TraderNovo Review

WHO IS TRADERNOVO?      

According to research in South Africa, TraderNovo is ECN Forex broker based in the Marshall Islands that has been in operation since 2015, and offers traders access to Forex, CFDs, indices, commodities, and stocks from all over the world.

TraderNovo offers a variety of accounts along with access to leverage up to 1:300 in addition to offering the use of MetaTrader 4 through which trades can be executed.

Traders should note that TraderNovo is an unregulated broker and there is no guarantee that client funds are protected when using this broker to facilitate trades.

SAFE OR SCAM?

The first and one of the most important factor to continue when evaluating and comparing brokers is the broker’s regulation as this is the starting point at which traders can distinguish the level of security pertaining to their funds.

Regulated brokers keep client funds in segregated accounts, separate from the company’s funds, and these funds are designated only for use in executing trades. Without regulations in place, funds, and other aspects, such as client information, may be compromised.

TraderNovo is not regulated and traders are duly cautioned in registering a live account with this broker and entrusting TraderNovo with their capital as issues may arise and traders may be exposed to risks involving the loss of substantial capital.

PRO AND CONS

LEVERAGE

Leverage is an extremely useful tool which can be used to increase the chance of gains and profit by allowing traders to open positions much larger than their initial deposits.

While leverage is useful, it also involves the risks of substantial losses that may exceed the trader’s initial deposit if the broker does not provide negative balance protection, which is the case with TraderNovo.

TraderNovo offers traders with access to maximum leverage up to 1:300 which is average and a typical ratio when compared to other brokers with similar trading conditions.

ACCOUNTS   

TraderNovo offers a choice between four different accounts with differing minimum deposits and additional features including:

• Novo ECN Account – minimum deposit of $1,000, leverage of up to 1:300, live market news, live support, and mobile trading.
• Novo Account – minimum deposit of $5,000, leverage of up to 1:300, similar features to the ECN account with the added benefit of access to market analysis, and daily signals.
• Novo Pro Account – minimum deposit of $10,000, leverage up to 1:300, similar features to the Novo account with added access to a direct dealing room.
• Novo ECN Pro – minimum deposit of $100,000, leverage of 1:300, similar features to the other accounts but with access to trading conditions that are more flexible than what is offered on other account types.

There is no information on the type of spreads traders can expect, or whether they are fixed, variable, or floating as the TraderNovo website is inaccessible and there is a lack of information pertaining to this provided by previous reviews done on the broker.

There is no information on whether TraderNovo charges commissions or whether there is the option of an Islamic Account for Muslim traders who follow the Sharia law that prohibits its followers from paying certain interest, such as overnight fees.

According to previous reviews, there is a demo account provided which is an added benefit for traders who are comparing brokers as it allows them access to exploring the broker’s trading conditions in a risk-free environment.

MARKET INSTRUMENTS

TraderNovo offers the following tradable financial instruments:

• Forex
• CFDs
• Indices
• Commodities
• Stocks

FEES

Apart from the minimum deposits required when opening an account, extraordinarily little information is available on the trading and non-trading fees that TraderNovo charges.

The minimum deposit required to open an entry-level account is $1,000, which is exuberant when compared to regulated brokers who require as little as $100 to open an account and who offer far more attractive trading conditions.

The TraderNovo website is inaccessible, so the spreads that the broker offers along with the commissions that traders can expect cannot be verified or compared to that of other brokers.

This puts TraderNovo at a great disadvantage as evaluating fees when choosing a broker is one of the crucial factors that traders have to consider ensuring that the fees are in line with their trading plans, financial objectives, and other factors.

There is no information on additional fees that TraderNovo may charge and traders will have to consider being subjected to the following possible fees:

• Margin requirements
• Overnight or swap fees
• Account maintenance and management fees
• Inactivity fees
• Deposit and withdrawal fees, and
• Currency conversion fees, amidst others.

DEPOSIT AND WITHDRAWAL

TraderNovo supports a variety of popular payment methods which includes:

• Bank Wire Transfer
• Credit/Debit Cards
• E-wallets such as Moneybookers, and more.

There is a lack of information pertaining to the deposit currencies supported by TraderNovo, but generally accepted deposit currencies include USD, GBP, EUR, and others.

TRADING PLATFORMS

TraderNovo provides traders with the ability to execute trades, account management, and several other functions, through supporting the use of MetaTrader 4.

MetaTrader 4 is a powerful trading platform that is one of the most popular, reputable, reliable, user-friendly platforms offered by numerous brokers and used by millions of traders.

MetaTrader 4 has numerous features that cater for each and every aspect of trading needs, preferences, and objectives in addition to being available to the following devices:

• Desktop PCs that run either Windows, Linux, or Microsoft.
• Mobile devices that run Android or iOS operating systems, or alternatively,
• The trading platforms can be accessed through any web browser.

HOW TO OPEN AN ACCOUNT

The process involved with opening an account with TraderNovo cannot accurately be depicted as the broker’s website is inaccessible and there is extraordinarily little information provided in previous reviews done on the broker.

The general procedure involved with brokers consists of the completion of an online application, or the downloading, completing, signing, and submission of the application form along with supporting documents to the broker’s accounts department.

Such online account applications require information such as the trader’s personal information, financial information, residential address and contact details, and often a questionnaire to determine the trader’s trading experience.

Most brokers also require traders to provide proof of their identity and residential address as part of a ‘Know Your Client’, or KYC, process which is considered mandatory.

After the application and supporting documents have been received, it will be reviewed, and the trader will be notified of the outcome of their application.

Should their application be successful, the account that they applied for will be opened as soon as the minimum deposit amount indicated for the specific account has been deposited into the trading account, after which trading can commence.

CUSTOMER SUPPORT

According to previous reviews, TraderNovo customer support can be contacted either by telephone, via email, or by using the live/instant chat function on the website.

This information cannot be verified as the TraderNovo website is inaccessible.

EDUCATION       

According to previous reviews, TraderNovo provides the following educational tools and resources:

• Webinars
• Trading tutorials, and
• Other guides to aid beginners in their journey to becoming experienced traders.

RESEARCH         

According to previous reviews, TraderNovo provides the following research tools and resources:

• Economic calendar
• Market news, and
• Daily Market analysis

AWARDS

There is no information available that would suggest that TraderNovo has won any rewards.

CONCLUSION  

When compared to the competitive and comprehensive trading conditions provided by well-regulated brokers, TraderNovo is at a great disadvantage.

The purpose of providing adequate and relevant information on the broker websites is to allow traders to compare brokers in an extensive and comprehensive manner to determine whether the broker caters for their trading needs and objectives.

TraderNovo’s fees are not transparent and truly little information is available on this, to such an extent that the broker’s legitimacy is greatly questioned.

Traders are duly cautioned in placing their trust, and their funds, in the hands of unregulated brokers, especially when so little is known about the broker and what they have to offer.

DISCLAIMER

Traders are firstly warned of the dangers involved with using unregulated brokers to facilitate trades along with the warning of using brokers who do not have transparent fee schedules as this might lead to substantial losses.

Traders are additionally warned about the risks involved with trading leveraged and margined financial instruments as there are substantial risks involved that may increase the chances of loss incurring which may exceed the initial deposit of the trader.

Traders need to adequately evaluate their financial and trading objectives and ensure that they have adequate risk management protocols in place to minimize the chances of substantial losses that derive from the risk involved with trading on leverage and margin.

FAQs

TRADING ENVIRONMENT

How many instruments can I trade with TraderNovo?

You can trade the following financial instruments with TraderNovo:

• Forex
• CFDs
• Indices
• Commodities, and
• Stocks

Which platforms are supported by TraderNovo?

Metatrader 4.

Does TraderNovo offer leverage?

Yes. TraderNovo offers leverage of 1:300.

What spreads can I expect with TraderNovo?

This information is not available as the broker’s website is inaccessible and previous reviews do not offer this information.

Does TraderNovo charge commission?

Unsure. This information is not available.

Is TraderNovo regulated?

No. TraderNovo is not regulated.

Is TraderNovo a recommended forex trading broker for experts and beginners?

No. TraderNovo is not recommended at all due to the lack of regulation and information available on this broker.

What is the overall rating out of 10 for TraderNovo?

0/10

ACCOUNTS

What is the difference between a demo and live trading account?

A Demo Account is a risk-free account which is funded by virtual money and allows traders to either practice trading, explore the brokers offering, or test trading strategies in a mimicked live trading environment.

Does TraderNovo offer a demo account?

Yes.

For how long is the demo account valid?

This information is not available but when generally comparing demo accounts between brokers, the frequent term is 30-days.

Which live trading accounts does TraderNovo offer?

• Novo ECN Account – minimum deposit of $1,000, leverage of up to 1:300, live market news, live support, and mobile trading.
• Novo Account – minimum deposit of $5,000, leverage of up to 1:300, similar features to the ECN account with the added benefit of access to market analysis, and daily signals.
• Novo Pro Account – minimum deposit of $10,000, leverage up to 1:300, similar features to the Novo account with added access to a direct dealing room.
• Novo ECN Pro – minimum deposit of $100,000, leverage of 1:300, similar features to the other accounts but with access to trading conditions that are more flexible than what is offered on other account types.

What are the available deposit currencies for a live trading account?

There is a lack of information pertaining to the deposit currencies supported by TraderNovo, but generally accepted deposit currencies include USD, GBP, EUR, and others.

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for TraderNovo?

$1,000.

How do I make a deposit and withdrawal with TraderNovo?

• Bank Wire Transfer
• Credit/Debit Cards
• E-wallets such as Moneybookers, and more.

Does TraderNovo charge withdrawal fees?

Unsure. This information is not available.

How long does it take to make a withdrawal?

This will depend on the method through which withdrawals are made along with the process involved and generally it can take between one and several business days.