Although out of business, Nuvo Markets managed to catch the attention of scam hunters like us. This offshore brokerage hoax must be exposed for attempting to steal money from honest traders and investors.
We hope our Nuvo Markets review will shed light on how cyber schemes work and teach you how to identify them. Our team also offers professional fund recovery services. If you’re a victim, book a consultation with us!
| Regulated by: | Unregulated Offshore Broker |
| Is This Company Safe? | No, the platform is fraudulent |
| Known Websites: | nuvomarkets.com (inactive) |
| Have Warnings from: | N/A |
| Registered in: | SVG |
| Website Created on: | 2022-05-02 |
| Trading Platforms: | N/A |
| Maximum Leverage: | 1:400 |
| Minimum Deposit: | 300 USD |
| Deposit Bonus: | N/A |
| Trading Assets: | Forex, Indices, Commodities, Stocks, Cryptocurrencies |
| Free Demo Account: | Unavailable |
| How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank or financial regulator or simply reach out to us for professional assistance in recovering your funds. |
Legal Info: Is Nuvo Markets Regulated?
The Nuvo Markets broker is the trading brand of International Market Connect LLC, a company registered offshore in Saint Vincent and the Grenadines (SVG). This notorious scam haven is known for housing countless online schemes.
The problem with SVG is that the domestic regulator, the Financial Services Authority (FSA), does not regulate Forex trading, only the banking sector. This means that all brokerage firms based on the island operate unregulated, leaving a lot of room for fraudulent practices.
This premise is backed by ample evidence. Just check out our website, and you’ll find innumerable reviews pointing to SVG fraudsters. We thus strongly urge you to avoid such platforms.
Instead of trusting Nuvo Markets or Vortex Traders, we recommend choosing regulated firms operating under the watchful eyes of reputable financial market authorities such as the FCA (UK), BaFin (Germany), CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc.
Such companies are subject to stringent regulations and must offer clients negative balance protection, segregation of funds in top-tier banks, and, in some cases, compensation schemes.
Who Are Nuvo Markets’s Targets?
According to WHOIS, the currently inactive Nuvo Markets website domain was created on May 2, 2022. The main targets were unsuspecting traders and investors from the following jurisdictions:
- United States
- Canada
- Venezuela
- Morocco
- Peru
We noticed that the scheme was keen on targeting Spanish-speaking individuals. Naturally, the U.S. and Canada have far heavier market regulations. But the other three jurisdictions, unlike SVG, still have laws and rules for Forex. An unlicensed broker cannot operate without a permit.
We advise you to stick to domestic providers rather than exploring unreliable and shady offshore options that are likely scams. Get familiar with your country’s rules to avoid the Uphold scenario.
Trader Reviews – Sharing Experiences
We scoured the internet for Nuvo Markets reviews but could not find any. There are just two other reviews similar to ours that speak the truth about the offshore sham. Still, it does not mean that there are no victims of this cyber thievery. We encourage anybody who’s lost funds to the broker to expose the scheme on the forums and warn fellow traders about it.
User feedback is crucial for discerning the right companies and services from the deceptive ones. Before investing, please read what traders and investors think about a specific platform to prevent unwanted losses.
Which Trading Platform Is Available?
The Nuvo Markets trading platform was a browser-based interface offering tradeable instruments such as Forex currency pairs, indices, stocks, commodities, and crypto. It featured fundamental tools like charts, graphs, and indicators but lacked advanced options.
Simple TradingView charts just couldn’t make an effective terminal. Hence, we recommend you skip the Nuvo Markets platform and instead register with a licensed provider supporting reliable third-party software, such as MetaTrader 4, MetaTrader 5, or cTrader.
MT platforms offer a wide range of advanced tools, including automated and algorithmic trading, sophisticated charting, multiple timeframes, live market reports, expert advisers, branch optimization, and more.
Trading Info – Leverage, Spreads, Commissions
For Nuvo Markets Forex trading, traders had the possibility of using high leverage. Indeed, the broker allowed up to 1:400, typical of offshore providers. What you should know is that such high leverage is a double-edged sword.
While it may help traders reap enormous profits if they bet correctly, they may lose everything in a strategy gone wrong due to the leverage. Hence, European and North American regulators imposed caps for retail clients of 1:30 and 1:50, respectively.
As for the trading costs, the platform included a spread starting from 1 pip, which is decent but not super impressive. Fees remained unknown, though.
Can Traders Use a Free Demo Account?
Another common tactic used by offshore fraudsters is omitting a demo account option. Without it, traders cannot access the platform unless they deposit real money. If they do, the scammers have the opportunity to steal it before the users realize something is off.
Trading with virtual funds first is paramount if you’re a beginner. Don’t risk real funds straight away. Every legit broker offers a demo account, so there is no reason to risk money on con websites.
Deposit and Withdrawal Process
Nuvo Markets used to accept payments made via two traditional methods:
- Credit/debit cards
- Wire transfers
Depositing is easy, but when it comes to withdrawing, that’s when people realize they’ve fallen into a trap. Withdrawal issues are the first indication that the scheme is executed successfully. In that case, you ought to explore ways to get your money out.
For MasterCard or Visa credit/debit card payments, you can request a chargeback at the issuing bank within 120 days. However, you must build a strong case and present the bank with considerable evidence. Gather all the relevant info you can.
Reversing wires, on the other hand, is possible via a recall. You can request this action at your bank, but keep in mind that it can only work if the money has not yet been transferred.
Key Facts To Consider About Nuvo Markets
Nuvo Markets, the out-of-service offshore trading platform, is a Forex scam. The cyber thieves behind it mainly targeted Spanish speakers residing in the U.S., Canada, Venezuela, Peru, and Morocco. We do not recommend trading on such platforms due to their unregulated status. If you are a victim of the Nuvo Markets scam, you must seek our professional help to recover your funds! A chargeback is your best option.
Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.
Book your free consultation here and start the chargeback process.
FAQ Section
What is Nuvo Markets?
Nuvo Markets is an offshore Forex provider, currently inactive. The web-based platform cannot be accessed.
Where Was Nuvo Markets Located?
The firm behind the platform, International Market Connect LLC, was registered in Saint Vincent and the Grenadines.
Is It Possible to Recover Money From an Inactive Broker?
Yes, your best chance is to request a chargeback/recall at the bank. We can show you how, so please contact us.
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