Is NovaTech FX a Scam?
Welcome to the second millennium, where people have the zeal to develop multiple revenue streams with forex trading included. NovaTech FX has hit news headlines first as a forex and crypto trading platform and second as an investment platform marred with many controversies. There has been a great buzz about this company. Therefore, we decided to take an analytical view to demystify the truth.
There are chances that a 'forex marketer' approached you with details about the hefty passive returns promised by this N-Tech trading company, and you landed here to source the truth. Well, shelve your worries; the good news is we will walk you through the tiniest details about NovaTech as we reveal whether it is a scam.
Please pay close attention as you read this article to the end…
What is NovaTech?
Well, NovaTech is an online brokerage firm that uses its trading platform to deal in crypto and forex services. NovaTech believes it has the best crypto and forex trading platform in the market despite being in business for slightly over a year.
Nonetheless, NovaTech's website fails to give details about the company's ownership. Remember, it is always advisable to check the person who runs an online money-making company through its website as the first step in detecting whether it is a scam or not. Here are the details you will find (red flags) on the NovaTech website:
· The company’s website is listed in Vatican City (the details are incomplete and seem fake)
· The “novatechfx.io” domain name was registered on 17th June 2019
· The owner is listed as NovaTech LTD
The company's website indicates that it is registered in the British Virgin Islands, the United States, and Estonia. Remember, it would cost NovaTech a significant amount of money and certifications by the SEC to operate in the United States if they are truly registered in this jurisdiction. Considering these introductory remarks, it is improbable that NovaTech FX is completely registered in the US, in our opinion.
Who owns NovaTech?
The three critical names behind NovaTech:
ü Cynthia Petion- CEO
ü Ricardo Roy- CTO
ü Eddy Petion- COO
While the NovaTech website highlights these people on its website, it fails to give their histories which would help an investor demystify the safety of the sums of money they invest on this platform. Remember, names like Eddy Petion (NovaTech’s COO) have been mentioned in AWS Mining, a scam company facing charges with over 2,000 people making legal petitions about its operations. Cynthia Petion was the vice president of AWS Mining.
And now, these are the same people running a new forex and crypto trading company named NovaTech. Would you put your trust in them? Considering its founders ' history, I wouldn't risk my money on this company. However, they may apply the same scheme they applied in AWS Mining in the next few months.
Cynthia and Eddy have been cited in illegal schemes before. A review of their history from Trustpilot gives clear evidence that the two executives could be up to something fishy. Look at the screenshot below:
Remember, the company's website initially operated with the domain "Novatechfx.io ."However, the website domain was later changed to "Novatechfx.com ."Though minute, this should be a clear red flag that NovaTech FX is a SCAM!
NovaTech Registration Status
I would only feel comfortable seeking the services of a registered company. Anything less than legal registration must be a clear warning sign that the forex trading company will dupe you under consideration. This brings us to the question; is NovaTech a registered entity?
Well, NovaTech is not a registered company. In short, there are no regulations put in place for NovaTech FX. This only means that the dollars you put into this company’s trading platform are unsafe and have no guarantees in any way.
The company has indeed allowed some folks to enjoy the happiness of withdrawing funds. However, this could be a strategy to lure as many investors as possible as the management plans for a scamming exit.
Whatever is currently happening at NovaTech FX is the sign of a typical pyramid scheme. Like any other Ponzi, it will work for a couple of years and then crush when you have put in everything. While there is no proof that NovaTech FX is a Ponzi scheme, the current red flags support the statement.
How about the NovaTech Website?
As earlier mentioned, NovaTech was registered in 2019. However, they are currently using their second domain, Novatech.com. The initial domain, novatech.io, was redirected to the current .com domain.
While there could be nothing suspicious about the changes made by the forex trading company, one would still see it as strange since the domain was changed in a brief period. This is not a common thing for legit businesses. Check the details below:
Similarweb.com reports that the traffic to novatech.com is impressive. However, the return on investment (ROI) that the customers are getting from the website is a bit tempting.
From experience, the figures shown from similarweb.com's website aren't accurate. The page gets about 0.5 million monthly visits, not 140 million as indicated.
NovaTech's website should be solid if the reports it gives to lure its target customers are what we must abide by. However, many users have complained about facing login challenges when accessing the website. In addition, there are claims that some customers have been unable to log in and withdraw their funds.
Remember, this i