UK FCA issued warning against NovaTrades company

April 13, 2018 at 01:06 AM

Among the latest issued warnings of the UK’s Financial Conduct Authority (FCA) is the one against an unregulated financial services provider – company NovaTrades that appear to target UK and European residents (as its website gives the option to choose between English, Italian, Spanish, German and Portuguese). The particular attention was paid to this company as it’s not authorized by the FCA and is also carrying on regulated activities which require authorisation. According to company’s website (https://www.novatrades.com/), Novatrades is registered in the Marshall Islands, which means it’s an offshore company. Forex brokers incorporated there are not licensed, nor monitored by any authority. This broker offers options for trading in some of the liquid assets, also currency pairs, stocks, most major financial indices, and commodities. NovaTrades operates via the popular MetaTrader4 trading platform. There are numerous negative reviews about NovaTrades found on different websites and forums. Those who invested with this company state that it’s not possible to withdraw the money from their accounts and that declared on the website terms and conditions are not followed by the management. Seems like NovaTrades might be one of those fraud companies. The FCA is known for its strict rules and severe supervision. It keeps the track of the authorized and licensed forex and binary companies where the potential investors can check if the chosen broker is licensed before engaging with it. This agency also issues alerts against the companies that can possibly harm the investors.