Novacrypt platform is supposedly a crypto trading and investment portal designed to empower retail traders. The whereabouts of this firm is hard to track and so far, it is impossible for us to verify most things they say.
As expected, the legality of the firm is questionable and there isn’t a single unique point about them regardless of which angle we view them. Anyone with decent experience in the trading sector can easily spot all of their flaws.
Sadly, newbies might not be able to see through the veil which is why we created this blog post. Read till the end to find out everything about this self-proclaimed trading portal.
Company and Support
Regulation is one of the most important aspects for firms in the crypto trading realm especially in the US. Novacrypt is dicey when it comes to their regulatory status. Few review websites mention that they are regulated, but the jurisdiction is not stated.
In other words, they have purposefully tried to obscure the trail. If they indeed had all the necessary licenses, do you think they would be hiding behind fancy jargon instead of flaunting it?
Novacrypt Platform
Novacrypt by the looks of it, appears to be a web based trading interface. Integration with custom trading bots or grid style trading is not confirmed. Information regarding the trading costs and other associated services are a mystery too.
As the terms are not clear, trading with them is the equivalent of flying in blind. Most of the time, you would not feel in control.
Novacrypt Red Flags
If we start listing our even the slightest out of place thing in this section, then we are sure that it would bore you out. As we mentioned before, the regulationary stance is bleak and there are no third party audits.
Owners and team behind the firm are anonymous. Ambiguity is present at every turn with them. Lastly, even the testimonials or social proof doesn’t paint them in a good way. All in all, they are an utter disappointment.
Conclusion
Legislation around cryptocurrencies are getting stronger day by day. However, for the moment it is not at par with traditional securities and infrastructure. So, do not let your guard down and deal with regulated platforms. Avoid platforms like Novacrypt.
