NuvoMarkets Review: Nuvomarkets.com Run Away!!

NuvoMarkets is a forex broker company. The company offers investment services and tools to both retail and institutional clients. They seem to take pride in having the best possible online trading platform. They also support clients 24 hours, five days a week.

This company’s website’s default language is Spanish. The company targets the Spanish audience only. Unfortunately, there is no option to translate the website into English. The website platform enables traders to invest in the world’s most important assets.

On the surface, the company appears legitimate. However, there are so many red flags. Any authority does not regulate the company. They cannot offer a safe trading environment. Such companies continue to exist alongside legitimate forex brokers. These companies will ensure your funds are secure. This security will help you to safeguard and grow your investment. 

NuvoMarkets.com Review

NuvoMarkets claims to have a market-leading platform. The platform enables you to trade Forex, CFDs, Stocks, Commodities, and cryptocurrencies. They claim the platform is easy to use. It also has 50 indicators and charting tools.  The company promises clients one-click execution.

Additionally, the platform offers automated trading. The client can use expert advisors and commands. However, the website does not state which platform they use. The client has to open an account to access it. 

The company brags that they have a multi-device platform. This feature is not unique since most companies offer such services. NuvoMarkets contact its clients through email, WhatsApp, and Telephone. However, not all countries have access to WhatsApp.

They offer a free learning platform for their beginner customers. Additionally, the company offers an account manager. The account manager provides personalized training sessions. The manager’s role is to guide you through financial news and analysis techniques. They also assist with popular trading strategies and capital management tips.  Unfortunately, the company does not introduce these experts. This lack of transparency is a huge red flag.

NuvoMarkets may appear legitimate on the surface. They have put so much effort into it. However, this company has much to do before it can gain your trust. When choosing a trading broker, you must do your due diligence before investing. 

NuvoMarkets Account Types 

This platform doesn’t offer clients a lot of options. They only have one account, which is known as the Standard Account. This account grants a minimum deposit amount of $300, which is on the higher side. 

The platform offers spreads from 1 pip. However, some brokers offer even lower than that. They also provide leverage of up to 1:400. This leverage is high and enticing. Yet, it is a way to convince you to invest your funds with them. Unregulated brokers have nothing good to offer. 

NuvoMarkets’ platform does not provide a demo account. Demo accounts are essential. They enable clients to simulate live trading without the client putting any real money at risk. It would be effortless to lose funds once clients start trading with actual funds. NuvoMarkets does not put this into consideration. They do not care about their clients. 

Deposits and Withdrawals

The platform allows clients to deposit their funds through wire transfers, cash payments, and credit/Debit cards. Their using of wire transfers is a huge red flag. Such transfers are not traceable or rechargeable. You can easily lose your money with this deposit method. The founders may decide to take off with investors’ funds. This kind of unsafety is very risky. You do not want to be part of it.

For withdrawal, the corresponding department has to approve it. After that, the company processes the withdrawal within 3-5 business days. The process is lengthy. This delay is a disadvantage, especially during an emergency. 

Founders and Physical Location 

It is essential to know the founders of a company. This information will give you an idea of what to expect from them and build trust. Otherwise, you might invest with unprofessional people who want to steal from you.

Unfortunately, NuvoMarkets does not provide any information on the identities of the people running it. The founders are unknown. This is another red flag. Most people running such fraudulent operations do not disclose their identities. They do so to ensure no one can track them. A legitimate company would not hide the founders’ identities. Adding to this, introducing the founders would improve the clients’ trust. 

The company’s physical address is also something worth looking into. Their locations are Corporate Centre, Beachmont, Kingstown, St. Vincent, and the Grenadines. This location is a scammer’s heaven as the country does not regulate its forex Markets. Registering a company without being there physically is easy. This location is not trustworthy.

NuvoMarkets Regulation and Fund Safety 

Any authority does not regulate NuvoMarkets. Lack of regulation means the company can do whatever they like. When choosing a company to invest in, you should look for a licensed one. Rules ensure companies stay in check. They ensure that professionals run companies and they do not conduct criminal activities. 

It is risky to invest in companies that are regulated. Check for licenses from bodies such as FCA, NFA, or CySEC.  It is also vital for the company to ensure its websites and platforms are protected from hackers. This step guarantees customers’ safety for their personal information and funds. DNS filter considers the company’s website safe. However, the website does not have many visitors.

Alexa does not rank this company. The rank is based on the number of people who visit the website daily. Additionally, the company’s website is not registered. This company indicates terrible news. Your funds are not safe with these people. 

Technical Evaluation 

The platform performing automated trading is another red flag. Due to over-optimization, the company can employ techniques that may appear great. Unfortunately, they perform terribly in the live market. Mechanical failures can also occur with automated trading platforms. 

The company has a mischievous clause. It allows it to open and maintain more accounts in the client’s name. This is not professional. They do not give the client consent before using their personally identifiable data.  This company does not even safeguard its client’s information. 

There are not so many perks with this company. Overall, the disadvantages outweigh the advantages. Do not risk your hard-earned money with these fraudulent people. They are up to no good. 

Final Verdict

NuvoMarkets is a scam operation. It has a lot of red flags that you shouldn’t ignore. Any relevant body does not regulate the company.  They do not safeguard clients’ funds or data. 

Further, the website is not registered. It also does not have a lot of visitors. Additionally, the company is not transparent. They do not introduce the founders and experts. Investing in people you do not know is risky, especially on the internet. 

The company accepts cryptocurrency deposits. They also allow wire transfers. This means clients may be unable to track or reclaim their funds. The company also operates from a shady location. This is a scam operation.

Nonetheless, some companies will provide you with a better trading environment. These companies are regulated and work with full transparency. Just use legitimate forex brokers in the forex market. They will provide better services. Their trading platforms do not compromise your fund’s safety. 

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