1
Yasemin is completely dissatisfied with the result

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
+1
May 29, 2024 11:01 pm
158

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
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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June 03, 2024 10:41 pm

My account has crashed at least 3 or 4 times, each time due to different methods employed by the price provider. The first account crash happened due to the sudden and rapid movement of a product called Copper, where the spread widened abruptly. When the account was wiped out, I was asked to deposit more money and sign a new agreement to be able to get a refund. After this incident, I was too scared to trade in Copper, so I traded in HOIL instead, but my account was wiped out again.

To recover from this, I was contacted by Mr. Ayaz who told me we only had two hours left, until 5 PM, to deposit the required amount. I deposited the said amount, but somehow it didn't reach their account, and they asked for the same amount again, claiming that without it, the previous deposit would be useless and we wouldn't be able to recover. I was already in heavy debt and had to take on more debt, but Mr. Ayaz assured me that the previous amount would be credited to my account after 5 PM. However, this did not happen, and the amount was only credited to my forex account on Monday. When I tried to withdraw it, they didn't allow it, citing the lot turnover condition.

Now, I have decided to only trade in currency pairs because I'm too scared to trade in other products. In my latest trade with GBPAUD, I lost $7000, and in a Brent trade, I lost $1200, causing my account to stop out again. The closing price of the trade doesn't appear on the chart, which seems like a deliberate attempt to make me lose. In the most recent agreement, it was stated that $1600 would be added to my balance when I completed one lot turnover. I exceeded this turnover, but they still didn't allow me to withdraw funds, citing previous agreements as an excuse, despite those agreements being irrelevant because the account had already crashed.

I had $9000 in my account and could have eventually met the lot turnover requirement. None of the promised refunds were credited to my account. The last time I made a withdrawal was in March, and for the past three months, they haven't allowed me to withdraw any money, claiming the lot condition wasn't met. Even after meeting the lot condition, they brought up another excuse about previous lot conditions, although there was no such clause in the agreement. I have been working on my account tirelessly, day and night, but all they did was make me lose money. My account was stopped out using excuses like sudden spread differences and slippage during times without significant data, and they didn't allow me to withdraw my money.

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