OVERVIEW
| Broker’s Name | NOVATECHFX |
| Headquartered | Saint Vincent and the Grenadines |
| NovaTech Owner | Cynthia Petion |
| Founded | 2019 |
| Regulating Authority | Not Regulated |
| Demo Account | YES |
| Supported Platforms | MetaTrader 5 |
| Maximum Leverage | 1:100 |
| Minimum Deposit | $99 |
| Owned By | NovTech Ltd. |
| Tradable Assets Offered | Forex and Cryptocurrencies |
| Website | novatechfx.com |
| Accepts US clients | No |
| Spreads | 2.2 pips |
RECOMMENDED FOR
The broker is most likely to be a scam and we would not like to recommend it to any types of trader. As NovaTechfx is not regulated by any authority, this makes their working skeptical.
REGULATED BY
The broker is not regulated by any financial service authority. The broker appears to be a pyramid scheme, and investing in such a broker with no effective regulation can make you lose your money.
Suggested Good Broker– Capitalix Review
ACCOUNT TYPES
NovaTechfx offers three types of plans for their account:
| PAMM | AFFILIATE | TRADE ON YOUR OWN |
| Become a Customer | Low subscription fee | No fees for start-up |
| Trading experience not required | Bonus Package included | No service fee monthly |
| Monthly services fees at affordable rates | Trading experience not required | Lower Spreads and Pips |
| Fully Automated PAMM trading account | Optional Automated PAMM trading account | MetaTrader5 offered |
Membership Package list
- Builder Package $99 to $499
- Bronze Package $500 to $2499
- Silver Package $2500 to 4999
- Gold Package $5000 to $9999
- Platinum Package $10,000 to $24,000
- VIP Package $25,000 to $99,000
- President Package $100,000 or more
In all the various packages, the company is providing a service fee of $25 per month, which represents the lowest possible cost.
As a member of this company, you have the opportunity to earn commissions in seven different ways through their compensation plan. The primary structure of the plan is binary, and it includes performance-based bonuses as well.
DIRECT REFERRAL BONUS
| PACKAGE NAME | BONUS |
| Builder | $10 |
| Bronze | $50 |
| Silver | $125 |
| Gold | $250 |
| Platinum | $500 |
| VIP | $1250 |
| President | $5000 |
FAST TRACK BONUS
The Fast Track Bonus is designed for individuals who successfully refer and enroll three new people within 45 days of their own registration.
INDIRECT REFERRAL BONUS
| LEVEL | COMMISSION |
| 1 | 5% |
| 2 | 2% |
| 3 | 1% |
| 4 | 1% |
| 5 | 1% |
| 6 | 0.5% |
| 7 | 0.5% |
CHECK MATCHING BONUS
| LEVEL | COMMISSION |
| 1 | 5% |
| 2 | 2% |
| 3 | 1% |
| 4 | 1% |
| 5 | 1% |
| 6 | 0.5% |
| 7 | 0.5% |
| 8 | 0.25% |
| 9 | 0.25% |
RANK ACHIEVEMENT BONUS
| RANK | BONUS |
| PLATINUM ASSOCIATE | $100 |
| JUNIOR EXECUTIVE | $500 |
| EXECUTIVE | $1000 |
| SENIOR EXECUTIVE | $2500 |
| JUNIOR DIRECTOR | $5000 |
| DIRECTOR | $10,000 |
| SENIOR DIRECTOR | $25,000 |
| 1 STAR AMBASSADOR | $50,000 |
| 2 STAR AMBASSADOR | $1,00,000 |
RESIDUAL INCOME
| LEVEL | COMMISSION |
| 1 | 5% |
| 2 | 2% |
| 3 | 1% |
| 4 | 1% |
| 5 | 1% |
| 6 | 0.5% |
| 7 | 0.5% |
| 8 | 0.25% |
| 9 | 0.25% |
PROFIT SHARING
The Profit Sharing component of the compensation plan is reserved for the top management positions within the company. The percentages allotted for Profit Sharing are as follows:
- Senior Executive: 2%
- Director: 3%
- Ambassador: 5%
ACCOUNT OPENING PROCEDURE OF NOVATECHFX
STEP 1: Select from “PAMM”, “AFFILIATE”, “TRADE ON YOUR OWN”
STEP 2: After selecting one of these, fill your information further.
STEP 3: Register yourself by filling out the information and submitting your documents.
STEP 4: You”ll receive a confirmatory e-mail.
STEP 5: After all the steps, your registration gets completed and you can start trading!
STEP 6: You can later Login with the details provided by the NovaTechFX.
PROS AND CONS
| PROS | CONS |
| No Trading Experience required | Not regulated by any higher financial authority |
| Weekly Payouts initiated | Website interface is not up to the mark |
| 100+ Crypto and Fiat Pairs available | No deposit bonus |
| MetaTrader5 offered | Accepts only cryptocurrencies deposit and withdrawals |
DEPOSIT AND WITHDRAWAL
| PROS | CONS |
|---|---|
| Deposit fees not charged | Payment options are limited |
| Fast transactions | Volatile cryptocurrency markets are risky |
| Secure deposits and withdrawals | Traditional payment methods not offered such as bank transfer or credit card |
| Third-party payment processors not required | Several traders face inconvenience who are not familiar with cryptocurrencies |
TRADING PLATFORMS
METATRADER 5
NovaTech Fx offers the most advanced trading platform to its clients.MT5 encompasses real-time market data, customizable charts, technical indicators, and analytical tools. By utilising these resources, traders can make well-informed decisions and optimise their profit potential.
TRADING ASSETS
| FOREX | CRYPTOCURRENCIES |
| EUR\USD | BITCOIN, ETHEREUM. LITECOIN |
| 1:100 LEVERAGE | 1:100 LEVERAGE |
| 2.2 PIPS | 2.2 PIPS |
RELIABILITY AND SECURITY
NovaTech FX does not seem to be reliable as it is an unregulated broker with no norms and conditions to follow orders by any higher authority. There are notable concerns surrounding NovaTech FX, as it displays traits typically associated with cryptocurrency MLM schemes.
The lack of transparency, dependence on new investors’ funds, and the absence of verifiable evidence of live trading undermine the credibility of the company as a legitimate investment opportunity. It is crucial to exercise caution when considering involvement with such companies, as the potential risks outweigh the potential rewards.
USER EXPERIENCE
The website user experience was horrible, as to check their website out, users have to first LogIn or SignUp. There is no significant information about trading platforms, assets or accounts offered in the first go, unlike its competitors who provide information before opening or even LogIn to their website.
Suggested Good Broker– XPRO MARKETS
CUSTOMER SUPPORT
The customer support of NovaTechFx is not efficient when it comes to callbacks from the broker. They provide voicemails and email address to support their customers. You can also raise ticket on their website for faster response.
Email: [email protected]
Phone: 1-904-944-6682
Address: Research Triangle, East Coast, Southern US
CONCLUSION
To summarise, NovaTech is a recently established forex broker that operates without regulation. It provides traders with access to various financial instruments through the MT5 platform.
The broker offers a minimum deposit requirement of $99 and high leverage of up to 1:100, which has quite inherent risks. The lack of transparency regarding spreads and commissions is a notable disadvantage, but the absence of deposit fees and the option for cryptocurrency deposits might be attractive to certain traders.
However, the absence of educational resources, limited customer support, and a significant number of fraud complaints raise concerns for potential clients. It is crucial to carefully weigh the advantages and disadvantages before making a decision to trade with NovaTech.
Suggested Alternate Broker– VAULT MARKETS
FAQs
Where is NovaTech fx located?
NovaTech is a brokerage firm that operates as an offshore broker and is registered in the jurisdiction of Saint Vincent and the Grenadines. The company’s headquarters are located in Kingstown, St. Vincent and the Grenadines.
Is PAMM profitable?
The profitability of PAMM accounts depends on the performance of the money manager chosen and carries the risk of potential capital loss.
What types of trading instruments are available through NovaTechFX?
NovaTechFX provides access to an extensive selection of trading instruments, including over 100 Forex and cryptocurrency pairs.
NovaTech Fx is owned by?
Cynthia Petion is the founder and CEO of NovaTech Fx.
How much is the minimum deposit required by NovaTech?
NovaTech offers a minimum deposit requirement of $99 and leverage of 1:100.
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