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NovaTech Review (novatechfx.com) FRAUD EXPOSED – NovaTechFx Scam Broker



Sep 5, 2023

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NovaTech (novatechfx.com)
All of these signs all tell the same story; NovaTech is a scam brokerage and is up to no good.
Broker Rating

NovaTech (novatechfx.com) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! NovaTechFx scam works by getting you to believe you can become rich by trading with them.

NovaTechFx Review

If you have been contemplating the idea of opening a trading account with an online broker, then you have probably heard of the horror stories regarding scam brokers. People have lost their entire savings and investments at their hands and you do not want to become a victim of a similar scheme. This often leaves people confused and overwhelmed when they have to pick one platform from the hundreds of thousands that exist. New ones are also added on a routine basis and this adds to the challenge. In such situations, you can take advantage of this NovaTech review.

NovaTech Review

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Bear in mind that a scam brokerage will never be forthcoming with you about their intentions. As a matter of fact, they are going to do the exact opposite because they want to con you and they cannot accomplish this goal until they are able to convince you that they are the ideal brokerage and you should deposit your funds with them. The problem is that most people do not know what to look for in order to identify a scam broker and since they don’t, they end up getting trapped. These are the consequences you want to avoid at all costs.

The good news is that it is not exactly rocket science to be able to distinguish between a legitimate and scam broker. It is true that these criminals try to create a professional appearance, but they cannot obviously deliver the same services as authentic companies. This will eventually give them away and you just need to be ready to make the effort to learn the truth. As long as you are assessing a brokerage carefully, you will learn the truth quickly. This applies to NovaTech that tells you all kinds of lies to convince you into trusting it.

Its lie generator starts working as soon as you open the NovaTech website and it makes all kinds of promises and claims to lure you to its platform. But, when you assess it carefully, you will learn that it is nothing more than a scam. Why? Read on to find out.

A clone scam

The first detail about NovaTech that makes it apparent that you are dealing with a scam broker is the licensing and regulation detail that the broker has provided on its website. The best way for you to be able to distinguish between a legitimate and fraudulent brokerage is through their regulatory status. The former will always have a license to offer their trading services, while the latter will never have one because it would reveal their true intentions.

Therefore, you need to look for a licensed and regulated broker and this is what NovaTech presents itself as. While some fraudulent brokers only claim to be licensed and do not provide further details to back up this statement, you will find that NovaTech has gone as far as offering a license number and other details that you can use for verification. It claims to be based in the United Kingdom and regulated by the Financial Conduct Authority (FCA) and has also given a license number that you can use for confirming it.

When you search the license number given on the NovaTech website, you will find that it is indeed listed in the online database of the FCA, but it belongs to a completely different broker. The license number is of ActivTrades PLC, which is a prominent and well-known financial services provider in the UK. This means that NovaTech is operating a clone scam where it uses the details of a genuine company to pass off as its own. In reality, it has absolutely nothing to do with ActivTrades PLC and this only confirms that you are dealing with an elaborate scam.

No demo account

One of the most attractive claims that you will come across on the NovaTech website is the availability of ‘top notch trading software’. This will draw your attention because the trading software is the most vital tool in every trader’s journey. It is the software used for trade execution and is equipped with the trading tools that are used for making timely decisions. If it is lacking in any way, it can reflect on your trading performance, so you do not want to make comprises in this regard.

While the promise NovaTech makes is undoubtedly attractive, you will find that it does not offer you a demo account for you to be able to check the said trading software yourself. All legitimate brokers will offer a demo account because they have nothing to hide, while scams do the opposite. Moreover, you will also find that NovaTech is offering a primitive and basic web trading platform. If you were expecting the MT4, or the MT5 trading platform, you are not going to find them here.

Poor trading conditions

Another sign you are dealing with a scam where NovaTech is concerned is the fact that it is offering extremely high spreads. They start at 3 pips for the EUR/USD pair and this is just too high. These are not spreads that any competitive and professional brokerage would ever offer. Nowadays, most companies offer tight spreads that are under 1 pip.

You will also find that NovaTech offers different account options and it is also charging varying withdrawal fee in each account. These days, most brokers have waived off withdrawal fee from their clients as a sign of good faith, but scammers would obviously not do that. Even if brokers do charge a withdrawal fee, they keep it reasonable, but the fee that NovaTech is charging is too high.

Lastly, the leverage ratios that are available at NovaTech are another sign that you are dealing with a fraudulent broker. The ratios go as high as 1:300, which no FCA-regulated brokerage would ever offer. The FCA has a cap on leverage of 1:30, so these ratios are not acceptable.

The Verdict

All of these signs all tell the same story; NovaTech is a scam brokerage and is up to no good.

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