review: FSC Mauritius warns

Within this review we look into the company and its product range.  Moreover, we also investigate the FSC Mauritius warning against Finance Trades.  Lastly, aim to see if is a reliable Forex broker.

2 October, AtoZForex Mauritius financial markets regulator, the Financial Services Commission (FSC), has warned investors against dealing with Novatec LLP, The watchdog highlights that this firm claims to be an international company that is operating in the financial services field. review - Mauritius warning

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Novatec LLP, operating under the name, claims to provide its customers with an efficient trading platform for private investors. Reportedly, the firm operates worldwide, while its office is located at the following address:

225 Kingstown Park Road P.O Box 1818, Kingstone St. Vincent and the Grenadines.

The contact details of the firm are as follows:

Support Services:

UK  +44 20 8077 3449

The Mauritius financial regulator has become aware that Novatec LLP is falsely claiming to hold a trading license as a Financial Firm. Below please review the screenshot of the false Finance trades FSP license.

Finance trades review

However, the FSC informs that the Novatec LLP is not and has not at any time been licensed by the authority. In addition, the FSC urges the public to exercise caution in regards to this firm. review

While choosing a broker it is essential to be cautious. Indeed, just like everything else, only because you see a website claiming to be reliable does not mean you should take it granted. As we covered in the how to choose a reliable Forex broker article there are many steps that you need to look into. regulation

As we discussed above, the firm falsely purported to have the trading license with FSC. However, according to the latest Finance trades FSC warning, the company has no right to operate in the country.

Meanwhile, the company website claims to have its headquarter in 225 Kingstown Park Road P.O Box 1818, Kingstone St. Vincent and the Grenadines. St. Vincent and the Grenadines has nothing to do with Mauritius. Thus, we can conclude that does not have any regulation. risk warning

Every reliable CFDs or Forex provider must have risk warning specified on their website. A proper risk warning normally cautions investors about the riskiness of leveraged trading.

In addition, appropriate risk warnings involve an element of quantification and are not too vague. Furthermore, they should be easy to follow/read.

Nonetheless, although the company does not hold a credible regulation, they do have risk warning. Of course this risk warning is not subject to the European risk disclaimer standards.

‘Please, take in account that trading operations could be connected with some risks. It is highly recommended to read attentively all documents provided by the client as a part of Customer Agreement and other Terms of our service providing. Be sure to become fully aware of possible risks of the chosen strategy or trading operation before conducting it.

As you might notice, such risk warning does not clarify that Leveraged Trading Carries Risk. Moreover, it does not explicitly warn about the risk of general investment, yet only highlights the risk of  ‘chosen strategy or trading operation’. As a result we conclude that they company tried to underestimate the riskiness of the Forex trading. You can also compare AtoZForex approved Forex Brokers to see how this should be structured.

The final word

While reviewing the broker’s official website, we have spotted a number of mistakes. Some of the mistakes were grammatical, while the company also failed to properly write their brand name. In some of the cases, they were calling themselves ‘Financial Trade’.

On the other hand, this company has next to none follower base. With a quick traffic check, we have seen that the company has most of its traffic from Arabic speaking countries. Furthermore, they don't offer a traditional trading platform but a prop trading platform as it appears. Which would aim to attract new traders and would not be compatible with most of the industry trading tools.

Following on this, the brokerage failed to properly manage their website’s functionality. Many of the important sections are not operable. Just like that, we could not access any of the elements under the section ‘Markets.’

Considering the number of misses in the organization of the website, and the warning from Mauritius financial supervisor, we do not recommend to involve in any type of activity with this broker. AtoZForex concludes that is NOT a reliable Forex broker.

Think we missed something? Do you have any experience with Finance Trades? Share with us in the comments section below.

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