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The WikiFX Score of this broker is reduced because of too many complaints!

NovaTech

Saint Vincent and the Grenadines|2-5 years|
Global Business|High potential risk|

https://www.novatechfx.com/

Website

Rating Index

Influence

Influence

A

Influence index NO.1

United States 8.63

Surpassed 77.32% brokers

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Contact

support@novatechfx.io
https://www.novatechfx.com/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

NovaTech, LTD

Company Abbreviation

NovaTech

Platform registered country and region

Saint Vincent and the Grenadines

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 3
Previous Detection : 2024-04-25
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 20 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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    NovaTech · Company Summary

    Registered in St. Vincent and the Grenadines
    Regulated by No effective regulation at this time
    Year(s) of establishment 2-5 years
    Trading instruments forex pairs, commodities, indices and stocks
    Minimum Initial Deposit $99
    Maximum Leverage 1:100
    Minimum spread Information not available
    Trading platform MT5
    Deposit and withdrawal method cryptocurrency
    Customer Service Email, phone number, address
    Fraud Complaints Exposure Yes

    It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

    In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.

    Pros and cons of NovaTech

    Pros:

    • Low minimum deposit requirement of $99

    • Availability of demo account

    • Offers trading on multiple financial instruments including forex pairs, commodities, indices, and stocks

    • MT5 trading platform available

    • No deposit fees charged

    • 24/5 customer support via email, phone, and address

    Cons:

    • Not regulated by any reputable financial authority

    • Limited information on spreads and commissions

    • Only supports deposits and withdrawals through cryptocurrency

    • No educational resources available on the platform

    • High risk of fraud and scams associated with unregulated brokers

    • Maximum leverage of 1:100 may be considered high and risky for some traders.

    What type of broker is NovaTech?

    Advantages Disadvantages
    NovaTech offers tight spreads and fast execution due to its Market Making model. As a counterparty to its clients' trades, NovaTech has a potential conflict of interest that may lead to decisions that are not in the best interest of its clients.

    NovaTech is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, NovaTech acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered. However, this also means that NovaTech has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients. It is important for traders to be aware of this dynamic when trading with NovaTech or any other MM broker.

    General information and regulation of NovaTech

    NovaTech is an unregulated forex broker registered in St. Vincent and the Grenadines. The company offers trading in forex pairs, commodities, indices, and stocks, using the MT5 trading platform. NovaTech requires a minimum deposit of $99 and offers a maximum leverage of 1:100. The broker also provides customer support via email, phone, and address. However, the broker has no educational resources and accepts only cryptocurrency deposits and withdrawals.

    In the following article, we will analyze the characteristics of this broker in all its dimensions, providing you with easy and well-organized information. If you are interested, read on.

    home page

    Market instruments

    Advantages Disadvantages
    Wide range of tradable financial instruments No information available on minimum spreads
    Opportunity to diversify trading portfolio Limited selection of stocks compared to other brokers
    Ability to take advantage of market fluctuations in various markets Limited information available on specific commodities and indices
    Potential for higher returns with leverage No information available on margin requirements

    NovaTech offers a diverse range of financial instruments for trading on its platform, including forex pairs, commodities, indices and stocks. This variety allows traders to diversify their portfolio and take advantage of market opportunities across multiple asset classes. Additionally, with the use of leverage, traders have the potential to increase their profits. However, there is no information available on minimum spreads or margin requirements, which may be a disadvantage for some traders. Furthermore, while the selection of stocks is available, it is relatively limited compared to other brokers. Additionally, there is limited information available on specific commodities and indices.

    Spreads and commissions for trading with NovaTech

    Advantages Disadvantages
    No information on the specific amount of spreads and commissions Lack of transparency regarding the costs of trading
    Low spreads declared by the broker Potentially higher costs compared to other brokers with transparent fee structures
    No commission fees mentioned Difficulty in accurately calculating potential profits or losses

    NovaTech does not provide specific information on spreads, commissions and other costs associated with trading on their platform. While the broker declares to offer low spreads, the lack of transparency regarding the costs of trading can be a cause for concern. The absence of commission fees may seem appealing, but the potential for higher costs compared to other brokers with transparent fee structures cannot be ruled out. Additionally, the difficulty in accurately calculating potential profits or losses due to the lack of clear information on fees can be a hindrance for traders.

    Trading accounts available in NovaTech

    Advantages Disadvantages
    Low minimum deposit requirement of $99 No information on account types and features available
    Demo account available for traders to practice and test strategies No information on account types and features available
    Easy and fast account opening process No information on account types and features available

    NovaTech offers both demo and live accounts to its traders, with a minimum deposit requirement of $99, which is not too high. The account opening process is also easy and fast. However, the broker does not provide any specific information on the types of accounts available or their features, which may be a disadvantage for traders who want to know more about the account types and the services offered with them. Nonetheless, the availability of a demo account is a plus, as it provides traders with an opportunity to practice and test their trading strategies without risking real money.

    Trading platform(s) that NovaTech offers

    Advantages Disadvantages
    Advanced Charting Limited to MT5 platform only
    Automated Trading Steep learning curve for new users
    Multiple Timeframes Limited customization options
    Supports multiple OS Limited availability of third-party plugins

    NovaTech offers the MetaTrader 5 (MT5) platform, a popular trading platform known for its advanced charting tools and support for automated trading. MT5 also offers multiple timeframes and is available on various operating systems. However, the platform has a limited availability of third-party plugins and customization options, and it can have a steep learning curve for new users. Additionally, MT5 is the only trading platform offered by NovaTech, which limits the flexibility for traders who prefer different trading platforms.

    MetaTrader 5 (MT5) platform

    Maximum leverage of NovaTech

    Advantages Disadvantages
    Allows traders to control a larger position with a smaller amount of capital Higher leverage can lead to larger losses if not managed properly
    Can potentially increase profits High leverage can increase the risks of margin calls and stop outs
    Offers traders more flexibility in their trading strategies Over-reliance on leverage can lead to reckless trading behavior and increased risk of blowing up the account
    Can be useful for experienced traders who know how to manage their risk Novice traders may not understand the risks associated with high leverage and could potentially lose all of their invested capital.

    NovaTech offers a maximum leverage of up to 1:100, which is a relatively standard amount offered by many forex brokers. While leverage can be a useful tool for experienced traders to increase their potential profits, it can also increase the risks of losses if not managed properly. Novice traders should be cautious and educate themselves on the risks associated with high leverage before engaging in trading with leverage. Additionally, traders should carefully consider their risk tolerance and trading strategies before selecting a leverage amount.

    maximum leverage

    Deposit and Withdrawal: methods and fees

    Advantages Disadvantages
    No deposit fees charged Limited payment options available
    Fast and easy transactions Risk of volatile cryptocurrency markets
    Secure and anonymous deposits and withdrawals Lack of traditional payment methods such as bank transfer or credit card
    No need for third-party payment processors Inconvenience for traders not familiar with cryptocurrencies

    NovaTech offers a deposit and withdrawal method only through cryptocurrencies such as BTC, LTC, and ETH. While the broker claims there are no deposit fees charged, it is essential to understand the risks involved in funding through a crypto wallet, which can be volatile. Additionally, this payment method may be inconvenient for traders not familiar with cryptocurrencies, and the limited payment options available may be a disadvantage for those who prefer traditional payment methods such as bank transfer or credit card. However, the use of cryptocurrencies offers fast and easy transactions, secure and anonymous deposits and withdrawals, and eliminates the need for third-party payment processors.

    image.png

    Educational resources in NovaTech

    Advantages Disadvantages
    None Available May hinder traders progress

    NovaTech does not offer any educational resources to its clients. This may discourage beginners who want to learn more about the financial market before trading or hinder the progress of traders who want to advance their knowledge. Not having access to educational resources may limit traders' understanding of the market and make them vulnerable to losses. This lack of educational resources is a disadvantage for NovaTech, as it puts them at a disadvantage compared to other brokers who offer a variety of educational resources to help traders improve their knowledge and skills.

    Customer service of NovaTech

    Advantages Disadvantages
    Multiple ways to contact support (phone, email, address) Limited customer support hours
    Physical office address provided No live chat support
    Clear contact information provided No multilingual support available

    NovaTech offers a few options for contacting customer support, including phone, email, and a physical address for their office. However, the customer support hours are limited, and there is no live chat option available. Additionally, there is no multilingual support, which may be a disadvantage for some non-English speakers. Overall, while NovaTech provides some ways to contact customer support, the limited hours and lack of live chat support may be a drawback for some traders.

    customer support

    Conclusion

    In conclusion, NovaTech is a relatively new and unregulated forex broker that offers traders access to a variety of financial instruments through the MT5 platform. The broker requires a minimum deposit of $99 and offers high leverage of up to 1:100, which can be a risk for traders. While the lack of transparency on spreads and commissions is a significant drawback, the absence of deposit fees and availability of cryptocurrency deposits may appeal to some traders. However, the absence of educational resources, limited customer support, and the high exposure to fraud complaints could be concerning for potential clients. Therefore, it is essential to consider the pros and cons before deciding to trade with NovaTech.

    Frequently asked questions about NovaTech

    • Q 1: Is NovaTech regulated?

    • A 1: No. It has been verified that NovaTech currently has no valid regulation.

    • Q 2: Does NovaTech offer demo accounts

    • A 2: Yes.

    • Q 3: Does NovaTech offer the industry-standard MT4 & MT5?

    • A 3: Yes. NovaTech supports MT5.

    • Q 4: What is the minimum deposit for NovaTech?

    • A 4: The minimum initial deposit with NovaTech is $99.

    • Q 5: Is NovaTech a good broker for beginners?

    • A 5: No. NovaTech is not a good choice for beginners. Though it offers demo MT5 accounts, never forget that it is unregulated.

    News

    Ontario Securities Commission warns you that NovaTech FX & CEO Cynthia Petion

    ExposureOntario Securities Commission warns you that NovaTech FX & CEO Cynthia Petion

    2023-11-08 16:13

    On 24 August 2023, the Ontario Securities Commission released a statement of allegations in the matter of NovaTech FX and Cynthia Petion. NovaTech FX & CEO Cynthia Petion did not attend the regulatory hearing on September 28. The Capital Markets Tribunal has scheduled another hearing on this matter for 27 November 2023 at 9:00 a.m.

    WikiFX
    2023-11-08 16:13
    Exposure
    Ontario Securities Commission warns you that NovaTech FX & CEO Cynthia Petion
    NOVATECH FX DODGES SECOND OSC TRIBUNAL HEARING

    ExposureNOVATECH FX DODGES SECOND OSC TRIBUNAL HEARING

    2023-10-04 11:32

    NovaTech FX misses a second OSC Tribunal hearing in Canada amid allegations of running a Ponzi scheme. The Ontario Securities Commission is taking steps to hold the company accountable.

    WikiFX
    2023-10-04 11:32
    Exposure
    NOVATECH FX DODGES SECOND OSC TRIBUNAL HEARING
    Has Novatech FX Website been renewed?

    ExposureHas Novatech FX Website been renewed?

    2023-06-19 16:50

    In recent developments concerning the popular investment platform NovaTech FX, investors have raised alarm after a prominent YouTuber, Mr. Wealth Ansah, reported that the website appeared to be on the brink of expiration. This has led to a wave of apprehension among users, who have been unable to withdraw their funds.

    WikiFX
    2023-06-19 16:50
    Exposure
    Has Novatech FX Website been renewed?
    Unregistered Trading Platform Nova Tech Ltd Highlighted by Canadian Securities Regulators

    NewsUnregistered Trading Platform Nova Tech Ltd Highlighted by Canadian Securities Regulators

    2023-03-21 15:52

    The public has been cautioned by the Canadian Securities Administrators (CSA) about Nova Tech Ltd (NovaTech), who claim that the business is not listed with any Canadian securities authority. As a consequence, NovaTech is not permitted to propose to deal in stocks or futures to anyone who resides in Canada

    WikiFX
    2023-03-21 15:52
    News
    Unregistered Trading Platform Nova Tech Ltd Highlighted by Canadian Securities Regulators

    User Reviews

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    ᴄʀypᴛoʀᴇᴄovᴇʀyʟᴛd ᴄᴏᴍ for reclaim
    6-12months
    This is a scam all of my money has disappeared after 8 months of investment and no way to contact anyone. Do not invest here
    2023-06-14 13:57
    Reply
    0
    0
    more than one year
    NovaTech’s PAMM accounts are just terrible! They ask for high fees to open this account actually, and You can hardly earn anything due to incompetent account managers.
    2023-02-21 22:55
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    0
    0
    佚柘
    more than one year
    My experience is to stay away from any forex broker registered in St. Vincent and the Grenadines to avoid possible scams... no one knows where the true trade of such a broker is.
    2023-02-14 15:52
    Reply
    0
    0
    sirJoe
    more than one year
    this is a scam… they keep on deducting 25% of my money when I made a withdrawal..
    2023-01-20 18:56
    Reply
    0
    0
    cirilo8346
    more than one year
    excellent platform I recommend it 👍
    2023-01-11 23:53
    Reply
    0
    2
    cirilo8346
    more than one year
    Novatech has always complied with what it exposes, I have been able to make the withdrawals without any problem, it is reliable and I recommend it to anyone who wants to be part of this platform 👍
    2023-01-11 23:49
    Reply
    0
    1
    小鹤
    more than one year
    NovaTech’s PAMM account and the mt5 trading platform is ****! They kept manipulating my trading account and deducting my money without giving me any reasonable explanation.
    2022-12-16 19:05
    Reply
    0
    0
    FX1162798297
    more than one year
    I saw someone pushing this platform on the foreign exchange forum, and I also checked his supervision situation. There is no supervision at all, or is it registered offshore? Isn't this a proper liar? The website is not professional, who can be fooled?
    2022-12-15 18:33
    Reply
    0
    0
    好名字可以让你的朋友更容易记住你
    more than one year
    Never use PAMM accounts on this platform, wondering why? The level of the account manager is not good at all, and I have been losing money. At that time, I trusted them and opened this account to save trouble. I didn't expect it to disappoint me so much!
    2022-12-15 09:46
    Reply
    0
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