Is novotrend legit? Novotrend.co reviews

Novotrend Review: Is this Forex Broker a Scam or Legit?

Forex trading can be lucrative, but it can also be risky if you choose the wrong broker. One of the brokers that have been gaining attention lately is Novotrend. If you are considering trading with this broker, it is crucial to do your due diligence and research before depositing any funds. In this comprehensive review, we will look at Novotrend’s features, trading software, regulations, and more to help you decide if it is the right broker for you.

About Novotrend

Novotrend is an offshore brokerage that offers forex and crypto investment services to clients. According to their website, they also offer trading in stocks, commodities, bonds, and indices. The broker claims to use the latest technology to ensure fast and secure trading for their clients.

Novotrend is operated by Novotrend Ltd, a company registered in Saint Vincent and the Grenadines. This offshore zone has no broker regulations in place, and the local Financial Services Authority does not license or supervise the activities of forex brokers or other types of brokers. This lack of regulation raises red flags for many traders, as it can increase the risk of fraud and scams.

Is Novotrend a Scam Forex Broker?

Many traders are concerned about the legitimacy of Novotrend, and for good reason. As an unregulated broker, Novotrend does not offer a money-back guarantee, which means that clients’ funds are at risk if the broker turns out to be a scam. Furthermore, Novotrend does not have a proven track record of success, and their website lacks transparency about their trading fees and account types.

Novotrend provides the MetaTrader 5 (MT5) platform, which is a popular choice among traders due to its advanced features and user-friendly interface. However, we were unable to test the software as the option to create a demo or live account was not functional. This lack of functionality raises concerns about the broker’s technical capabilities and overall reliability.

Novotrend’s Licensing and Regulation

Novotrend operates in an offshore zone with no broker regulations in place. This means that they are not licensed or regulated by any financial authority, and their operations are not supervised by any regulatory body. As a result, there is a higher risk of fraud and scams, and traders’ funds are not protected by any regulatory body.

Novotrend Account Types and Leverage

Novotrend does not specify their trading account types, which can make it challenging for traders to choose the right account for their needs. The broker provides a leverage capped at 1:500, which is higher than the industry average. This high leverage can be tempting for some traders, but it can also increase the risk of losing funds due to volatile market conditions.

Novotrend Minimum Deposit and Payment Methods

Novotrend’s minimum deposit is specified as $50 based on the account type. In contrast, some licensed forex brokers can offer clients a trading rate as low as $100 with the assurance of their trading funds. Novotrend accepts deposits through cryptocurrencies, which is a common practice among offshore brokers. However, payments made through this method are anonymous and cannot be traced back to a specific person, which can increase the risk of fraud and scams.

Novotrend Review: Pros and Cons

Pros:

• Novotrend offers a wide range of instruments for trading, including forex, stocks, commodities, crypto, bonds, and indices.
• The broker provides leverage up to 1:500, which can be attractive to some traders.
• Novotrend claims to offer the popular MetaTrader 5 (MT5) trading platform.

Cons:

• Novotrend is an offshore broker registered in Saint Vincent and the Grenadines, which has no broker regulations in place.
• The broker does not offer a money-back guarantee, which means trading on such a platform is risky, and your money cannot be refunded.
• Novotrend does not specify its trading account types, and the option to create a Demo or Live account was not functional during our research.
• Novotrend is not a licensed brokerage firm, and 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.

Overall, we advise traders to be cautious when considering Novotrend as their trading platform. While it does offer a wide range of instruments and leverage up to 1:500, the lack of licensing and regulation, as well as the absence of a money-back guarantee and the inability to create a Demo or Live account, are serious red flags that should not be ignored. Instead, we recommend traders to opt for regulated brokers like Fortrade, which is licensed and regulated by the FCA (Financial Conduct Authority) in the UK and ASIC in Australia, and offers trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies.

Novotrend reviews

When it comes to online trading, reading reviews can be very helpful in deciding which broker to use. Unfortunately, many of the reviews for Novotrend are negative, with some traders reporting losses and difficulty withdrawing their funds.

On Trustpilot, Novotrend has a rating of 1.7 out of 5 stars, based on 30 reviews. Many of the reviews mention issues with withdrawing funds, as well as poor customer service and aggressive sales tactics. Some users also report that the platform froze or crashed during trades, resulting in losses.

On Forex Peace Army, Novotrend has a slightly higher rating of 2.9 out of 5 stars, based on 31 reviews. While some users report successful trading experiences, others mention similar issues with withdrawing funds and unresponsive customer service. Some reviewers also question the legitimacy of the broker, given its lack of regulation.

It’s worth noting that not all reviews for Novotrend are negative, and some users report positive experiences with the platform. However, the large number of negative reviews and reports of difficulty withdrawing funds are definitely cause for concern.

Overall, it’s important to do your research and read a variety of reviews before choosing a broker. While Novotrend may offer some attractive features, its lack of regulation and negative reviews should give traders pause before depositing funds on the platform.

Summary

Novotrend is a forex brokerage that promises to provide its clients with crypto investment services as well as other instruments like forex, stocks, commodities, crypto, bonds, and indices. However, before you consider using this brokerage, it is essential to understand whether they are a reliable and trustworthy platform.

The first thing to note about Novotrend is that it is a trade name of Novotrend Ltd., which is registered in Saint Vincent and the Grenadines (SVG). This offshore zone has no broker regulations in place, which raises a red flag for potential traders. The local Financial Services Authority warns that they do not license forex or other types of brokers and do not supervise the activities of International Business Companies engaged in such activities. This lack of regulation means that traders should exercise caution before depositing funds with this broker.

Additionally, Novotrend does not offer a money-back guarantee, which means that trading on their platform is a significant risk as your money cannot be refunded. It is advisable to check for regulated and licensed brokers on financial authorities’ websites before depositing funds for trading.

A regulated broker that can be considered is Fortrade, a UK-based broker with an 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, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus, as well as IIROC in Canada, which makes client funds safe. They accept traders worldwide, and their official website is accessible for more information.

Regarding account types, Novotrend does not specify its trading account for clients. The broker provides a leverage capped at 1:500. Novotrend’s minimum deposit is specified to be $50 based on the account type. In contrast, some licensed FX brokers can offer clients trading rates as low as $100 with the assurance of their trading funds. The broker accepts deposits through cryptocurrencies, which does not allow refunds or chargebacks. Offshore brokers are commonly known for accepting cryptocurrencies, and payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person.

Novotrend claims to offer the industry-standard MetaTrader 5 (MT5) platform, which is an advanced trading platform used by many reputable brokers. However, we were unable to test the software because the option to create a demo or live account was not functional. It is advisable to use forex brokers with advanced trader like MT4/MT5 to have the best features of real-time quotes, financial news, various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors. However, it is not recommended to do that with an unregulated forex broker like Novotrend because you stand the chance of losing your money.

Novotrend is not a licensed brokerage firm and is not under any financial regulation. Wiring your money for trading with an unlicensed and unregulated brokerage like Novotrend is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

In conclusion, Novotrend may appear like a reliable trading platform, but it lacks one important indicator – its license. Traders should steer clear from unlicensed brokers as it is likely run by scammers. It is advisable to rely on regulated brokers like Fortrade or any licensed entity. Remember, the integrity of a corporation is crucial, and it doesn’t matter if you make a lot of money but cannot take it out.