Novustrader prop firm offers funded account challenges and promises up to 90% profit split, which is very competitive in the sector. The firm only offers a 1-step challenge, and funded options range from 5k to 500k USD, which is attractive. The pricing starts at 49 USD for the smallest 5k challenge and is paid one-time, which is very cheap for the 1-step challenge. The firm is backed by the regulated broker and allows traders to access advanced trading platforms.
In this unbiased Novustrader review, we will assess the firm’s most important features, such as safety, rules, funded options and types, assets, pricing, platforms, support, and more.
Pros & cons of Novustrader prop firm
Pros
- Ability to withdraw with $0 fees
- Offers access to MetaTrader 4, MetaTrader 5
- Fast and digital account opening/verification
- Offers access to FX pairs
- Most payment options are free and instant
- Provides multilingual support and website
- Allows news trading and EAs
Cons
- Lacks trader feedback on FPA and Trustpilot
- Backed by regulated broker
- No live chat or phone support
- Lacks educational resources
Safety of Novustrader – 1.5
There are no Novustrader reviews on the Forex Peace Army (FPA) platform, which is a serious red flag for the firm. So, we checked Trustpilot, where the firm has only 2-3 reviews, making it impossible to evaluate trader experience with the firm. When it comes to experience, the firm was launched in 2023, giving it a decent experience in the prop trading industry. Despite this experience, the firm did not manage to acquire more client reviews, which is a red flag. However, the firm is backed by a regulated broker, EightCap, which is regulated in Australia by the ASIC. This is a very positive sign of the firm’s reliability, but it can not fully counter the lack of trader reviews.
The firm gets a 1.5 score in this section as it is backed by a regulated broker.
Novustrader Funding and maximum capital allocation – 3.5
Novustrader funded programs lack diversity as the firm only offers 1-step challenges. This is a downside as some traders might prefer 2-step or instant funded accounts. The list of Novustrader funding options includes 5k, 10k, 25k, 50k, 100k, 250k, and 500k USD amounts.
Novustrader challenges do not offer funded accounts beyond 500k, which is a minor downside only. The Novustrader scaling plan is not available as the firm offers up to 500k USD challenges by default. This is a minor drawback still, as experienced traders might want to get access to bigger accounts while beginners might want to grow their funded account balance over time.
Overall, the firm gets a 3.5 score in this section.
Novustrader Assets – 4
Novustrader prop trading assets include popular assets like FX pairs, commodities, indices, shares, and cryptos. FX pairs include majors, minors, and a few exotics. Commodities include metals and energies. Popular cryptos BTC and ETH are accessible together with many other altcoins. The leverage includes 25:1 leverage on Forex, Metals, and Indices are 10:1. Equity Shares are 5:1. Cryptos are 2:1. As we can see, the firm is very conservative when it comes to leverage, which is understandable as it requires strict risk limits, and traders should not take excessive risks.
Overall, the firm manages to get a 4 score in this section.
Novustrader Trading rules and limitations – 3
Novustrader rules are on the stricter side. The firm requires traders to hit a 10% profit target while maintaining a 5% daily loss limit. However, the maximum drawdown is 6%, which is very strict and forces traders to only use high win rate strategies.
News trading is allowed, and Expert Advisors are also permitted, which is flexible. However, traders are not allowed to hold open positions on the weekends, which is a minor downside. Swing traders and trend traders will find it harder to hit the profit target.
In the end, the firm gets a 3 score in this section.
Novustrader Fees – 3.5
The firm has very competitive pricing and requires only one-time payments. Let’s list all the funded options and their respective one-time fees below:
- Funded amount: 5,000 USD – One-time fee: 49 USD
- 10k USD – 99 USD
- 25k USD – 249 USD
- 50k USD – 499 USD
- 100k USD – 999 USD
- 250k USD – 2,499 USD
- 500k USD – 4,999 USD
As we can see, the smallest account is very cheap. However, the 100k challenge requires a 999 USD fee, which is expensive. The firm offers low spread trading and charges no commissions on withdrawals, which is very flexible.
Novustrader free trial is not offered, and the Novustrader free repeat is not available either, which is a downside.
The firm gets a 3.5 score in this section as a result.
Novustrader Platforms – 5
The firm allows access to advanced trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both platforms allow custom indicators and automated trading systems (Expert Advisors, EAs). Mobile trading is available via mobile app versions of these platforms. The firm allows EAs, which is very attractive.
Overall, the firm gets a 5 score in this section.
Novustrader Profit-Sharing – 4
Novustrader profit split is 90%, which is very competitive. This profit split is provided for all traders and does not require a scaling plan or paid upgrades, which is very flexible. Withdrawals are not charged, and payments are processed quickly in 1-2 business days for withdrawals, which is advantageous.
As a result, the firm gets a 4 score in this section.
Education and trading tools at Novustrader – 0
The firm does not offer educational resources. There are no webinars, video guides, or trading courses available. The firm does not offer a trading blog either, which is a downside.
There are no tools available to enhance a trader’s accuracy.
Overall, the firm gets a 0 score in this section.
Customer Support at Novustrader – 2.4
When it comes to customer support experience, the firm only offers an email channel. There is no live chat or hotline support available, which is a serious downside. However, both the website and support are available in more than 5 languages, which is beneficial for international traders.
The firm manages to get only a 2.4 score in this section.
Frequently Asked Questions on Novustrader
Is Novustrader legit?
Is Novustrader a good prop firm?
What is the minimum Novustrader fee?
