According to reports, NovaTechFX broker offers extremely cheap fees and spreads while offering the greatest trading environment in the forex and cryptocurrency markets. There are a few offices listed on the front page, but no rules.
As a result, we wrote a thorough analysis of NovaTechFX and covered every aspect of this company!
Is NovaTechFX a Licensed Broker?
Since the broker is controlled by NovaTech LLC of Saint Vincent and the Grenadines, which lacks an established financial authority, it lacks a license.
The business does advertise two other locations, in Tallinn, Estonia, and Miami, USA. Although having an office in Estonia is irrelevant given the reputation of the nation, we were unable to discern any relationship between the US firm and the offshore one.
We looked via the FCA, ASIC, BaFin, even the CFTC, and a few more Tier1 registrations, but we need help finding a regulation of NovaTechFX. Therefore, there is no guarantee that your money will be returned to you, and it is not safe.
Why Should Not You Trust an Unlicensed Broker?
Most unregulated brokers are con artists. How come? The explanation is straightforward: unlike authorized brokers, who must abide by tight regulations, no authority will oversee their actions. To mention a few, a licensed broker is required to keep the broker’s money separate from the client’s funds, have negative balance protection, etc.
Can NovaTechFX Be Trusted?
Clients claim that login troubles with NovaTechFX happen often. Even though this language itself is absurd, any client who requests a withdrawal must contend with it.
It’s a technique the forex broker NovaTechFX use to scam customers and block their access to money. If you feel you’ve made enough investments and it’s time to withdraw, your account will unexpectedly become inaccessible owing to faults, technical issues, and other issues.
Warnings From Financial Regulators
Most unregulated brokers are con artists. How come? The explanation is straightforward: unlike authorized brokers, who must abide by tight regulations, no authority will oversee their actions. To mention a few, a licensed broker is required to keep the broker’s money separate from the client’s funds, have negative balance protection, etc.
What Do Traders Think Of NovaTechFX?
When it comes to the trading experience with NovaTechFX, things are not ideal. They have deceived far too many people, and those who did cannot get their money back. Reviews claim that the trading company is eager to take money but unwilling to give it back. If you become a victim, be careful to get aid as soon as possible.
Platform Offered by NovaTechFX
The trading platform used by NovaTechFX brokers is MT5. This trading platform is well regarded, has a wealth of useful features, and offers its users several benefits. However, dealing with offshore schemes is not advised regardless of the platform, and a decent trading platform does not ensure safety and dependability.
Country Serving by NovaTechFX
NovaTechFX is currently operating in South Africa, Canada, and UK.
NovaTechFX Range of Trading Markets
Only two assets are provided by NovaTechFX:
- Pairs of currencies: EUR/USD, GBP/USD, and AUD/CAD.
- Cryptocurrencies: BTC, ETH, and XRP
There’s a solid reason why this sounds constricting. Trading in indices, commodities, and equities is something you’re losing out on.
Minimum Deposit and Withdrawal Terms of NovaTechFX
With NovaTechFX, a $99 minimum deposit is required. Although it may seem like a good beginning, you will be under continual pressure to upgrade your account. Brokers of pyramid schemes never stop at the bare minimum. especially those without any legitimate financial supervision, like NovaTechF
Ways to Make a Deposit
Another red sign is that NovaTechFX exclusively takes cryptocurrency. How come? Because cryptocurrency deposits are difficult to track, fraudulent brokers may easily use them. Just another reason to steer clear of NovaTechFX at all costs.
Victim of NovaTechFX Scam? Report Your Story To Us.
Having said that, you should be aware that we never provided any promises about withdrawals. And the reason is that you don’t. Behind the scenes, there are no rules, compensation money, or authoritative organizations.
The good news is that assistance is accessible. The staff at Report Scammed Bitcoin, a specialized organization devoted to assisting customers in recovering monies stolen online, is available around-the-clock and has assisted customers in recovering millions of dollars.
In this endeavor, using a reliable service like Report Scammed Bitcoin is essential as a standard chargeback process may sometimes be complicated and drawn out without the proper counsel.
