WikiFX Scam Alert: Beware of Novelis Capital!!!

Investors who are still trading forex at Novelis Capital had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

Let us start with the most important – the recent warning on August 29th against Novelis Capital (novelis.capital) issued by the Spanish financial regulator CNMV. You may check the warning on the screenshot below.

In it, the regulator states that the firm has been offering its services illegally on the Spanish markets. It is common for offshore firms to do just that – they approach clients from tightly regulated jurisdictions, while they operate from scam havens like Novelis Capital does.

WikiFX also paid a visit to the broker's official website to learn more. Novelis Capital is a broker registered in St. Vincent and the Grenadines under the company name Gnarly Solutions LTD. And although not all brokers registered in this country are scammers, WikiFX would recommend caution when turning to an offshore broker. St. Vincent and the Grenadines does have a financial authority- SVGFSA – but that financial authority only supervises the banking sector and does not deal with forex brokers at all. There are also no laws related to forex trading. As a result, many scammers have chosen this specific country as the base for their operation – because they would not be obligated to answer to anyone, report transactions, and meet requirements. All in all, they would be allowed to conduct business in any manner they see fit and treat clients as unfairly as they want. Unless you are dealing with a branch of a reputable international brokerage, WikiFX would suggest that you refrain from trading with offshore brokers.

Novelis Capital offers access to a quite generic web-based trading platform:

WikiFX will not deny that trading on such a platform comes with certain perks – this software is very easy to use and still offers its fair share of charting tools as well as features like a built-in economic calendar, the chance to set trading signals for changes in prices, or to set a Stop Loss/Take Profit. Trading on such a platform is not necessarily a bad choice – however, we have reasons to believe that even complete beginners would benefit from trading on a more advanced type of software such as MetaTrader 5.

Novelis Capital does not exactly offer the most impressive trading conditions. The spreads we got on their platform were around 3 pips on EURUSD – which is far, far too much. Such a spread would mean that for every lot you trade with this broker, you would have to pay $30 in markup – when many legitimate brokers can offer rates of around 1-1.5 pips.

When it comes to leverage, the broker claimed that we would not be able to go higher than 1:20 on the most basic account type – the one we opened. However, when we actually opened this account, we were forced to trade with 1:200 – a much higher and less safe rate. This leverage could not be changed from anywhere – which means that the broker would actively be putting you at risk of losing huge amounts of money. Trading with high leverage can indeed result in bigger profits – but it could lead to much bigger losses, especially for inexperienced new traders. That is why it is important to always trade with leverage you are sure you can handle.

As far as the minimum deposit with Novelis Capital is concerned, it is placed at $250. Legitimate brokers rarely charge as much, because they are not trying to pocket your money. Instead, micro accounts with them cost about $10 at most.

Furthermore, Novelis Capital issues bonuses that come with the following clause. It states that clients of the firm are not able to withdraw funds made with the bonuses it has issued. At the same time, there is no way to know what money is made using what – meaning this clause will be used as an excuse to prohibit any attempt to access your profits.

In order to withdraw the bonus, you would have to reach a turnover of 25 times the deposit plus the bonus.

Fair enough but keep in mind that such brokers will rarely treat you fairly – they often change their Terms and Conditions and either raise those turnover requirements or ask you to reach this turnover before you could withdraw anything – including your profits and deposits. Scammers usually do everything in their power in order to prevent withdrawals.

Now let's search “Novelis Capital” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/2956746788.html), Novelis Capitalcurrently has no valid regulatory license and the score is rather negative - only 1.12/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in Novelis Capital. The most important thing to learn about a firm is whether it is regulated. As far as the subject of today‘s review, Novelis Capital, the answer is no. What’s more, not only is the company not overseen by any regulatory body – it is actually also running a scam, which has earned it a warning from the regulatory body of Spain.

WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!