Novotrend review – A trading company without credibility
This broker is registered in 2021 in St. Vincent and Grenadines (SVG). What makes them attractive is their trading software and spread promotions. However, what really makes brokers attractive is security.
To see how secure this company is, you can find it in our unbiased Novotrend review.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Novotrend Ltd|
|Headquarters Country:||St. Vincent and Grenadines|
|Cryptocurrencies:||Yes – BTC, ADA, XRM|
|Types of Assets:||Forex, Commodities, Indices, Shares, Cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Is Novotrend Broker Safe?
In general, with offshore brokers you are never safe. Mostly due to weak regulations or no regulations at all. For instance, SVG doesn’t provide licenses to Forex or CFD trading companies. Therefore, Novotrend brokers must opt for licenses in other countries. It’s advised to get ones where they mainly operate.
Non-regulated offshore broker. Novotrend company offers a very high spread. Negative balance protection and segregated funds accounts are not available.
For that purpose, we are checking the most trusted Tier 1 regulators. Unfortunately, registers of FCA, BaFin and ASIC didn’t bring any results. With this in mind, you know that everything stated by this company is questionable. Especially their fund protection measures. To confirm this unauthorized scam read our Tierra 500 and Climax Prime reviews. You will find many similarities between these companies.
Novotrend Platform – What Trading Software Novotrend Provides?
On the positive side, Novotrend trading company offers a trusted Meta Trader 5 platform. However, there is no use of such a platform if you can’t get the profits out. Meta Trader 5 allows traders to use copy trading and algorithmic options. In general, traders are always looking for easier ways to make profits. That’s why these options became very popular.
Additionally, MT5 is available for all hardware platforms. Including iOS and Android mobile devices. This enables users to have fast executions, reliable data and many advanced tools. But it’s way more secure to use such features with a licensed broker.
What Financial Instruments Does The Platform Include?
Many trading instruments that you can imagine, you can find on this platform. Including:
- Forex USD/GBP, AUD/NZD, HKD/SEK
- Commodities natural gas, palladium, platinum
- Indices DE 30, AU 200, BE 20
- Shares Bank of America, Cisco, Microsoft
- Cryptocurrencies BTC, LTC, ETH
In all 5 categories, this broker has very solid coverage. But with leverage of 1:500 that this broker offers it’s very risky trading here. Especially knowing that they don’t have negative balance protection. So, traders can easily get into debt. Which is exactly what offshore scam brokers want.
Novotrend Countries Of Service
Novotrend broker claims not to operate in certain countries. But Novotrend reviews reveal different reality. They are mainly scamming traders from:
Whereas Canada and European Economic Area are on their list of excluded countries. So, it’s better to double-check information provided by the broker.
Account Options Offered by Novotrend
Novotrend scam is a bit different than the others. They have a lower minimum deposit requirement than most scammers do. However, the goal is the same. To attract traders to deposit more money.
They do that through 6 account types:
- Real $100
- Invest $100
- NAMM $100
- AI $100
- STP $100
- VIP $10.000
Important to realize is that only a VIP account has 0% withdrawal fees. The main difference comes from commission. Another key point is an Islamic account. Very attractive offer these days, but the Novotrend scam didn’t bother about it.
Can a Trader Use a Demo Account?
As a matter of fact, yes. MT5 platform is a great tool because it allows you to use all its features with virtual funds.
If you are insecure about any company, the best option is to try a demo first. Since this broker doesn’t have any licenses or adequate security it’s better to stay on a demo.
Terms of Service for Novotrend
Firstly, the Novotrend scam has a business model that looks like a Ponzi scheme. They even promote an affiliate program to get more traders on board. But we have seen so many offshore brokers having similar schemes. Most of them didn’t end up well for traders. It’s better to stay safe than risk your own money and expose your friends and family to this broker.
As for funding methods, this broker accepts:
- Bank cards
- Wire transfers
All deposits and withdrawals have a processing time of 24 hours. However, this broker doesn’t have a transparent withdrawal policy. Which makes them even more suspicious.
Leverage, Spreads and Fees
With their leverage of 1:500, they don’t comply with any rules or regulations. Especially ESMA or EU regulations present in the EEA zone. Where they actually operate. With spreads around 1.5 pips, they are in the industry average zone.
However, they are not so transparent about their fees. Thus, we dug out some important facts. In case you are requesting a withdrawal of more than 20% of your balance, you must pay an upfront fee. This is nonsense, because if there are any fees they can be collected from the balance. This is a very simple principle of how they scam traders for even more money.
Scammed by a Novotrend Broker? – We Want To Hear Your Story.
Let us know first what was your experience with this offshore swindler. Don’t be ashamed to share if you were scammed. This broker doesn’t hesitate to steal money from traders. Neither should you get it back.
Our specialized fund recovery team can advise you at any moment about recovery procedure. Whether you want a chargeback or to trace crypto transactions, you have a solution with us.
What Is the Chargeback Procedure?
Every card transaction can be reversed. Especially ones that are determined as fraudulent. So, to get a chargeback you must file a request within the first 18 months. Of course with valid documentation and proofs. Only after that the bank can approve it and reverse the transaction.
On the other hand, crypto transfers are hardly traceable. But not with CipherTrace software our team has. This tool works like a charm to expose the final destination of the funds transferred to the scammer. After that, should be very easy to get it back. Don’t waste time and get in touch with us already today!
What Is Novotrend?
Novotrend is a freshly registered offshore broker operating from St.Vincent and Grenadines without a license.
Does Novotrend Offer a Demo Account?
Yes. Through the Novotrend MT5 platform traders can choose first to trade with virtual funds.
Is Novotrend Broker a Scam Broker?
Yes. Broker is not regulated, but they operate in countries where regulation is mandatory.
Should I invest in Novotrend?
No. Your funds wouldn’t be protected in any way with this offshore broker.