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Many individuals have made investments in the company known as NovaTech FX (NovaTechFX broker review).
Based on my extensive research, I have uncovered numerous red flags.
It’s important to note that most of their flags strongly discourage investing in this company.
In this NovaTech FX review, I will delve deeper into these red flags, including:
- The company’s lack of registration with the SEC
- The founders’ involvement with a questionable company
- Indications of a pyramid scheme-like structure
Additionally, I will share information from January 2023, highlighting a significant number of people requesting cashouts.
What happened to NovaTech FX? – Recent Updates
February 2024 – OSC Investor Alert: Nova Tech Ltd
The Ontario Securities Commission (OSC) warns that Nova Tech Ltd (NovaTech) is not registered for trading and issues a temporary cease trade order against them.
NovaTech, operating www.novatechfx.com, is suspected of violating securities laws, including unregistered trading.
Investors are urged to verify registrations before engaging and consult the list of registered platforms when considering crypto investments.
For more details, refer to the OSC’s official statement.
February 2024 – Licensing Issues with Novatech FX
Novatech FX seems to be providing financial services to Australians.
However, it lacks the necessary licenses from ASIC, the Australian financial regulatory body.
In Australia, most financial service providers must be licensed by ASIC.
(Source; moneysmart.gov.au)
January 2024 – Class-Action Lawsuits: NovaTech FX under Scrutiny
In recent legal developments, NovaTech FX, its CEO Cynthia Petion, and affiliated parties face intensified legal challenges.
Morris Legal, a multi-state law firm, has initiated a class-action lawsuit, alleging a substantial $2+ billion securities fraud scheme.
Simultaneously, investor Avis Mullins filed a RICO class-action in the Southern District of New York. (source: BehindMLM)
These legal actions highlight the ongoing fight against fraudulent investment schemes in the digital era.
November 2023 – Recent Legal Developments
NovaTech FX and owners Cynthia and Eddie Petion face securities fraud charges in Washington.
The Securities Division of Washington’s Department of Financial Institutions issued a cease and desist order on October 27th, stating that NovaTech Ltd, operated from Florida, and the Petions were involved in an MLM trading bot Ponzi scheme.
The collapse of NovaTech FX was confirmed in February 2023, with the Petions reportedly going into hiding in late 2022
September 2023 – NovaTech FX and Cynthia Petion Miss the Regulatory Hearing in Canada
On September 28, 2023, a hearing concerning NovaTech and Cynthia Petion took place via video.
The Ontario Securities Commission (OSC) staff were present, but no one appeared to represent the respondents.
The Capital Markets Tribunal ordered the following steps:
- By November 17, 2023, OSC staff will submit a request and documents regarding waiving service and additional assistance.
- By November 24, 2023, the respondents can submit their documents in response.
- Another meeting is scheduled for November 27, 2023, at 9:00 a.m. via video, or they might agree upon a different date.
The original document is below:
Jump to:
- What Is NovaTech FX?
- Who Owns NovaTech FX?
- Where Is NovaTech FX Based?
- Is NovaTech FX an MLM?
- Is NovaTech a Pyramid Scheme?
- Is NovaTech FX Registered?
- NovaTech FX Website Information
- How to Make Money With NovaTech FX?
- NovaTech FX Reviews
- Red Flags
- Is NovaTech FX Legit? – Conclusion
- FAQs
Disclaimer
Please note, that I am not a member or an affiliate of NovaTech FX.
This review is based on research and information available online in the public domain.
Any recommendations and conclusions are only opinions and may not apply to all persons or situations.
NovaTech FX – Quick Summary
The company was registered in 2019, so it is still relatively new as of the time of publishing this article. However, it is important to note that the founders have a history of involvement in at least one scam.
Despite my best efforts to remain unbiased, there are several red flags associated with NovaTech FX. Some notable concerns include:
- There is no evidence to support the occurrence of actual trading activities, raising suspicions that member payouts may be funded by contributions from new members.
- The company is not registered with the Securities and Exchange Commission (SEC).
Please refer to the dedicated section below for a more detailed exploration of these red flags.
Having discussed the concerns surrounding NovaTech FX, it is essential to explore alternative options in the market.
Reliable substitute
If you’re seeking a well-established platform that provides educational resources and helps you develop into a confident Forex trader, consider trying out ForexSignals.com.
Invest in yourself and your future:
ForexSignals.comWhat Is NovaTech FX?
NovaTech FX is a brokerage firm that provides its own platform for trading in the crypto market as well as forex, offering a range of trading software and services.
Apparently, NovaTech FX grants traders entry to the realms of forex, cryptocurrencies, and indices.
Their platform, designed for both desktop and mobile, ensures ease of use.
Traders can enrich their knowledge through video tutorials and trading tips, fostering the ability to make well-informed trading decisions.
To join, you need a sponsor who can guide you through the process.
They provide three types of plans:
- You can let NovaTech FX handle the trading services for you through their PAMM service
- Trade on your own
- or become a partner in their affiliate marketing program and refer others to join
You might be wondering if NovaTech FX operates as a multi-level marketing (MLM) company.
The answer is yes, but participation in the MLM aspect is optional.
So, at this point, it doesn’t appear to be a Pyramid Scheme.
Apparently, At Novatech FX, both early and recent investors can earn money. This is different from many schemes where you need a lot of new investors to make profits for the earlier ones.
Some users of the platform claim an average return on investment (ROI) of about 3% per week.
They say that by regularly reinvesting, it’s possible to double your money in around 5 months.
It sounds like a tempting opportunity, but as with any investment, it’s important to consider if it’s too good to be true.
January 2023 Update
Just a quick update regarding the announcement shared by NovatTech Admin with the members on January 24, 2023.
It seems that there has been an “unusually high volume of cashout requests.”
In simpler terms, members are experiencing difficulties in withdrawing their funds.
The most likely reason is that they are running out of funds, indicating a potential collapse of the Ponzi scheme.
Who Owns NovaTech FX?
NovatTech FX is backed by three key individuals who play crucial roles in the company.
- Cynthia Petion CEO
- Eddy Petion as COO
- Ricardo Roy as CTO
These details can also be found on their website.
However, what you won’t find on their website is the past history of certain individuals.
For instance, Eddy has previous involvement with a company called AWS Mining (Automated Web Services), as shown in this video:
(AWS means Automated Web Services)
Was Cynthia also involved with AWS?”
Absolutely.
She held the position of Vice President at the company.
According to a petition on Change.org, which has garnered support from over 2,000 individuals, there is a demand for an investigation into AWS Mining and those responsible for alleged worldwide fraud.
The full article, Start an investigation to the company AWS Mining Pty, can be accessed on their website.
So, here’s the thing:
the very same individuals are now at the helm of a “new” venture called NovaTech FX. Given their past history, would you place your trust in them?
For me, this info is like a big warning sign telling me to stay away from this company and the people running it. It’s totally possible that in a year or two, they could come up with another scheme just like this one.
Where Is NovaTech FX located?
According to their website, NovaTech FX claims to be located in St. Vincent and Granada. However, this raises concerns about the company’s trustworthiness.
The company also lists two additional addresses on its website:
- one in Florida
- and another in Talin – Estonia
Interestingly, there have been reports of abuse related to one of these addresses.
I reached out to the representative of the complex and they confirmed that no such company is based there.
This discrepancy raises a major red flag.
Another way to trace NovaTech FX
To know where NovaTech FX is located and how it works, you need an image of the company or its CEO, COO, or CTO. Put that image on Tools like Google Images, TinEye, or Copyseeker.
These tools assist customers in knowing people or tracing the origin of the photos.
And this is possible beyond search engines, reverse photograph search can also be used for picture-based identity tracing or verification.
Reverse image search is a powerful tool that enables users to retrieve information by using photographs and screenshots as queries.
It can be used to identify objects, trace the origins of images, and navigate social media platforms.
While this technique is generally safe and secure, caution is required when dealing with private or sensitive images.
Heavy modifying or poor image quality can affect the precision of the reverse image search, making it tough to find related photos or correctly identify their origins.
However, third-party applications and browser extensions like Instagram, Facebook, Twitter, and Pinterest can fill this gap in social media systems.
Customers can use this tool not only to look for similar images or to find out where a photograph came from but also the source from where it originated.
On smartphones and mobile devices, reverse photograph searching is offered through built-in browser functionalities or third-party apps like Google Lens.
This allows iOS and Android phone users to utilize the photo search feature.
Despite its prowess, reverse image search faces extremely challenging situations due to the explosion of online content material, photograph changes, and increasingly restrictive privacy settings. These factors can affect the tool’s performance and accuracy.
Reverse picture search is a valuable device that bridges the distance between visuals and information retrieval.
It keeps evolving, empowering users to unlock a wealth of statistics with only a photograph as the most important thing.
It is important to remember that pictures can hold a lot of meaning.
Reverse photo search is a helpful tool for finding information about people and their identities.
Is NovaTech FX an MLM?
When it comes to NovaTech FX, it’s hard to ignore the MLM vibes.
I mean, they use all this MLM jargon like “team” and “network,” which raises some eyebrows.
And let’s not forget their compensation plan that rewards you for bringing in more people;
Sounds a lot like those MLM schemes we’ve heard of, right?
So, even though they might deny it, all signs seem to point toward NovaTech FX being an MLM.
Is NovaTech a Pyramid Scheme?
Novatech’s offerings are unclear.
They promote an investment opportunity, but there’s little evidence of members using their other products. Their focus seems to be more on the P.A.M.M. account for investing.
It’s important to highlight that the majority of Novatech’s revenue doesn’t originate from product sales.
Instead, their primary source of income revolves around the NovaTech investment, which includes a $25 monthly fee for the investment opportunity, alongside referral bonuses and commissions.
When you invest in their P.A.M.M. account, they take a 30% performance fee from your profits. It’s worth mentioning that a portion of your profits also goes to the people above you, which resembles a pyramid scheme.
Pyramid schemes are illegal because they rely on recruiting new members for money. When the number of new recruits declines, the scheme collapses.
The problem with Novatech is that their commissions heavily depend on recruiting rather than actual product sales, which raises concerns.
Is NovaTech FX Registered?
The company lacks proper registration, which means there are no regulations in place for NovaTech FX.
Consequently, the funds and individuals involved are at risk and lack any form of guarantee.
Although some individuals may currently be able to withdraw funds, this temporary success is a characteristic of a typical pyramid scheme. Such schemes often appear functional for a couple of years before eventually collapsing.
While it cannot be definitively proven as a Ponzi scheme, there are compelling signs indicating its resemblance to one.
NovaTech FX Website Information
NovatTech.com, the second domain used by the company, was registered in June 2019, while their previous domain, novatechfx.io, used to redirect to the .com domain.
In May 2023, the .io domain did not work in some regions.
While this change may not raise immediate suspicion, it is somewhat unusual for legitimate businesses to switch domains within such a short timeframe
Despite a significant drop in April 2023, their website continues to attract a considerable number of visitors, with an average of about 35K people per month.
This suggests that the promised return on investment (ROI) remains tempting to individuals.
A NovaTech FX Walk-Through Video – Taken Down
I had a video embedded from YouTube featuring individuals associated with NovaTech FX, but unfortunately, it has been removed.
It’s unfortunate because viewers could have formed their own opinions based on the content.
However, it is worth noting that the individuals in the video were promoting the company.
The removal of the video seems strange, as one would expect more videos, including testimonials if the platform was successful and profitable.
How to Make Money With NovaTech FX?
Let’s assume that the company is legit and one is interested in how to make money with NovaTech.
When investing with NovaTech FX, you have the option to act as an individual based on your region or let the company handle the trading for you, allowing them to place funds wherever convenient.
According to the CTO, they do not co-mingle funds from different investors into one trading account.
Some investors, like the individuals from the removed video, claim to receive an average weekly return of 3.25% and have had no issues with withdrawals.
They kept repeating it and to me, it raises questions about whether it’s just a sales pitch.
The company deals exclusively in cryptocurrency, requiring members to purchase and withdraw using digital currency.
Converting to local currency must be done through a third-party system.
Other Ways To Make Money with NovaTech FX
There are reportedly nine different ways to earn money with this system, but they all seem to be associated with the MLM structure.
For instance, members can create sub-accounts to recruit family members or others.
Given the nature of the individuals involved with NovaTech FX and the presence of numerous red flags, it may not be worthwhile to delve into the details of their compensation plan.
NovaTech FX Reviews
When you browse User Generated Content websites such as SiteJabber or Trustpilot, you’ll often come across mixed ratings, with opinions on both ends of the spectrum.
And, unfortunately, fake reviews are a concern.
So, who can you trust?
It appears that Trustpilot does make efforts to remove fake reviews, or at least a good portion of them. However, even if some fake reviews are removed, the presence of such reviews is never a good sign.
One approach is to filter out the extreme 5-star and 1-star reviews when there are enough of them. Instead, focus on the middle ground, where you’ll find 2, 3, and 4-star reviews.
These often provide a more balanced and reliable perspective.
And here is the summary of Novatech FX reviews:
| Category | Key Concerns |
|---|---|
| Withdrawal Issues and Lack of Communication | Difficulty withdrawing funds Lack of customer support Delays in processing withdrawals Website login issues |
| Mixed Experiences and Concerns | Varied experiences from positive to concerning Questionable high rates Issues with deposits and withdrawals Suspected fake reviews |
| Region-Based Restrictions and Account Cancellations | Account cancellations due to regional restrictions Difficulty retrieving funds Lack of customer support |
By the way, individual reviews like this one:
are not relevant, since you see the email address there It is just a promotion of that individual.
My Thoughts on NovaTech Fx
To me, NovaTech FX is similar to other crypto MLM companies like Beurax, many of which have already collapsed.
The allure of quick money is understandable, but it raises concerns.
These companies operate like a house of cards, relying on new investors to pay the earlier ones.
I’m skeptical of companies promising high returns, especially when combining crypto and MLM.
The lack of transparency regarding fund trading and the absence of live trades make NovaTech FX appear shady. Legitimate companies provide evidence of trading, which is not the case here.
NovaTech FX Red Flags
There are a few essential things you need to consider when it comes to investing:
- Check the background and history of the people behind the company.
- Ensure that the company you are investing in complies with regulatory requirements.
When we come across these red flags, it’s a clear indication that Novatech may not be a legitimate trading platform.
Let’s explore why!
Individuals with a shady history
Undoubtedly, Cynthia and Eddy have been associated with previous illegal schemes’
Notably, AWS Mining has already garnered significant information and reviews on platforms like Trustpilot.
Changes the domain from io to com
The switch from the .io domain to .com might seem like a minor detail, but it raises questions about why they made this change within just two years.
Login Problems
A common complaint among users is the difficulty in logging into their accounts.
Numerous individuals have reported being unable to access their accounts, leading to frustration and an inability to withdraw their funds.
Interestingly, this mirrors the login issues faced by users of the company’s previous venture, AWS.
It strongly suggests that the company might be deliberately holding onto users’ funds.
No Trading
Users have raised valid concerns about the lack of evidence regarding trading activity on the NovaTech platform.
Without concrete proof of live trades, doubts arise about the legitimacy and functionality of the platform.
Transparent evidence of active trading operations is essential to build trust and assure users that their investments are in capable hands.
Not Registered
The company is not registered with the SEC.
Based on Canadian securities regulators, it has been identified that Nova Tech Ltd. is an unregistered trading platform as of March 17, 2023.
That means they are not authorized to offer trading in securities or derivatives to individuals in Canada.
Novatech Reviews (Summary)
Novatech FX, an unregulated broker, has faced numerous complaints from traders, including allegations of scamming, withdrawal issues, manipulative practices, and poor customer service.
Here is a summary:
- Losing life savings to an online investment scam is a regretful experience; conducting thorough research is essential.
- Novatech FX is an unregulated broker accused of scamming traders, manipulating prices, and withholding withdrawals.
- Issues with Novatech FX include difficulty withdrawing funds, account restrictions, and unresponsiveness to withdrawal requests.
- The initial positive experience turned sour with Novatech FX’s unprofessional behavior; reporting and complaining led to a resolution.
- The quality of their customer service varies, and many of them have expressed dissatisfaction with slow response times and unhelpful assistance.
Unregistered Trading in Canada
NovaTech FX is not registered with the SEC or Canadian securities regulators, signaling that it operates as an unregistered trading platform.
This lack of authorization raises serious concerns about its legitimacy and compliance with regulatory standards, posing a significant risk to investors in Canada.
Is NovaTech FX Legit? – Conclusion
NovaTech FX raises significant red flags and exhibits characteristics commonly associated with crypto MLM schemes.
In simple words, no it is not legit.
The lack of transparency, reliance on new investor funds, and absence of live trading evidence undermine its credibility as a legitimate investment opportunity.
Exercise caution when considering involvement with such companies, as the risks outweigh the potential rewards.
If you remain convinced that this presents a promising business opportunity and you are prepared to make a minimal investment with them, please let me know in the comment section below.
Thank You For Reading,
Mike.
NovaTech FX FAQs
Is NovaTech FX a legitimate company?
NovaTech FX raises red flags and concerns, suggesting it may not be a legitimate company.
Making money with NovaTech is not as easy as it seems, and it might be wiser to explore other options rather than taking unnecessary risks.
Is NovaTech FX regulated?
NovaTech FX is not regulated by the SEC, indicating a lack of oversight.
Canadian securities regulators have also warned the public about the unregistered trading platform Nova Tech Ltd, advising caution when dealing with their services in Canada.
Who owns NovaTech FX?
Cynthia Petion, one of the co-founders, serves as the CEO of NovaTech FX. Additionally, Eddy Petion serves as the COO and Ricardo Roy holds the position of CTO within the company.
About the Author
Mike is an affiliate marketing analyst, content creator, and the founder of SetAffiliateBusiness.com.
Consistently producing in-depth and insightful articles. 📚💻
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Be careful when you are investing, Because trying to recover lost funds or seeking strategies about Crypto future trading and investment, can be very tricky and frustrating when your money is with them. I lost a lot trying to make more income through Crypto trading.
Thanks for your comment.
Cheers
Mike
I don’t consider NovaTech a serious broker. Somewhere there was information that the founders of the company had already been convicted of fraudulent activities. I don’t think they’ve improved. my withdrawal wasn’t approved until I involve apexchargeback to retrieve my investment from them. In addition, I do not trust a company that is registered offshore and does not have a normal license. And NovaTech is not regulated. Victim like me having withdrawal issues should file a case, Apexchargeback can fight for you.
That’s right.
My advice is to stay far away from Novatech FX.
AS you mnetion, the folks behind it, Cynthia and Eddy Petion, were involved in a questionable scheme before, and it seems like they’ve cooked up something similar here.
It’s not worth the risk.
Plus, there are plenty of other warning signs within the platform.
Keep your money safe and invest elsewhere!
Mike.
Oh, and as for Apexchargeback, I’m not entirely convinced either.
Their domain was registered only in August 2023, they have very little traffic, and the domain authority is quite low.
It’s best to do some research before investing in any company.
THIS SITE IS NOT REGULATED !!! some bribed review sites claim they are but no.
Their platform also has stupid chart that only lets you see 15 minutes back , useless and of course their number never match what’s in real markets. when asked they say ” we cant reveal where we get out quotes from”.
Thanks for your comment
Mike.
Ricardo is Cynthia’s brother…..so this is all in the family. As you said, there is no proof that they are actually trading. And their home in Fla has been repossessed. In addition both the primaries have defaulted on credit cards and been found liable in the past six months.
There is also evidence that since the State of CA filed a Cease and Desist letter against them in November 2022, the balance of at least one of their crypto accounts has dropped from $22 M to just over $2 million which means they are running out of money fast. This is detailed on youtube….search NovaTechto FX scam to watch it yourself.
I am very glad that I did not buy in to this company when a close friend tried to get me involved last year.
https://www.youtube.com/watch?v=W5JZkPXiY9I
Thanks for the video.
I have implemented it into the article above.
Cheers
Mike
Thanks a lot, David for the additional information.
Appreciate it.
Mike
We need to stop being fooled by all these brokers and account managers…
Agree!
Thanks for the comment.
NOVATECH is a scam I know firsthand. Sadly, don’t expect to be able to get back even your principle investment. Your money is gone into the owners pockets and the investors except the ones who cashed out early will never see their money. The husband and wife owners
have cashed out and no one can reach them
These folks are remarkable and extremely professional! When I reported the scam to them, at that point I didn’t have much to lose because I thought it was a lost cause. They were extremely friendly and helpful. I sent them the information I had. It took some time because I didn’t have all of the information. They were, indeed, able to get access to the scammers account and it was frozen just so he doesn’t get away with it. It’s scary to entrust your money and information to someone on the internet, but I guess I didn’t know better thus I fell for the scam.
As soon as RSB sort out they added the name -scammer- to their blacklist, just so another person does not fall prey again. It showed that they were really out to protect others from harm’s way and that their blacklist is always up to date so you can always rely on them to give the best investment advice. I know better now and can always go back to RSB for help as well as new and genuine investment to make with good ROI.
Cheers.
everything in life has risk tied to it..you can walk out of your front door on to the road on you way to work and be
struck down by a passing vehicle and be killed. only those who take risks have an opportunity to progress.
we all were given the ability to choose a path to succeed or fail..not every venture will be successful, and everyone cannot win..i am cautiously suggesting, that persons should be allowed to do their own research, use their own judgement and cautiously invest for themselves…not everyone is crooked,not every venture is a scam, a baseball player will say to you , not every outing at the plate will bring him a home run although he wishes for that to happen,in the end, you hardly look at the strike outs,what matters is the home runs made in the end. . i believe that novatech will produce many millionaires,invest if your heart tells you to. many who comment are not risk takers..follow your heart, after all if you ask those who are commenting for a dollar to pay your bills, they might ask you to go get a job…ask the average person who is wealthy how it happened. if they are honest, they will say to you the opposite of what an impoverished person will say. if you want to attain wealth, you have to step out of the norm. i say go for it in small amounts until you are confident that you are comfortable that its the correct vehicle to take you where you would like to go with your finances.
*To add to my prior comment that I just found:
NovaTechFx CEO and founder: https://www.linkedin.com/in/cynthiapetion
Mike, thank you for taking the time to share your research and review on NovaTechFx. I am about to join soon, but also understand I have to be ok with risking all that I fund into it. The credibility of the founders and CTO, missing copyright year on the site (which I am not sure if that matters or not) and St. Vincent location, the ponzi/MLM vibes were concerns of mine too.
Though I just pulled up the CTO’s LinkedIn below. He is currently also a Principal Escalation Engineer and Manager at Citrix.com , which is a well known cyber security company that my employer (a big claims management company that handles claims for healthcare providers, most major retailers, major league baseball, government, etc.) uses .
https://www.linkedin.com/in/ricardo-roy-aa3ba356
https://www.linkedin.com/in/ricardo-roy-aa3ba356/recent-activity/
So I will see how this adventure goes, and can update my comment in the future. Wishing all the very best! 🙂
Thanks, Vicky for your comment.
I am glad you realize that there is a risk involved in it.
Wishing you all the best
Mike
Good day admin, thank you for this. Please I have been trying to log in, but once I click on the site, it will automatically redirect me to another site. Could this be the problem?
Hi,
I am sorry but I do not operate as NovaTech Support.
If you have any other questions let me know,
Mike
I sound to be honest in your post, i like it.
That’s my intention – to remain unbiased and honest.
Thanks a lot for your comment
Mike
I have been with Novatech since July 2022 but prior to joining my business partners hired a private investigator to do a very deep dive into Novatech and the principals and we came away satisfied that this was a legitimate business and the founders were sincere in their efforts and desire to create a platform that any and everyone can benefit from.
Folks need to understand that there are no perfect companies or people. There is no guarantee in any business of profits or of success but for the last 3 plus years Novatech has been delivering for its associates and members. There is no reason to believe they will not continue to do so. As always, never invest more than you can afford to lose. Our strategy is to take out our seed money in a timely fashion and then continue to build with the profits our account has generated. Everyone must make their own decisions and again there are risks involved, but I think Novatech is a tremendous vehicle for anyone who wants to grow their money.
Thaks for your opinion.
However, I disagree.
Mike
I have been in novatech fx for over a year. They are not securities is why they don’t need to be registered with sec. I’ve made a great investment and have had great returns.. I’ve withdrawn plenty of money, ….. raising a teenager. I’m opening her an account for her 18th birthday next week! Cheers!
Invest what you can afford to lose.
I agree, but there are certainly better platforms where one can invest.
I agree with this review. It is practical in all respects. I do have one piece to add that hopefully adds to this reviews and may help anyone else to think carefully first.
I attended a meeting of Novatechfx on zoom and for me all I heard was sales pitch..red flag #1… everyone seems so excited and about how safe and guaranteed this is. I for one being a former fx trader know there is nothing safe and guaranteed about traiding. Anyway, the major red flag for me was after I asked this question.. What happens if trades that Novatech does goes against their opened positions…would investors take the hit from the losses, and the response to me was “Novatech doesn’t make losses”…after hearing that, and considering we are talking about training in crypto and forex knowing the volatility that exist and uncertainty, there is no way a company will not make losses at some point. So their response was not practical at all. That for me tells me, they are not legitimately trading. Lastly, within 20mins of the first presentation I attended, I saw pyramid written all over.. so go figure. I actually have a money laying around that I cB afford to lose, but I won’t let someone scheme me out of it.
Thanks a lot, Kevin for your valuable comment.
Mike
Thank you so much for sharing this. I recently learned about it and here were the red flags for me:
1. If my investments go in and come out as cryptocurrency, what stops it from being susceptible to the volatility of the crypto market?
2. If these are crypto investments, how is such a consistent return possible. Went haven’t they been susceptible to the recent crypto crashes? Zero losses ever?! Even the best genius traders take losses. Seems to much like ponzi.
3. Where is the money being stored? Appears nonregulated and nontransparent.
4. Founder is a minister and is promoting a get rich quick scheme which the Bible warns against in the book of proverbs.
5. 150% ROI annually for three years straight is a stretch.
6. If you’re actually trading how do you have the time to pursue a MLM strategy?
Of course the user reviews are only positive right now because this is the part of the scheme that everything is working at it should. The tears only come after the crash.
Anyway thanks again for being bold to speak out. Like you pointed out, the combination of crypto and MLM is like risky to the max. I hope many take heed and invest their money in more sensible avenues. Most won’t listen until it’s too late. Unfortunate but such is human nature.
You, my friend have posted a fraudulent post about Novatech. Did you know crypto is unregulated thus not regulated by the SEC. Novatech is a legally registered Crypto Hedge Fund established by a legal authority with submitted documenation in Florida. Do your research, no company in the U.S. can just claim Hedge Fund status when they are not! If the company was a scam, they would have been closed down! They also submitted paperwork with the U.S. Department of Treasury (FINCEN.gov) to fully comply with U.S. regulations for transparency as a Crypto ATM owner which is virual in the back office with physical ATM on the ground in Florida. Novatech has no withdrawal or earning caps and they show you the money in the back office. That proves its liquidity. Our trading community has invested over $7.9M, alone. And the company has never missed a payout or withdrawal going on 4 years of operations even during the pandemic or recent market crash. Only 35%-40% of traders even use the referral program, so you are wrong again. Stop comparing this company with scams like IPC, COPTS, Hyperverse, etc. This company is very legit and even pays out check matching, profit sharing quarterly, and cash-back bonuses, to include weekly payouts and more. Stick to your APY payouts and keep giving the banks a pass. Scams don’t payout over $30M+ weekly to its traders. Good luck with WA.
Thanks for your comment
However, you say “Our trading community…”; and I wonder what makes your comment unbiased.
Anyways, have a good one,
Mike
This thing is global. One of the biggest ponzi schemes ever. As long as they have people willing to invest and compounding profits this will keep going forever.
Hi Roger,
That is absolutely true.
Thanks a lot for your comment.
Mike
Good analysis. I have some cash in Novatech but that’s because I’m a high-risk kind of guy. I don’t try to recruit people simply because it might be a scheme and all come crashing down. I’d hate to lose friends over it. Anyone who asks me about it I make it very clear that they might and probably will lose the money they invest. As long as you’re good with that, it’s a better bet than a slot machine, IMO. It could be a Ponzi, it could be legit. The numbers they project are accurate to arbitrage trading (which is what they say they are doing), and seem to fluctuate in accordance with the crypto market, which makes sense… but the CEO’s history is super shady. We will see, I’ve been taking about 2/3rds of my profit every week and haven’t had a problem yet. Might as well make some money before they collapse. Ultra-high risk, no doubt. If you want something safer check out YieldNodes.
Hello all,
I’ve been using NovaTech for more than a year now. So far no complaints. This is very high risk and my thoughts is that NovaTech is temporary.
You can always sign up using [deleted]
If you are interested.
You can also reach out to me if you have any questions. I’ll be happy to share my experience.
Thank you for your comment and for trying to recruit others to join NovaTech FX.
But this is not a section for promotion and therefore your affiliate link was deleted.
Feel free to comment further (without any link though)
Have a nice day
Mike
I’ve never seen a bad review on Nova from anyone in the platform. Look at the trust pilot reviews for actual reviews from real clients as a start.
A few hours of research as you’ve said you’ve done isn’t enough for someone to make a serious financial decision about a long term financial investment.
Just DYOR people, thoroughly look into the company and their leaders for yourself and only take financial advice from people qualified to give it to you.
Thanks for your comment, Conrad.
Have a great weekend!
Mike
Thanks for your very comprehensive and even-handed review. Some interesting Comments below too.
A few more comments: (1) To be fair, I don’t think NovaTech promises or represents a weekly return of between 2 – 4% (or of any percentage at all). In NovaTech’s legal documentation, I believe they mention that as with all investments, there are risks and that returns are NOT guaranteed. (2) I have been told by a NovaTech investor/friend that the weekly return of about 2-3% (which he has been receiving for over 8 months now) is likely based more on the Forex trading than crypto trading and that in any event it is possible for traders to earn returns whether the market goes up or down, which is true. (3) I am still skeptical about NovaTech because if one earns an average of 3% per week that works out to about 156% in one year (more if reinvested) and that seems too good to be true/unsustainable. (4) I just hope my friend is able to withdraw what he invested and then he can play with “house money” all he wants. (5) Early Novatech investors (who make substantial returns on their investments) may want to consider that if NovaTech does in fact turn out to be a Ponzi scheme, then subsequent investors (i.e., victims) who lose their investment may be able to claim against those early investors for compensation — see the example of Bernie Madoff (Google – “The Investors Who Had to pay Back Billions In Ill-Gotten Gains from Bernie Madoff’s Ponzi Scheme” – an April 14, 2021 http://www.forbes.com article).
Anyway I am following NovaTech and hope it works out for all the investors. I hope my skepticism is misplaced.
Hi Barry,
Thanks for your comment.
Well, to me it seems too good to be true. And I have witnessed (fortunately from distance) many similar companies were shut down or just disappeared. NovatTech just falls into the same category, so I also hope that people are still able to withdraw their funds.
Thanks for the blog!!
You really need at least $1,500 minimum. Reason being, is there is a $45 minimum to withdraw. I put $200 in, it slowly gained to $45 and I was able to transfer to an exchange. So that part worked. I don’t know about big money, if they would limit you. The whole thing definitely feels shady to me too and I am very skeptical. I was able to remove some funds though, which gave me a little confidence. It is sketchy that the website is sometimes down and other times takes forever to load / never loads. So that has me worried.
At the end of the day, I was able to withdraw which is good. However, I definitely would not go all in and invest money you can’t lose / don’t need to pull out quickly.
Thanks for your comment, Jarvis.
That is a very important note – don’t invest money you can’t afford to lose!
However I would definitely look around and check other platforms that are not shady as NovatTech FX.
Wishing you all the best
Mike
There is no withdrawal limit
Hello everyone. I am just going to give you my honest experience with Novatech. My friend joined in Oct of 2020. He did lots of in-depth research. I ended up putting in $1,500 in Jan of ‘21. Then I kept putting more in until I had $26,000 invested by the end of August. As of now, Aug ‘22, I have actually withdrawn approx $90,000 back to my Coinbase account. My trading account inside Novatech is just a shade under $300,000. So it has been very successful for me. I honestly do not know if it is a pyramid scheme or not; however, I believe a couple of your research points to be not accurate. I do not believe Ms. Petion was VP of AWS. They were investors/participants in the program, and they lost money like everyone else. This is partly what prompted them to start Novatech, so that they could do it right. If anyone ever asks me, I say never invest more than you can afford to lose. But for me and my friends, it has been life changing.
Thanks for your comment.
Hopefully, it is genuine.
Mike
Thank you for saying this, I invested $3800 in July 2021 and have taken $4389 out of my bonus account. I have a trading balance of over $12,000. My husband and children are involved. They all took out their initial investment plus much more. I appreciate what people are saying about Novatech, but it has done me and my family well. I can’t say anything bad about them.
Well, good for you.
Hopefully, you will be able to withdraw the balance on time.
M.
Hello Trent.
When you say coinbased account, does that mean that you have actually withdrawn $90,000 back to your bank account/will the $90,000 in the coinbased account equate to $90,000 US dollars?
Thank you for the time to report this Mike. I’m calling it out as too good to be true now. I was doing my own research and found the same thing and have the very same flags. I like that you give them the benefit of the doubt and point out hard facts such as no proof of trading and guaranteed interest every week.
Hi David,
You are right, it is too good to be true – that is actually always a red flag throughout all these Ponzi schemes.
Glad you have done your research.
Thanks a lot for your comment,
Wishing you all the best
Mike
Keen to know how you went to?
Hi Lee,
could you be more specific?
I have some friends that are trying to get me to invest.The info you provided helped me make a firm no decision.Kinda what I thought it was thing, they almost had me.I’m gonna break it to them gently 🤨 that two of the three are crooked.thank you for your research.,,,,,,Vince
Hi Vince,
I am glad you find the review helpful.
Hopefully, your friends will be able to get out of their “game” pretty soon… but who knows, right?
Thanks a lot for your thoughts
Appreciate it,
Mike
I have friends (a couple), who are religious believers in Novatech, and that is of course, because they are caught in the euphoria of seeing a figure on their account screen significantly move up every week. As if that means this figure is their actual money. There doesn’t seem to be any logic going on with them or anyone else who is invested in the company!
They think, well I withdrew a small amount, and I heard of someone who withdrew their whole amount, that that means its totally legit. They also think (as so many others do), that God led them to this special opportunity because God wants to show them financial favour.
Ya right; like God is looking for people who want to do ‘get rich quick’ schemes to bless them financially over everyone else!
They almost had me putting in a huge amount of money, just because, against my own spidy senses, I briefly got caught up in the ‘spell’!
And yes, like you pointed out, many can get in, and even get rich, before the Ponzy Scheme crashes – either by a lack of new investors, bad news on the company or even by sudden regulation enforcement.
The two biggest signs of fraud, in my opinion are:
1) You can’t see their trading (the claim is that they used to show it, but for some stupid reason, that stopped).
2) The weekly ROI percentage is too consistent! I mean, WHATEVER crypto is doing that week, the return for that week ranges between 2 and 4 percent! How is that possible?!
Honestly, if anyone could trade that accurately and that consistently, why the heck would they go to all the trouble of setting something this big up to get other peoples money involved?! They would be trillion-airs within 5 years without anyone else’s help.
Oh, ‘but its because they want to help other people do the same’, YA RIGHT!
Another thing this couple goes around doing is showing you some sort of on line calculator that shows you what you will be worth in 5 years according to the size of your investment. And if you have ever done the experiment they used to show you in math class (you know, back when there was real math and real scholastics – not liberal indoctrination) where you double your amount every day for a month – starting with a penny; you can see that you would own all the money in the world in a month.
So, yes, with your initial investment doubling every 5 months; YA, we’ll all be trillionairs in five years! …OK
And when they show you that, they smile and laugh and say, “Umm, ya, its a no-brainer to invest, right?”
Seriously, you think THAT reassures me? You showing me an impossibility as reassurance!
Despite all this, I might put in $5,000. I know, so stupid, maybe even immoral! But I wouldn’t dare involve ANYONE else (you know – to achieve the MLM thing). In fact, I would tell anyone who finds out, exactly what I am writing here.
But I kind of want to get these two friends off my back, and I figure if I pull out 30%ish every time the balance doubles, I will have my initial amount back in less than a year.
I guess, I would be one of Novatech’s collateral damage instances – where they loose more than they gain from someone. But they have to have those types as part of the whole bunch of morons, or it would fall apart immediately.
Wish me luck, lol (cause that’s all I’m working on with this move).
Thanks a lot for your thorough comment. and real-life example!
Really appreciate your time.
I hope this will help others as well so they won’t fall for tich Novatech scheme.
Cheers
Mike
How did it work out?
After all said and done, I’m investing on Novatechfx. They warn you at first to always invest what you can afford to lose. This is my 6th month, I have no complaints. From all I know the founder not part of AWS, they were investors like me, based on their experience from AWS; Novatechfx was founded. Everything in life is a risk, but the joy of money is the trill you get from it at the moment; if one losses, you feel bad for a moment and life continues. It’s a choice, no risk no gain. Thanks
As with drugs, just say no!! What kind of wimp are you?! I says this with love and humour, not a criticism. These MLM types can be very persistent 🙂.
Seriously, I was briefly caught up in the hype and the temptation, started to look around because the person who’s trying to get me in has been involved in multiple MLMs and 3 of them to my knowledge were not very long lasting. I try to be open minded and have been too much so, to my detriment, so I’m uber-cautious now.
A friend of mine posted something noteworthy and helpful in relation to controlling and breaking other impulses such as eating, smoking, alcohol, shopping, social media etc. It has helped me and is applicable to this scenario too – take a breath for 5 minutes when you get the impulse. Just enough time to stop and think and really evaluate whether you really want to take that step.