ForexNova has two types of live trading accounts: Lite and Standard. Both of them are swap-free, which makes them suitable for Muslim traders. There is no specific information about the spreads offered by the broker, except that the Lite account is with fixed spreads and the Standard – with floating spreads. We could not find information about a free demo account.
The company. Security of funds
Company Country Regulation
Forex Nova Limited Vanuatu N/A
ForexNova is a new forex broker, one of the hundreds of offshore brokers seeking a place under the sun. The information about its trading conditions and asset portfolio is still incomplete.
It appears the broker does not have a license either and maybe it is in the process of obtaining one. Either way, potential clients must keep in mind that this is an offshore broker and quite often they turn out to be a pure scam or at least somewhat dishonest and riskier than the properly regulated ones.
There are regulators and regulators, of course, and some are better than others, so discretion must be used in that regard too. Generally UK’s FCA, the Australian Securities and Investment Commission (ASIC) and the Monetary Authority of Singapore (MAS) have a reputation for strict rules and oversight.
Like the vast majority of forex brokers, NovaForex offers the MetaTrader 4 (MT4) platform.
MT4 is the most used trading platform and is popular both among brokers and traders. It is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading.
We could not find information about the payment methods available with ForexNova. Most likely the reason is that the broker does not seem to have started working yet.
ForexNova is a new offshore unregulated broker. Unfortunately, it does not provide sufficient information on its website, so it is hard for us to judge whether opening an account and making a deposit with it is worth the risk and effort or not.
ForexNova Review Conclusion
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