NovaTech Fx is a name that might be vaguely familiar to people in the trading sector. They claim to be a broker and offer multiple asset classes. We were not aware of their operating style when they first started. However, as the number of people complaining about them increased, we decided to take a close look at them before pulling the trigger.
At the time of publishing this post, NovaTech Fx claims to be distributing the funds back to the account holders on their platform. There is no information regarding what the issue faced by them was.
In simple words, they are dicey, and anything they say has to be taken with a pinch of salt. Continue reading to know more about the underlying platform and why it is a good idea to stay away from them.
What is NovaTech Fx?
NovaTech Fx is apparently a trading platform. The reason why we say this apparently is because of the lack of information. Legit platforms are very clear about their ways and strive to maintain transparency.
On the flip side, questionable entities maintain mystery about their agendas, and their operational model is similar to a puzzle at best. Ask yourself:
Do you really want to proceed with a platform wherein you have to wonder about how it functions? Isn’t that worse than rolling the dice?
Employees and Legality
Big exchanges and reputable trading services have a presence across multiple social media channels. Employee data is also pretty easy to spot. With regard to this firm, the people behind it are anonymous.
From CEO to staff, no one’s details are found easily which tells you everything you need to know about their character. Moving on to the legality part, they have mentioned the location, but the information regarding their license is not clear or explained thoroughly. There are no certificates on their website. In other words, their legal status is debatable at best.
Without knowing the regulatory status of any platform, retail clients should never deposit funds because of the risks involved. If anyone makes the mistake of proceeding forward with an unregulated platform, then the consequences can be severe.
NovaTech Fx Red Flags
NovaTech Fx carries a lot of red flags. We do not want to bore you to death by covering all of them. However, we have listed a few that should be enough to knock your sock off.
- Regulatory Status – They have mentioned a few details about the company structure on the footer of the website. However, we do not know for sure whether they are adequately equipped to compensate the clients in case of a liquidation. As such, it does not paint them in a good way that is worthy of trust.
- Lack of transparency – Deposit and withdrawal methods are not mentioned. The only way to get in touch with them is through email and that is a big red flag. Moreover, the response time is also not clear.
- User Testimonials – To find user testimonials about them is nothing short of a herculean task. We couldn’t find a big enough pool of comments that could act as a trust marker. If they were an established firm, they would have garnered a trail of user feedback. The lack of testimonials tells us more than what the other parameters suggest, which is a serious concern.
- Anonymity – Brokerages and exchanges usually make an effort to keep people informed about the people running the operations. The main reason they do that is to enhance transparency and build rapport with the clients. On the contrary, the questionable firms do their best to stay in the shadows.
Given everything we have discussed till now, think for a moment. Why would they hide away from the public unless something wasn’t exactly optimistic?
User Feedback
NovaTech Fx has a blurry impression on the internet. Though we spent hours trying to find reviews about them online, nothing relevant came up. As the data we found on the popular industry-related forum was slim, it didn’t paint them in a good way.
We are not suggesting that user feedback is the ultimate indicator, as it also has a few loopholes. However, lack of input is a bigger red flag and as such, it should not be taken lightly. Remember, being cautious is always better than being overly optimistic.
Is NovaTech Fx Scam or not?
NovaTech Fx may or may not be a scam, but it surely is not a reputable platform. The air of mystery surrounding them is ridiculous and, coupled with a lack of information, makes it worse. If you are looking for a trading platform, then find a regulated one that insures your funds.
Note that the rules vary from region to region. So, it is best to consult a financial adviser before making any kind of move. After all, no one wants to play Russian roulette with their money, right?
Bottom Line
Trading and investments carry a lot of risk. Though there is no way to mitigate risk when it comes to the markets, you should be careful while choosing a broker or else the consequences will be severe regardless of whether you were right or not.
If you have lost money to the NovaTech Fx platform and are not able to get it back, feel free to get in touch with us.
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