NovaTechFX is a very popular MLM trading and brokerage service platform. If you are thinking about investing your money in theirs, you need to read this article first. There are a lot of negative aspects to their offered schemes which you need to be cautious of.
In this article, I will be discussing the NovaTechFX trading platform. Keep reading till the end of the article to find out more information about the same!
About NovatechFX
NovaTechFX is a very popular MLM (Multi Level Marketing) company that offers MLM affiliate plans, PAMM plans, and more. They also popularly operate as a forex brokerage. The company was founded by Cynthia Petion.
Their ‘NovaTechFX com’ forex service offers gold, oil, fiat currencies, bitcoin, silver, MT5, shares, indices, and more options for trading.
Steps To Getting Started With It
Here is a list of some of the steps that you need to follow to get started with the NovaTechFX platform:
Step 1
After you receive a link you are going to have to enroll with the platform of NovaTechFX. Click on the button labeled “Get Started” to proceed to the enrollment page. Then you are going to need to verify the person who enrolled you in the first place.
Step 2
Then you need to choose a username that you are going to go by. Select a secret question and an answer to it, in case you get locked out of your account.
Step 3
Finally, you need to select your country.
Issues With NovaTechFX
Right off the bat, I would like to discuss the problems associated with this particular Forex brokerage service platform:
1. No Proper Regulation
When you are considering platforms for investing, the first thing that you need to determine is who the broker is. This means that you need to be aware of the location, owner, regulations, and rules amongst a lot of other important factors.
The NovaTechFX is a total letdown when it comes to this regard. NovaTechLLC owns the broker from the region of Saint Vincent & Grenadines. This indicates that the whole platform lacks regulatory license as the nation itself lacks in the field of financial authority.
2. Absence Of A License
There’s no license for NovaTechFX as well. This just points towards the fact that the payments that the users make are not secure. There is no regularity of it, so if something happens to your money while transfering then it is not going to be refunded.
3. Fake Login Issues
Several of the clients of NovaTechFX have reported that they faced login issues as and when they were trying to withdraw their money.
This is a con strategy used by NovaTechFX, wherein they create login issues for their users when they try to withdraw their money by showing faults, technical-related issues, and more.
4. Deposit Not Found
There have been a lot of users who left their NovaTechFX reviews saying that after they deposited money, the site showed errors and the money didn’t show up in their online wallet.
As proof these people still had their bank transaction history, showing the money being transferred to NovaTechFX wallet but while filing claims – NovaTechFX denied receiving any money at theirs. This instance has happened with a lot of users.
Closure Of NovaTechFX
Earlier on May 11th of this year, NovaTechFX halted their operations altogether and quietly escaped the scene. They put an abrupt stop to giving out recruitment commissions and weekly returns to their participants of the platform.
NovaTechFX has quietly exited scamming a lot of people for years. There are a lot of participants, whose money is put on hold in the platform. The whereabouts of the owners are unknown. There are speculations that the owners have fled to the United States. Since then there have been no further updates on this NovaTechFX news.
⚠ A Word Of Caution
Before investing in any such schemes remember that one online well-wisher that advised you against doing so. I am talking about myself here. I have witnessed a lot of people get scammed when partaking in such schemes. MLM, pyramid, and Ponzi schemes just make you have high hopes of generating a whole lot of money but in the end, it is all but a technique for scamming people.
Frequently Asked Questions(FAQs):
Here is a list of some of the most frequently asked questions regarding the NovaTechFX platform:
A: The MLM brokerage service platform NovaTechFX has everything that a scam site has. It even has Pyramid and Ponzi schemes in the mix as well. Now, it has been closed down for good as well.
A: NovaTechFX is an MLM company which is also sometimes referred to as an MLM. The platform’s structure is designed in a very particular way which lets the participants be the company’s sales and marketing force. Rather than paying hundreds of dollars for advertising, NovaTechFX pays its participants for advertising its platform to others.
A: Canadian securities prohibit anyone from partaking in the NovaTechFX scam services. Their company is not authorized to offer any form of trading to the people residing in the region of Canada.
This ban was mainly put on them as they do not have any regulations and are not even a licensed broker.
A: The owner of the NovaTechFX trading platform is Cynthia Petion. She is primarily responsible for planning, implementing, and creating strategies and creatives for the organization. They also maintain the facts and oversee the whole of the operation of the company.
To Wrap It Up!
To conclude they aren’t a reliable source for investing your money in. There are a lot of other MLM and pyramid scheme trading platforms out there that are scams as well. Make sure you do your proper research before investing your money in any of it.
Thank you for reading this article up till the end. I hope you found the information regarding “NovatechFX” useful.
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