NovaTechFx Review 2024 - Costly Trading Illusions (2024)

In the complex landscape of online trading, the NovaTechFx scam beacons with promises of exceptional trading conditions and industry-low spreads. Operating since 2019 from Saint Vincent and the Grenadines, a jurisdiction lacking rigorous oversight, this offshore entity raises eyebrows.

The purpose of our NovaTechFx review is to expose the dubious practices but also shed light on the authenticity of a reputation built on potentially deceptive foundations.

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.

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!

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.

NovaTechFX Warnings: Regulators Say Scam

The lax regulatory oversight in their jurisdiction is an immediate red flag for investors and financial authorities alike. The general preference for Canadian investors and a number of victims from this area has attracted negative attention from more than one jurisdictional authority.

Financial entities responsible for regulating securities markets in the country of Canada that have blacklisted this shady business are CSA, ASC, BCSC, FCAA, FCNB, OSC, and NSSC. That was not the end of the regulatory reaction that these cons have provoked. Their fraudulent activities kept going on in the shadows all over the world, since it caused DFPI, IOSCO,and CBR to also respond by publishing investor warnings.

Fake Reviews Outnumber Genuine Ones

As we suspected, the fabricated reviews in this case were used to bolster a reputation that is nothing more than a facade.

However, Trustpilot, being one of the most reliable review platforms out there, has put an end to the charade. The unclaimed company profile holds a public announcement about Trustpilot detecting and deleting a number of NovaTechFX reviews that were fake.

The divided opinions on Sitejabber make for an average rating of 2.9, which means the genuine customer reviews are taking over. Lastly, the Reddit board dedicated to this sham discusses their intentions as fraudulent and greedy.

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:

• PAMM
• Affiliate Program
• Trade-on-your-own

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.

Also remember the names of theSinaraCorp,CryptoHoldandFavorTradestrading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

NovaTechFX Broker – Countries Of Service

NovaTechFX is a company that mainly works with clients from:

• United States
• South Africa
• Canada

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.