Last update: 21 July 2020
4 min read
Non-recommended broker
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ForexNova review

21 July 2020

ForexNova is currently closed but we can recommend these brokers.

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As far as we can tell from its website, ForexNova is a brokerage firm that isn’t licensed or regulated. It’s contact address lists it as being located in Wilmington, Delaware, but the website clearly states it does not offer any trading services to residents in the USA. As with any broker who is unregulated, we would advise you to weigh up the risks before choosing it as your trading partner. There are plenty of brokers who are licensed and regulated so is it really worth the risk? To help with your decision we’ll be reviewing ForexNova and providing you with some of the features that will help you to make your decision.










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Are there any benefits to choosing ForexNova?

  • Efficient trading platform – MT4
  • Precise, transparent prices guaranteed
  • Trades will be processed as fast as possible
  • Competitive spreads, commissions and overnights

At present there are no bonuses or promotions running so we’ll start by looking at the account options.

Choose between an account with a floating or fixed spread at ForexNova

ForexNova offers traders two different accounts to choose from, with the main difference between them being the spread.
Lite Account – Fixed Spread

  • Swap-free account
  • Minimum deposit of $10
  • Leverage up to 1:500
  • Instant execution
  • 0.01 minimum lot
  • 100 maximum lot
  • 30% step out
  • 60% margin call

Standard Account – Floating Spread

  • Swap-free account
  • Minimum deposit $500
  • Leverage up to 1:200
  • Market execution
  • 0.01 minimum lot
  • 100 maximum lot
  • 30% step out
  • 60% margin

The website gives no information as to the payment methods that are accepted, and there is also no mention of a demo account.

ForexNova provides traders with MT4 for a trading platform

coffee cupMetaTrader 4 is software that has been developed by MetaQuotes. It has been available for a number of years now, and even though MetaTrader 5 is now available it is still the most popular trading platform in use today. There are a number of reasons why it is the trading platform of choice for both brokers and traders, but the fact it is so user-friendly is possibly the most significant. It is also possible to use MetaTrader 4 on any device. It is compatible not just with desktops, but with tablets and smartphones as well. Millions of traders, all with their own special needs, choose MT4 because it offers ample opportunities to traders of all skill levels, a flexible trading system, advanced technical analysis, supports Expert Advisors and algorithmic trading.
MetaTrader 4 is a powerful trading platform that allows traders to implement strategies of their own of any complexity. There are a wide range of tools available such as market and pending orders, instant execution, trading from a chart, trading history, a tick chart along with stop orders and trailing stops.
To use MetaTrader 4 with a ForexNova account requires a download. But the process is very simple and the installation clearly explained in the website.

ForexNova also runs an introducing broker program

If there are any brokers or budding brokers reading this review, you might be interested to learn a little more about the introducing broker program currently being run by ForexNova. It’s a way of earning continuous commissions for referring traders to ForexNova. It doesn’t matter where you are located or how often the referred client makes trades. Commission can be received for every trade. ForexNova uses a number of different methods to calculate your rewards depending on the type of account the client has opened. Commission is paid at a certain percentage from the spread of trades of each of the clients who have signed up and opened an account. The larger the number of clients, the bigger the rewards.
There seems to be a lot more information regarding this side of the business as opposed to information that will be useful for clients. Which we find a little bit suspicious.

Customer support and education

With a Lite Account requiring a minimum deposit of just $10 ForexNova is obviously aiming its service at beginners as well as those with a little more experience. Which we thought would mean there was some educational material available. Unfortunately, there is nothing.there isn’t even a FAQs page for some of the most common questions. ForexNova is very lacking in the details which we find very disappointing and doesn’t lead us to recommending this broker if you’re a beginner.
Such a lack of information also means you’ll be more likely to need to contact customer support. There is a postal address, if you prefer to contact this broker in writing. And there is also an email address and a telephone number. However, it is a US telephone number which could make the call very expensive.
As you may have already guessed we’re not all that confident recommending ForexNova. It does seem like a very professional brokerage firm from the website, but there are very few details to back up the level of service. The lack of a demo account means you’ll have to take a risk if you start trading with this broker. But the minimum deposit requirement of $10 means it shouldn’t be too big a risk and may be worth considering. We would, however, recommend you contact the broker and ask for more specifics regarding trading, before making too big a financial commitment.

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