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Nova Investment Mismanagement and Denial of Withdrawal Requests

Nova Investment Mismanagement and Denial of Withdrawal Requests
Nova Investment Mismanagement and Denial of Withdrawal Requests
Nova Investment Mismanagement and Denial of Withdrawal Requests
Nova Investment Mismanagement and Denial of Withdrawal Requests
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Yasemin
May 29, 2024 11:01 PM208

Nova Investment allowed me to withdraw small amounts three times at first, but then they blocked my withdrawal requests, citing the lot turnover as the reason. At least three or four times, the price provider used different tactics to cause my account to sink. As a result of Copper's lightning-fast spread opening, the first account went down. Naturally, I was requested to re-deposit funds and sign a fresh contract in order to receive a return following the account's collapse. My account took a nosedive when I initiated transactions in Hoil instead of Copper since I was nervous about losing money. Naturally, you'll need to deposit funds in order to reopen the closed position. Ayaz gave me a call to let me know that we only have two more hours until five o'clock to pay for this. I sent them the money, but it never made it to their accounts. Now they're requesting the same amount, claiming it would be worthless if they couldn't get it back. I couldn't help but rack up even more debt on top of what I already had. Despite Ayaz's assurance that the funds would be sent to my account by 5 o'clock that day, they didn't do so; instead, they transferred the funds on Monday. They refuse to let me withdraw because of the lot turnover condition. Because I was too scared to trade in anything else, I limited my trading to currency pairs. I lost $7000 and $1200 in the last gbpaud trade since they wrote off my losses in the brent trade, which prompted them to close my account once again. I believe it's a purposeful sinking approach because the transaction's closing price is not displayed on the chart. The previous contracts were used as justifications, but those terms don't matter anymore; the account has already gone down the drain. Previously, when I finished 1 lot turnover in the last contract, $1600 would be added to my balance. However, this time, withdrawals were still denied, even though I completed more than that amount. I had $9,000 in my account and was planning to finish the lot turnover in some way, but the returns that were promised never came. I was unable to withdraw funds for three months after my last withdrawal in March due to the lot requirement not being satisfied. There is no such provision in the contract, but even when that criterion was satisfied, there was still an additional justification: the prior lot circumstances. For months, I've been slaving away at the account, yet all it has done is bring me losses. They refused to let me remove funds from my account and gave me lame reasons like "sudden spread differences" and "slippage"—all without providing any meaningful evidence.

Progress

June 11, 2024 9:44 PM

After persistently asking Nova Markets to contact me, they finally reached out today, likely in an attempt to get me to delete my complaint. When Brent crude oil dropped to 33, they mismanaged my account by reflecting it in their system instantly. They opened a position of 1,000,000 units without my consent, disrupting my life. They promised that if I deposited my salary, I could withdraw it the next day, but when it came to withdrawing, there was nothing. Don't trust them; stay away.

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