Introduction
NovaTechFx is an online brokerage firm which is unregulated and is owned by a notorious owner, Cynthia Petion, who was legally charged with various crimes. The broker works as an MLM scheme, initially offering excellent profit, but later, the customer loses all the money.
| Broker’s Name | NOVATECHFX |
|---|---|
| Website | novatechfx.com |
| Headquartered | Saint Vincent and the Grenadines |
| NovaTech Owner | Cynthia Petion |
| Founded | 2019 |
| Regulating Authority | Not Regulated |
| Demo Account | YES |
| Supported Platforms | MetaTrader 5 |
| Maximum Leverage | 1:100 |
| Minimum Deposit | $25 |
| Owned By | NovaTech Ltd. |
| Tradable Assets Offered | Forex and Cryptocurrencies |
| Website | novatechfx.com |
| Accepts US clients | No |
| Spreads | 2.2 pips |
What is NovaTechFx?
NovaTechFx, or novatechfx.com, is an unregulated offshore brokerage firm founded in 2019 and located in St Vincent and Grenadines.
NovaTech operates as a Market Making (MM) broker, functioning as a counterparty in client trading. Rather than directly connecting to the market, Nova Tech serves as an intermediary, assuming the opposing position to its clients.
Is NovaTexhFx a Scam?
Yes, NovaTech comes out as a scam as it is not regulated by any stringent regulating authority. The broker seems to be a pyramid scheme which lures its customers through a high-profit guarantee but, in the end, runs with the clients’ hard-earned money. Thus, putting your money into an unregulated broker like this can lead to financial losses.
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The company’s credibility as a legitimate investment opportunity is undermined by a lack of transparency, reliance on new investor funds, and the absence of verifiable evidence of live trading. Caution is advised, as the potential risks surpass the potential rewards.
Account Types Offered by NovaTech
The broker offers several types of accounts to the customers, with the idea of a Ponzi scheme. The customer starts as a trader but ends up becoming a prisoner of their never-ending Ponzi Scheme.
| PAMM | AFFILIATE | TRADE ON YOUR OWN |
| Become a Customer | Low subscription fee | No fees for start-up |
| No prior trading experience is necessary. | Includes Bonus Package | A service fee is not required |
| Reasonably priced monthly service fees. | No need for prior trading experience | Lower Pips and Spreads |
| A PAMM trading account that operates fully automated. | The choice to have an Automated PAMM trading account. | Offers MetaTrader5 |
Membership Package list
- Builder Package: $25 to $499
- Bronze Package: $500 to $2499
- Silver Package: $2500 to 4999
- Gold Package: $5000 to $9999
- Platinum Package: $10,000 to $24,000
- VIP Package: $25,000 to $99,000
- President Package: $100,000 or more
As per Nova Tech, as a company member, you can earn commissions in seven ways through their compensation plan. The plan follows a binary structure, incorporating performance-based bonuses.
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Profit Sharing at Nova Tech
Profit-sharing within the compensation plan is exclusive to top management. The allocated percentages for Profit Sharing are as follows:
- Senior Executive: 2%
- Director: 3%
- Ambassador: 5%
NovaTechFx Login
Here are the steps to NovaTechFx Sign Up (www.novatechfx.com login):
STEP 1: Choose from “PAMM,” “AFFILIATE,” or “TRADE ON YOUR OWN.”
STEP 2: Once selected, provide additional information.
STEP 3: Complete your registration by submitting the required documents.
STEP 4: Receive a confirmation email.
STEP 5: With these steps, your registration concludes, and you can commence trading!
Trading Platforms at NovaTechFX
NovaTech offers the most advanced platform in the trading industry, MetaTrader5. MetaTrader 5 includes live market data, customisable charts, technical indicators, and analytical tools.
NovaTechFx App
Even though the broker offers MT5 platform trading, it lacks mobile-based applications for smooth trading.
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Trading Instruments Nova Tech
NovaTechFx offers Crypto Trading and Forex for trading:
| FOREX | CRYPTOCURRENCIES |
| EUR\USD | BITCOIN, ETHEREUM. LITECOIN |
| 1:100 LEVERAGE | 1:100 LEVERAGE |
| 2.2 PIPS | 2.2 PIPS |
Pros and Cons of NovaTechFx
Here are the advantages and disadvantages of NovaTechFx:
| Pros | Cons |
| Weekly Payouts are initiated | Unregulated Broker |
| 100+ Fiat and Crypto Pairs Available | Sloppy Interface of Website |
| MT5 advanced trading platform offered | No Bonus on Deposit |
| Only Cryptocurrencies Withdrawals applicable |
Customer Support
Customer support lacks the idea of “supporting” in the first place. The broker only offers 24*5. Our team tried calling the broker but returned empty-handed with no response.
Email: [email protected]
Phone: 1-904-944-6682
Telephone: +1-888-807-9707
Novatechfx Reviews
There are some mix reviews for Novatechfx on trustpilot with an average score of 3.7 out of 5. You can check novatech fx reviews here.
Conclusion
NovaTech, a recently established forex broker, operates without regulation. It grants traders access to various financial instruments via the MT5 platform. Despite a minimum deposit requirement of $99 and high leverage of up to 1:100, posing inherent risks, the broker lacks transparency in spreads and commissions.
While the absence of deposit fees and the option for cryptocurrency deposits may appeal to some traders, the absence of educational resources, limited customer support, and numerous fraud complaints raise concerns for potential clients. It’s essential to thoroughly assess the pros and cons before deciding to trade with NovaTech.
FAQs
Where is NovaTech FX located?
NovaTech FX is a brokerage firm functioning as an offshore broker, registered in the jurisdiction of Saint Vincent and the Grenadines, with its headquarters based in Kingstown, St. Vincent and the Grenadines.
Is NovaTech FX a secure investment?
NovaTech FX is not deemed a safe investment for several reasons. One concern is the absence of concrete evidence showcasing actual trading activities on the platform. New members’ contributions could be used to fund payouts for existing members.
Who is NovaTech FX CEO?
Cynthia Petion is the CEO of NovaTech FX.
Does NovaTech FX possess a license?
As of October 2022, the British Columbia Securities Commission (BCSC) declared that NovaTech is not locally registered to engage in business activities concerning securities or financial derivatives.
Is NovaTech a legitimate enterprise?
Is NovaTech (novatechfx.com). It is categorised as a Ponzi scam, HYIP, MLM, or pyramid scheme.
Is it safe to use PAMM accounts?
Utilising PAMM accounts involves a regulated brokerage firm. Therefore, PAMM accounts are secure and reliable. This method ensures a profitable experience with the assistance of an experienced trader and other investors through a centralised brokerage system.
When did NovaTechFx start?
NovaTechFx was started in 2019.
What is the process of withdrawing money from Novatechfx?
Balance withdrawal requests for trading can only be initiated once per month. A 5% withdrawal fee applies to all cashout requests related to trading. Newly registered accounts cannot request a trading balance withdrawal within the initial 90 days. The 14-day cancellation policy remains in effect.
Does Novatech provide an affiliate option?
Yes, Novatech provides an affiliate option. You can head out to Novatech’s affiliate page to enroll to become an affiliate.
