Novotrend is a contract for difference (CFD) broker that was registered in Saint Vincent and the Grenadines on January 27, 2017. It primarily offers CFD trading services in various asset classes such as stocks, metals, commodities, and indices to investors. The broker's official website mainly provides services in English and Russian and does not serve residents of the United States, Canada, Sudan, Syria, North Korea, and the European Economic Area.
Company Background and Regulatory Status:
According to publicly available information on their website, Novotrend's registered entity is Novotrend Ltd, with a company registration address at Suite 305, Griffith Corporate Center P.O. Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines, and a company registration number of 23835. The actual office address is Suhail Sulayem Building, Unit No 108, 334-Al Satwa, Dubai, UAE. Based on a Whois query, the broker's website was registered on September 14, 2021.
Upon investigation, it has been found that Novotrend is listed on the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) website as Novotrend Ltd with registration number 23835. However, the SVGFSA does not regulate, supervise, monitor, or license business companies (BCs) engaged in forex trading or brokerage activities. Their regulatory scope is limited to ensuring that BCs comply with the obligations set forth in Chapter 149 of the Revised Laws of Saint Vincent and the Grenadines, 2009, titled the "International Business Companies (Amendment and Consolidation) Act." Therefore, Novotrend Ltd is not legally regulated.
Account Opening:
To open an account with Novotrend, you would typically need to register on their official website and log in. However, it appears that this service has been disabled, and the website does not provide an explanation or a solution for this issue.
Account Types:
Novotrend offers users both demo accounts and copy trading accounts, with a minimum deposit amount of $100. There is no additional information available about different account types, including minimum deposit amounts, trading leverage, minimum trade size, maximum trade size, maximum position size, spreads, trading commissions, overnight fees, and other key trading information.
交易平台：
Novotrend官网显示其为用户提供MT5交易平台,包括安卓版和ioss版，但其官网仅显示平台图标，并未提供相应的下载链接。
Deposits and Withdrawals:
Novotrend's website does not specify the supported methods for deposits and withdrawals. Users may need to contact the broker's customer support for more information.
Customer Support:
Novotrend offers customer support through email at team@novotrend.co and partners@novotrend.co, or users can use the online contact form on their website to reach out for customer support.
Summary:
Traderknows advises investors that Novotrend is a CFD broker that lacks valid regulatory oversight. Their website design is basic, and critical trading-related information is missing. Choosing this platform for trading may result in a lack of legal avenues for recourse in case of issues. Traderknows recommends that investors select trading platforms that are well-regulated and have a good reputation to avoid unnecessary financial losses.
At present, this broker is marked as "suspected scam" on Traderknows.
