NOVATECHFX Review

novatechfx review

$99

Min Deposit

2.2 Pips

Min Spread

2019

Foundation

3/10

Broker Trusted Points

Unregulated

Regulation

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     https://novatech-fx.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. 

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Account Types of NovaTech

ACCOUNT TYPES

NovaTechfx offers three types of plans for their account:

               PAMM            AFFILIATETRADE ON YOUR OWN
Become a CustomerLow subscription feeNo fees for start-up
Trading experience not requiredBonus Package includedNo service fee monthly
Monthly services fees at affordable ratesTrading experience not requiredLower Spreads and Pips
Fully Automated PAMM trading account Optional Automated PAMM trading accountMetaTrader5 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
15%
22%
31%
41%
51%
60.5%
70.5%

CHECK MATCHING BONUS

                 LEVEL             COMMISSION
15%
22%
31%
41%
51%
60.5%
70.5%
80.25%
90.25%

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
15%
22%
31%
41%
51%
60.5%
70.5%
80.25%
90.25%

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 requiredNot regulated by any higher financial authority
Weekly Payouts initiatedWebsite interface is not up to the mark
100+ Crypto and Fiat Pairs availableNo deposit bonus
MetaTrader5 offeredAccepts only cryptocurrencies deposit and withdrawals 

DEPOSIT AND WITHDRAWAL

PROSCONS
Deposit fees not chargedPayment options are limited
Fast transactionsVolatile cryptocurrency markets are risky
Secure deposits and withdrawalsTraditional payment methods not offered such as bank transfer or credit card
Third-party payment processors not requiredSeveral 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.

novatechfx review Novatech user experience and reviews

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.

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NOVATECH, LTD Contact Information-email id, Phone number, Corporate Office Address

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.

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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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