NovalOption has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Market...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I requested my data from NovalOption under GDPR. They sent a partial export that was missing months of transactions. When I asked for the rest they said it was a technical issue. Still waiting. They do not take data rights seriously.
Pros: Detailed reporting|Fast support response
Cons: Desktop app not available on Linux
The platform at NovalOption is riddled with bugs. Charts display incorrect data, order confirmations sometimes fail silently, and the portfolio tracker disagrees with actual positions. After since last summer of dealing with this, I have had enough.
Pros: Multi-currency support|Fast deposits
Cons: Inactivity fee applies after 12 months|Minor UI glitches occasionally
I found this company through a friend who recommended it. Before investing, I checked various regulatory databases and found that NovalOption 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.
Pros: Website looks legitimate on the surface
Cons: Unauthorized firm|Found in IOSCO warnings database
If you are reading this considering NovalOption - run. I wish I had read more negative reviews through a forum discussion. I thought the positive ones were real. Maybe some are. My experience over for just over a year has been so bad I feel obligated to warn others. Do not make my mistake.
Pros: Multi-currency support|Smooth onboarding|Transparent fees
Cons: Live chat only during business hours
I invested $500 with NovalOption after seeing their professional-looking website. At first, everything seemed fine - they showed me impressive returns on my dashboard. But when I tried to withdraw, they kept making excuses. First it was "processing time," then "verification needed," then "you need to pay a tax fee first." I never got my money back. I have since reported them to Financial Markets Authority.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
Where do I even begin with NovalOption? for a few weeks now 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: API access|Educational resources|Risk management tools
Cons: Minor UI glitches occasionally|Search feature is basic
After using NovalOption for about ten months, I decided to move my account elsewhere. The platform was unreliable, withdrawals took an unreasonable amount of time, and I could never get a straight answer from customer service. Frustrating experience overall.
Pros: Excellent charting|Helpful community forum
Cons: Currency conversion fee exists
NovalOption offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Customizable dashboard|Fast execution|Tax reports included
Cons: Slow to add new assets|Charting tools need more indicators
NovalOption changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Intuitive for beginners|Dedicated account manager|Smooth onboarding
Cons: Website design could be more modern
I wanted to transfer my portfolio from another broker to NovalOption. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Instant funding|Transparent fees|Risk management tools|Detailed reporting
Cons: No live chat on mobile|Cannot customize dashboard fully