FXNovus Review: Traders Report Fund Scams & Illegitimate Tax Payment Demands on Withdrawals

Did your forex trading experience with FXNovus become bad after a short profitable spell on small trades? Did you make tax payments on your failed withdrawal request, as the funds did not arrive? Did the customer support team fail to return your hard-earned profits on the FXNovus trading platform? Feel that the South Africa-based forex broker debited illegitimate fees from your trading account? You are not alone! Many traders have voiced these trading concerns while sharing the FXNovus review. In this article, we have highlighted these concerns in greater detail. Read on!

Exploring the Top Forex Trading Complaints Against FXNovus

Profitable Trading Followed by Constant Losses

FXNovus is accused of luring traders by showing profits on small trades initially. However, the trader conceded that the broker manipulated the trading platform, causing him massive losses. The uncertified managers, according to the trader, did not help their cause. They advised the trader to invest in bad trades while collecting exorbitant swap charges. Frustrated by the overall trading experience, the trader shared a negative review of FXNovus. We have shared the review below. Have a look!

The Illegitimate Tax Payment Demand Allegation on FXNovus

The broker is also accused of charging illegitimate taxes on capital gains as traders request fund withdrawals on the FXNovus login. As per the traders complaint, even after paying the taxes, he could not receive funds worth USD 371,830. This prompted the trader to report this incident to the police and take external assistance to recover the stuck funds. Sharing the screenshot containing a negative FXNovus review.

NO Refund Despite Submitting Documents

Our team also came across this complaint, where the trader could not receive a refund despite submitting the documents a fortnight ago at the time of writing the FXNovus review online. What bothered the trader more was the lack of adequate FXNovus customer support. The trader made his displeasure known by sharing this review. Take a look!

Examining the Inactivity Fee Claim

This complaint talks about a trader who deposited a small amount after the FXNovus team called him. As per the complaint statement, the trader flew back to his home and could not communicate or receive calls from FXNovus. The trader admitted to having been surprised by the deduction of inactivity fee i.e. $150. Even the balance amount i.e. $100 was debited as an inactivity fee. Check out the complaint screenshot supporting the traders claim.

FXNovus Withdrawal Request Approved, But No Credit Even After 20 Days

A trader claimed that FXNovus approved the withdrawal request 10 days after he submitted it. During this time, the trader underwent documentation hassles created by the broker. Upon withdrawal approval, the trader received a message that the fund credit can take up 10 days from there. The trader could not receive funds even after that timeframe, prompting him to share this negative review of the FXNovus withdrawal process.

The Fund Scam Allegation Against FXNovus

A trader admitted having lost $350 on the FXNovus trading platform after the broker lured him to investing through their false promises. The trader felt suspicious about the promises and denied making further investments, leading to a NIL balance in his trading account. Check out the screenshot below detailing the harrowing trading incident.

FXNovus Review by WikiFX: Regulation & Score Update

A negative impression of FXNovus became obvious with the complaints mentioned above. Further, the WikiFX teams investigation concluded that the South Africa-based forex broker was an unregulated entity despite operating for more than two years. The team thus gave the broker a score of 1.33 out of 10.

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