Upon checking the official website, which is in Spanish by the way, we discovered that Nuvo Markets says it’s the trade name of the International Market Connect LLC, based in Saint Vincent and the Grenadines. This company is fictional. The website itself looks appealing, although messy in some places.
The “Contact Us” page gives you two phone numbers, one for Latin America and the Caribbean and the other for Europe. In the “Terms and Conditions,” it states that its brokerage services are provided by Nuvo Markets Ltd. Yet, the shady broker does not mention its license anywhere. This offshore entity is one to avoid and the Nuvo Markets review will provide it.
Nuvo Markets Quick Glance
|Headquarters||Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent, and the Grenadines|
|Broker Type||Forex, CFDs|
Based on the information in the table, we see that the leverage cap is really high. Such a large minimum deposit coupled with a web-based platform, a shady background, and a lack of regulation is a dead giveaway that we are, in fact, dealing with a fraudulent broker.
Since there’s no English version of the website, we conclude that Spanish users are the target. Furthermore, the registration field is missing, it just offers “Login to account” with no “Sign up” option.
Each of these factors will be discussed in more detail in the following sections but first, we must address the fraudster’s unregulated status.
Security and Regulation at Nuvo Markets
As previously mentioned, Nuvo Markets states it is the “trade name” of International Market Connect LLC, which does not exist. The other company mentioned on the website is Nuvo Markets Ltd. We’ve checked this one as well and found something interesting.
There’s info on a certain “Nuvo Markets Ltd.” on SoloCheck.ie, an Irish company information provider. Here we can see that this company was founded in 2013 in Dublin but was eventually dissolved in 2016.
What about the fraudster’s address, i. e. Saint Vincent and the Grenadines (SVG)? This place is notorious for being a scam haven and many offshore providers choose it as their base. However, on the website of SVG’s Financial Services Authority, there is no mention of Nuvo Markets. Therefore, even the address is fake and it’s safe to say that this phony is unregulated.
Trading Software Available at Nuvo Markets
According to the unscrupulous broker’s website, the trading software it offers is an internet-based platform, describing it as “everything you’re looking for in the ultimate trading platform – and on the device of your choice.” This statement implies that the platform can be downloaded on either desktop or mobile phone but we are not sure whether it is available at all.
A hoax like this is nothing new when it comes to investment scams because the crooks never intended to provide clients with a credible trading platform anyway. Bearing in mind that the broker is unregulated, its trading platform could easily be manipulated. Avoid these financial swindlers and instead trust brokers with real software such as Meta Trader 4 and 5.
Nuvo Markets Deposit and Withdrawal Options
In the “Deposits and withdrawals” section, Nuvo Markets claims it accepts payments via credit/debit cards, wire transfers, and, shockingly, payments in cash. It is baffling that a broker can even mention something like that last method. The fraudster also claims it charges no fees or commissions. The minimum deposit is $300.
The latter half of the section is stacked with complex clauses that condition clients. What may seem like regular verification steps is actually the scammer’s way of obtaining your personal information in order to facilitate the scheme.
How Do Offshore Brokers Execute the Scam?
Always check your broker and be certain that it is regulated. Otherwise, all of the funds you invest are at huge risk of being stolen from you. Scammers’ main method of robbing clients via first deposit. They usually set it really high ($300 in this case) and then, once they receive the money, they cease communication or disappear.
If you have fallen victim to such fraud, do not be embarrassed, it could’ve happened to anyone. The good thing is that getting your money back is possible. Credit and debit card transactions can be reversed with a chargeback at the issuing bank within 540 days. For wire transfers, the process is known as a recall but has to be done before the transaction goes through.
The Best Brokers for Forex
We’ve compiled a list of approved and legitimate brokers. You’ll find that these providers have included all the necessary information that Nuvo Markets failed to provide. Notice the staggering difference between the minimum deposit required by these and by our recent fraudster. In addition, the companies below are all regulated and your funds will thus be protected.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Nuvo Markets Summary
- Nuvo Markets’ website is visually cool but lacks key facts;
- The broker has lied about its address and owner and is also unregulated;
- The minimum deposit it requires is $300;
- The platform it claims to offer is web-based and unreliable;
- It states it accepts “payments in cash,” which is enough to prove it’s a fraud.
FAQs About Nuvo Markets Broker
Is Nuvo Markets Trustworthy Broker?
Nuvo Markets is not a trustworthy broker because it is dishonest and unregulated.
Is my Money Safe with Nuvo Markets?
Your money is not safe with Nuvo Markets since this is a cyber fraud.
How Long Does it Take to Withdraw From Nuvo Markets?
The broker claims on its website that withdrawals are instant but we know that is impossible with wire transfers.