novustrade.net has been flagged by Cyprus Securities and Exchange Commission for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: novustrade.net.
The mobile app from novustrade.net is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Real-time alerts|Low minimum deposit|Great customer service|Fast deposits
Cons: Could offer more webinars|No crypto staking
After doing some research AFTER the fact (I know, I should have done this first), I discovered that novustrade.net 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.
Pros: Professional looking website
Cons: Lost entire investment|Reported to authorities|Unresponsive
If you are reading this considering novustrade.net - run. I wish I had read more negative reviews through a financial advisor. I thought the positive ones were real. Maybe some are. My experience over for a few weeks now has been so bad I feel obligated to warn others. Do not make my mistake.
Pros: Easy withdrawals|Competitive fees|Social trading features|Detailed reporting
Cons: Alert system is basic|Help articles are sometimes vague
The hidden fees at novustrade.net are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Comprehensive tools|Full transparency|Clear documentation|Competitive fees
Cons: Alert system is basic|Could offer more webinars
Several red flags with novustrade.net: (1) They promise unrealistically high returns, (2) They're not registered with Cyprus Securities and Exchange 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: Listed in warning databases|No transparency|Pressure to invest quickly
My withdrawal from novustrade.net was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. for about ten months of being strung along.
Pros: Good mobile app|Economic calendar|API access
Cons: Account statements could be more detailed
KYC with novustrade.net is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Full transparency|Automated trading options|API access
Cons: Limited cryptocurrency options
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. novustrade.net recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Good mobile app|Great customer service
Cons: Desktop app not available on Linux|Email notifications too frequent
novustrade.net locked my account without warning and demanded documents I had already submitted. since the beginning of the year later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.
Pros: Smooth onboarding|Social trading features|Dedicated account manager|Dividend tracking
Cons: No fractional shares
After doing some research AFTER the fact (I know, I should have done this first), I discovered that novustrade.net 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: Lost entire investment|Reported to authorities|Unresponsive