NovaTechFX broker Review: This broker claims that it provides the best experience in both Forex & Cryptocurrency markets while it charges very cheap fees & spreads. Meanwhile, the company has a few offices displayed on the min page, yet it isn’t regulated.
So, this is why we decided to take on this company, research, and discuss the company to make sure that the company isn’t out there defrauding people. To find out more about this company, keep on reading below.
NovaTechFX Broker – Company’s Overview
|Broker Status:||Offshore Scam Broker|
|Regulated by:||Unlicensed Offshore Company (No Regulation)|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by||N/A|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Online Trading Platforms:||MetaTrader 5 (MT5)|
|Broker No Deposit Bonus:||Not Available|
|Available Trading Assets:||Currency Pairs (Forex), Cryptocurrencies (Cryptos)|
|Islamic Account:||Not Available|
|Free Demo Account:||Yes|
|Accepts US Clients:||US traders are not accepted|
NovaTechFX Broker – Problem of Regulation
Initially, you should know that before you invest in any broker, you should who the broker is, which means that you should at least make research about the broker, the owner of the broker company, its operator’s location, and more information about the broker.
However, it the side of NovaTechFX Broker it seems to be a disappointment to us traders. Initially, the broker is officially owned by NovaTech LLC in Saint Vincent and the Grenadines, and this means that the company has no license, because the country also has no financial regulator company around.
Why does NovaTechFX have no Licence?
After our research on FCA, ASIC, CFTC, and BaFin with other related online financial regulators, we found out that NovaTechFX is not regulated by any of these financial regulating companies.
Also, financial regulators like the ones we mentioned above make sure that an investment company has a compensation fund of the minimum amount of 700,000 EUR in case of fraud cases.
Why NovaTech Broker is a Scam
Based on the experience of users with the NovaTechFX login issues, it seems to be a regular problem they face while using the NovaTechFX Broker.
Also, this kind of problem is mostly experienced while requesting a withdrawal on the platform. And this is a strong strategy that the NovaTech Broker uses to defraud users on the platform.
From experience with NovaTechFX Broker, if you’ve earned enough on the platform from your investments, and it’s the right time to withdraw the money, you will find out that your account will unexpectedly become unavailable because of technical issues & errors.
Please, if you notice this kind of issue on your account, don’t hesitate to report them. Also, we suggest that you avoid unregulated brokers where you can possibly lose your money. Some of these unregulated brokers are VisionForex, StanfordFX, and City Index.
NovaTechFX Broker Review – Product & Services
On NovaTechFX official website, you won’t find any retail products, you will only find the affiliate membership offer. However, NovaTechFX back then on 13th March 2021, introduced pseudo-compliance retail investment tiers as stated below:
- Builder Plans – $99-$499
- Bronze Plans – $500 – $2,499
- Silver Plans – $2,500 – $4,999
- Gold Plans – $5,000 – $9,999
- Platinum Plans – $10,000 – $24,000
- VIP Plans – $25,000 – $99,999
- President Plans – Over $100,000
Note: From the Builder to Platinum Plans, they have a $25 monthly service fee attached.
NovaTechFX Broker – The Company’s Compensation Plan
The affiliates of NovaTechFX invest their funds based on advertised variable ROI. See the NovaTechFX Broker compensation offers below:
- Builder – $99 to $499
- Bronze – $500 to $2499
- Silver – $2500 to $4999
- Gold – $5000 to $9999
- Platinum – $10,000 to $24,999
- VIP – $25,000 to $99,999
- President – $100,000+
Moreover, NovaTechFX refuses to release ROI rates but they state the VIP tier which the affiliates will earn 1% every month more than anyone on the platform.
See below for the withdrawal fees for each NovaTechFX investment tier:
- Bronze – 35%
- Silver through Platinum – 30%
- VIP – 25%
NovaTechFX Broker Review – Affiliate Ranks
Within NovaTech’s compensation model, there are 5 affiliate ranks. They are as follows, along with their individual prerequisites:
- As an associate register as a NovaTech affiliate and make an investment.
- Junior Executive – make a minimum investment of $2500, hire three Associates, and produce a downline investment volume of $50,000.
- You can invest at least $5000, hire two Junior Executives, and create $500,000 in downline investment flow as an Executive.
- Invest at least $10,000, hire two executives, and produce $2,000,000 in downline investment flow as a Senior Executive.
- Director – spend at least $50,000, hire two Senior Executives, and produce a downline investment volume of $10,000,000.
- As an ambassador Invest at least $100,000, recruit two Directors, and produce a downline investment volume of $50,000,000.
It’s worth noting that up to Executive, no one unilevel team leg can account for more than half of the needed downline funding volume. Moreover, from Senior Executive, this percentage has been lowered to 40%.
What to Consider When Joining NovaTechFX Broker
The cost of NovaTech affiliate membership is $49.95 upfront, followed by $2.95 each month. A minimum investment of $99 is required to fully participate in the associated income opportunity.
If a NovaTech affiliate chooses to sign up for a package rather than just paying the $49.95 price, they will be charged $25 monthly, know that VIP and President package tiers are excluded.
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