NovatechFx is an internet-based forex trading platform that commits to delivering state-of-the-art technology and sophisticated trading instruments to its users. This platform presents a diverse selection of currency pairs for trading, major, minor, and exotic pairs. Novatech Forex takes pride in offering competitive spreads and adaptable leverage choices, affording traders the opportunity to optimize their potential earnings.
|Headquartered||Saint Vincent and the Grenadines|
|NovaTech Owner||Cynthia Petion|
|Regulating Authority||Not Regulated|
|Supported Platforms||MetaTrader 5|
|Owned By||NovTech Ltd.|
|Tradable Assets Offered||Forex and Cryptocurrencies|
|Accepts US clients||No|
|Contests and Bonuses||Yes|
NovaTechFx operates as a Market-Making broker, which functions as a middleman when clients engage in trading activities. In essence, instead of clients directly participating in the market, NovaTech steps in as an intermediary, assuming the opposing position.
This approach grants NovaTech the ability to provide swifter order execution, narrower spreads, and increased flexibility regarding leverage options. However, it’s crucial to note that this arrangement also brings about a potential conflict of interest between NovaTech and its clients.
This setup could lead to situations where NovaTech makes decisions that may not align entirely with the best interests of its clients. Consequently, traders should exercise vigilance and awareness when choosing to trade with NovaTechFx.
It appears highly probable that this brokerage could be operating under dubious circumstances, casting serious doubt on its legitimacy. We strongly advise against considering NovaTrade as a viable option for any trader. You can look for a trader that is secure and liable; that is Tradeeu. The absence of regulation by any recognized authority raises significant concerns about the broker’s operations, reinforcing our scepticism regarding their practices.
NovaTechFx lacks regulation from any reputable financial service authority. It exhibits concerning characteristics akin to a pyramid scheme. Investing with an unregulated broker of this nature carries substantial risk, and there’s a real possibility of losing your hard-earned money. We won’t advise you to go withNovaTechFx; rather, choose a broker that is supremely regulated, like Modmount.
This serves as a major red flag for the investors, thus, signifying that the company might not be adhering to established financial regulations and standards.
|🏠Company||NovaTech LTD, NovaTech Advisors LLC, NovaTrading OÜ|
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NovaTechFx offers three types of accounts, each having distinct characteristics from one another. The broker has not specifically mentioned the spread, leverage and other information on the website until you Login or SignUp.
|PAMM||AFFILIATE||TRADE ON YOUR OWN|
|Become a Customer||Low subscription fee||No fees for start-up|
|Trading experience is not required||Bonus Package included||No service fee monthly|
|Monthly service fees at affordable rates||Trading experience is not required||Lower Spreads and Pips|
|Fully Automated PAMM trading account||Optional Automated PAMM trading account||MetaTrader5 offered|
Membership Package list
Across all of its package options, the broker imposes a monthly service fee of $25, which signifies the most economical expense available.
Being part of this company affords you the potential to generate commissions through a multifaceted compensation scheme consisting of seven distinct avenues. The fundamental framework of this plan operates on a binary structure and encompasses incentives based on performance achievements.
This bonus is granted when you introduce a new affiliate into your immediate downline. The Direct Referral Bonus varies in value, ranging from $10 to $5000 based on the specific package you’ve successfully sold.
The Indirect Referral Bonus is distributed across seven levels whenever a new affiliate joins the downline or an existing affiliate upgrades to a higher package. The bonus is calculated as a percentage, with the breakdown as follows:
The Fast Track Bonus is tailored for individuals who achieve the feat of referring and enrolling three new individuals within a span of 45 days from their own registration date.
The Sponsor is entitled to receive a Check Matching Bonus spanning nine levels, which is based on the trading bonuses accrued by their direct downline. Here’s the breakdown of the percentage earnings:
Affiliates are incentivized to attain higher ranks through the provision of Rank Achievement Bonuses. The bonus amounts are as follows:
|1 STAR AMBASSADOR||$50,000|
|2 STAR AMBASSADOR||$1,00,000|
This bonus is disbursed across nine levels from the direct downline, calculated as a percentage of the service fees paid by the members. The percentage breakdown is as follows:
The profit-sharing element of the compensation plan is exclusively allocated to the top management positions within the company. The designated percentages for Profit Sharing are as follows:
NovaTechFx does not offer a Demo Account, which can be detrimental for novice traders in the industry.
Step 1: Choose from the options “PAMM,” “AFFILIATE,” or “TRADE ON YOUR OWN.”
Step 2: Once you’ve made your selection, proceed to provide the necessary information.
Step 3: Register by completing the required information and submitting the necessary documents.
Step 4: Following the completion of all the steps, your registration is finalized, and you can commence your trading activities.
NovaTechFx offers various types of Market Instruments to clients but doesn’t mention anywhere about the spreads and leverages provided by it. This could be quite confusion for the traders while trading, as there are no clear instructions about any of the basic information required while trading.
|EUR\USD||BITCOIN, ETHEREUM. LITECOIN|
NovaTech provides a maximum leverage of up to 1:100, a common offering found among numerous forex brokers. Leverage can serve as a valuable instrument for seasoned traders seeking to amplify their profit potential.
It’s important to admit that it can also boost the likelihood of losses when not employed judiciously.
Also, it is crucial for traders to precisely evaluate their risk tolerance and devise their trading strategies before settling on a specific leverage level.
The minimum deposit amount offered by NovaTechFx is $250.
STEP 1. Log in to your Account.
STEP 2. Go to the Menu and click on Funding from the Menu.
STEP 3. Choose “Upgrade Account” from the given option.
STEP 4. Select your account and “Add Funds” to the account
STEP 5. Provide the necessary information.
STEP 6. Select the Payment Method. EWallet or CoinPayments.
STEP 7. Click on “Upgrade Account Number” if you choose CoinPaymets.
STEP 8. Select the Crypto wallet you use, and pay accordingly.
To initiate a withdrawal from your NovaTech FX account
STEP 1. Access your account and go to the “Withdrawals” section.
STEP 2. Select your preferred withdrawal method and input the desired withdrawal amount.
STEP 3. Proceed to submit your withdrawal request.
STEP 4. The duration of the withdrawal process can vary, typically taking a few business days, contingent upon the chosen payment method.
NovaTech does not provide detailed information regarding spreads, commissions, and other trading-related expenses on its platform. Despite their claim of offering low spreads, the absence of transparency concerning trading costs is a notable point of concern.
Although the absence of commission fees may appear attractive, it’s important to recognize the possibility of incurring higher overall costs compared to brokers with transparent fee structures.
NovaTech Fx provides its clients with an exceptionally advanced trading platform. The MT5 platform offers a comprehensive range of features, including real-time market data, customizable charts, a collection of technical indicators, and a variety of analytical tools. These resources delegate traders to make informed decisions and maximize their profit potential effectively.
Unlike, NovaTechFx, Xpro Markets offers multiple trading platforms to make trading easier for the traders.
NovaTechFx lacks educational resources on the website, which may hamper the trading strategies and learning for traders who are new in the industry. The absence of educational resources might hinder traders’ understanding of the market and expose them to potential losses. NovaTech’s lack of such resources puts them at a disadvantage compared to other brokers, such as Equiity, that provide a wide range of educational materials aimed at assisting traders in enhancing their knowledge and skill set.
The website’s user experience was far from optimal. To access their website, users are required to either login or sign up first. Unlike their competitors, who offer information about trading platforms, available assets, and account types upfront, NovaTech does not provide such crucial details before users log in or sign up, making it less user-friendly.
You can browse Capitalix for better services and exclusive offers for better and safer trading.
NovaTech provides several avenues for reaching out to their customer support team, such as through phone, email, and a physical office address. Nonetheless, it’s important to note that their customer support hours are restricted, and they do not offer a live chat feature. They do not offer multilingual support, which could pose a limitation for non-English-speaking users.
NovaTech offers multiple means of contacting customer support, but the limited service hours and absence of live chat support might be seen as disadvantages by certain traders.
Phone Number: 1-904-944-6682
Email-Id- [email protected]
Official Website- https://tradersunion.novatechfx.com/
NovaTechFX raises several concerning issues, including its operation in an unregulated jurisdiction, a track record of warnings from regulatory authorities, and dubious business practices. It is crucial for investors to exercise utmost caution and conduct comprehensive research when considering any brokerage firm as a potential investment partner.
To mitigate risks effectively, it is crucial to opt for a regulated broker with a well-established and reputable history. Further, prioritizing trading education, implementing sound risk management strategies, and conducting thorough due diligence are essential steps to safeguard one’s investments in the financial markets.
At Trending Brokers, our aim is to provide you with diverse perspectives, unbiased assessments, and in-depth scrutiny. We maintain our commitment to precision through stringent data validation and consultations with industry mavens. It’s important to acknowledge that, though infrequent, minor fluctuations may occasionally manifest. Rest assured, our resolve to deliver impartial evaluations, thorough analysis, and well-informed viewpoints remains steadfast.
We feel compelled to offer some guidance on the subject of investing in financial instruments, commodities, and assorted assets, which inherently entail a significant degree of risk. There exists the potential for a complete loss of your invested capital. We strongly advise engaging in such ventures only if you possess a comprehensive understanding of the associated hazards. Please bear in mind that Trending Brokers refrains from providing investment advice or any semblance of financial counsel.
Your financial security is of paramount importance to us, and we emphatically advocate for the exercise of due diligence and the pursuit of professional guidance when making investment decisions.
NovaTechFX exhibits several red flags that could indicate questionable practices, potentially including Ponzi or Pyramid schemes. Therefore, it is advisable to exercise caution and refrain from further investments in NovaTechFX.
NovaTechFX, also known as Nova Tech Ltd., is a registered business located in Saint Vincent and the Grenadines.
NovaTech FX welcomes traders of all experience levels, encompassing both novices and seasoned traders. The platform is accessible to anyone interested in engaging in online trading of financial instruments, irrespective of their geographical location.
To commence trading on NovaTech FX, a minimum deposit of $250 is necessary.
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