Novacover Services Limited (Clone of FCA authorised firm) has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services|Regist...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Where do I even begin with Novacover Services Limited (Clone of FCA authorised firm)? since the beginning of the year of broken promises, unanswered tickets, and a platform that feels like it was built in 2010. They spend more on marketing than on actually improving their service. Stay away from this company.
Pros: Fast deposits|Portfolio tracking tools|Regular platform improvements|Regular updates
Cons: No phone support on weekends
I found this company through a friend who recommended it. Before investing, I checked various regulatory databases and found that Novacover Services Limited (Clone of FCA authorised firm) has been flagged as an unauthorized entity. I informed my friend immediately. Please always verify with official sources - a quick search could save you thousands.
Cons: Unauthorized firm|Found in IOSCO warnings database
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. Novacover Services Limited (Clone of FCA authorised firm) recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Risk management tools|Intuitive for beginners|Competitive fees|Economic calendar
Cons: No integrated tax optimization
I referred a friend to Novacover Services Limited (Clone of FCA authorised firm) through a podcast recommendation. We both deposited. The referral bonus never arrived. Support said we did not meet the terms. When we asked which terms they pointed to a clause that was added after we signed up. Shady.
Pros: Excellent charting|Market news feed|Intuitive for beginners
Cons: Currency conversion fee exists
Do not use Novacover Services Limited (Clone of FCA authorised firm) for anything serious. I used them for nearly two years for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.
Pros: Dividend tracking|Transparent fees|Customizable dashboard
Cons: Alert system is basic|Charting tools need more indicators
Novacover Services Limited (Clone of FCA authorised firm) locked my account without warning and demanded documents I had already submitted. for close to eighteen months later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.
Pros: Portfolio tracking tools|Good analytical tools|High security standards
Cons: Desktop app not available on Linux|Would like more payment methods
I have been trying to close my account with Novacover Services Limited (Clone of FCA authorised firm) for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Regular platform improvements|Multi-currency support
Cons: Spreads widen during volatile periods
If you are reading this considering Novacover Services Limited (Clone of FCA authorised firm) - run. I wish I had read more negative reviews while looking for alternatives to my previous provider. I thought the positive ones were real. Maybe some are. My experience over since last summer has been so bad I feel obligated to warn others. Do not make my mistake.
Pros: Multiple order types|Economic calendar
Cons: Account statements could be more detailed
I experienced a security concern with my Novacover Services Limited (Clone of FCA authorised firm) account and reported it immediately. Their response time was inexcusable for a financial platform. It took them four days to acknowledge my report and another week to actually address it.
Pros: Demo account available|Competitive fees|Stable platform|Automated trading options
Cons: Wish they had more educational resources|Could offer more webinars
Tried to withdraw my funds from Novacover Services Limited (Clone of FCA authorised firm) and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Pros: Professional looking website
Cons: Withdrawal fees demanded|Communication cut off|Not authorized