Website – https://novatechfx.com/
Address – Suite 305, Griffith Corporate Center, PO Box 1510, Beachmont Kingstown, GE VC0120, Saint Vincent and the Grenadines
Warning Issued By – Ontario Securities Commission (Canada)
Read this Novatech FX Review to learn if it is safe to invest with Novatech FX
If you are thinking to invest with Novatech FX but avoid scams, read the Novatech FX review and get to know about the NovatechFX scam activities in detail.
There may be a risk of scams in online trading like Forex trading, Cryptocurrency trading, Binary trading, and others. Some of the major online scams we heard about are Forex scams, Cryptocurrency scams, Investment scams, Romance/Dating scams, Pet scams, Binary scams, etc. Scam brokers have a common way of fooling victims either. They either do it through cold calling, creating fake websites, or pop-up advertisements. Similarly, after investigating Novatech FX broker, we found multiple proofs of scam activities done by Novatech FX. The idea is to warn brokers about the possible scam activities of Novatech FX. Read a complete Novatech FX review to know more about this broker.
NovaTechFX is an offshore and unregulated scam broker established in 2019. NovaTechFX professes to be operating from Saint Vincent and the Grenadines. As we all know, anybody can enlist an organization there, even without stepping there. The organization works under an exceptionally obscure jurisdiction with no regulatory administrative body. Since the broker isn’t genuine, your funds are not safe with it.
Novatech FX Review: Warning Signs
While trading, it is immensely important to identify a broker that is reliable and legit. But, there are some reasons why we have tagged this Novatech FX Review in our scam broker 2022 list of scam brokers. Here are some points that you need to know if a broker is a scam or not. Novatech FX possesses some or more of the following mentioned traits of a scam broker.
Novatech FX Review: Regulation and safety of funds
While choosing a broker online, the regulation status is one of the most critical points. Here, Novatech FX seems not to be regulated in its jurisdiction of operation and is engaged in scam activities. There is a high possibility that the broker has been warned by reputed regulation authorities like CySec, ASIC, FCA, CNMV, FINMA, etc. Warning issued by any of these authorities clearly indicated that the broker is not a good fit to invest your hard-earned money with. Thus broker seems to be lacking such regulation or there is no proof of it.
Novatech FX Review: Leverages and Accounts
The genuine brokers that are operating in the market often require low deposits. High deposits are not in the favour of the regulatory bodies. Whereas, this broker tends to charge a huge deposit amount which is a major red flag to avoid moving further with your investment journey. The same criteria apply to leverage, as the leverage offered by legitimate firms is low and in small amounts. Whereas, the broker tends to offer high leverage, shaping it as a scam broker. This broker offers high leverage, which can cause a big loss to traders if things go wrong.
Novatech FX Review: Complaints
A number of complaints and negative Novatech FX reviews have been found regarding the scam broker on various online review sites. A low rating on several online platforms makes it clear that the broker has a negative reputation among investors. The investors have accused them of being scam brokers and stated how they have been victims of the Novatech FX scam and lost all their money and efforts to them.
Novatech FX Review: Suspicious Activities
If your broker promises high leverage, ensures returns, professes to demand no expenses, and then all of a sudden asks for more money later, these are instances of problematic exercises that make the broker a suspect of scams.
How does the Novatech FX scam work?
One of the most common online trading scams is showing positive trades at first to deceive investors into believing they will make money quickly. The investor will be persuaded to invest more money in order to receive higher returns once this confidence has been developed. Other rewards might also be offered to entice investors to invite their friends and family to use the site.
The brokerage will proceed to suspend the account and prevent the investor from accessing the funds until they have taken all available cash from the investor and those in his or her account.
How to identify a scam?
In the time of information, it is not difficult to check the legitimacy and reliability of any company or broker. It is simple to safeguard yourself against fake brokers or blacklisted brokers. However, if you want more information, you can read about these common practices followed by scam brokers and check them with Novatech FX.
- They guarantee high benefits that sound too good to be true.
- They may not be regulated by any major authority like FCA, FMA, FINMA, ASIC, SEC, etc.
- They promise to offer risk-free trading.
- They ask you for personal information, like your bank details or passwords.
- Share no contact information like email address, postal address, chat option, etc.
- Asks for large investment and commission.
- Have no or less transparency.
- They follow some unprofessional practices and dubious strategies.
- Stop communication once you ask for a withdrawal.
- They ask you to quickly transfer money.
File a Complaint against Novatech FX with All Scam Reports
It is tough to recognize fake brokers at first glance, yet that is the place where we can help. If you want to invest in online trading, it is a good idea to look at the list of scam brokers 2022 and avoid the brokers present on the list. This will help you in safe trading and also keep your investments safe with the right broker.
All Scam Reports have a team of experts who work to get your money back from scammers. We have broad involvement in chargebacks, forex scam recovery, crypto scam recovery, and the ability to manage a wide range of cases. All Scam Reports Team advises the user to avoid investing here, as we have found that the Novatech FX broker is suspicious, and operating without any legal license. There has been proof of some suspicious activities similar to the signs mentioned in the Novatech FX review.
So it can be concluded from this Novatech FX review that this broker is a potential scam.
Investors should always remember that scammers don’t have any right to take away their funds in illegal ways and hence, it is their responsibility to fight for it and get it back from the scammers. All Scam Reports Team is here to help you out in this situation of fund recovery. All you need to do is to fill out a small complaint form, and we will be in touch with you shortly with a free consultation.
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Check the brokers blacklisted by SFC.