Most scam brokers hunt for naive traders by offering something that they do not really possess. In case of TraderNovo this is the proclamation of being ECN. People basically choose ECN brokers for immediate order execution, low spreads, no-dealing desk and direct connection to the liquidity providers. For this reason, TraderNovo struggles to convince that it is ECN, because this might sound quite attractive when people search for online trading brokers.
TraderNovo Scam Review
Why it is untrue? Well, TraderNovo has provided no explicit information about the regulation and actual location. The main office is assumed to be somewhere in the Marshall Islands, although discovering this took us some time. Since main liquidity providers for ECN brokers are mostly international banks, it is improbable that they have ever heared about TraderNovo Forex broker. Moreover, TraderNovo deceives traders by providing false info regarding the spreads. For instance, they claim to offer the spread as low as 0.1 for the EUR/USD currency pair. However, our review detected that the actual spread for this pair is 0.7 at this broker. Think twice before opening an account with the broker that lies before you even step into the first trade.
TraderNovo: Specifics of trading platforms
TraderNovo believes it has an edge in providing unique and fully operational trading platforms. Let us check this.
This Forex broker offers MetaTrader 4 trading platform, which comes up with desktop, web and mobile versions.
MetaTrader 4 is indubitably a great trading platform, though it appeared to be in the wrong hands. TraderNovo platform does not provide guaranteed stop-loss, trailing stops. guaranteed take-profit orders, not to tell about guaranteed execution. In addition, there is no possibility to practise scalping and chart trading on this platform. Therefore, there is really nothing exclusive about trading different financial instruments at TraderNovo – simple and mediocre approach to online trading.
The Customer Support at TraderNovo Forex
TraderNovo website operates in 8 languages, including English, German and Spanish. This is technically a good feature. However, the customer support quality at TraderNovo is not at a decent level. Client support is not international and it is impossible to contact local support agents. The only means of communication are phone and email. Even though they have live chat, it is always offline.
TraderNovo: How to make Deposits and Withdrawals
Both for deposits and withdrawals TraderNovo allows you to make transactions with credit/debit cards, wires and other e-payment systems (e.g. Qiwi, WebMoney).
Is TraderNovo scam? Our verdict
TraderNovo is not a transparent brokerage firm. Although there is a broad variety of services offered, it still does not give us any persuasive reasons to trust this broker. Better sign up with reputable Forex brokers!