Heard of Novotrend.co trading platform? Really want to find more details before choosing the broker? You can carefully read the Novotrend reviews to know about this forex broker whether to use or not.
This post promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
Novotrend otherwise known as Novotrend.co is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
Furthermore, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
Is Novotrend a Scam Forex Broker?
First of, Novotrend is a trade name of Novotrend Ltd is registered in Saint Vincent and the Grenadines
But, Saint Vincent and the Grenadines SVG is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
Not all brokers registered in St. Vincent and the Grenadines are scammers, some of them are offshore branches of reliable international companies. This is not the case with Ignite Fx Markets, however, they are just a shady unregulated entity.
Following this, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These drawbacks are for forex traders/ clients to avoid losing money with scam brokers lurking online. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Does Novotrend Have Account Types?
Novotrend does not specify its trading account for clients. The broker provides a leverage capped 1:500.
Novotrend minimum deposit is specified to be $50 based on the account type. In contrast, some licensed FX brokers can offer clients trading rate as low as $100 with the assurance of their trading funds.
The broker accepts deposit through cryptocurrencies. Such payment method does not allow refunds or chargebacks.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Novotrend Provides What Trading Software?
Novotrend claims to offer the industry standard MetaTrader 5 (MT5) platform. We were unable to test the software because the option to create a Demo or Live account was not functional.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Novotrend Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that Novotrend.co is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Novotrend broker appears like a reliable trading platform, however, you should not take the words they say and the attractive website layout. By all appearances, the broker lacks one important indicator – its license. Thus, traders should steer clear from an unlicensed broker as its likely run by scammers. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.
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