NovoBrokers: A Comprehensive Review

Recently, we were asked about the legitimacy of “Novo Brokers.” This has prompted us to conduct this Novo Brokers review.

Did Novo Brokers scam you? Let us know by commenting below this review; we will provide free assistance.

A quick Google search reveals at least 3 websites called “NovoBrokers,” including:

1. NovoBrokers.com
2. NovoBrokers.net
3. NovoBrokers.io

While only novobrokers.net is currently online, we will review all three websites.

NovoBrokers.com Review

NovoBrokers.com was registered and hosted through NameCheap since October 14, 2021, updated on June 13, 2022, and is currently set to expire on October 14, 2023.

Withheld for Privacy, a privacy service, protects it.

It has a SEMrush Authority Score of 2% with 76 backlinks from 45 referring domains.

It redirects to NovoBrokers.io.

According to Wayback Machine, the domain has a history and was originally registered in 2009. Then, it had some more activity in 2011-2012. The most recent activity started at the end of 2021 through 2022. It has not been active in 2023.

NovoBrokers.com Review

SiteJabber

The Sitejabber reviews for Novobrokers.com span from June 1, 2022, to April 14, 2023.

Novobrokers.com has a Sitejabber rating of 2.4 stars based on 5 reviews, reflecting general customer dissatisfaction. Reviews are polarized and present a mixed bag of experiences. On the positive end, some users commend Novobrokers for its easy-to-use trading platform, up-to-date servers, and low fees. These users feel it is a reliable venue for trading stocks and forex, even suggesting that it suits beginners.

However, most reviews skew negative, with customers warning others to steer clear of the platform. Major grievances include withdrawal issues, alleging it is “impossible to withdrawal a dolar [sic].” Some customers have accused the platform of deceptive practices like manipulating trades. Others point out poor customer service, with accounts left unverified and no response to queries. One review claimed they had to employ an external service to recover funds, labeling Novobrokers as a ‘scam.’

Given the negative experiences shared, potential users are advised to exercise caution. It’s worth noting that all the positive reviews over the past 12 months are at 0%, according to Sitejabber’s metrics. This raises questions about the platform’s reliability and integrity. Based on the reviews, Novobrokers seems to be a high-risk choice for online trading, and potential investors should consider this information carefully before proceeding.

Reddit

A thread on Reddit’s r/Scams forum discusses the dubious practices of Novobrokers.com, an online trading platform. Users reported that they could deposit money but faced obstacles when withdrawing it. One user mentioned that customer service becomes unresponsive during the withdrawal process and even blocks the email addresses of users.

Some participants tried to examine the site’s legitimacy through domain registration history but concluded that longevity alone does not guarantee legitimacy. Others shared personal experiences of losing money, with amounts ranging from “spare change” to thousands of dollars. Users generally reported that after depositing money, communication from the company ceased. Some were even asked for sensitive information like credit card details to “terminate” their accounts.

There was also a mention of the company using the names of local celebrities without their knowledge to lure investors. A user reported that they had been able to recover lost funds through a third-party service, though the credibility of that claim is uncertain.

The consensus in the thread is that Novobrokers.com is a scam, and it is advised to stay away from it.

Personal-reviews.com

The review warns against investing in NovoBrokers, an unregulated forex broker. It highlights that NovoBrokers does not fall under any regulatory agency, a major red flag indicating that customers are not protected. The company also collaborates with websites offering “automated trading software,” another warning sign of possible scamming. The typical operation of such unregulated brokers includes calling people to persuade them to deposit money and offering deals that sound too good to be true.

The review advises that withdrawing funds from NovoBrokers is difficult and risky. Often, the company will delay the withdrawal process for months, making it impossible for clients to get their money back.

Several comments from readers of the review confirm that NovoBrokers is a scam, sharing stories of deceptive practices, difficulty in withdrawing funds, and unprofessional behavior.

NovoBrokers.io Review

As mentioned, NovoBrokers.com currently redirects to NovoBrokers.io, suggesting that the same entity owns both domains.

Novobrokers.io is currently not a registered domain.

The only trace of its existence is a hoard of 96 backlinks from 24 referring domains, such as sitejabber.com, cryptopolitan.com, and wikifx.com.

According to the cached version of the site from the Way Back Machine, Novobrokers.io offered various services, primarily focused on crypto, forex, and CFD trading.

NovoBrokers.io Reviews

The Google search results for “NovoBrokers.io” present a conflicting picture. While one review site, Sitejabber, indicates that NovoBrokers.io has a rating of 4.75 stars from 9 reviews, suggesting most customers are satisfied, many other sources claim otherwise.

Websites such as Scam Brokers Reviews and ForexBrokerz.com have blocklisted NovoBrokers.io as a scam. The platform has been flagged as an unlicensed broker involved in scams and fraudulent activities. Regulatory agencies like CNMV, FSMA, and CONSOB have also blocklisted the site. WikiFX gave it a low score of 1.2/10, and Scamdoc.com gave it a bad trust score of 5%.

Wikifx.com

The information provided suggests that Novobrokers is a broker from the United Kingdom, with a very low score of 1.22 out of 10 on the global broker governance and inquiry platform WikiFX. The platform warns that Novobrokers has a high potential risk and currently lacks valid regulatory information. Various indices, such as the Regulatory and Risk Management Index, are rated at 0.00, signaling strong caution. The business index is slightly higher at 4.77, and the software index stands at 4.00.

Novobrokers required a minimum deposit of $1,000, a point criticized by a user comment on the site for being high, especially when coupled with its low scores and lack of valid regulation.

Scambrokersreviews.com

The review by Scam Investigator, dated August 24, 2022, raises multiple red flags about Novobrokers.io. The platform is described as a fraudulent, unlicensed online trading provider with no known owners or regulation number. Regulatory agencies in Spain (CNMV), Italy (CONSOB), and Belgium (FSMA) have issued warnings against it.

Key points include:

1. Lack of Regulation: Novobrokers is not on official regulatory registers, including the FCA, despite allegedly being headquartered in the UK.
2. Untrustworthy: Being unlicensed, Novobrokers doesn’t offer negative balance protection or keep funds in segregated accounts, posing a high risk of financial loss.
3. Trader Warnings: User reviews mainly focus on withdrawal issues, claiming the platform blocks account access and does not approve withdrawal requests.
4. Suspicious Software: The platform encourages clients to download ScreenLeap, which allows account managers to take control of a client’s computer, posing serious privacy risks.
5. Limited Trading Instruments: Novobrokers offers a limited range of assets, including Forex, Stocks, and Cryptocurrencies, but lacks commodities and indices.
6. High Minimum Deposit: A minimum deposit of $1,000 is required, considerably higher than the industry average.
7. Incomplete Legal Documents: The Terms & Conditions and other legal documents are incomplete, lacking basic details that would typically validate a broker’s legitimacy.
8. Insecure Payment Methods: Payments can only be made via wire transfer or cryptocurrencies, methods which are hard to trace and recall, making fund recovery difficult.

NovoBrokers.net Review

Based on how NovoBrokers.com looked and the NovoBrokers.io copy, we can tell that all three sites – NovoBrokers.net being the third – were created by the same entity.

So, NovoBrokers.net is their current active website. Let’s dive into its review.

novobrokers.net was registered through NameCheap on May 29, 2022, updated on May 29, 2023, and is currently set to expire on May 29, 2024. Cloudflare and Withheld for Privacy protect it.

According to SimilarWeb, in July 2023, the site received 2,100 visits.

According to SEMrush, its traffic comes mainly from Spain but also from the United States, Australia, and other countries.

It has just two backlinks, from reviewed.gg.

Novobrokers.net is an online platform offering various trading services for different markets. It provides an ecosystem designed for traders worldwide. One of the primary instruments traders use on this platform is Contract for Difference (CFD). The website mentions that trading, particularly CFD trading, involves high risk and could lead to the loss of the entire invested amount. The site also offers investment in software solutions to help clients increase their capital.

Homepage

Novobrokers is an online trading platform offering various financial products, including Forex, Crypto, and Stock trading. The platform urges people to jump in on Ethereum trading, especially as Ethereum 2.0 is on the horizon. The website outlines the risk factors involved in Forex and CFD trading, emphasizing that about 74.28% of retail investor accounts lose money in these fields. The platform also provides education and resources, underlining that its published views and opinions are not investment advice.

Account Types

The platform has a tiered account system, with the Bronze account starting at $1,000 and going up to a VIP account requiring a minimum deposit of $250,000.

Each account tier offers varying levels of benefits, from basic spreads in the Bronze account to VIP spreads for the VIP account. Depending on your account type, they provide various resources, including free withdrawal fees, Forex eBooks & videos, and one-on-one academy lessons.

Trading events, real-time trading opportunities, and dedicated client relationship managers are also available as perks.

Their platform is based on the MT5 trading platform, and they also offer a mobile platform for traders on the go.

Cryptocurrency Trading

Novobrokers presents itself as a comprehensive platform for cryptocurrency trading, offering a range of tools and charts designed to aid novice and experienced traders. They discuss various trading strategies, from day trading to ‘HODLing,’ and suggest that their platform is flexible enough to support them. Additionally, they offer insights into market factors like media publicity, supply and demand, and government regulations, emphasizing their role in the volatile cryptocurrency market.

About Novobrokers

NovoBrokers purports to be a one-stop platform for financial trading and education, targeting both novice and experienced traders. The platform offers resources to guide you through various aspects of personal finance, from checking accounts to investment portfolios. They emphasize their high-quality educational content, including videos on credit cards, mortgages, and investing, to help you navigate the financial world.

NovoBrokers also offers software solutions designed to optimize your investment strategies with low risks, backed by a team of financial advisors and programmers.

The company portrays itself as a group of experienced and dedicated investors who can guide you toward achieving your financial goals while preserving your hard-earned money.

Contact

NovoBrokers provides multiple contact numbers for support and specifies that their customer support is available Monday-Friday from 10:00-21:00 GMT:

• Australia: +61-3-7067-2163
• Canada: +1-43-870-13881
• Poland: +48-732-104-275
• Spain: +34-932-420-645
• Belgium (French-speaking service): +32-460-24-72-52

They also provide an email address (support@novobrokers.net) and a physical location at 1 Lombard St, London, EC3V 9AA, United Kingdom. (However, according to Google Maps, an Underground Station Shop exists at this address.)

There is no information about regulatory oversight or the legal jurisdiction under which they operate.

Red Flags

1. Lack of Regulatory Information: One glaring issue is that licensing or regulatory oversight is not explicitly mentioned. Reputable brokers typically disclose their regulatory affiliations, such as with the FCA, CySEC, or ASIC, to affirm credibility.
2. Vague Company Information: The platform doesn’t delve into the specifics regarding its history or ownership, offering only nebulous claims about its team’s experience. This lack of transparency is concerning.
3. Software Solutions: They claim their software solutions are backed by ‘advanced investment algorithms’ to ensure high profitability with low risks. This is quite a sweeping claim without substantial proof or user reviews to validate it.

NovoBrokers.net Reviews

The Russian blog rabota-zarabotok.ru presents a cautionary tale about Novobrokers.net, labeling it a scam operation. According to the site, Novobrokers frequently changes its addresses to lure and deceive naive people into investing large sums of money under the guise of a legitimate trading platform.

The review emphasizes that all trading transactions on their platform are fake, and they do not allow users to withdraw their invested money. They are adept at lying and use fictitious names and fake licenses to gain trust.

Customer reviews on the site reiterate that Novobrokers is a scam, offering a consistent account of refusals to allow withdrawals and tactics designed to extort more money from investors. The victims mentioned that they were left penniless and even suffered health issues due to the stress caused by the scam.

Overall, the consensus is that Novobrokers should not be trusted under any circumstances, and investing money there will result in financial loss.

Conclusion

Our exhaustive review of NovoBrokers across its various domains paints a concerning picture. From low authority scores and negative reviews on SiteJabber to blocklisting by regulatory agencies and serious red flags like lack of regulatory information, the evidence overwhelmingly suggests that NovoBrokers is a high-risk and dubious platform. Customer experiences corroborate this, as they primarily revolve around issues with withdrawals and poor customer service, even raising allegations of scamming practices.

Furthermore, while the platform purports to offer various services and benefits, the absence of concrete evidence supporting its claims raises additional questions about its legitimacy. Its high minimum deposit requirement also seems disproportionate given its questionable status, putting investors at risk of significant financial loss.

Our investigation also revealed concerning lack of transparency about the company’s history, ownership, and regulation. The company’s claim of having “advanced investment algorithms” lacks verification, and its educational content seems more like a veil to legitimize an otherwise dubious operation.

Bottom Line

Given the severity and volume of the red flags, coupled with the negative customer reviews and lack of regulatory oversight, we cannot, in good faith, recommend NovoBrokers for trading or investment.

Prospective investors are strongly advised to exercise extreme caution and consider more reputable options.

If you are a victim of online scams, please let us know by commenting below, and if you have lost a significant amount of money, do not lose hope. We can help you recover your funds!