Impersonation of Plus500AU Pty. Ltd. (novaprotrades.com) has been flagged by Australian Securities and Investments Commission for "Registered/Licensed entity impersonators". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
The only good thing about Impersonation of Plus500AU Pty. Ltd. (novaprotrades.com) is that they remind you why regulation matters. I found them through a financial advisor. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.
Pros: Multiple order types|Detailed reporting
Cons: Live chat only during business hours
I looked into Impersonation of Plus500AU Pty. Ltd. (novaprotrades.com) and found they appear in the regulatory warnings database. Australian Securities and Investments Commission has issued a notice about this firm. Whether this is a misunderstanding or a serious concern, the fact remains that proper due diligence is essential. Always verify the regulatory status of any company before investing your hard-earned money.
Pros: Information is publicly available for verification
Cons: Listed in IOSCO I-SCAN|May not be authorized in your jurisdiction
Several red flags with Impersonation of Plus500AU Pty. Ltd. (novaprotrades.com): (1) They promise unrealistically high returns, (2) They're not registered with Australian Securities and Investments Commission, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Cons: Not registered with regulators|Unrealistic promises
The platform itself is okay, but the customer service at Impersonation of Plus500AU Pty. Ltd. (novaprotrades.com) is truly awful. I waited weeks for a response to a simple inquiry. When they did respond, it felt like a generic template that did not address my specific issue at all.
Pros: Stable platform|Excellent charting|Detailed reporting
Cons: Account statements could be more detailed
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Impersonation of Plus500AU Pty. Ltd. (novaprotrades.com) is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics