June 5, 2020

Novatrades Review – Is Novatrades Scam or Reliable Broker?

novatrades review

Regulators:-

Cryptocurrencies: YES

Minimum Deposit: $250

Maximum Leverage: 1:200

Spreads: Medium

My Score: 1.0

Novatrades is just a somewhat new broker that began providing forex services from 2018. Many traders really have any worries concerning Novatrades. As it’s a rather new brand and there are not many details concerning it. This kind of circumstance is usually problematic for investors. But, brokers that are only beginning to give services might be unable to master some technical details so on. In the early days there have been such anxieties in regards to the brokers have been understood to be more reliable. I am able to express that every broker experiences this procedure. But how they appraise this course of action is essential.

Is Novatrades scam or Dependable broker? What criteria if we examine to know that without accepting risks? Are account spreads and types provided by Novatrades valuable? what are the benefits and pitfalls with the broker? Is there any some withdrawal and depositing issue? During this Novatrades review you are going to read thorough answers to each of these questions and perchance the most exhaustive review of any of it that you will find online.

Regulation Issue

One of the Most Significant resources of concern about Novatrades is the law. As the provider is enrolled in the Marshall Islands, however so much as I know, there’s not any permit out of here. It’s common for brokers that simply begin offering services touse such offshore licenses. But slightly, most of details concerning it permit has to be readily accessible as well as translucent. I don’t actually observe any permit advice whenever I input Novatrades official site. For that reason, there’s a shortage of regulation.

If you encounter any troubles using Nova trades, you cannot discover a watchdog which you’re able to complain of.

Account Types at Novatrades

Account Type Minimum Deposit Maximum Leverage Average Spreads
Mini $250 1:100 Fixed Spreads
Bronze N/A 1:100 Floating Spreads
Silver N/A 1:200 Floating Spreads
Gold N/A 1:200 Floating Spreads

Novatrade provides 4 Different Kinds of reports: Mini, Bronze, Silver and Gold. The single real account type with a fixed spread feature is Mini; 3 pips to get EURUSD. The minimum deposit amount is $250 for your own miniature account variety. Nevertheless, the deposit amount in additional account types isn’t apparent. Additionally, the leverage ratios provided by Novatrades aren’t competitive. Maximum leverage is just 1: 200, that will be quite low and less beneficial in comparison to other brokers.

In addition to those accounts types, there’s additionally a swap-free account option identified as Islamic accounts fully for Muslim investors who don’t need to pay or earn attention as a result of religious sensitivities. The Islamic accounts has fixed and floating dispersed options. To make use of Islamic accounts, you have to get in touch with the broker and employ it. The broker might request that you record your own faith.

MetaTrader4 is given by Novatrade being an internet trading platform that lots of investors are knowledgeable about. But when I downloaded the demonstration MT4 out of Novatrade for analyzing, I watched IForex24 on its launching screen. After reviewing different users’ comments, I will also note that Novatrades may be a scam broker targeting Italian investors as a brand related to IForex24 company.

Novatrades

1

Trust

0.0/10

Commissions and charges

0.0/10

Customer Service

0.0/10

Platform & Tools

0.0/10

Product Portfolio

5.0/10

Pros

  • No

Cons

  • Unregulated broker, likely scam.
  • Registered Off-shore