I signed up for the beginner account at NovaTrade about 7 months ago, hoping for a smooth entry into trading. However, the experience turned out to be far from it. Firstly, opening an account was painfully slow. It took nearly three weeks from my initial application until I was able to make my first trade. The constant requests for additional documents and verification steps were beyond anything I've encountered with other brokers.
NovaTrade advertises tight spreads, claiming averages as low as 0.5 pips on major pairs. Yet, in reality, I was facing spreads on the EUR/USD pair consistently above 2.5 pips, sometimes even hitting 3 pips during regular market conditions. This was far from the competitive advantage they boasted about, significantly cutting into my potential profits.
Order execution speed was another major issue. For instance, during a key NFP announcement, I attempted to execute a trade on USD/JPY. My order, placed at 109.500, ended up being filled at 109.570, a full 7 seconds after submission. This slippage not only eroded my entry position but also demonstrated the platform's inability to handle fast-paced market conditions effectively.
I signed up for the beginner account at NovaTrade about 7 months ago, hoping for a smooth entry into trading. However, the experience turned out to be far from it. Firstly, opening an account was painfully slow. It took nearly three weeks from my initial application until I was able to make my first trade. The constant requests for additional documents and verification steps were beyond anything I've encountered with other brokers. NovaTrade advertises tight spreads, claiming averages as low as 0.5 pips on major pairs. Yet, in reality, I was facing spreads on the EUR/USD pair consistently above 2.5 pips, sometimes even hitting 3 pips during regular market conditions. This was far from the competitive advantage they boasted about, significantly cutting into my potential profits. Order execution speed was another major issue. For instance, during a key NFP announcement, I attempted to execute a trade on USD/JPY. My order, placed at 109.500, ended up being filled at 109.570, a full 7 seconds after submission. This slippage not only eroded my entry position but also demonstrated the platform's inability to handle fast-paced market conditions effectively.
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