NovaTrades is a broker that could be interesting for South African traders, so we decided to do a review about it. It claims to be incredibly fast and safe, so we wanted to see what kind of broker this actually is. Before you make a deposit, it is always good to read to see if the broker is adequate for you and will it support you on your trading journey.
NovaTrades claim to be not a broker, but an exchange that offers tools, features and numerous benefits that will help you utilize your trading skills. Allegedly, they accept deposits in fiat and cryptocurrencies: EUR, GBP, USD, Bitcoin, Ethereum and Tether.
Read our review to find out more about NovaTrades.
We recommend you try trading with the most popular broker in South Africa – IQ Option!
Traders who choose to trade with NovaTrades can expect different account types. What makes them very unusual is that there are no publicly displayed deposits for each type. Every trader has the right to know how much he has to deposit before actually contacting the broker. We managed to find out how the minimum deposit is $250.
This account is described as the best choice for beginners. Traders get access to MetaTrader4 platform and basic training. The personal account manager and an expert advisor will be dedicated to you, as well. You can trade fixed spreads and use hedging, resource center, knowledge center and leverage up to 1:100. Customer support is available 24/5.
The bronze account is also equipped with the MT4 platform. You get most features available with the Mini account, but also access to webinars and floating spreads.
NovaTrades describes this account as a bestseller. Advanced training, experienced consultant, expert advisor, daily market alerts and one-on-one trading are also available. Leverage is 1:200.
The gold account unlocks all features. You get expert training, personal trainer, expert advisor, floating spreads, 1:200 leverage, and all the perks of silver account. What makes it special is custom-made bonus policy and custom-made trading conditions.
NovaTrades accounts are very diverse, but have one thing in common – they all offer expert advisors and additional consultant services. Traders should think twice before using such services, as it is always wiser to trade independently.
NovaTrades Demo Account
With Novatrades, you can also trade on a demo account first. The demo account is available on the desktop version of the MetaTrader4 platform. In order to get a demo, you will have to register. Then, you will be assigned a special account number and password. The next step is to download the MetaTrader4 platform, enter your data and then you can start demo trading. You will get 10,000 virtual money you can use to learn about the platform and everything it has to offer.
It seems that there is no demo account available on the web trader platform, as the MT4 download was explicitly requested. This demo account could be a little too advanced for beginners, but experienced traders will definitely enjoy it.
NovaTrades Islamic Account
Muslim traders from South Africa can trade with NovaTrades swap-free thanks to the Islamic Account. The broker refers to it as Swap-Free, but basically, it is an Islamic account as there are no swaps and commissions. It remains unclear whether or not traders of other religions can use it as well. If you want this account, make sure to contact customer support that will add this special status next to your name.
NovaTrades Software and Platform
NovaTrades uses the popular MetaTrader4 platform by MetaQuotes. It is one of the most used platforms in the forex industry. MetaTrader4 can be used for desktop trading, web trading and mobile trading. The platform comes equipped with a great number of tools and features.
The desktop platform is considered to be most suitable for advanced traders. First, you have to download it and use the account ID number and the password you received upon registration for a real trading account. Install the platform to your computer, enter login credentials and you can see what platform looks like.
During NovaTrades review, we noticed how we can’t access the web trader no matter what we do. We were offered only the desktop version. While we appreciate advanced trading features, a web trader is definitely more suitable for beginners. In our opinion, it may be that the web trader wasn’t properly integrated into the user interface.
NovaTrades asset list left us a bit disappointed, as there were only four currency pairs available: EURUSD, USDCHF, GBPUSD, USDJPY.
Even beginners will find this number to be quite underwhelming. A good variety of assets is crucial for optimum portfolio diversification.
NovaTrades Customer Support
NovaTrades education section provides traders with useful articles. Unfortunately, there are no videos, webinars, or e-books, but this is a good place to start. Of course, articles are more convenient for traders who prefer to learn by themselves. NovaTrades also prepared some webinars and one-on-one lessons, but they are available only with specific account types.
NovaTrades doesn’t have a live chat. Shame, as live chats are the most direct way to communicate with the broker. Live chats are also quick and easy to use. Traders from South Africa can use the phone number for the UK (which will cost them) or can write an email. We hope that they will add a live chat soon. Phone calls and emails, no matter how fast and direct in the past, now seem like relicts from long ago as they cost time and money.
NovaTrades Deposit and Withdrawal
In NovaTrades review, we wanted to find out what currencies can be used for making a deposit or a withdrawal. On their homepage, it says that you can use EUR, GBP, USD, Bitcoin, Ethereum and Tether. However, the FAQ tells a whole different story – you can use only EUR and GBP. During the registration, we were offered only with GBP and EUR. The minimum deposit is 250 EUR, but if you want to use a bank wire, it will be 3,000 EUR. There is no minimum withdrawal mentioned, except for bank wire transactions – 3,000 EUR. Dormant accounts are charged with a 10% fee. They are considered dormant after not placing a trade for 6 months. The bonus policy we encountered was pretty vague and didn’t offer any special details on how to trade with bonuses, so we advise you to decline the bonus.
NovaTrades: A Scam or Not?
NOvaTrades seems like an interesting broker, but there are some things that could indicate how there are better choices out there. We would appreciate it if the broker would have transparent trading conditions and bonus policies for all traders. We can’t say this is a scam, but we rather recommend you try IQ Option, the most popular broker in South Africa!
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