Novatechfx Review: Unveiling the truth. Is this a legitimate business?
Last Updated on 4th June 2023 by Manny Yankey
Investing in NovaTech FX, or "novatechfx," has attracted numerous individuals seeking financial opportunities. However, my comprehensive investigation into the matter has yielded a rather intriguing finding. It appears that only a select few have been successful in withdrawing their funds from this company. In the subsequent sections, I will delve into the underlying reasons behind this phenomenon, shedding light on the intricacies of the situation.
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Decoding Novatech FX: Who is behind?
They claim to operate as a forex broker allowing clients to either trade or invest in Crypto and Forex Assets
The company outlines 3 ways clients can make money which are;
1, Fund your account and trade on your own
2, Join their trading fund pool where you earn around 3.2% every week without even lifting your finger
3, Refer a friend or family member and earn commissions
But it will be of interest for you to know that the company focuses it entire marketing arsenal on number 2 and 3 ways of making money
A quick math would reveal that investors are making roughly %150 every year by allowing Novatechfx trade for them. Sounds good right? This is definitely not how the best forex brokers run their operations
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Who are the founders?
Cynthia Petion is the Chief Executive Officer and happens to be the mastermind responsible for the Ponzi scheme known as AWS mining—an elaborate façade professing investments in cutting-edge crypto mining rigs located in the heart of China.
Is Novatech Fx Regulated?
Upon conducting a swift inquiry into the US SEC companies register, one would discover the existence of a registered entity known as Novatech Inc. At first glance, this might create an impression of legitimacy; however, there's a significant caveat. Novatech Inc solely operates within the realm of computer hardware and holds no affiliation whatsoever with Novatech FX.
It is noteworthy that Novatech FX is officially registered in St. Vincent and Grenadines. It is crucial to contextualize that this particular country has gained notoriety for granting licenses to companies with dubious reputations. St. Vincent and Grenadines, is a favored haven for a range of unscrupulous entities, from dubious Forex Brokers to deceptive Ponzi Schemes masquerading as legitimate enterprises.
Warning Signs
This is a big one.
They do not have any customer service email or support channel.Let's be realistic folks, any reputable establishment would undoubtedly establish a means for clients to seek clarification, pose inquiries, and attend to their concerns.
Only a handful are receiving compensation, strategically designed to entice fresh participants into the venture.
Since January 2023, another alarming red flag has emerged;
Customers have been rendered incapable of executing any form of withdrawal, whether it pertains to the return on their invested capital or the commissions they have earned.
Within the official Novatechfx Telegram channel, administrators have attributed this failure to honor payments to a confluence of factors, namely, technical predicaments and an overwhelming surge in customer withdrawal requests. These often serve as the preferred pretexts employed by Ponzi schemes that find themselves incapable of remunerating their clients.
June 2023 Update
It appears the website is expiring. Check the Video Below
The most probable reason is that they running out of cash and the Ponzi scheme is about to collapse.
Is NovatchFx a Scam? My final thoughts
Putting all the pieces of evidence together leads us to one conclusion; Stay away from this company at least until they prove their ability to start repaying customers.
Drawing from personal experience and the regrettable act of naively engaging in multiple Ponzi schemes in the past, I possess the discernment to identify such schemes upon encountering them.
Fortunately, I have successfully shifted my investment focus from HYIPs and Ponzi schemes to independent cryptocurrency and forex trading. I firmly believe that you can achieve the same level of success and proficiency
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