NovaTechFX broker is said to offer ultra-low commissions and spreads while providing the best trading experience in the Forex and crypto markets. We have a couple of offices on the main page, yet no regulations.
Therefore, we did a full NovaTechFX broker review and explained everything related to this firm!
The first thing to know when thinking about investing is who your broker is. It means you should know the owner, location, regulation, and more. When it comes to NovaTechFX, we must say it was a disappointment.
The broker is owned by NovaTech LLC from Saint Vincent and the Grenadines, meaning it has no license as the country has no official financial regulator.
However, the company listed two more offices – in Miami, USA, and Tallinn, Estonia. Yet, we found no apparent connection between the US entity and the offshore one, while having an office in Estonia means nothing considering the country’s reputation.
After reviewing FCA, ASIC, BaFin, even CFTC, and a few more Tier1 registers, we found no NovaTechFX regulation. This means your funds are not safe and you have no guarantees of being reimbursed.
Firm regulators such as the ones mentioned above are making sure each investment company has a compensation fund of at least 700,000 EUR for fraud cases.
According to clients, NovaTechFX login issues are quite a regular thing. Even though this sentence itself sounds ridiculous, it’s something every client faces once they ask for a withdrawal.
It’s a tactic NovaTechFX forex brokerage uses to defraud clients and suspend their access to funds. If you decide you’ve invested enough and it’s time for withdrawal, your account will suddenly become unavailable due to technical problems, errors, and similar.
Something we’ve noticed while reading NovaTechFX reviews is that a lot of clients say the broker “cleaned their deposits.” So, we had to ask, what does that mean?
Practically, NovaTechFX doesn’t have standard account types, but clients can choose between managed accounts, trading on their own, and being affiliates of the company. However, they call it “company’s plans,” and you need to choose one as if it was insurance or retirement plan.
Once you select your plan and start, you might not see any funds in your account even though you’ve just made a payment.
The company will claim they never received any funds, even though your bank statement clearly shows where the funds are. This is what happens when regulation is questionable as the broker itself.
There’s only one NovaTechFX trading platform, and it’s a new version of MetaTrader, MT5. Let’s see what it looks like and which devices support it.
While MT5 should be an advanced version of MT4, we certainly noticed that clients are still sticking to the old one. Why is that? Because MT4 has many more charts and indicators.
However, MT5 does have certain perks, such as one-click trading, more execution orders, and a look closer to a web trader than MetaTrader.
Like it’s the case with any MetaTrader, this one has a mobile app as well. It can be used on both iOS and Android devices, including tablets and iPads.
While some would say the offer is relatively poor, this brokerage offers only two assets:
We can say it follows the true meaning of a forex firm. However, the offer of these assets is rather broad, which is good considering the lack of diversity.
What’s not good is predetermined leverage of 1:100 and spread 2.2 pips for EUR/USD pair, which we would never call “low” or “competitive” as the broker does.
As mentioned, NovaTechFX has 3 types of plans:
Since most clients are interested in PAMM or managed accounts, we will closely discuss plans that come along.
There are 6 membership levels, including:
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.
Yet the broker is forcing crypto deposits, which are hard to trace, so beware of scams.
Besides Standard accounts, NovaTechFX offers a Demo account for clients to test the platform and check the offer of trading assets.
If, after learning is NovaTechFX regulated and who’s behind it, you’re still unsure whether it’s a scam company, check their affiliate program.
To become a member, you need to pay a minimum of $49.99, and you will join a so-called “Affiliate package.” With this one, you can invest as well, but without AI software or any sort of account manager.
The main idea is to bring customers to the company and “earn bonuses as an affiliate.” As an MLM scheme, this one means that your friends will lose money for you to be paid.
With everything being said, you must note that we’ve never mentioned any withdrawal guarantees. And that’s because you have none. There’s no regulation, no compensation funds, no authority bodies behind the scenes.
Global Fraud Protection received numerous complaints from NovaTechFX scam victims and helped many get a refund. Let’s help you too!
Tell us your story, and we will find the best money-back solution.
According to our research, NovaTechFX is an online trading brokerage without regulations based offshore. Beware of fraud and withdrawal issues!
NovaTechFX minimum deposit for the PAMM account is $99, while the Affiliate program is $49.99.
Broker supports only one trading platform, and it’s MT5.
Since the broker is offshore and unregulated, your funds are not safe.
According to our research, NovaTechFX is an online trading brokerage without regulations based offshore. Beware of fraud and withdrawal issues!
NovaTechFX minimum deposit for the PAMM account is $99, while the Affiliate program is $49.99.
Broker supports only one trading platform, and it’s MT5.
Since the broker is offshore and unregulated, your funds are not safe.
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