NOVOX

NOVOX is a retail forex and CFD broker registered in Cyprus, founded on 17 August 2020. The company operates under the domain novoxfx.eu and is headquartered at Griva Digeni 105, #202, Limassol, 3101, Cyprus. It maintains a corporate presence on social media platforms including Facebook, Instagram, and LinkedIn.

According to official regulatory records, NOVOX holds licences from two major regulators: the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). Both licences authorise the firm to operate as a Market Maker, engaging in leveraged trading services for retail and professional clients. However, as of the date of this profile, the specific status of these licences (e.g., active, suspended, or pending) is not publicly confirmed in the available data.

The dual regulation by ASIC and CySEC positions NOVOX as a broker subject to oversight in two jurisdictions. ASIC is known for stringent client money handling and leverage restrictions, while CySEC provides a regulatory framework within the European Union. The presence of these regulators may offer some level of investor protection, such as access to dispute resolution schemes and segregation of client funds.

Nevertheless, independent industry databases and aggregated industry data indicate a high scam risk score of 85/100, classified as 'Severe'. This score suggests significant potential concerns regarding the broker's operational transparency, client fund safety, or historical conduct. Traders are advised to exercise caution and conduct thorough due diligence before engaging with this firm.

Based on its regulatory licences, NOVOX is authorised to offer over-the-counter (OTC) derivatives, including forex pairs, indices, commodities, and cryptocurrencies on a margin basis. As a Market Maker, the broker likely provides fixed or variable spreads and may take the opposite side of client trades. The specific trading platforms, account types, and minimum deposit requirements are not detailed in the available public records.

Potential clients should note that the absence of independent reviews and limited publicly available information about the broker's actual offerings adds to the overall risk. Without verified details on execution models, order types, or available leverage, it is difficult to assess the suitability of NOVOX for different trading strategies.

NOVOX appears to target retail traders and possibly professional investors, given its regulatory licences that cover both client categories. The broker's registration in Cyprus suggests a focus on European clients, especially those within the EU who may prefer working with a CySEC-regulated entity. However, the high risk score implies that the broker may not be suitable for conservative or novice traders seeking a fully transparent and well-established counterparty.

At the time of this profile, there are no independent user reviews or third-party audits available to corroborate the broker's service quality or client satisfaction. This information vacuum should be considered a red flag for any trader evaluating NOVOX as a potential broker.

The company was founded in mid-2020, placing it among relatively newer entrants in the forex brokerage industry. Its physical address in Limassol, Cyprus, is a common location for many forex brokers due to the favourable regulatory environment provided by CySEC. The firm's social media activity indicates an effort to build a brand presence, but the lack of substantive public engagement raises questions about its operational history and client base.

Given the limited track record and the severe scam risk rating, NOVOX remains a high-risk proposition for traders. FXCanary recommends that any trader considering this broker verify the current status of its licences directly on the ASIC and CySEC registers and weigh the potential benefits against the significant risks highlighted by industry data.