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Novatrades Review - is it scam or safe?

Novatrades Review - is novatrades.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz Novatrades
Novatrades is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type

Minimum deposit

Minimum trade size

Maximum leverage

Spreads

Mini

$250.00

0.01

1:100

3 pips, fixed

Bronze

N/A

0.01

1:100

3 pips, fixed

Silver

N/A

0.01

1:200

N/A

Gold

N/A

0.01

1:200

1.6 pips, fixed

 

Novatrades offers several account types: Mini, Bronze, Silver, and Gold. However, it has not specified the different trading conditions for these accounts.

 

In addition, Islamic (Swap Free) accounts are also available with this broker.

 

Novatrades Advanatges:

 

- MT4 available

Novatrades uses the Metatrader 4 (MT4) trading platform and offers it in all forms and shapes – desktop, web and mobile apps. The MT4 is the most popular forex trading software due to its ease of use, solid charting, wide range of automated strategies (Expert Advisors), technical analysis indicators, customization options and more.

 

 

However, when we downloaded the broker’s demo MT4 to test it, we saw that it uses the platform of another broker IForex24. Judging by the user reviews on our website, this seems like a scam broker that targets mainly Italian investors.

 

>>Find a better MT4 broker<<

 

 

- Competitive spreads on demo accounts

When we tried out the MT4 provided by Novatrades, we found the spread on EUR/USD fixed at 1.6 pips, which is a good offer, as most fixed spread brokers offer a spread of 2 pips for this pair.

 

- Reasonable leverage levels

The maximum leverage available at Novatrades is 1:200. This is an average ratio for the forex industry that will suffice the needs of most traders and is not dangerously high. Yet, if you need higher levels, check out the link below.

 

>>Brokers offering leverage of at least 1:500<<

 

 

Novatrades disdvantages:

 

- An offshore broker, possibly related to IForex24

Novatrades is operated by Novatrades ltd., a company registered in the Marshall Islands. Forex brokers incorporated there are not licensed, nor monitored by any authority. Basically, such offshore companies can do whatever they like with your money.

 

- Comparatively high initial deposit required

In order to open an account with Novatrades, one has to invest at least $250, which is not that much, however many trusted brokers require less. For example, you can open an account with easyMarkets by depositing $100.

 

- High spreads announced on website

According to the information on its website, Novatrades offers spreads fixed at 3 pips on EUR/USD. If you prefer trading with fixed spreads, we suggest that you check out the offering of easyMarkets. It is a reputable broker regulated in Cyprus that offers spread fixed at 1 pips on EUR/USD.

 

- Market maker

Novatrades is probably a market maker, as it offers only fixed spreads. Simply put, this means that it wind when you lose.

 

-No cryptocurrencies available

Novatrades’ product portfolio is rather extensive, including many forex pairs and CFDs on equities, indices and commodities. However, the broker does not offer trading in cryptocurrency CFDs, despite such being advertised on their website. If you are into Bitcoin and other digitital assets, check out the link below.

 

>>Trade Bitcoin with a licensed forex broker<<

 

Conclusion

 

The offering of Novatrades is nothing special in the forex world: trading on the good old MT4 with fixed spreads and reasonable leverage levels. What bothers us with regards to this broker is its offshore registration.

Offshore brokers are not to be trusted in general, and Novatrades offers a platform that is provided by IForex24another company registered on the Marshall Islands that that seems like a pure scam. What is more, the Italian financial watchdog CONSOB has even issued an official warning against it.

 

Considering the above, you’d better a reliable and tightly regulated broker instead. One of the best jurisdictions for forex brokerages is those in the UK. Brokers licensed there are required to meet stringent rules on capital adequacy, client account segregation, AML, transaction reporting, etc.

 

>>Brokers regulated by the FCA «

 

To sum up the above:

 

Pros

Cons

Competitive spreads on demo accounts

Offshore broker, possibly related to IForex24

MT4 available

High fixed spreads announced

Reasonable leverage levels

Market maker model

 

Comparatively high initial deposit required

 

No cryptocurrencies available for trade

 

Latest news about Novatrades
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Traders` reviews for Novatrades

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Novatrades are criminals

They keep on calling me all day convincing me to оpen an account with them even though I doesn't have any online trading experience.at first I was not interested but after so much calls from them I decided to give it a try that was the beginning of my stupidity

I was told to deposit 250euro after some weeks I will make a lot of profit and I did.
At first things were moving fine I never knew they were just acting up to make me put more and more and more money to their company

After some weeks they cold me again and told me to increase my account to wto upgrade my deposit to 1000euro with that I can go for cold which I did, after some weeks they cold me again to demand for another money after my profits was due to withdraw according to their rules but I told the broker that I would love to make a withdrawal request since I now have up to 5000euro in my account
guess what he switched of the call on me since thеn I haven't hd anything from them.I have called and wrote a lot of messages to the customer service yet no reply.

PLS DO NOT FALL A VICTIM LIKE ME IF YOUR HARD EARNED MONEY IS VALUABLE TO YOU.

Lucky Arioboman 02/06/2019

scam Novatrades

Novatrades.com is fraud

Giuseppe Ricciarelli 12/14/2018

Novatrades delinquenti

Ti fanno cominciare con una piccola somma Poi grandi guadagni Ma se vuoi ritirare devi prima coprire i bonus che non hai chiesto Poi x la banca Alla fine perdono tutto Anche di più Bastardi

Translated by Google:

They make you start with a small sum Then big earnings But if you want to withdraw you must first cover the bonuses that you did not ask Then x the bank In the end they lose everything Even more Bastards

Deborah 09/07/2018

Novatrades scam

Attention to Novatrades, initially offer courses in Trading, then they make you pay a small sum to try, then offer you financial packages, everything is fine until you decide to withdraw, at this point your wallet all at a loss and disappear. Avoid .... fancy name used Megan Fischer..Robert Brown .... and other fantsious names ...

reported immediately to https://www.actionfraud.police.uk/

Nickk1971 04/27/2018

Novatrade is a scam

I tried withdrawing my money but never got it, their staff said I have to make a turnover of 5000euros which clearly isnt true from their terms and condition page. Please dont ever invest with novatrades they are scammers

Adw 03/26/2018
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