If you are looking for a reliable online forex broker, you have probably heard about NovatechFX. However, many users have reported negative experiences with this company. If you’re interested in trading with NovatechFX, you need to know the risks associated with using an offshore broker. First of all, this company is not regulated and it operates fraudulently. If you can’t find any relevant information about the company in the website, do not trust it.
The company has a history of scams, and one of them is NovaTechFX. The company’s CEO and COO are Rev. Cynthia and Eddy Petion, who were affiliated with the infamous AWS Mining scheme. Reverend CEOs are notorious for advancing scams, and this company’s founder has a long history of doing just that. This is why it is so important to read a Novatech FX review before joining any affiliate program.
Despite their claims of regulated status, NovaTechFX is not registered with the FCA, ASIC, BaFin, CFTC, or ASIC. Traders should avoid a company without a registered broker. The FCA, BaFin, and CFTC don’t regulate the company and it is a rip-off. If you want to be a successful forex trader, make sure to do your research and find a reputable broker.
Although NovaTechFX advertises that they offer MetaTrader5 trading platforms, this broker doesn’t actually provide this. Its headquarters are located in Saint Vincent and the Grenadines, which has no financial regulator. The SVG financial authority body regulates banks, insurance companies, and pension funds, but not binary options firms. Therefore, it’s not recommended to trade with NovaTechFX until it’s regulated elsewhere.
In addition to PAMM accounts, NovaTechFX accepts crypto as a method of payment. Unlike many other forex brokers, it allows you to use cryptocurrencies for depositing funds and withdrawals. The minimum amount for a PAMM account is 99 USD. Regardless of the size of your deposit, if you’re new to forex trading, a crypto deposit is still better than a bank account. This broker also offers the option to practice trading with a virtual account prior to making a live deposit.
Aside from being based in Saint Vincent, NovaTechFX is also not legally licensed to offer investment opportunities anywhere else. Outside of this jurisdiction, it is not registered with any securities regulator. The company’s website contains videos that show its users how to trade Forex. stylishster This video is hard to understand for many people, even those claiming to be financial backers of the company. It’s possible that this video is a deliberate misdirection to lure in investors.