NovaTechFx Review: The “Perfect” Scam Broker
If you want to invest, and you’ve stumbled upon NovaTechFX, thinking this is the perfect one, think twice. They claim they can provide the best trading experience with the lowest fees and spreads on the market. But is that enough? We are giving you all the information you need about the NovaTechFX broker in this detailed review.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||NovaTech, Ltd|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||Meta Trader 5 (MT5)|
|Types of Assets:||Forex, Cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Is NovaTechFX a Secure And Regulated Platform?
The broker was established in 2019 by NovaTech Ltd. The company’s CEO, Cynthia Petion, was one of the top officials behind AWS Mining, another suspicious trading company. NovaTechFX broker claims that it’s operating from Saint Vincent and the Grenadines. However, anyone can register a company without stepping foot in the region, which is suspicious enough.
The company operates under a very shady jurisdiction with no reliable regulatory body. Since this broker is not legit, it cannot provide any safety regarding your funds. If the company shuts down the website, your money will also disappear.
Let’s See Just How Unsafe an Unlicensed Broker Is
The majority of unregulated brokers are scammers. Why is that? The answer is simple: no authority will monitor their activities, unlike with regulated brokers, who must follow strict rules. To name a few: a regulated broker has negative balance protection, is obliged to keep the broker’s funds segregated from the client’s funds, etc.
So Is NovaTechFX a Decent Broker or a Scam?
NovaTechFX is an offshore scam broker. The company is not regulated, and the owner has a dark background in scamming people. The only way to deposit money is via wire transfer or crypto transaction.
Traders’ Experience With NovaTechFX
Things are not great when it comes to the NovaTechFX trading experience. Too many people have fallen for their promises and cannot get their money back. According to reviews, the trading firm is keen on taking money but not return it. If you fall victim, ensure to seek help right away.
NovaTechFX Offers MetaTrader5 Trading Platform
NovaTechFX broker is using the MT5 trading platform. This trading software is top-rated, provides many valuable features, and gives its traders many advantages. However, a good trading platform does not guarantee safety and reliability, and dealing with offshore schemes is not recommended regardless of the platform.
NovaTechFX Mobile Trading
NovaTechFX has a mobile app. Like with any MetaTrader, the app is available for both Android and iOS devices.
NovaTechFX Trading Accounts – Account types
There are three types of plans that NovaTechFX is offering:
- Affiliate Program
There are six membership plans inside PAMM; the main difference is the initial deposit and services provided afterward. The minimum deposit is $99, which will bring you the Builder package. And if you deposit $25k or more, you will be welcomed into the VIP package club.
NovaTechFX Broker – Countries Of Service
NovaTechFX is a company that mainly works with clients from:
- South Africa
The United States customers are excluded.
NovaTechFX Range of Trading Instruments & Markets
NovaTechFX offers only two assets:
- Currency pairs – EUR/USD, GBP/USD, AUD/CAD
- Cryptocurrencies – BTC, ETH, XRP
This sounds limiting, and for a good reason. You’re missing out on trading in shares, indices, and commodities.
Customer Support – Communication Channels
When contacting you, the broker will do anything just to get in touch with you. They will call you a few times a day, even a few times in an hour. They will try to reach out to you via email, WhatsApp, or Telegram. However, you will be stuck if you wish to reach them via phone as they don’t offer that option. You can only contact them by opening a ticket on their website.
Minimum Investment Amount
The minimum deposit with NovaTechFX is $99. While this may sound like a promising start, you will constantly be pressured to upgrade your account. Scheme brokers never stop at the minimum amount. Especially those like NovaTechFX, without any valid financial regulation.
The Importance of Legal Documents
Legal documents are an indicator of a broker’s reliability. If you were provided with all the information regarding the governing law, authorities, company owner, and trading conditions, there’s nothing to worry about. Sadly, NovaTechFX doesn’t think so. We’re missing a lot of details, including regulations.
NovaTechFx Trading Conditions
Shady brokers determine their own trading conditions. Let’s take a look at what NovaTechFX offers.
About Leverage And Spreads
The spread that NovaTechFX provides is 2.2 pips for EUR/USD pair, yet the industry average is 1.5 pips. They also have a high leverage of 1:100 against regulatory rules.
NovaTechFX Deposit, Withdrawal Methods, And Fees
There is no information on withdrawal fees, making us suspect that you will be able to withdraw your funds.
What Payment Methods Does The Broker Accept?
NovaTechFX accepts cryptocurrencies only, which is another red flag. Why is that? Crypto deposits are hard to trace, which is very convenient for scam brokers. This is just a reason more to avoid NovaTechFX by all means.
Scammed by NovaTechFX Broker? – Let Us Hear Your Story
If this broker has scammed you, you are not the only one. These things are happening too often, unfortunately. However, there is something you can do to get your money back. Book a free consultation with us and we will get in touch with you as soon as possible – all to help you file a dispute for a chargeback.
But What is a Chargeback?
A chargeback is a way for your bank to recover stolen funds from the merchant. Contact us now and let’s start.
What Is NovaTechFx?
NovaTechFX is an unregulated broker operating from Saint Vincent and the Grenadines.
Is NovaTechFx a Scam Broker?
NovaTechFX is working without a license; they are not transparent regarding withdrawal methods and fees. You can tell us.
Is NovaTechFx Available in the United States or the UK?
NovaTechFX is not available in the US. However, they work with UK citizens.
Does NovaTechFx Offer a Demo Account?
NovaTechFx is offering a Demo account to check the offer of trading assets and to test the platform.