Novobrokers is a typical online trading fraud. The address can only be found in the Contact Us section, while the company owner and a regulation number are missing. This detailed Novobrokers review will present you with everything you need to know about the firm. Your funds are at risk. Beware.
Additionally, we strongly advise you to avoid the fraudulent brokers 44Trades, Onotex, and CFD Trades.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | novobrokers.io |
| Blacklisted as a Scam by: | CNMV, FSMA, CONSOB |
| Owned by: | N/A |
| Headquarters Country: | UK (allegedly) |
| Foundation year: | 2021 |
| Supported Platforms: | MT5 |
| Minimum Deposit: | $1,000 |
| Cryptocurrencies: | Available |
| Types of Assets: | Forex, shares, cryptocurrencies |
| Maximum Leverage: | N/A |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
How Safe Is the Novobrokers Platform?
As aforementioned, Novobrokers is a bogus online trading platform. The firm never listed the owner, regulator, or information about governing law. Since its alleged headquarters is in London, UK, we’ve checked the FCA register. As suspected, Novobrokers is nowhere to be found.
In addition, we checked several other registers, including ASIC, BaFin, CONSOB, and CNMV. All we found were several regulatory warnings indicating that you cannot trust Novobrokers trading scam.
Reasons Not to Trust an Unlicensed Broker
If a broker is not licensed, there is no reason to trust it. Not a single one. These firms don’t provide negative balance protection, don’t follow any rules, and don’t keep your money in reputable banks or segregated bank accounts. Basically, an illicit company can vanish at any time, and you’ll be left trying to follow the funds and recover them.
Public Warning Issued by Spanish Regulator CNMV
The Spanish regulator, CNMV, issued an official warning against the Novobrokers scheme. According to it, this firm provides financial services without a proper license, including Forex trading and financial advising.
This same warning was later republished by the Italian CONSOB and Belgian FSMA, confirming the scam.
What Do Traders Think Of Novobrokers?
Novobrokers is not a very popular online trading firm. Customers listed different issues they had. The majority focused on withdrawal problems. It seems that this investment brokerage doesn’t approve any withdrawal requests. Instead, they simply stop responding and block traders’ accounts and access to funds.
If you find yourself in this story, acting quickly and filing a dispute for a chargeback is of utmost importance.
Novobrokers Trading Platform – MT5?
The broker advertises its platform as a “best-in-class platform that takes your trading to the next level.” According to the website, it’s a proprietary platform created for both newbies and trading veterans, easy to register and even easier to start trading on.
In the Account Types section, we’re told that the platform is actually MT5. However, upon registering an account, we were given access to third-party MetaTrader, belonging to Stockton Ltd. So, we already know this notorious firm as a platform provider for several illicit brokers. Likewise, sharing your information and funds with Novobrokers implies giving access to Stockton Ltd.
Screenleap – Access To Your Bank Account
According to reviews, Novobrokers account managers are asking clients to download ScreenLeap, a remote desktop access app.Also, It’s software similar to AnyDesk and TeamViewer. Since, using it, an account manager can take control of your PC or a mobile device. Once you approve such access, they can easily access your online banking, crypto wallet, savings account, and any other place where you hold your funds. Therefore, and that’s not something you want to give away that quickly.
Novobrokers Accounts Overview
Customers can choose from one of the five Novobrokers account types. They are:
- Bronze – $1,000
- Silver – $10,000
- Gold – $25,000
- Platinum – $100,000
- VIP – $250,000
Starting with the Silver account, customers are entitled to 1-on-1 sessions with a personal adviser and live trading events once a month, while the Gold account brings free withdrawal fees and daily market review.
Novobrokers Broker – Countries Of Service
According to our research, Novobrokers mainly operates in:
- Canada
- Spain
- Australia
- Netherlands
- UK
All this without any license.
Also, avoid the trading frauds Fibofix, CFD Capital, and Crypto EU at all costs! Moreover, before investing, always look into the past of internet trading firms!
The Importance of Legal Documents
Legal documents can be one indicator of a broker’s legitimacy. Moreover, if you find the Terms and Conditions, Withdrawal Policy, and all other relevant documents filed with the necessary information, it’s a good sign. With brokers such as Novobrokers, you may find the T&C or any other legal document, but it will lack basic details. However, as already discussed, we know nothing about the broker-owner or legal jurisdiction, and this information is a must for any legitimate trading provider.
Novobrokers Range of Trading Instruments & Markets
Customers can trade in the following markets:
- Forex – EUR/USD, AUD/CAD, USD/CHF
- Stocks – Amazon, Facebook, Apple
- Cryptocurrencies – BTC, XRP, ETH
This offer is pretty limited, considering the lack of basic instruments, such as commodities and indices.
What Trading Terms Trader Novobrokers?
Novobrokers offers unspecified trading terms. Also, there’s nothing about leverage or spread, meaning that proper risk management is impossible and trading costs are unknown.
Minimum Investment Amount
The minimum deposit with Novobrokers broker is $1,000. The industry average is $250, which is a high amount, especially for an unlicensed trading firm. Besides, regulated brokers often offer Micro accounts starting from as low as $5. Thus, there’s no reason to risk such a big amount of money with this cyber-fraud.
Novobrokers Fees, Payment, and Withdrawal Methods
Due to the lack of a Withdrawal Policy, we don’t know much about withdrawals. Therefore, it seems that the only available payment methods are:
- Wire transfer
- Cryptocurrencies
This is a typical way of fraudulent brokers. Wire transfers are hard to recall, while crypto transactions are virtually untraceable. Investing using any of these puts traders in an unfavorable position when it comes to recovering funds.
Scammed by Novobrokers Broker? – Let Us Hear Your Story
If you were scammed by Novobrokers or any other fraudulent firm, let us know. Our experts may be able to help you recover stolen money. It’s of utmost importance to report the scheme right away so that we can act quickly and increase the chances of success.
Contact us via online chat to book a free consultation, and let’s get your funds back before it’s too late.