NovusCM is a CFD, FX and cryptocurrency broker that has been in business since 2011. They are operated by Velmon Enterprises, LTD, located in the Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands, MH96960. While this broker does have a decent reputation it is an unregistered, unregulated offshore based broker so it is wise to be cautious when choosing them.
Is NovusCM A Scam?
There is alleged evidence that NovusCM is a scam, primarily the list of complaints registered on RipoffReport.com. There is also evidence, even if they aren’t a scam, that they do not have your best interests in mind. They still offer sign-up bonuses if you can believe that. The bonuses come with a mandatory rollover of 30X the deposit and the bonus. This doesn’t make them a scam but it does mean you need to be careful.
Editor’s Note: Why Doesn’t NovusCM Suck
NovusCM doesn’t suck because they offer a wide variety of assets and trading types on an easy to use, easy to access platform. They also don’t suck because they will accept clients from just about anywhere, even in the USA.
Why NovusCM Might Suck
NovusCM might suck because the more I dig into it the more it looks like the old-school binary options websites, you know, the scam websites, and the comments I’ve seen don’t really give me much faith in their trustworthiness.
Should I Open An Account With NovusCM?
NovusCM is a full-service CFD, FX and cryptocurrency trading platform. They offer a number of ways to trade including through MT4 desktop or web-based platform as well as the Tradersoft platform for CFD’s and cryptocurrency. The asset list is quite good, they have forex, commodities, stocks, and indices as well as some cryptocurrency pairs.
The first thing you will notice is how limited the web-based platform is. It is very buggy and gives little in the way of trading tools or analysis. The good news is that trading is very easy, one click is all it takes, so you can lose money really fast. They do offer a stop-loss/take-profit limit order to provide a semblance of safety but again, with such a buggy platform you can’t really trust it. So, should you open an account with NovusCM? Only if you want to use one of the worst trading platforms I’ve seen.
When I first began researching this company I was pleasantly surprised to find it getting good reviews on FXEmpire (4 stars) and other trusted sites so it was a little disconcerting when I discovered the complaints I am going to share with you here. The Ripoffreport.com has several very recent complaints to the effect this broker will not return your money. They use deposit bonuses to lock you in, make you jump through hoops to request withdrawals and then sic their abusive client representatives on you if you complain. There is also the chance that this is the same company accused of operating a recovery room scam under the name of Novus Capital Markets. No thanks NovusCM.
NovusCM.com Regulatory Warnings
23.4.2018 – NovusCM.com was warned by Italy’s CONSOB for operating a broker without a license or registration in Italy. The warning includes aggressive marketing toward Italian citizens.
Trading Bitcoin With NovusCM.com
Yes, you can trade Bitcoin CFD’s with NovusCM.com but why would you want to. This is not a great broker, not even a good one. If you just want to lose your money I’ll send you my Paypal address and you can give it to me.
NovusCM.com Ratings 58/1000
User Friendliness 10/20
The platform is unfriendly. In fact, it reminds me a lot of the old first generation binary options platforms, simple and sketchy. It comes in a number of languages though and can be used on mobile so there is that.
Number of Assets And Expiry 18/20
They do have a good asset list, and the assets are actually tradable, not just listed unlike some of the scams I’ve seen. Lots of brokers say they have a long asset list but most are just saying that to get your attention. The expiry time is unlimited with CFDs and forex so no worries there.
Commissions, Support And Effective Return 15/20
Again, not a bad broker but not a good one either. Commissions are non-existent but there is a spread to overcome. Support is there but it took a long time to answer and effective returns are what you make them.
Deposit, Payment And Bonus 15/20
Deposit is easy and can be done by wire, credit card or eWallet. Payments may take up to two full weeks (assuming you can get one) before they show in your bank account. There is also a 3.5% withdrawal fee to be aware of, the minimum fee is $30 and the max is $3500. Bonuses are up to 75% for the highest level accounts, deposits over $20,000 (you’re nuts if you give that much to these guys), and they will tie up your balance and prevent withdrawal. Turnover is 30X deposit and BONUS.
Website Extra’s 10/20
Not much to call extra here. Move along, these are not the droids you are looking for.
NovusCM Overall Ratings: 68/100