Novox Review Is A Legit Forex Broker

Best Binary Options Brokers 2020:
  • Binarium

    1st Place! Best Binary Broker 2020!
    Best Choice for Beginners — Free Education + Free Demo Acc!
    Sign-up and Get Big Bonus:

  • Binomo

    2nd place! Good choice!

Everything about Novox FX Forex broker in detailed Novox FX review

Minimum deposit


Maximum leverage

Year founded


Trading platform

Novox FX is a Forex broker that offers to trade with over 50 currency pairs, commodities, stock indexes and precious metals. The company is operated by Novox Capital Ltd – registered in Cyprus and regulated by the CySEC. The foundation date of the Novox FX itself is not mentioned anywhere. The broker is very mysterious, the website does not provide much information about the broker and Novoxfx reviews and opinions are nowhere to be found.

The website of the broker can be viewed in Chinese, Japanese, and English, according to this, I assume that the broker provides service to Chinese and Japanese citizens but does not have local regulations. It is unknown where else does the broker operates but as it itself claims the offices of the brokerages are in Sydney, London, Seul, Hong-Kong, Shanghai, and Kuala Lumpur. There are many inconsistencies between what the broker claims and actual reality which points out the possibility of Novox FX fraud. This review will provide detailed information about the broker, the company that operates it, the regulatory side and the features and service of Novox FX to answer the main question – if the broker is trustworthy of a scam.

Company regulations

Novox is a trading name of the Novox group. The company consists of two companies. One is Novox Global Limited which is registered in Saint Vincent and the Grenadines and has a license from the local regulator. It is not the regulator that a trader can trust with the eyes closed as the companies registered and regulated offshore are always suspicious. The company is registered as an international business company. Novox Group PTY LTD is the authorized representative in Australia: CARDIFF GLOBAL MARKETS PTY LTD. It is regulated by the financial authority of Australia – ASIC with the license number 439907. The license was issued back in 2020 and is still valid till 2020. The other company Novox Capital LTD is registered in Cyprus and has a license from the Cyprus Securities and Exchange Commission. The license number is indicated on the website of the CySEC and is valid. After seeing the regulations one might not question is Novox FX legit or not. However, it is still early to judge it. The CySEC website indicates that the regulation is for the Novox Capital LTD and the website of Novox itself is not listed as one of the approved domains. In addition to this, Novox Capital Ltd does not have a very clear history and it is worth checking before any trader decided to open an account with Novox.

Novox Capital scam history

Novox does not have a history the company can be proud of. There have been several cases when the broker was fined by the regulator and traders have called out for the Novox Capital scam. Let’s dig deep into the company background and see what is behind the broker. In recent years Novox Capital Ltd has been running several binary options platforms that are either closed or banned today. Options888, OptionStars, SafeMarkets, ZoomTrader, ZoomTraderGlobal, OptionStarsGlobal, OptionBit these are the trading platforms that the broker was either running or was associated with. Some of those platforms, for example, Options888, ZoomTrader, OptionBit, and ZoomTraderGlobal were targeted by the regulatory bodies in Europe, Asia and North America. The broker was repeatedly fined by the CySEC with the big fines, however, the license of Novox Capital Ltd is still valid and has not been revoked at any time, which is very alarming. Out of these companies, the one that drove the most attention from the traders as well as from the regulator is OptionBit.

The company behind Novox FX Forex broker – Novox Capital Ltd was fined in 2020 by the CySEC. The broker failed to meet the regulations on several occasions and had to pay 175,000 EUR. Some of the failures include:

  • providing advice on investment services without having authorization by the regulator. According to the CySEC website, the company registration only allows it to enable transmission of orders from customers to liquidity providers and to execute the orders on behalf of their customers. The fine for violating the regulation was 70,000 EUR.
  • Another 30,000 EUR the broker had to pay for misleading customers with the false/unclear information. As CySEC stated, in the call centre of the company the representatives of it were giving the information that was either a lie or information that would confuse the clients to lure them into making a deposit. Which was a common strategy of many brokers that offered binary options and clearly it was also a part of Novox FX fraud.
  • 30,000 EUR was for not meeting the interests of the clients. There has been an accessive number of customers that had multiple complaints about misrepresented market information and delayed withdrawals. The regulator decided that the broker was not acting in the interest of their clients.
  • Novox Capital also had some of the violations that are very disturbing, for example, the company failed to protect the privacy of the customers and was providing third parties with the information of the customers. Third parties included customer service agents and call centres. The company did not provide a warning to the clients that the binary options trading involved high risks. The regulator required from all binary options brokers to inform customers about the risks associated with the trading of this particular instrument. Instead of warning clients, the representatives of call centres were convincing clients that they would receive high profits without failure. Last but not least, the company did not keep an accurate record and did not have a necessary control of the advertising materials. For all of these failures, the broker was fined with 45,000 EUR.

Only several weeks after this fine, Novox Capital Ltd was fined again with an additional 5000 EUR for failing to inform the regulator about the material change of the broker name and domain of the website. The fact that Novox broker is the daughter brokerage of the company that is associated with the binary options brokerages that have been fined multiple times rises the question can Novox FX be trusted even tho it is regulated? Let’s take a closer look at the services of the broker to decide.

What does Novox FX offer to the customers

The broker offers to trade Forex with approximately 50 currency pairs including currencies such as the dollar, euro, pound, the Swiss franc, the Canadian dollar, the Australian dollar, and the New Zealand dollar. Apart from it, the customers of Novox FX brokerage can trade currencies of emerging markets, for example, an Indonesian Rupiah or Turkish Lira. The other trading instruments include Crude oil and Brent crude oil, stock index and precious metals including gold, silver, platinum and palladium.

Novox FX Account types

The broker offers three types of accounts to its clients: Standard, VIP and professional account. The minimum deposit for a standard account is 200 USD, the broker claims that spreads start from 0.25 pips but we will go back to the spreads again. The VIP account is available from 5,000 USD with spreads from 0.20 pips. As for the professional account, the minimum deposit is 10,000 USD and the spreads start from 0.12 spreads. The broker does not show any more information about the account types and if there are any additional requirements for opening the professional account. As in Europe, the practice of offering the status of professional trader is very strict and the broker is required to review the trading portfolio and records of the customer. Offering the professional account to any of the traders who are willing to have it might as well be the part of Novox FX scam scheme.

Spread and leverage

Now let’s talk about the spreads. As I mentioned above the broker states that the spreads for Standard, VIP and professional account types start from o.25, o.20, and 0.12. It sounds great right? The spreads look very nice and while viewing the account types inexperienced traders might feel like it is a good idea to trade with the broker. It seems like this is exactly what the broker is counting on to lure the customers. It takes just one click to find out how the spreads really look like. The minimum spread for the standard account for EUR/GBP is 18 pips, for professional account 36 pips, and for VIP – 15 pips. And it is the lowest I could see. The maximum is for EUR/TRY – for standard account 528 pips, for professional account 558, and for VIP – 493 pips. Not only this is hilariously wide spreads but at the same time, there is a huge difference between how the broker represents spreads on the page of accounts and how they really are. This is a very cheap trick to mislead customers into opening account and it again makes me wonder can Novoxfx be trusted? I do not think so. The leverage that the broker offers to the customers is the same for all account types and is 1:500. It is high leverage, which is very dangerous for the beginner traders. Moreover, the broker offers service to the European traders as well, where the leverage cap restriction is 1:30. The leverage of Novox FX is more than 16 times more than the leverage the broker should offer to the residents of the European Union. Hence, it makes the broker very shady and lowers the Novox FX rating even more.

Novox FX withdrawal

Unfortunately, the broker does not provide much information about its withdrawal policy. Which is already suspicious especially since the other brokerages that belonged to the Novox Capital Ltd had some serious problem with the withdrawals. The way Novox FX describes the withdrawal is not very clear and is somewhat confusing, it makes me think that the broker is using the same tactics for confusing clients. Novox FX withdrawal is possible via several payment methods: Credit/debit card, UnionPay, and wire transfer. However, you cannot use various withdrawal methods if you want to withdraw the money in certain currencies, for example, the US dollar. Overall, the withdrawal policy is designed terribly. The minimum amount of money that can be cashed out is 50 USD and as the broker claims the processing time is 2-3 days which does not sound very well. The broker also states there are no fees for the withdrawal but comments that the corresponding fees will be deducted from the trader’s withdrawal funds.

Novox FX customer service

Now let’s talk about the customer service which is often overlooked by the traders who are searching for the broker. review showed that the customer service the broker is providing is pretty much the same as the features of the broker. To say simply, it is very bad. First of all, the Q&A section of the broker, where the traders should be able to see the questions they might have about the brokerage looks very bad. The broker does not understands the concept of the Q&A or simply does not want to display the information about its service in this way. Q&A section only features general questions that will not come up in the mind of even a very beginner trader. For example, in trading issues, there are questions like what is a margin, leverage and lot. So if the broker would remove Q&A at all it would not make any difference for traders. It already forms a very negative Novox FX opinion about customer service.

Best Binary Options Brokers 2020:
  • Binarium

    1st Place! Best Binary Broker 2020!
    Best Choice for Beginners — Free Education + Free Demo Acc!
    Sign-up and Get Big Bonus:

  • Binomo

    2nd place! Good choice!

The options to contact the broker and get assistance are very limited as well. On the “contact us” page the broker has a button for online consultation and claims to have professional online support service 24 hours. Unfortunately, this button does not work at all. There is an option to send an email to the broker but since the consultation service does not work I am not sure if anyone will contact the trader back at all. Last but not least, the broker has the number of customer support on the website, that’s where it is getting more interesting. The number and the address are from Vincent and Grenadines meaning that the company might run from offshore.

Is Novox Fx legit?

Not only Novox FX does not look like a legit company, but there is also a high chance that the Novoxfx scam is real. The regulatory side of the broker is very complicated. As it seems the broker provides so much information about different regulations to make visitors of the website confused deliberately. The website states the broker is multiregulated by the CySEC, ASIC and SVGFSA. However, none of the licenses is for the Novox Forex broker itself. The company that operates the broker has been fined several times and has connections with the brokerages that have been banned for various reasons. The features and the service of the broker do not look good either and at many occasions, the broker provides false information about the service. I think it is already enough reason to safely declare Novox FX scam real.

Novox FX Review

Well-experienced traders want to learn as much as possible about the broker when they want to choose one. For those, who have ever considered trading with Novox FX it is a very hard task. One cannot find information about the broker as for some reason it chooses not to disclose itself too much to the traders. You cannot find many Novox FX reviews or comments made by the customers of the broker. That could mean two things – either Novox FX is a very new brokerage or it is a scam broker that tries hard not to reveal itself, or maybe both. This is why we decided to have a closer look and bring the features and the service of the broker to the light.

Novox FX is a trading name of the company Novox group which consists of several companies. The Group was established in 2020, but the information when Novox FX brokerage started operating is not available. The broker offers Forex, commodities, stock index to the customers. The broker does not say who can open an account there, but since the website is available in Chinese and Japanese the broker targets Asia mostly. However, it also has an office in London.

The fact that there is not much information about the broker might mean that we have a case of Novox FX scam. Other facts are strengthening this assumption as well. The most disturbing thing is that the information that the broker has on the first page of the website is simply not true and it takes some time to find it out.

Revealing Novox FX scam

Making review was like an investigation. On the website, the broker tries it hard to give you the idea that it is one of the best brokerages in the world. It is under the multilateral supervision that excludes the possibility of any wrongdoing from the broker’s side. It has funds security in an international bank, ultra-low spreads, high-efficiency execution, superb customer service and multiple honorary awards. What else do you want in the broker? Sadly these statements are not even close to reality.


The broker claims that it is regulated and is under the supervision of three regulatory bodies -CySEC, ASIC and FSCSVG, it is part of Novox Fraud, the broker provides this information to make traders believe it is a legit broker. As mentioned above the broker is operated by the Novox Group. Novox Group has two companies – Novox Capital Ltd and Novox Global Limited. Novox Capital Ltd is registered in Cyprus and is regulated by the CySEC. However, the regulation does not cover Novox FX as the broker website is not listed in the approved domains.

Novox Global Limited is registered in Saint Vincent and Grenadines and is locally regulated. Since the is not an approved domain by CySEC, it means the broker does not have any right to operate in the EU. As Saint Vincent and Grenadines is offshore territory the license does not give the broker the right to operate in other countries. Moreover, we all know that traders should stay away from the brokers that are regulated offshore since it is a long time haven for the scam brokerages. Being regulated by ASIC is also not a true statement. Novox Group has another company Novox Group PTY LTD which is an authorized representative of Cardiff Global Markets PTY LTD which is regulated by ASIC. Moreover, on this broker’s website, there is no remark about Novox FX. In the end, the broker has misleading information about regulations which raises the question can Novox FX be trusted?

There is no information what awards does the broker really has which is also suspicious. First of all, if the broker has “many awards” they should be on the market for some time already and would have some reviews. Moreover, the broker does not disclose what are these awards and who gave it. After all, every single broker can easily write on the website that they have many awards. Hence, it must be just a trick to lure inexperienced traders into Novox FX scam.

Novox FX account types and spread

With the broker, one has a choice of three account types:

  • Standard account. The minimum deposit for this account is 200 USD and spreads start from 0.25pips
  • VIP account with the minimum deposit of 5,000 USD and spreads from 0.20 pips
  • The professional account where the minimum deposit is 10,000 USD and spreads start from 0.12 pips

This way spread looks really ultra-low and might form a very positive Novox Fx opinion. However, the real number is shown in the Forex information where the broker lists currency pairs. Spreads there start from 21 pips, which is lowest for the standard account. There is a huge difference between the spreads the broker presents now and the actual spreads.

Novox FX Customer service

So far nothing that the broke claims appeared to be true. Let’s take a look at the high-quality customer service. There are three ways one can get assistance from the broker. Live consulting, email and phone. The website states that live consulting is available 24 hours however the button that should open the chat does not work. That does not speak well for Novox FX rating. The number indicated is from Saint Vincent and Grenadines only and is not very comfortable to use to anyone from the other countries. Last but not least, the broker has indicated the email which is the only way to get support from Novox FX. However, email is the least convenient way for this if someone has an urgent issue. Moreover, you can never know when the broker will respond if it will reply at all.

Novox Limited Ltd scam

While making Novox FX review I came across to the interesting facts about the company that operates the brokerage. Novox Limited Ltd is a well know company in the trading sector that is associated with several binary options platforms. The parent company of Novox Fx, Novox Limited was running OptionBit, Option888, ZoomTraderGlobal, and ZoomTrader at different times. It was also connected to other brands like SafeMarkets, and OptionStarsGlobal. All these binary options platforms were eventually closed or banned due to the wrongdoing. For example, OptionBit was often accused by the customers for manipulating the market and withdrawal problems. Novox Limited was fined and warned by the Cyprus financial watchdog, CySEC several times for multiple violations and failures to meet the regulatory requirements. The reasons include:

  • Providing financial services to the customers when these services were not authorized by the regulator
  • Providing false, confusing, and/or misleading information about financial trading in order to make them deposit funds with the broker
  • Failing to act according to the best interest of the customer
  • Giving the personal information of the customers to the third party
  • Not providing any information about the risks that come with investing in Binary options and promising high profits to convince customers to invest money.

This list goes on and on. It is hard not to think about Novox Fx scam when the parent company has been fined for all those things. Moreover, even though the company was fined several times CySEC still did not revoke its license.

Can Novox FX be trusted?

Summing up, I cannot think of a reason why the broker can be trusted, on the other hand, there are a lot of reasons why traders need to avoid Novox FX at all cost. First things first, the broker is providing misleading information to lure the customers. It does not have proper regulations (if it has any at all), does not have a right to operate in Europe, or Japan but still does so. The broker sugarcoats the service it is providing and states that have ultra-low spreads and high-quality customer service when actually spreads are considerably high and online chat does not work at all. Novox FX Forex broker completely lies about the awards and last but definitely not least, is a brokerage operated by the company that had numerous warnings from the regulator. When there are a lot of good international brokerages, it is hard to imagine any trader that chooses Novox FX as his/her broker. It is one of a kind broker that needs to be avoided at all cost.

Novox Review – is it scam or safe?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Standard $200 1:400 1.7 pips
Xero $200 1:400 1 pips + $7 /lot

Novox presents itself as a global forex broker offering trading on two benchmark platforms – the MetaTrader4 and MetaTrader5. It offers the account types listed above, plus PAMM/MAM services. Here are our impressions of this broker, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with Novox.

Novox Advantages

Registered as an AR of an ASIC-licensed firm

Let’s start with the most important thing in the trading world: regulation. Novox is a brand of Novox Group PTY LTD, an Australian Financial Services Representative of Cardiff Global Markets. This means that Novox is a registered representative of a company that holds a license granted by the Australian Securities and Investment Commission (ASIC). This is one of the most reliable financial watchdogs in the world.

Trading on MT4 and MT5

As was mentioned above, Novox supports both MetaQuotes’ platforms – the MetaTrader4 and the MetaTrader5. Those two share a lot of similarities, most of which are highly praised by the forex community: the top-notch charting and market analysis tools, the support of automated trading bots (Expert Advisors), the customization options, and more.

Besides, users of the MT5 can trade in OTC products and exchange-traded stocks from one and the same account.

Solid selection of assets, high leverage levels

Another possible benefit of using this broker’s services is that Novox offers leverage as high as 1:400, and its product portfolio is quite good.

Leverage is an important part of forex trading, but it is also a bit controversial. Higher leverage allows opening of larger positions, as well as the chance for higher profits. It does, however, also hide the risk of heavy losses.

Novox Disadvantages

As a matter of fact, Novox claims to be regulated in Cyprus, Australia, as well as in Saint Vincent and the Grenadines (SVG). Interestingly, the default language of the broker’s website is Chinese.

We always check carefully whether the brokers we review are indeed licensed as claimed, and advise investors to do the same. So, our check in CySEC’s online register revealed that a company named Novox Capital ltd. is licensed, however is not present in the list of approved domains. The Cypriot broker has another website and its logo is quite different from those of Novox.

As we mentioned earlier, Novox acts an Authorised Representative of an ASIC-licensed brokerage. While the licensee itself is responsible for the conduct of the authorised representative, if the latter is acting outside their powers, the ASIC-regulated company will not be liable for any such actions. So, things might get a bit complicated with corporate authorized representatives such as Novox.

If you choose to invest with this broker nonetheless, make sure you contract the Australian entity, and not the offshore one, as we noticed that Novox’ Client Agreement mentions the laws of SFG as governing. You should know that companies registered in the SVG are actually not regulated and not to be trusted.

Of course, we cannot write a thorough review on any brokerage without covering the cost of trading. BeFX has announced its spreads on the website, and they don’t appear very attractive – the spread on the benchmark EUR/USD is 1.7 pips. When we tested the broker’s demo MT4, things turned out to be even worse – the spread for this pair floated around 2.3 pips.

Click on the image to view larger.

Those of you who are familiar with the industry will know that even a spread of 2 pips is more than expected for a major pair. For further information on trading costs, you can check out the spreads of some leading forex brokerages.


Novox offers trading on both MT4 and MT5 with high leverage levels, but the cost of trading seems high. What bothers us more is that the broker tries to mislead investors it is regulated in several jurisdictions, while in fact does not have a license of its own.

Note that is best to deal with a company that is a primary holder of a forex broker license. Below, yoy can find a list of reliable brokers regulated to operate in Australia.

And finally, here are the highlights of the present review of Novox:

Pros Cons
Registered as an AR of an ASIC-licensed firm Questionable regulation
Trading on MT4 and MT5 High spreads
Solid selection of assets, high leverage
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Fxstocktrades Review: Is A Legit Or Scam Broker? Review: this is the name of a Forex, CFD and Binary Options broker that claims to be located in the United States of America. Is Fxstocktrades a legit Forex broker or scam?

The location provided for the broker on the page is one in which Forex trading is regulated by a top commission. All Forex brokers that operate in the US like Fxstocktrades are expected to have a license from the Commodity Futures Trading Commission. When we checked, we did not find the broker among those regulated by the CFTC.

HAVE YOU BEEN SCAMMED? If you have lost your money to online scammers, there is an opportunity you could get back your money.

Click HERE to start the recovery process

Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

On the page we are shown some level of professionalism in the information presentation. The broker claims to have a “Perfect Investment Platform” that runs trades for Binary options, Forex, and CFDs on stocks, ETFs, cryptocurrencies.

Most of what the broker mentions on the page as their key advantage is the provision of “high-touch” customer support. They also mention that they have a team of specialist controlling the investment portfolio.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Fxstocktrades Trading Platform

We do not find mention of the trading platform used by Fxstocktrades broker. It looks like it would be a web-based platform and not a MetaTrader one. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: Binary options, Forex, and CFDs on stocks, ETFs, cryptocurrencies. This is an impressive asset portfolio but we are unsure if it is true as no demo account exists to test this.

We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them. Maximum leverages offered is not stated. We find this to be fishy.

Traders are to understand that some leverage offers may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are not disclosed on the EURUSD pairs.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Fxstocktrades

The means of making payments and withdrawals are: Bank wire, VISA, MasterCard, Western Union, MoneyGram, and Bitcoin. The exclusion of e-wallets from the list of payment options is not appreciated.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is placed at $300 and we find this to be above the obtainable average of $100 – $250 among brokers. Withdrawal fees are not stated and the whole terms and conditions page cannot be found. We do not find this encouraging and prefer fees to be mentioned upfront if they apply to avoid roping unsuspecting investors in.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Fxstocktrades Licensed?

No. Fxstocktrades is not a licensed Forex broker. On the page we find a claim that it is licensed but since it is not among the companies registered under the Commodity Futures Trading Commission, we can say the claim is false.

Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.


To reach the broker via telephone, dial: +1(267)-725-1299 or send an email to: [email protected]


Fxstocktrades is not licensed and the minimum requirement is higher than what we expect from brokers. Many details are left out on the website and we find this fishy, the company should fix up these details before they can be considered legit.



Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

Best Forex Brokers

These brokers offer tight spreads and great trading platforms

Investopedia is committed to rigorous editorial standards to provide our readers with the best advice and recommendations. We may receive compensation when you click on links to products we reviewed. Learn more about our methodology and review process.

The global foreign exchange (forex) market is the largest and most actively traded financial market in the world, by far.   When looking for the ‘best’ forex broker, both beginners and experienced traders generally look for several key features and benefits. Among the most important of these are fees (including spreads and commissions), trading platform(s) (including software, web-based, mobile, charting and third-party platforms), customer support, trading education along with currency research, and trustworthiness.

Best for Forex

Our list of the top brokers for forex trading:

  • IG
  • CMC Markets
  • London Capital Group (LCG)
  • X-Trade Brokers (XTB)
  • Pepperstone

Note: There are now only three forex-only brokers currently operating in the U.S. All three are represented on this list. Our winner, IG, is one of the largest brokers in the world but only just re-entered the U.S. market officially in February 2020.   The other two brokers who operate in the U.S. are OANDA and   

IG Group

  • Account Minimum: $0
  • Fees: Minimum of 0.6 pips for EUR/USD
  • Bestfor: Forex Trading

IG has been in the forex and CFD business for over 40 years. The company offers access globally to a comprehensive product line that includes forex, stock indices, individual equities, stock sectors, commodities, cryptocurrencies, bonds, and interest rates on a variety of professional-grade web-based and mobile trading platforms. 

IG is the largest CFD dealer (based on trading revenue) with the largest number of active financial spread betting accounts in the UK.   As noted, the company just began serving U.S. clients once again, in February 2020 (IG had operations in the U.S. previously before leaving).     Its size allows it to offer some of the lowest spreads and commissions in the industry. IG Group is a FTSE 250 company with more than 195,000 clients worldwide. 

No minimum account size

Regulated by the CFTC, FCA, ASIC, and the Monetary Authority of Singapore

Trade with a traditional broker-spread or the typically less expensive raw spread plus commission model

Research and news resources are only available by launching external web pages or applications

Educational offerings are fragmented and disorganized

Customer service representatives are knowledgeable but slow to respond. Hold times were unusually long.

CMC Markets

  • Account Minimum: $0
  • Fees: 0.7 pip minimum for Forex, $10 stock trades
  • Best for: New and low-skilled traders

CMC Markets offers competitive spreads that widen with larger trade and bet sizes.   Dedicated sites for professionals and institutions highlight their commitment to higher skill and commitment levels, but it would be nice to see higher level perks, including rebates and the free API interface, offered to retail accounts. Even so, all account holders gain access to guaranteed stop losses, free bank wire withdrawals and other advanced features, lifting the broker into the top tier in several review categories.   

Huge product catalog

Sophisticated order types

High US index CFD spreads

Limited security features

No copy/social trading platform


  • Account Minimum: $0
  • Fees: EUR/USD 1.3 pips, USD/JPY 1.1 pips
  • Best For: Seasoned traders looking for a stellar desktop trading experience

OANDA is one of the earliest pioneers of the retail forex industry. Having roots in academia, the company built its reputation, product offerings, technology, and customer base to the point now that it’s one of only three forex-only brokers in the U.S., and also serves customers throughout the U.K., Singapore, Canada, and Australia. Since the company’s inception back in the 1990s, OANDA has been at the forefront of retail forex, offering the latest trading technology and services to a global customer base. 

Key points about OANDA include the fact that it has a $0 minimum for live accounts, which is not too common for any type of broker, including forex-specific brokers.   Also, the company is well known for its quality of trade execution and transparency when it comes to pricing and fees. Finally, OANDA has long focused on its trading technology, which includes its proprietary web-based and desktop platforms, as well as mobile and MetaTrader 4 options.   

Accounts can be opened for as little as one dollar

Regulated by the CFTC, IIROC, FCA, ASIC, and the Monetary Authority of Singapore

Offers both a traditional broker spread and the typically less expensive raw spread plus commission model

Research and news resources are scattered

Education and webinars were fragmented and disorganized

Slow customer support

London Capital Group (LCG)

  • Account Minimum: $0
  • Fees: One pip minimum with EUR/USD
  • Bestfor: Variety of asset classes

LCG provides access to a broad selection of CFDs and spread betting instruments across several different asset classes including forex, indexes, cryptocurrencies, commodities, bonds, and individual stocks.   They offer competitively low spreads and no commissions. LCG also provides account holders with the benefit of negative balance protection (so traders will never lose more than the amount they have on deposit). 

Connection between the app and the web version on the desktop was instantaneous

LCG’s analysis and insights are higher quality than average

Top notch mobile app

No way to integrate third party tools into their platform

No backtesting or automated trading

X-Trade Brokers (XTB)

  • Account Minimum: $250
  • Fees: Standard account advertised spreads of .9 pips
  • Best for: Access to cryptocurrency and forex pairs

XTB provides access to a variety of markets such as forex, shares, indices, metals, commodities and even cryptocurrencies.   The company is regulated in the UK and registered with the Financial Conduct Authority (FCA). 

XTB’s spreads, trading costs, and account fees were about average for the industry overall; however, forex spreads were consistently better than average. A custom trading platform, xStation 5, and MetaTrader 4 were available for the desktop along with mobile applications.   

XTB offers access to more than 1500 trading markets

Traders can explore the available markets through searching tools

XTB is registered with the FCA in the UK

Guaranteed stop losses are only available on the “basic” account type

XTB has a required initial investment of $250

  • Account Minimum: $50
  • Fees: Average EUR/USD spread is 1.3
  • Best For: The very active forex trader, the primary brand of publicly-traded GAIN Capital (NYSE: GCAP), is also one of the first forex-specific brokers on the scene. Within the past several years, the company has acquired several businesses, some in the U.K. This includes the well-established CFD, forex, and spread-betting company, City Index. Because of this and other acquisitions, GAIN Capital has been able to acquire customers from across the globe and is an industry leader in most markets.   This includes the U.S., where it currently edges out its primary competitor, OANDA, in terms of customers assets. has been busy at work in the past few years upgrading and revamping its trading platforms and related systems. As a result, the company’s technology, both for and City Index, are one of its primary strengths. Additionally, GAIN Capital employs a global team of market analysts that provide clients with useful and constantly updated market insights. Besides the usual forex and CFD markets (outside of the U.S.), also offers bitcoin for trading.     

Access to forex, shares, bonds, indices, cryptocurrency, and commodity CFDs

Custom web and client trading platforms as well as MT4

Research coverage by global research team for U.S., European, and Asian markets

Guaranteed stops may be available for a fee on some markets

Average forex and shares trading costs

Lots of educational resources but navigation to and from these sources is tricky


  • Account Minimum: AUD $200
  • Fees: Advertised spreads “from 0.0”
  • Best for: Australians looking for top quality

Pepperstone is an Australian broker based out of Melbourne.   It offers competitive, full-featured trade execution through multiple platforms, including MetaTrader 4, browser-based entry, and mobile devices.   Customers can choose among 150+ tradable instruments in a large range of asset classes (including forex, index CFDs, commodities, metals, and cryptocurrencies) across the globe through a diverse range of account types that include commission-free execution and active trader benefits.     A recommended AUD $200 minimum deposit supports small trading accounts; extensive research and educational resources build users’ skill levels and profit-opportunity recognition. 

EUR/USD and index CFD executions offer industry-leading rates

MetaTrader 4, cTrader, WebTrader, and mobile access

Multiple liquidity venues with no dealing desk to trade against clients

Unclear which volume tiers will reduce execution costs

No single stock CFDs


Investopedia is dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers. Our reviews are the result of six months of evaluating all aspects of an online broker’s platform, including the user experience, the quality of trade executions, the products available on their platforms, costs and fees, security, the mobile experience and customer service. We established a rating scale based on our criteria, collecting over 3,000 data points that we weighed into our star scoring system.

In addition, every broker we surveyed was required to fill out a 320-point survey about all aspects of their platform that we used in our testing. Many of the online brokers we evaluated provided us with in-person demonstrations of their platforms at our offices.

Our team of industry experts, led by Theresa W. Carey, conducted our reviews and developed this best-in-industry methodology for ranking online investing platforms for users at all levels. Click here to read our full methodology.

Article Sources “Global Market Leader.” Accessed March 16, 2020.

IG Group. “Our history.” Accessed March 16, 2020.

IG Group. “Annual Report 2020,” Page 18. Accessed March 16, 2020.

CMC Markets. “Range of markets.” Accessed March 16, 2020.

CMC Markets. “Withdrawals.” Accessed March 16, 2020.

CMC Markets. “Order types and execution.” Accessed March 16, 2020.

OANDA. “Our History.” Accessed March 16, 2020.

OANDA. “How to open an account.” Accessed March 16, 2020.

OANDA. “MetaTrader4.” Accessed March 16, 2020.

London Capital Group. “Trade the world’s markets with LCG.” Accessed March 16, 2020.

London Capital Group. “TERMS AND CONDITIONS,” Page 23. Accessed March 16, 2020.

XTB. “Why XTB?” Accessed March 17, 2020.

GAIN Capital. “About Us.” Accessed March 17, 2020. “Forex Trading.” Accessed March 17, 2020. “Bitcoin Futures Trading.” Accessed March 17, 2020.

Pepperstone. “Who We Are.” Accessed March 17, 2020.

Pepperstone. “Our Platforms.” Accessed March 17, 2020.

Pepperstone. “Why Pepperstone?” Accessed March 17, 2020.

Pepperstone. “Commodities.” Accessed March 17, 2020.

Best Binary Options Brokers 2020:
  • Binarium

    1st Place! Best Binary Broker 2020!
    Best Choice for Beginners — Free Education + Free Demo Acc!
    Sign-up and Get Big Bonus:

  • Binomo

    2nd place! Good choice!

Like this post? Please share to your friends:
Binary Options Trading Wiki
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: