Novazx Review – Authorities Say Stay Away From This Firm

Recently, traders have been attracted by the offer of quick riches promoted by a fraudulent website that claims to represent a pioneering force in the world of Forex trading. You’d think a platform that allegedly offers unparalleled expertise and innovative solutions would have a valid certificate to provide such services. 

However, our investigation reveals something far more disturbing. Find out how this firm really conducts its business in the following Novazx review.

False Assertions of Legitimacy

The Novazx broker markets its business as innovative, user-friendly, and professional. However, it fails to provide evidence of its registration and regulation. Two addresses revealed on the website imply that the firm operates under the watchful eye of the FCA, the leading regulatory authority in the UK. 

Once we searched the database of this entity, however, we didn’t find a license, but a warning was issued against the Novazx Forex scam. This warning was reposted by CONSOB and IOSCO so it would reach more traders and warn them of the predatory tactics used by this firm.

Considering that shady businesses like SWP Trading and the one we’re reviewing provide no safety measures and risk-reducing conditions on their platforms, we advise you to stay away from every such site.

UK Traders as Most Frequent Victims

For a relatively new online trading domain, these miscreants already show signs of professional money extortion operations. It seems that this fraud, established in March 2024, has prioritized defrauding traders from the following countries:

• United Kingdom
• Canada
• Dominican Republic

The lack of Novazx reviews online confirms our doubts about the firm being completely anonymous. What is characteristic and typical for such shady conduct is cold calling their victims until they agree to invest in their deals. 

Seemingly profitable, these campaigns promise passive income and regular payouts, but none of them ever sees the light of the day.

Reddit Users Speak Up

Considering the scheme is brand new on the market, they have yet to build their reputation as a deceitful financial swindler that they are. That’s why it’s unlikely to find any feedback from users on famous review sites. 

Despite their desperate attempts to remain anonymous, however, it appears that there’s Reddit boards that have labeled this site as a scam already.

Hidden Fees Strategy

Nowhere on the site will you be able to find any trace of the Novazx trading fees. Once we accessed the user dashboard we saw that starting leverage is set to 1:100, while the maximum ratio remains unrevealed. Furthermore, all other costs, fees and commissions are a secret and nothing is disclosed.

Legal documents only mention inactivity fees of $36 monthly. These are charged as soon as the trading account goes idle for longer than 30 calendar days.

Trading Features: Expectations VS Reality

The broker invites all clients to try out their impeccable trading environment and tools that will allegedly allow investors to increase their success rate and make money seamlessly. 

That, sadly, remains nothing but false advertising and a blatant lie, considering no such features could be found. This platform doesn’t seem to stop with the disappointments. Another just as suspicious platform you should be wary of is MagmaCore which promises just as much and is only known as a blacklisted scam.

Platform Loading Issues

The fact that the company promises prestigious MT4 while only providing a simplistic web trader is just the start of countless troubles. 

You see, the website advertises their Novazx platform that will enable you to utilize the full scope of the latest technological developments in this field. However, this software is faulty and you can’t access it from the client zone as it keeps repeating an alleged login error. It simply gets stuck on the loading screen and doesn’t appear at all eventually.

Asset Types Unknown

Occasionally, the website mentions alleged Forex and CFD trading instruments as being available for buying and selling. Alas, no concrete details are given about these financial instruments, nor can you preview them from inside the platform after registering for a Novazx login.

Once we take into consideration the fact that the software doesn’t even work, it’s understandable that discussing instruments is futile.

Nonsensically Costly

It looks like the unreasonably expensive packages take the central place in this entire charade. Trading accounts available for purchase all advertise pristine trading features and remarkable benefits like signals and swift payouts. 

In actuality, all of them are completely unrealistic and only have the purpose to extort huge amounts of money: 

• Mini – $2,500
• Classic – $5,000
• Premium – $25,000
• Executive – $100,000

How to Request a Payout

Bank transfer seems to be the only deposit method accepted, although the site claims withdrawals are available via credit cards and crypto, as well. Who cares about anti-money laundering measures here, right?!

Anonymous Deluxe Payment is a third-party payment processor that is involved in this fraudulent scheme, and they should not be trusted. Therefore, there’s no reason to believe statements about the Novazx withdrawal being processed and completed within two business days.

You can attempt to submit a withdrawal request, but you will be redirected to contact your account manager for more brainwashing and manipulation.

Impossible to Contact

There are several ways the website allows you to try and contact the customer service, like email, phone and online form. Try being the key word here, considering that none of these channels worked after we repeatedly tried to reach out to the help desk. The company clearly doesn’t care about supporting and assisting their clientele.

Report Fraud to Us!

The disturbing amount of Novazx complaints has inevitably led to the platform being blacklisted by several prominent regulatory bodies. You, too, can submit your concerns and issues you’ve experienced with this company. Our expert team is always there to offer advice.

If you’re also struggling to make a withdrawal, you should consider contacting our legal team and starting a chargeback process.

FAQ Section