Nozax is a Montenegro-based forex and multi-asset broker that has grown in visibility over the last two years. The firm trades as NOZAX AD, a joint-stock company in Podgorica. It says it is authorised by the Capital Market Authority of Montenegro (CMA) and lists publicly on the Montenegro Stock Exchange under ticker MNSE: NOZX. Its site also displays a Legal Entity Identifier (LEI) and company number, which helps with transparency.
Our job is to cut through marketing and check what’s enforceable. We verify the regulator, look for the license trail, scan client protections, and examine reputation signals that are hard to game. We then score Nozax using our standardized methodology (explained later) to place it into a rating band: Gold, Silver, Bronze, or Red Flag.
Bottom line up front: based on today’s evidence, Nozax earns a Silver Standard band. This reflects mid-shore regulation, basic client protections, decent early-stage client sentiment, and limited public execution data. It is suitable for new or casual traders who want MT5 access and light account requirements, provided they understand the trade-offs of non-Tier-1 oversight.
Regulation & Safety (Why It Matters — And What We Verified)
Who regulates Nozax?
Nozax states that NOZAX AD is “authorised and regulated by the Montenegrin Capital Market Authority,” and publishes the internal license reference 03/2-5/5-21 across its pages and legal PDFs. We traced this claim to the CMA’s official website, where the regulator posted a formal notice granting Nozax a.d. Podgorica permission to provide investment services on December 17, 2021 (decision based on application files 03/2-5/1-21 and 03/2-5/3-21). That public notice confirms regulatory authorisation, even though the English “Investment firms” list is not easily searchable.
Corporate identity and transparency check
The Bloomberg LEI record shows the legal name “Investiciono društvo Nozax AD Podgorica,” registered at Ankarski bulevar 12, with Registration Authority ID: 40009820 (the same company number Nozax publishes). This is a positive sign: it links the trading brand to a real company that reports into global entity databases.
Is Montenegro a top-tier jurisdiction?
Under our tiering, Montenegro’s CMA is not a Tier-1 regulator like the U.K.’s FCA, Australia’s ASIC, or Singapore’s MAS. It is a national on-shore supervisor that has been aligning with MiFID II practices, but it remains outside ESMA. We therefore classify the CMA as Tier-2 (mid-shore): a real license, AML requirements, prudential rules, and visible enforcement powers, but lighter than Tier-1 on leverage caps and pan-EU protections. Recent legal updates suggest the regulator is strengthening its toolkit and EU cooperation.
Client protections at Nozax
Nozax’s legal documents state negative balance protection and promise segregation of client funds. Its risk disclosures also repeat a no negative balance commitment. These are baseline safeguards most beginners should expect. We did not find an explicit statutory leverage cap on the CMA’s site akin to ESMA’s 30:1 rule; brokers in Montenegro often set leverage policies themselves. Nozax and third-party pages market headline leverage up to 1:500, so new traders should use small position sizes and strict stops.
Important nuance about group structure
Nozax materials include references to NOZAX (SV) LLC (Saint Vincent and the Grenadines). That entity appears in older or parallel documents, typical of brokers that once operated offshore. We did not rely on offshore registrations for safety scoring; our rating uses the Montenegro-regulated entity (NOZAX AD) and the CMA license notice as the anchor. Still, users should ensure their account opening documents name NOZAX AD and Montenegrin law before depositing.
Our Regulator Tier result: Tier-2 jurisdiction, verified authorisation, published LEI and public listing. This clears the bar for Silver consideration, but it is not equivalent to FCA/ASIC level oversight.
Trader Reputation & Market Presence
Crowd signals.
On Trustpilot, Nozax shows an “Excellent” 4.7/5 with about 60+ reviews. The comments highlight easy onboarding, responsive support, and low spreads. We also saw isolated mentions of delays with withdrawals among otherwise positive posts. Treat Trustpilot as directional; companies can solicit reviews, and sample sizes remain small.
Independent coverage.
Trade press and data aggregators profile Nozax as an MT5 broker with three account tiers (NZX Zero, Core, Cent). Several sites list commission-free options on Core/Cent and raw spreads plus commission on Zero. These sources help map the offer, but they are not regulators and may lag updates; always confirm fees on Nozax’s own account page.
Regulatory actions.
We searched the CMA website and did not find a public enforcement action naming Nozax. Absence of an action is not proof of perfection; it simply means no public measure is posted today. The CMA does publish warnings and activity updates, which is consistent with an active supervisor.
Market presence and identity.
Nozax emphasises that it is a listed investment company on the Montenegro Stock Exchange and publishes an LEI, address and company number. That level of disclosure is stronger than what you see from many offshore brokers. It does not substitute for Tier-1 supervision, but it helps with traceability if something goes wrong.
Overall reputation read: early-stage but encouraging. Positive platform and service comments dominate, with a few red flags typical of young brokers (processing times, clarity on fees). We did find one “scam” blog accusing withdrawal delays; such sites often sell “recovery” services and are not reliable on their own, so we weighed them lightly.
Strengths & Weaknesses
Where Nozax stands out
- Verified authorisation by the Capital Market Authority of Montenegro (CMA); public notice confirming the license grant.
- Public listing (MNSE: NOZX) plus LEI and company number on record — better-than-average transparency for a retail FX broker.
- MT5 access with multiple account options (Zero/Core/Cent). Clear pathway for beginners to start small.
- Negative balance protection stated in legal docs. Basic but important for novices.
- Early client sentiment is positive on Trustpilot, with praise for support and spreads.
What needs work or extra care
- Not Tier-1 regulation. Montenegro is Tier-2 in our framework. Protections exist, but they differ from FCA/ASIC/ESMA regimes.
- High advertised leverage (reports of up to 1:500) increases risk for beginners; confirm your account’s leverage and use small size.
- Execution transparency. We did not find audited execution stats (e.g., slippage reports) akin to EU RTS-27/28 style disclosures. That caps the execution score.
- Group footprint. Legacy references to NOZAX (SV) LLC persist. Make sure your contracting entity is NOZAX AD and funds are held under that licence.
- Mixed third-party chatter. A few posts note withdrawal delays; treat any single review with caution and test the process yourself with a small amount first.
Overall Verdict
We rate Nozax: Silver Standard (60–79) under our methodology. The score reflects Tier-2 supervision, visible corporate identity, solid baseline protections, and generally positive client sentiment, offset by limited public execution data and headline leverage that is high for new traders.
Who is it for?
If you are a beginner or casual trader seeking MT5 access, low entry amounts, and simple account choices, Nozax is a credible option in the mid-shore segment. Keep your sizing modest, use the demo, and favour the Core or Cent account until you build skill.
How it stacks up.
Within the Silver band, Nozax competes with brokers licensed in mid-shore jurisdictions that publish reasonable disclosures but do not meet Tier-1 tests. Investors who insist on the strictest retail rules (FCA/ASIC/ESMA leverage caps, compensation schemes) should consider Gold-band peers regulated in those markets.
Expert Review Notes (Staff Insight)
- Onboarding & transparency: Company-level identifiers (LEI, company number, exchange ticker) are a plus. Many retail brokers avoid that level of public footprint.
- Policy alignment: We see Montenegro’s regulator continuing to align with EU standards, but current practice still places CMA below Tier-1 in investor safeguards.
- Execution data gap: Nozax could raise its score by publishing audited execution metrics (fill speed, slippage distributions, rejection rates). In Europe, RTS-style reports set a benchmark; even a voluntary equivalent would help.
- Risk management for beginners: With leverage possibly up to 1:500, we recommend small notional exposure, stop-loss discipline, and progressive sizing only after at least three months of consistent practice.
- Entity clarity: The presence of a historic SV company is not disqualifying. But the contracting entity on your Client Agreement must match NOZAX AD for the CMA protections to apply.
