WikiFX report: NovaTechFX Broker Review – How We Exposed NovaTechFX.com Trading Scam?

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 review and explained everything related to this firm!

But firstly, we want to invite you to read our recently updated AlpsMarkets, AG Markets and InstaForex scam broker reviews. Your funds are in danger with them!

Is NovaTechFX Safe And Regulated？ – The Importance Of Regulation

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 countrys reputation.

Whats Wrong With NovaTechFX License？

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.

NovaTechFX Login Problems – One Of The Signs Of A Scam

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.

If you experience something like this, report it immediately. In addition, we recommend that you avoid unregulated brokers, such as VisionForex, Stanford FX or City Index.

Negative NovaTechFX Reviews – NovaTechFX Cleaned My Deposit

Something weve 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 youve 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.

Supported Trading Platforms – Available Trading Software

There‘s only one NovaTechFX trading platform, and it’s a new version of MetaTrader, MT5. Lets see what it looks like and which devices support it.

MetaTrader 5 Platform – MT5

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.

Mobile Trading App – iOS & Android Trading

Like its 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.

NovaTechFX Range of Trading Instruments & Markets

While some would say the offer is relatively poor, this brokerage offers only two assets – currency pairs and cryptocurrencies. 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.

Whats 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.

NovaTechFX Trading Accounts – Account Types

As mentioned, NovaTechFX has 3 types of plans:

• PAMM

• Affiliate

• Trade-On-Your-Own

Since most clients are interested in PAMM or managed accounts, we will closely discuss plans that come along.

There are 6 membership levels, including:

• Builder

• Bronze

• Silver

• Gold

• Platinum

• VIP

The main difference is in the amount of money and services provided, while allegedly, a VIP account also brings cashback rewards. NovaTechFXs minimum deposit is $99 for the Builder package. Yet the broker is forcing crypto deposits, which are hard to trace, so beware of scams.

Demo Account

Besides Standard accounts, NovaTechFX offers a Demo account for clients to test the platform and check the offer of trading assets.

NovaTechFX Affiliate Program – Echoes of MLM Scam

If, after learning is NovaTechFX regulated and who‘s behind it, you’re still unsure whether its 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.

NovaTechFX Withdrawal Issues – No Money Withdrawal Guarantees

With everything being said, you must note that we‘ve never mentioned any withdrawal guarantees. And that’s because you have none. Theres no regulation, no compensation funds, no authority bodies behind the scenes.

The only thing to do is file a dispute and request a chargeback before its too late.