Upon receiving numerous complaints about Novelis Capital broker, we decided to overview their business. Who’s behind the scenes, and are your funds safe? Can you file a complaint with any regulator?
All this and more can be found in our detailed Novelis Capital review.
On top of that, we seriously recommend you not to invest in the fake brokers Invest Kingdom, Bullden, and Cryptos Circus. Do not trade with these unlicensed brokers if you want to save your money!
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||CNMV, CONSOB, FSMA, Finanstilsynet|
|Owned by:||Gnarly Solutions Ltd|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Minimum Deposit:||250 USD|
|Cryptocurrencies:||Available – BTC, DASH, BNB|
|Types of Assets:||Forex, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Is It Possible to Make Money On The Novelis Capital Platform?
Making money is possible on virtually any platform. As long as the trading software functions, you can make a profit. The real question is if you can withdraw it. And that’s something we believe is the main problem with the Novelis Capital scheme.
The brand is owned by Gnarly Solutions Ltd, registered in Saint Vincent and the Grenadines. This offshore island has a financial register but not a regulator. Instead, companies are directed to obtain a license in the country of service.
Upon checking Tier1 registers, including major ones such as ASIC, FCA, BaFin, and CONSOB, we found nothing about Novelis Capital. Simply put, the firm operates unregulated and imposes a risk on your funds.
Reasons Not to Trust an Unlicensed Broker
There are a plethora of reasons not to trust unlicensed brokers. First, these companies don’t keep your funds in segregated accounts, despite their promises. Additionally, they don’t comply with regulatory rules about leverage limits, risk management, etc.
You will never be sure if your funds are withdrawable if you deposit with an unregulated offshore broker like Novelis Capital.
So, is Novelis Capital a Good Broker or a Scam?
Novelis Capital is an offshore trading website, registered in Saint Vincent and the Grenadines. Due to its fraudulent nature, the broker has been blacklisted in several countries, including Spain, Italy, Belgium, and Norway.
Warning Issued by The CNMV Of Spain
The Spanish regulator, CNMV, issued an official warning against Novelis Capital and its owner. According to it, the firm provides unregulated financial services, including Forex trading and financial advising.
The warning was later republished by the Belgian FSMA.
Also, Italian CONSOB.
And the Norwegian Finanstilsynet.
What Do Traders Think Of Novelis Capital?
Traders complain about the broker’s fraudulent activities. Instead of allowing payouts, the firm cuts contact with anyone who submits a withdrawal request.
According to victims, everything will be fine if you’re willing to invest. The moment you decide that you want your profit back, you’ll see it vanishing due to incompetent advice by an account manager.
Novelis Capital Offers MetaTrader? – Available Trade Software
Novelis Capital doesn’t offer MetaTrader. The only available software is WebTrader, with a suitable app for Android and iOS devices.
The web platform itself is nothing special. It has no advanced features such as EAs and social trading and doesn’t allow anything more than basic trading strategies.
Instead of wasting your time with such, you can find a legit platform offering a reliable trading solution, MT4 or MT5.
AnyDesk and TeamViewer – Access To Your Bank Account
If you look at the website’s home page, you’ll see links to download AnyDesk and TeamViewer. The two are remote desktop access apps, allowing the person from the other side to take full control over your PC or mobile.
Once they gain control, account managers can easily access your online banking or crypto wallet. From there, transferring everything to their pockets is a piece of cake.
Novelis Capital Accounts Overview
You can choose from one of the Novelis Capital account types:
- Silver – $250
- Gold – $1,000
- Pro – $5,000
- VIP – $10,000
Besides the initial deposit, accounts differ in leverage, maximum order size, and contract size.
Novelis Capital Broker – Countries Of Service
According to our research, Novelis Capital trading scam is widespread in:
Through regulatory warnings, you can see their presence in Italy, Belgium, and Norway.
Also remember the names of the TradeBaionics, AllCryptoMarkets and Lyndon Finance Limited trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Novelis Capital Range of Trading Markets
Novelis Capital gives access to all five major markets, including:
- Forex – EUR/AUD, CAD/GBP, USD/ILS
- Commodities – gold, natural gas, corn
- Indices – BE20, IBEX35, CAC40
- Shares – Amazon, Alibaba, Adidas
- Cryptocurrencies – BTC, BNB, USDT
While this offer may look solid, the firm still runs a shady business.
What Is Known About Novelis Capital’s Trading Conditions?
Trading conditions, such as spread and leverage, are some factors used to assess the broker’s value. While the spread is a straightforward trading cost, and it’s in clients’ best interest to lower it, the leverage is quite a problem. On one side, it gives more considerable buying power, but on the other, it represents a risk. As much as you can earn, as fast you can lose.
About Leverage and Spreads
The spread with this broker stands at 3 pips for EUR/USD pair. With the industry average being 1.5 pips, it’s clear the costs are enormous.
The leverage ranges from 1:20 to 1:100, depending on the account type. The regulatory limit in most countries is 1:30, so you can see the risk here.
Novelis Capital Minimum Deposit and Unfavorable Withdrawal Terms
The minimum deposit sits at $250 for the Silver account. While regulated brokers allow you to start with as low as $10, this can be considered a significant amount.
Withdrawal is limited by the bonus clause. If you are offered bonuses or other incentives, you must trade 25 times the deposit plus the bonus amount before being eligible for a withdrawal.
Minimum Withdrawal Amount
The minimum withdrawal amount is not specified. According to the Withdrawal Policy, customers will wait 5-7 business days, depending on the payment method. Yet, broker employees can quickly try to convince you that your balance is insufficient for a withdrawal since nothing is written.
Methods of Making a Deposit
The deposit can be made using:
- Debit/credit card
- Wire transfer
If you want to deposit, we always advise using a credit card, as you’re protected by the chargeback policies.
Scammed by Novelis Capital Broker? – Let Us Hear Your Story
If you were scammed by a Novelis Capital broker, let us hear your story. Our chargeback experts might be able to assist you with the refund. Instead of allowing scammers to keep your money, fight back. And we will fight for you.
But What Is A Chargeback?
This is a way for your bank to recover funds directly from the merchant. Don’t waste time. We have up to 540 days to file a dispute. Let’s act now!