Scam Alert! Stay Away from Unlicensed FX Broker Novelis Capital - BrokersView
Sign In

Scam Alert! Stay Away from Unlicensed FX Broker Novelis Capital

Sep 20, 2022 Brokersview

Unregulated Forex brokers usually don't tell you they don't have any licenses, but use misleading information to imply that they are regulated and make you misunderstand. Using the registration in Saint Vincent and the Grenadines is one of the tricks that unlicensed brokers to mislead investors, just like Novelis Capital does.


A Broker Hard to Contact

No telephone numbers and no social media accounts. There are only two ways to get in touch with the broker - filling out a web form or sending an email. Both of these contact ways put investors in a passive position. If trades go wrong and the broker coldly treats you, you may not be able to get contact the company.

The dealer kept claiming on the web page that investing in Novelis Capital is safe and can bring good returns to investors, but it doesn't even have the most basic customer service methods. How suspicious it is.

Is Novelis Capital Regulated?

Novelis Capital, operated by Gnarly Solutions LTD, is not a regulated forex broker.

The broker claims to be registered in Saint Vincent and the Grenadines with registration number 2021/BC26498. So we searched Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) and found the registration matched this broker. However, please be informed that SVG FSA neither regulates forex brokers nor accepts complaints. In other words, the Authority does not give your funds any protection if things go wrong. Though registered with SVG FSA, Novelis Capital is not a regulated forex broker.


CNMV Warning

According to the forex regulator in Spain - CNMV, the scammer is providing investment services without authorization, therefore warned by CNMV. This is the strongest proof that it is a fraudster.


BrokersView keeps reminding investors that company registration does not stand for being authorized to provide forex services. If you want your funds to be protected by laws, please trade with regulated forex brokers.

If you have any questions about a broker, you can ask a question on BrokersView Q&A.