Why are they using an anonymous company to feign authenticity?
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Another perturbing issue with this broker is no evidence to show who the founding members are. Why can’t we get the names of the founding members of this platform? For all we know, Novi FX is a brokerage firm which is based offshore. Have you noticed there are no contact details on their homepage? Proof of anonymity!
To be honest, we couldn’t get any verification to prove this broker is licensed. Bulgaria follows EU trading regulations and as such, you would expect this broker to be licensed. To confirm our fears, we contacted leading regulatory bodies. They included ASIC, COSNOB, CySEC, FCA, FSA, and NFA. These regulatory bodies have never heard of NoviFX. As it turns out, users are dealing with a rogue broker.
A real broker will post details regarding their licensing on their homepage. What Novi FX has done is post random numbers and claims to be compliant with EU Regulation. A reason why this broker is using such language is to fool European investors. Their target is to get as many European investors to sign up before closing shop. Why have they failed to post copies of their trading license? One would expect a copy of their licensing number for investors to verify with official regulatory institutions.
Why have they failed to give newbies a chance to know how to trade with their platform? These scam artists have used no demo accounts and expect users to sign up and start trading. A demo account helps to show users which type of trading platform the broker offers. And it is a place where you can know about the spreads being offered.
Novi FX is using a web based platform which is highly unstable. A good broker will offer MT4 trading platforms which are stable and secure. Their web platform lacks basic SSL encryption which makes it unstable. Hackers can easily take advantage of this platform and steal personal data. In most cases, hackers go for credit card information and identity details. Stay away from unstable platforms owned by anonymous brokers.
We still don’t know the types of method investors fund account with. We believe these scammers convince investors to deposit funds using various methods. Most investors who sent us emails stated they deposited with bank transfers and others with Bitcoin. These are simply scam tactics which enables these scammers to steal funds. Tracing or trying to recover these funds becomes next to impossible. Novi FX are not worthy brokers.
No one knows whether this broker offers any account types. Before you sign up with any broker, ensure you know the account types. Does this mean traders get the same accounts even if they deposited different amounts? Lack of proper account types is proof we are dealing with a rogue brokerage platform. No accounts means investors are depositing different amounts and getting same trading conditions. What an unfair way to deal with investors. Make sure you stay away of this Novi FX.
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Since most members are complaining, we can state funds are not safe. How can funds be safe with a brokerage site which lacks credible licensing? Where do they bank funds deposited by members? Is it possible users are depositing funds straight to owner’s personal bank account? These are telling signs we are dealing with a rogue broker.
Another unsettling issue we found with this broker is segregation of accounts. As it turns out, Novi FX is pooling funds in one account which is not acceptable. Bankruptcy can occur at any time and creditors will be paid with this account. Another problem with this broker is they don’t insure funds. If insolvency occurs, don’t expect any compensation from NoviFX.
Make sure to stay away from this broker by ignoring all their calls to sign up. Joining any of their affiliate programs is also another fatal mistake.
Adding this broker to our scam blacklist will ensure our readers remain safe.
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Wishing you all the best in your trading experience.
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