NoaFX

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What is NoaFX？

NoaFX was a forex broker, possibly based in China. They offered trading on various assets like forex pairs, stocks, commodities, and more, through the MT4 platform and a mobile app. However, there's no clear information on their founding year, minimum deposit, spreads, or leverage.

While they advertised a wide range of tradable assets and account types, user reviews mention issues with order execution, unclear charts, and most importantly, problems with withdrawing funds. Since NoaFX also appears to lack current regulation, it's advisable to avoid using them for forex trading.

Disclosure

NoaFX was included on the Investor Alert List (IAL) by the Monetary Authority of Singapore (MAS) on November 25th, 2016. The IAL lists entities that MAS believes may be misleading investors by appearing to be licensed or regulated in Singapore when they are not. This raises a red flag about NoaFX's legitimacy and suggests they might not be a safe or reliable platform for forex trading in Singapore.

Pros & Cons

Pros

• Trading Platforms: Offers MT4 and Mobile App, familiar platforms used by many forex traders

Cons

• Not Regulated: NoaFX lacks regulatory oversight from any financial authority. This means there's no guarantee of fair trading practices, client fund protection, or dispute resolution mechanisms.

• MAS Investor Alert List (2016): Inclusion on the Monetary Authority of Singapore's IAL suggests NoaFX may have engaged in misleading practices, possibly claiming to be licensed or regulated in Singapore when they were not. This raises serious concerns about the broker's legitimacy and trustworthiness.

• Reported User Issues: Reviews mention problems with order execution, meaning trades might not be filled correctly or at the desired price. Unclear charts can make technical analysis difficult and hinder informed trading decisions. Most importantly, users have reported encountering issues when trying to withdraw their funds, a significant red flag.

Customer Service

NoaFX offers email support at cs@noahfx.com. Since NoaFX is not regulated and appears to be no longer operational, their customer support is unlikely to be functional.

Conclusion

NoaFX, a forex broker with an unclear background, offered trading on various assets through MT4 and mobile app platforms. While it boasts a wide range of tradable options, NoaFX suffers from critical disadvantages. They lack regulatory oversight, were included on a Singapore investor alert list for potentially misleading practices, and have users reported issues with order execution, unclear charts, and most importantly, withdrawing funds.

Frequently Asked Questions (FAQs)

Q: Is NoaFX still operational？

A: NoaFX's current status is unavailable. However, considering the lack of regulation and reported withdrawal issues, it's advisable to avoid them and choose a reputable, well-regulated forex broker.

Q: What trading platforms did NoaFX offer？

A: NoaFX reportedly offered the MT4 platform, a popular choice among forex traders, along with a mobile app for on-the-go trading.