TraderNovo Review

TraderNovo

* Ranked #305 of 316 in DailyForex's top broker list

Info

Name : TraderNovo
Website : tradernovo.com
Established : 2015
Country : Marshall Islands
U.S. Clients Allowed : No?
Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.

Advantages

  • Choice of Trading Accounts
  • Several Platforms

Disadvantages

  • No Specifics on Regulation
  • No Islamic Account

TraderNovo Review

TraderNovo Review

TraderNovo is an established ECN Forex broker serving both individual and corporate clients who can trade on currency pairs, CFDs, Indices, commodities and stocks from all over the world. The brokerage is located in the Republic of Marshall Islands. Although they indicate that they are regulated, they do not offer any information about this regulation.

Accounts

There are four types of trading accounts at TraderNovo. $1,000 is the minimum required deposit required to open the Novo ECN account. Traders receive up to 1:300 leverage and a host of other benefits such as live market news, live support, mobile trading and withdrawals within five days.

Account Types Comparison
Account Types Comparison

The Novo account needs a minimum deposit of $5,000 to start and additional features of this account include daily signals and market analysis.

$10,000 is required to open the Novo Pro account where traders have access to the broker’s direct dealing room. 1:300 leverage is offered in this account and a senior account specialist is provided for each trader’s use.

Anyone with $100,000 can open the Novo ECN Pro account and benefit from all the features of the other three accounts as well as a dedicated senior account specialist in addition to what is referred to as ‘flexible trading conditions’ though no special conditions were listed.  Although it is not referred to as such, I assume this account is TraderNovo’s VIP account since there are some references to VIP accounts without any additional information about them.

Demo accounts are available and when a trader moves on from his/her demo account to a live platform, he/she can start trading with any amount of money since TraderNovo does not have a limit on trade volume.

Features

TraderNovo provides several features. These include straight-through processing which means orders are automatically sent directly to liquidity providers; leverage as high as 500:1; trades made over the web as well as on devices that use iOS, Android, or the Windows Mobile operating system; quick and easy funding; prompt 24/7 support; the use of hedging and Expert Advisor strategies; trades in Standard, Mini and Micro lots and more.

TraderNovo Spreads
TraderNovo Spreads

Bonuses/Promotions

At the time of this review, TraderNovo was offering traders a free $30 no deposit bonus as well as a 100% welcome bonus on the first deposit up to $3,000.

There was also a loyalty bonus offered to traders on their second deposit up to $10,000 but no specifics were included. In addition, free e-mail/sms trading signals were offered to all active traders.

Education

At the TraderNovo education center, traders are offered free webinars, tutorials and other financial information. An economic calendar with global events is posted online as is up-to the minute market news which scrolls vertically on the landing page. Market analysis is also provided on a daily basis.

Markets News
Markets News

The TraderNovo trading signals which include chart-based price movements with resistance and support levels and daily insights on the major financial events are offered free to all traders.

Deposits/Withdrawals

Deposits can be made to open accounts via a bank wire transfer, credit cards and several e-wallets including Moneybookers.

Withdrawals are made by filling out an online withdrawal form. Withdrawals are processed within 1 business day.

Partnerships

Traders can take advantage of several partnership arrangements such as affiliates, white labels, introducing brokers and money managers.

Customer Support

The TraderNovo website can be read in English, Italian, Russian, Rumanian, German, Polish and Spanish.

Traders can reach a TraderNovo representative via email, telephone and Chat.

Conclusion

TraderNovo is a relatively new broker and as such tries to offer traders as much as it can including generous deposit bonuses. The choice of different trading accounts is commendable and the trading platforms are the top of the line in the industry. Blatantly missing is some description of their regulation as well as additional customer support information.

Advantages

  • Choice of Trading Accounts
  • Several Platforms

Disadvantages

  • No Specifics on Regulation
  • No Islamic Account
Review info :
Broker reviewed : TraderNovo Rating : 3 out of 10
Reviewed By : Review Date :