Novatrades Review

Is Novatrades Scam or Legit Broker?

It is NOT SAFE to trade with Novatrades. It is located in the Marshall Islands and is not overseen by the industry authority, therefore maintains operation at its own standards.

• Being located in the famous offshore zone signing with the company may involve significant risk, as simply the potential investor will trust just the word of mouth, not confirmed by any legitimate agency that oversees the business from outside. For that reason, the first and mandatory step while choosing the brokerage is to check their regulatory status and to be sure that the operation is supervised by the legal regulator with the purpose to deliver a safe trading environment.

What is Novatrades?

Novatrades is a brokerage company, financial service and trading provider that is registered in the Marshall Islands, delivers its numerous trading opportunities with a diversified portfolio including Forex, CFDs and Cryptocurrencies.

• However, there are many fraud and scam offerings around the Forex business, while the industry regulators run the continuous monitor of the situation while trying to protect clients by educating them and listing the warnings against potential fraud.
• That was the case of Novatrades broker too, while the company was alerted by the UK’s FCA for the target of the residents without its legal permission to do so.

  “We believe the Novatrades Ltd. With its registered address in Marshall Islands carrying on regulated activities which require authorization, yet have not been authorized by us. We strongly advise you to only deal with financial firms that are authorized by us, and check the Financial Services Register to ensure they are.”

  FCA, UK. September 2018

Novatrades Review Conclusion

We do not recommend trading with Novatrades because of the lack of regulation and safety. Instead, we always recommend to trade only with the reputable and Regulated Forex Brokers that follow strictest international rules and protect clients in case of any issues. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Novatrades Update

Based on our research, the Novatrades website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.