What Account Types and Fees Does Novotrend Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners |
Low minimum deposit, access to various trading instruments |
Ideal for new traders, requires a minimum deposit of $100 |
| Professional Account |
Experienced traders |
High leverage options, reduced spreads |
Requires proof of trading experience and minimum trading volume |
| Corporate Account |
Corporate clients |
Customizable services, dedicated account management |
Requires corporate documentation and a minimum deposit of $10,000 |
| Islamic Account |
Traders requiring swap-free options |
Compliant with Islamic finance principles |
Available upon request, requires verification of eligibility |
| Demo Account |
All traders |
Practice trading with virtual funds |
Great for beginners to practice trading strategies without risk |
Account Opening Process
To open an account with Novotrend, prospective traders must follow several straightforward steps. Initially, users need to provide personal, employment, and financial information, including details such as their name, address, and occupation. Subsequently, identity verification is required, which includes submitting a government-issued ID and proof of address, such as a utility bill. Once the required documents are submitted and verified, users can fund their accounts. It’s also important to note that Novotrend offers flexibility in account types, allowing users to upgrade to a professional account as their trading experience and volume grow.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (EUR/USD) |
0.8 |
$0 (ECN: $3.5/lot) |
Tight spreads for major pairs |
| CFDs (Stocks) |
1.0 |
$0.1 per share |
Variable depending on the stock |
| CFDs (Indices) |
1.5 |
$0.2 per contract |
Competitive rates for major indices |
| CFDs (Commodities) |
1.0 |
$0.5 per contract |
Includes oil and gold |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable depending on market conditions |
Other Fees
In addition to trading fees, traders should be aware of other potential costs. Novotrend applies deposit and withdrawal fees depending on the chosen method, which may vary. An inactivity fee of 10 EUR/USD is charged monthly if there is no trading activity for six months. There are also platform usage fees that may apply, as well as overnight interest (swap rates) for positions held overnight. Additionally, currency conversion fees may apply for transactions involving different currencies.
