The trading conditions of Novobrokers are unfavorable. Deal with ventures that create a conducive trading environment. You will trade in confidence. Your money will also be in safe hands.
Novobrokers mainly specialize in crypto trading investment. Choosing the scheme will make you a successful investor. The venture is allegedly using the advanced trading interface. Therefore, customers will have excellent encounters regardless of their experience in trading.
The company brags it has thousands of existing clients. The company has been in the market since May 2022. It takes time for a broker to build a solid reputation in the market. Additionally, the scheme targets being in the market for only one year.
Once they exit the industry, it will be impossible to trace them down. The venture is also providing learning resources. Newbies can use the material to improve their trading skills. Sadly, this is an illegitimate entity that fails to respect the law. The platform praises its expertise in trading but fails to provide its performance record.
You cannot trade the listed products. Novobrokers features general information on its website. Instead of showing investors what makes them unique from thousands of existing brokers. The company does not have endorsements from existing clients.
Entrusting your cash to an offshore firm is unwise. You will lose everything in the blink of an eye. Moreover, the website is incomplete. In the “why choose us” section, you can see the venture has not come up with a reason.
Novobrokers is in a rush to launch its services. This is the company that wants to make money out of its victims. Here is a list of genuine crypto companies that are transparent and reliable. These brokers have several testimonials from customers. You can go through the data and know what to expect.
Novobrokers Trading Conditions
Novobrokers guarantee investors access to the MetaTrader5. Unfortunately, the interface is not working. Once you click on the download link, you notice the platform belongs to an offshore company operating from Bulgaria. Without an interface, you cannot place an order.
Licensed companies have excellent trading software. They either provide the MT4 or MT5. The interface allows clients to trade automatically. It also has several advantages. Clients can access various financial markets under one roof. There is also the availability of both technical and fundamental trading tools. View your pending order, and set stop loss and profit limits.
Novobrokers has five trading accounts. These are useless packages that fail to feature trading conditions. Information on the spread, commission, and leverage is missing. The company trades crypto and forex. These are volatile products. Do not be surprised when the entity offers leverage above what regulatory bodies approve.
The regulatory bodies approve leverage ranging from 1:30 to 1:50 for the forex products. Cryptocurrency leverage is 1:2. The spread market standard is 1.2 pips. However, you can get lucky by getting a scheme offering a tighter spread than the above limit.
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Withdrawal and Deposit
Novobrokers requires a minimum deposit of $1000. This is on the higher end. You don’t need such huge capital to get started. Many companies are accepting a deposit of $10 to $250. There are two payment methods investors can use.
One is a digital currency, and the other is a wire transfer. However, you need to contact support if you wish to use the latter option. Cryptocurrency payments are untraceable. Scammers prefer this option as they can run their operations discreetly. Additionally, inventors cannot issue a chargeback once the transaction is complete.
Investors should expect withdrawal fees. Unfortunately, Novobrokers does not get into details. Therefore, we are unaware of the minimum amount you can cash out and the applicable charge.
Contact Details and Customer Support
Novobrokers feature an office address indicating it operates from the United Kingdom. Customer support is available by email and phone. There are various phone numbers with different country codes. Unfortunately, we cannot ascertain whether clients will receive quality services.
The majority of offshore schemes are unethical. They become rude to customers when they ask about the whereabouts of their money. Deal with companies that value you as a client. It would help if you had an assurance of a quick response.
The venture requires clients to share their contact details. However, Novobrokers is using a fake office address. Why would you risk sharing critical data with them if they cannot trust you with their whereabouts?
Novobrokers Regulatory Status
Novobrokers is a platform that is operating illegally. You first need to establish whether a firm is legally in the market. Check on the database of your local financial regulator to establish if you are dealing with a genuine broker. Anonymous ventures that are not regulated tend to overlook the rules of financial bodies.
Unfortunately, this company fails to disclose its regulatory status. Nonetheless, we determined that the entity does not fall under reputable regulatory bodies after thorough research. Trading with the platform exposes you to peril.
If you lose money to Novobrokers, nobody will rescue you. The authority cannot track down the scheme. The firm observes a high level of anonymity. Moreover, the venture lacks a terms and conditions policy. You will not know what you are signing up for when investing with the firm.
A serious broker will have clearly outlined legal documentation. This is a binding contract. If any dispute arises, the court can help the scheme resolve the issue. Novobrokers accepts investors from the UK, Poland, Australia, Belgium, and Spain. These are countries with strict rules for investment companies.
The Australian Security and Exchange Commission (ASIC), UK’s Financial Conduct Authority (FCA), Investment Industry Regulatory Organization of Canada (IIROC), and the European Securities and Markets Authority (ESMA) do not have Novobroker’s name on their database. Stay away from the unregulated company.
Novobroker Fund Safety
You do not get fund safety from a venture tha doesn’t respect the law. Regulatory bodies require all companies to deposit capital. Not many brokers can afford the hefty amount of cash. The capital guarantees the broker can successfully run its business without missing customers’ funds. Additionally, a platform can withstand market volatility.
Additionally, the broker has a warning from the regulatory body of Spain (CNMV). Never engage with a scheme that is discreet and blacklisted. The scheme will soon shut down its operation, leaving customers high and dry.
In the event of insolvency, the company compensates customers. However, if Novobrokers becomes bankrupt, investors will count their losses without receiving a penny. The firm works independently without supervision. They also don’t partner with a reputable bank.
Withdrawal may take forever if you are lucky since scammers never process the cash-out requests. Legitimate firms must report daily trading activities to the authorities. Unfortunately, there is no proof of investment in this company. We do not see the past performance or audited results.
There is also no negative account balance protection. Customers can lose more money than what they initially deposited. The trading conditions of Novobrokers are unfavorable. Deal with ventures that create a conducive trading environment. You will trade in confidence. Your money will also be in safe hands.
After a thorough analysis, we find Novobrokers unreliable. The venture is purely after investors’ funds. There is no safety of fund. The company is also untraceable. Their level of anonymity should be one of the main reasons to avoid unregulated entities.
Here is a list of some of the best crypto trading brokers. These companies have built a solid reputation in the industry. You will generate passive real-time returns. The schemes are transparent and operate per the books.