Novatech Fx Review: All About NovatechFx.Com Broker
If you want to invest, and you’ve stumbled upon NovaTech FX, 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.
On top of that, they also claim to be a fully regulated and licensed broker, which of course is not true. So, let’s jump into this NovaTech FX broker review where we will strip down all the lies this investment scam uses to make you believe they are a real deal.
|St. Vincent and Grenadines
|Forex and crypto
Regulation and Safety of Funds at Novatech Fx
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.
NovaTech FX broker claims that its 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.
Novatech Fx Trading Software
NovaTech FX says to use MetaQuotes’ latest platform, the MetaTrader5 (MT5). However, we couldn’t access any platform even after signing up with the broker, so we would advise you to select a legit MT5 provider instead.
The installation file, which can be downloaded from the website, is a generic version of the software that is not configured for a specific broker. NovaTech FX does not provide certificates for logging into a trading server.
Novatech Fx Account Types
When it comes to the trading accounts, the NovaTech FX offers the following:
The main difference is in the amount of money and services provided, while allegedly, a VIP account also brings cashback rewards. NovaTechFX’s minimum deposit is $99 for the Builder package.
Additionally, this scam broker claims to offer a demo account for any new clients but we could not even access it.
Yet the broker is forcing crypto deposits, which are hard to trace, so beware of scams. And we all know that these fraudulent brokers like to say the more you invest the more you will make. But don’t fall victim to it!
Deposit and Withdrawal Options
In the NovaTechFx deposit menu the choice is only between different cryptocurrencies. This is also very indicative that we are dealing with scammers. Cryptocurrencies are the preferred payment method of financial scammers because they do not allow the scammed to ask for a refund.
While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.
There is a clause for refund in the legal documentation of NovaTech FX, but it imposes a huge fee of 20%. NovaTech FX claims it does not charge deposit fees, but does not specify anything about withdrawal fees. Since NovaTech FX does not provide proper legal documentation, it is unclear what traps the fraudsters may have set.
Offshore Brokers’ Fraudulent Tricks
The fraud is carried out in the same manner as many others of a similar kind. This scam broker will first try to get your information if you have left it on some of those sketchy internet ads. After this, their experienced agents will call you nonstop to get you to invest. They will seem interested in your life, your problems and tell you many get-rich-fast fairytales until you crack under the pressure and invest.
It is easy to fall prey to their sweet talk, and don’t be ashamed if that ever happened to you. On average, it takes 2 to 3 deposits for a user to realize that something unlawful is happening. By that point, however, the broker will cut all communications with the users.
By reading through reviews, this is exactly what we found. There are way too many online complaints with the majority of them stating withdrawal issues and lack of communication as the number one problem.
Novatech Fx Summary
In this NovaTech FX review, we tried our best to warn you how offshore frauds operate and how dangerous it can be to deal with them. This scam broker has no license and follows no regulations, therefore, posing a big threat to your funds and personal data.
They allegedly give their clients an opportunity to invest in forex and crypto, but in reality, what they are doing is stealing your money and creating the false picture of it being traded on their website.
Additionally, don’t fall victim to their claims to be regulated by FSA, as this is just an offshore regulatory body that doesn’t actually do a proper job of overlooking the activities of forex brokers.
Think twice before taking any risks while investing money and keep in mind that this scam will try to convince you to invest as much as you possibly can while legit brokers will ask for as little as $5 as an initial deposit. Don’t forget to always do proper research as a necessary step especially if you are new to trading. Many phony brokers appear overnight so you need to be cautious.
FAQs About Novatech Fx Broker
Is Novatech Fx a Good Broker?
No, NovaTech FX is not a good broker you can trust as they do not have a license and follow no regulations.
What Is The Minimum Deposit for Novatech Fx?
The minimum deposit for NovaTech FX clients is $99 even for total beginners.
Does Novatech Fx Offers a Demo Account?
NovaTech FX does offer a demo account but unfortunately we could not access it.