Table of Content
Novatech Fx Review – Who Is Behind Novatechfx.Com?
Table of Content
Novatech Fx broker is one of those that are suspicious at first glance. Firstly, they are an offshore broker registered in St. Vincent and Grenadines (SVG). Secondly, they have leverage higher than allowed by most regulators. Lastly, their regulation and fund security is questionable.
If you take a look at Novatech Fx reviews you quickly realize that something doesn’t add up. What do traders think about this broker and should you trust your money here, check in our latest Novatech Fx review.
|Headquarters||Saint Vincent and Grenadines|
|Review Rating||4.2 on Trustpilot|
|Platforms||Meta Trader 5 (MT5)|
|Spread||From 2 pips|
Is Novatech Fx Legit or a Scam Brokerage?
Novatech Fx broker claims to have an SVG trading license. Yet, SVG as a country doesn’t have any regulations for trading purposes. This country is known as a hub for scammers. That’s why their government decided not to be responsible for their everyday fraudulent activities. So, there is a first red flag.
The benefit of regulation is that traders feel more comfortable. There is a certain level of transparency and most importantly fund security. Many companies are obliged to provide negative balance protection, segregated deposit bank account, and many more. Thus, the Novatech Fx broker doesn’t bother much with it.
Above all, there are multiple warnings issued against them. Firstly from Ontario Securities Commission (OSC). Secondly from British Colombia Securities Commission (BCSC).
We really hope that this is already enough for you to look for another broker.
Novatech Fx Trading Software Overview
Important to realize is that Novatech Fx broker provides one of the most trusted platforms. It is Meta Trader 5 software with many advanced features. From one-click trading and advanced EAs to social trading. Yet, scam brokers like the Novatech Fx platform doesn’t mean anything. Take a close look at any Novatech Fx review and you will find comments about unexpected money disappearances.
Thus, Meta Trader 5 is available for Android and iOS devices. In general, appearance and functionality remain the same as with the desktop version. Yet some traders prefer still Meta Trader 4 due to more charting options. On the positive side, traders can choose first to use a demo account with Novatech Fx broker. However, leaving personal information with a shady broker is always risky.
That will tell you that even with MT5 and even if you make money, it can disappear in a blink of an eye. Simply because no institution is controlling this investment scam activity.
Novatech fx Account Types Available
There are three options with Novatech Fx broker. Traders can choose from:
Since PAMM accounts allow you to automate trading and collective funding, it is the most preferred option. In the PAMM plan, traders can choose from 6 different membership levels. Those are:
The main difference is the minimum deposit required. While the minimum requirement is $99 other options remain unclear. Based on Novatech Fx reviews we can see that the only goal is to get as many deposits as possible. Especially crypto ones because of hard traceability.
Available Trading Instruments
Another unattractive thing about this broker is their instrument offer. There are only two classes available. Those are:
- Currency pairs (Forex) – USD/JPY, AUD/HKD, EUR/SEK
- Cryptocurrencies – BTC, BNB, LTC
With companies that offer more than 5 classes, we find this uncompetitive. Not to mention trading leverage of 1:100 which is way above the maximum allowed. Pips that start from 2 pips are already above the industry average of 1.5 pips.
For any experienced trader, this is another red flag. Especially when they know that deposits are not protected. There is no guaranteed stop loss or negative balance protection.
Deposit and Withdrawal Procedure
Even though they have a high rating on Trustpilot, almost 15% of clients experienced withdrawal issues. All that comes from the fact that the broker prioritizes crypto transactions. Such transactions are encrypted and hardly traceable. That makes traders vulnerable. Especially non-experienced ones that are facing that for the first time.
Without a clear withdrawal policy traders don’t know what to expect. But with their shady affiliate program, it all looks in the end like an MLM scam. This prevents withdrawals because traders are getting bonuses. So to get a withdrawal you have to trade a certain volume on the market. Usually, it’s 30 times bigger than your deposit without leverage.
For instance, with a $250 bonus, you have to reach 2 million through trading. Which is complete nonsense. And until then, a broker makes up all possible reasons why not to allow your withdrawal. From verification document issues to non-existent withdrawal fees.
Be aware of anonymous offshore brokers!
Got Scammed by Novatech fx? Get Your Money Back!
Don’t miss the opportunity to share your experience with us. Let other traders know what to expect. Maybe you can help someone not to jump into the Novatech Fx trading scam. After all, our fund recovery team will know where to start.
We can make you a strategy for how to get your funds back. Whether you were using a bank card or crypto wallet you have a solution. Cipher Trace is a powerful tool to trace crypto transactions, and find and recover lost funds.
Don’t let these scammers get away with your money. Contact our fund recovery team already today!
Novatech fx Summary
- Misleading traders about regulation.
- An offshore trading company without a license.
- Non-competitive trading conditions.
- Many negative user experience reviews.
- Suspicious affiliate program indicating MLM scam.
- Limited instrument classes are available.
FAQs About Novatech fx Broker
Is My Money Safe With Novatech fx?
No. They don’t have any regulation or obligation to protect your funds whatsoever.
What Is The Minimum Deposit for Novatech fx?
The minimum deposit requirement is $99, but deposits don’t go to a segregated bank account.
Does Novatech fx Offer a Demo Account?
Besides live trading accounts, traders can choose a demo account through Meta Trader 5 platform.