Suspected of fraud

NOVOX

2.10

Suspected of fraud

Cyprus

Time

5-10Year

Contact Information

Website

Industry Echelon

Basic Information

Company

Regulatory

Risk Monitor

Download

Documents

Country

Cyprus

Market Type

foreign exchange

Enterprise Type

Brokerage

Service

Foreign exchange, metals, crude oil, index and other trading services

Support Languages

English, Chinese

Domain Registration Date

2017-03-11

Business Status

Suspected of fraud

Company IntroductionWeb Analytics

Company Introduction

Founded in 2018 and headquartered in Cyprus, NOVOX is regulated by CySEC (regulation number 079/07) . While claiming to offer trading in over 50 cryptocurrencies, 24/7 multi-channel customer service, and flexible payment options, reviews have highlighted issues such as poor liquidity, high price volatility, and delayed withdrawals . Its frequent promotion of a "reliable exchange" image is significantly out of sync with actual user experience, creating a crisis of trust.

🌐 Brand and regulatory background

Although NOVOX claims to be regulated by CySEC, as a relatively new platform (launched in 2018), it lacks a well-established brand. A WikiBit report cited the platform's "excessive price volatility and headaches" and "slow withdrawals ." In this context, the CySEC regulatory license has become a fig leaf to maintain credibility rather than a real guarantee.

💹 Trading Products and Services

The platform claims to offer over 50 trading currencies, including both mainstream and niche coins . However, the 0.25% handling fee is significantly higher than the market average, and the lack of a deep pool leads to liquidity issues. "Many currencies" does not necessarily mean "good trading," and the platform's price spreads and slippage can erode user profitability.

💻 Technology and platform experience

Users report that while the interface is user-friendly and easy to use, trade execution and withdrawal speeds are subpar, compromising both the trading experience and the security of funds . This "appearing but difficult to use" technical performance reduces its competitiveness and suggests the platform may lack genuine technical support and resource investment.

🛡️ Regulatory credibility and risks

NOVOX relies on CySEC regulation as its primary foundation of trust, but this hasn't been able to conceal negative user feedback and market issues. While regulatory licenses provide a legal framework, they don't guarantee actual operations or risk management capabilities. For investors who have experienced negative trading experiences, "licensing" can no longer compensate for the uncertainty surrounding the use of their funds.

⚠️ Risk Warning and Positioning Summary

While NOVOX appears to be formally regulated and offers a variety of trading features, its actual operations are plagued by numerous issues: high fees, low liquidity, and delayed withdrawals, which severely undermine user confidence. Regulatory licenses are merely a facade of legality, not a safeguard for user interests. Such platforms are more suitable for cautious observers than for investors seeking a safe and stable trading environment.

Selected Enterprise Evaluation

2.25

Total 2 comments

ha***90

2.00

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****

2.50

As a victim of a cryptocurrency scam, I understand the frustration and fear that comes with losing significant investments. I was persuaded to invest $188,600 in what turned out to be a bogus platform, and the realization hit hard when I discovered I had been scammed. It felt like I had lost everything, especially since this was my life savings. However, after nearly losing hope, a friend recommended a service called MRS SELETINA DE-ALAGRENS , and I decided to give it a try. Thanks to their expertise and dedication, I was able to recover my funds in just 42 hours. If you find yourself in a similar situation, I highly recommend reaching out to professionals with proven success in recovering lost crypto assets. With the right help, there is hope, and you can regain what was taken. Contact on via email: ([email protected])

~ There's nothing more ~

About NOVOX's questions

Ask：Is NOVOX actually regulated by regulatory bodies such as CySEC and ASIC? Is its license valid?

Answer：NOVOX does state that its subsidiary, Novox Capital Ltd, is registered in Cyprus and holds an investment advisory license from the Cyprus Securities and Exchange Commission (CySEC), license number 224/14, applicable to EU trading operations. The company also mentions regulation by Australia's ASIC, but the specific license number is unclear, and the reliability of this information is questionable. Therefore, while this regulatory background is established, investors still need to verify its compliance and transparency.

Ask：Has NOVOX ever been penalized by regulators? How does this impact investment security?

Answer：Yes, Novox has been fined by the CySEC. In 2017, the CySEC fined Novox Capital Ltd a total of €175,000 for violations including providing unauthorized investment advice, non-compliant advertising and business practices, inadequate client protection, and delayed disclosure of a name change. This demonstrates the company's history of regulatory compliance issues, posing a serious challenge to investor trust and urging investors to remain vigilant.

Ask：NOVOX claims to be regulated by multiple countries. Can we trust its safety?

Answer：While Novox claims to be regulated by multiple countries, including CySEC, ASIC, MFSA, CNMV, and BaFin, these claims lack sufficient evidence and may exaggerate the scope of its regulatory oversight. Furthermore, its background is clearly linked to previously penalized institutions, and its safety and reliability cannot be inferred solely from its "multiple regulatory" status. Investors should prioritize actual regulatory credentials and track record over marketing claims.