Novatechfx Review: Untrustworthy forex broker
Novatechfx is registered in St. Vincent and the Grenadines.
This is an offshore zone for forex trade and there is no official regulator for forex brokers.
This implies that Novatechfx is not licensed and non-regulated. This means it cannot provide any guarantee for the safety of your funds.
It means that if this broker decides to shut down their website, your money will be lost completely.
Just like Cryptiys.com, this broker is a scammer that we can not recommend you to trade with lest you get defrauded.
Are you a victim? CLICK HERE to recover your money.
Overview of Novatechfx
This broker boasts of a MetaTrader 5 platform.
This platform offers a lot of advantages to its traders as it comes equipped with an auto trading option, trading signals, code base with customs scripts, a financial calendar and an app market among others.
The spread is 2.2 pips which is above the industry average of 1.5 pips. The implications for traders when using wide spread are that the cost of transactions will be high and they won’t be able to make a sustainable profit. On the other hand, the broker who derives revenue from the spread will get richer.
The leverage this broker offers is 1:100. This leverage is high and your funds will be exposed to risk if your transactions are unsuccessful as the high leverage amplifies the scope of financial loss.
We do not advise you to trade with such high leverage for the sake of your hard-earned funds. Also, please be aware that the licensed brokers we mentioned above have capped leverage which in the EU and the UK cannot exceed 1:30 and in the US, 1:50. Capped leverage is one of the measures to protect clients’ funds imposed by the regulations in these jurisdictions.
Is it safe to invest with this broker?
It is definitely not safe to invest in this illegitimate broker.
HYIP schemes cannot be trusted. They often lure investors to put in their money then vanish with it once their target has been reached.
There is no evidence of regulation for this broker. Unregulated brokers can never be trusted as they are fond of breaking regulations. They always disappear to thin air since they are not answerable to any watchdog.
Novatechfx offers to its clients are 6 – Builder, Bronze, Silver, Gold, Platinum and VIP. The minimum initial deposit for the Builder account is $99. The other accounts start at $500, $2,500, $5,000, $10,000 and $25,000 respectively.
For legitimate brokers please click here.
Novatechfx is a scam.
Unregulated brokers are untrustworthy to engage in as they have a tendency of shutting down their sites and disappearing with your hard earned money.
Be wary of offshore brokers if you care about your money.
We cannot recommend this broker for now, this is a time bomb and for sure they will scam you!
Have you been scammed by this broker? CLICK HERE to recover your money.