If you want to invest and are looking for a broker, and then you’ve stumbled upon NovaTechFx, thinking this is the perfect one for you? Well, 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 to know about the NovaTechFx broker in this detailed review.
NovaTechFx is a company that provides a Forex and crypto trading platform. Established in 2019, the company is owned by NovaTech LLC. The company’s CEO, Cynthia Petion, was one of the top officials behind AWS Mining, another suspicious trading company.
NovaTechFx broker claims that they are operating from Saint Vincent and the Grenadines. However, anyone can register a company without stepping foot in the region, which is suspicious enough.
| Broker status: | Offshore Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | novatechfx.com |
| Blacklisted as a Scam by: | N/A |
| Owned by: | NovaTech, Ltd |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2019 |
| Supported Platforms: | Meta Trader 5 (MT5) |
| Minimum Deposit: | 99$ |
| Cryptocurrencies: | Yes |
| Types of Assets: | Forex, Cryptocurrencies |
| Maximum Leverage: | 1:100 |
| Free Demo Account: | Yes |
| Accepts US clients: | No |
Is NovaTechFx a Secure And Regulated Platform?
You should be very careful with a few things when looking for a broker, and regulation is one of them. As already mentioned, the company operates under a very shady jurisdiction with no reliable regulatory body. How can a client be protected if the company works without a licence? This should raise a significant red flag.
When looking through Financial Conduct Authority (FCA) and ASIC and BaFin licences, we’ve found no trace of any regulations for NovaTechFx. This broker is not legit, and therefore it can not provide any safety when it comes to your funds. If the company decides to shut down the website, your money will also disappear.
NovaTechFx is a scam offshore broker. The company is not regulated, the owner has a shady background of scamming people. And the only way to deposit money is via wire transfer or crypto transaction.
Let’s See Just How Unsafe Is an Unlicensed Broker?
The majority of unregulated brokers are scammers. Why is that? The answer is simple: there is no authority, no regulatory body who will monitor their activities, unlike regulated brokers, who are expected to 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.
In top of that, we seriously recommend you not to invest in the fake brokers Capital Forex Live, DGTL Trade, and BullCFDs. Do not trade with these unlicensed brokers if you want to save your money!
Traders’ Experience With NovaTechFx
Things are not great when it comes to NovaTechFx trading experiences as well. Too many people have fallen for their promises, don’t be one of them. Here is just one of the comments that you can find online regarding NovaTechFx trading: “SCAM!!!”
NovaTechFx Offers MetaTrader5 Trading Platform
NovaTechFx broker is using the MT5 trading platform. This trading software is very popular with brokers, provides many valuable features, and gives its traders many advantages, however… A good trading platform does not guarantee safety and reliability.
NovaTechFx Mobile Trading
NovaTechFx has a mobile app; like in the case of any MetaTrader, the app is available for both Android and iOS devices. The app can be used on iPads and tablets as well.
NovaTechFx Trading Accounts – Account types
There are three types of plans that NovaTechFx is offering:
- PAMM
- Affiliate program
- Trade on your own
There are a total of 6 membership plans inside PAMM, and the main difference between them is the initial deposit and services that are provided afterwards. The minimum deposit is $99, and that 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 works with clients from:
- South Africa
- Canada
- UK
The United States is excluded.
NovaTechFx Range of Trading Instruments & Markets
NovaTechFx is offering only two assets. Meaning they are trading in currency pairs and cryptocurrencies. This sounds limitating, but it’s not actually. You have many options to trade with just between these two assets.
Customer Support – Communication Channels
When it comes to 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 or so. They will try to reach out to you via email or what’s up or telegram as well. But if you wish to reach them via phone or what’s up you will be stuck, because they don’t offer that option. The only way you can contact them is by opening a ticket on their website.
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 high leverage of 1:100. Just be aware that licensed brokers have capped leverage that can not exceed 1:50. Leverage is there to protect your funds, not to put them at risk.
NovaTechFx Deposit, Withdrawal Methods, And Fees
There is no information on withdrawal methods or fees that are included. Do you still believe that this broker is legit? This raises a number of questions and the answer is obvious. Scam alert.
What Payment Methods Does The Broker Accept?
NovaTechFx is taking cryptocurrencies only, which is another red flag. Why is that? Crypto deposits are very hard to trace, which is very convenient for scam brokers, and you can not ask for a chargeback. Isn’t that just too good for scam brokers?
Scammed by NovaTechFx Broker? – Let Us Hear Your Story
If You have been scammed by this broker, 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. Please let us know because we can provide help. Book a free consultation with us, and we will get in touch with you as soon as possible. All to help you to get your stolen money back.
But What Is a Chargeback?
The registration is completely free. All you need to do is to leave required information and our agents will contact you. Just click on the button below for a free sign-up! We will take care of the rest.