There are many people that have invested in the company called NovaTech FX (also called “novatechfx”).
After hours of research, I came to the conclusion that even though some people currently are able to withdraw the funds, this entire system resembles a pyramid scheme.
Is NovatTech FX legit?
The thing is that this company is not registered with the SEC. The founders of the Novatech Ltd Partnership went only through the initial company registration.
Also, it is important to mention that the NovaTech founders already were involved in a scammy company.
In this unbiased NovaTech FX review, I am going to offer my opinion about the company. It is based on my previous experience with similar companies, as well as on in-depth research.
Let’s get started!
Please note, that I am not a member or an affiliate for 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 Review – Quick Summary
According to quick research, one should be able to make a decision if it is safe to invest money with NovaTech or not.
But it is not that simple.
Or at least it seems that there are a lot of ambiguous opinions.
There are people that still make money on a weekly basis and continue to re-invest.
However, there are also many red flags, that in my opinion are serious enough to stay away from this company.
Also, the company was registered in 2019, so still quite new as of publishing this article.
But the founders have been in the business for much longer and were already involved in at least one scam.
Despite that, I have done my best to remain unbiased.
Below you find also a video that shows you the back office of NovaTech.
There are many Red Flags throughout the entire NovaTech company. To mention a few:
- There is no proof that actually trading takes place. Therefore it is suspicious that the members are paid with funds coming from new members
- The company is not registered with SEC
Concerning the Red Flags, below there is a whole section that you can have a look at.
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What Is NovaTech FX?
NovaTech is a broker company delivering trading services (both, crypto and forex), using its own trading platform.
Anyone can join via his/her sponsor.
It has 3 types of plans where you can
- let NovaTech do the trading for you – PAMM
- Trade on your own
and the 3rd plan is, that you can become an affiliate and recruit your friends and/or family.
Does it mean that NovaTech operates as an MLM?
Yes, it does (also).
But it is optional, so at this point, it really doesn’t look like a Pyramid Scheme.
People using this platform claim that the average ROI is about 3% per week. If re-investing on a regular basis in about 5 months the money doubles.
Now that seems like a very lucrative deal.
Or, too good to be true?
Who Owns NovaTech FX?
There are 3 key persons behind the NovatTech FX:
- Cynthia Petion CEO
- Eddy Petion as COO
- Ricardo Roy as CTO
These data are available on their website as well.
What is not on their website is the history of some of these individuals:
Eddy was involved in another company called AWS Mining, as per the video:
(AWS means Automated Web Services)
Was Cynthia involved with the AWS as well?
She was vice-president of the company.
According to Change.org, there is a petition where more than 2,000 people demand an investigation.
You can read the full article on their website (link above) or here is a screenshot:
And now these people run a “new” company called NovaTech FX.
Would you trust them?
I don’t know about you, but this information has convinced me to stay away from the company, and these people.
It is quite possible that in a year or two they will form a new – similar scheme.
Where Is Novatech Based?
The company is based in St. Vincent and Granada.
That doesn’t sound very promising when it comes to the company’s trustworthiness.
According to their website, the company has also 2 other addresses:
- one in Florida
- and another in Talin – Estonia
Is NovaTech an MLM?
Yes, the company operates as an MLM.
There are several bundles you can join. Although the MLM aspect is not that obvious, there is no doubt that this is an MLM company.
Is NovaTech Registered?
The company is not a registered company. In other words, no NovaTechFX regulations exist.
This means that funds, people put into the company are not safe and have no guarantees whatsoever.
Sure for time being (June 2022) some folks are happy that they can withdraw the funds.
But that is a sign of any typical pyramid scheme.
It “works” for a couple of years… and after a while, it crashes.
To be precise, there is no proof that this is a Ponzi scheme, but there are strong signs that suggest the statement.
NovaTech Website Information
NovatTech.com was registered in June 2019. It is already the 2nd domain they use.
The previous one novatechfx.io is redirected to the .com domain.
Maybe nothing suspicious about that change, but it is a bit strange that they changed the domain within such a short period of time.
(It is not common for legitimate businesses).
But according to simiarweb.com, the traffic to the website is still impressive.
The promised ROI people (should) get is tempting.
Side Note Regarding the traffic:
And in my experience the figures (from the screenshot above) are not accurate, there is no doubt that their website gets at least 500,000 visits per month.
There are a few essential things you want to look at when it comes to investing
- Check the people behind the company (their history)
- And make sure you are investing in a company that complies with regulatory requirements
Individuals with a shady history
There is no doubt that these people, Cynthia and Eddy were involved in illegal schemes before.
It was called AWS Mining, and there is already a lot of information about the company (for example on Trustpilot).
Changes the domain from io to com
This might be a minor thing, but why did they have to change the domain name from io. to com, in a short 2 years?
A lot of people complain about log-in problems.
They claim that they couldn’t log in and therefore it was impossible to withdraw the funds.
It is exactly the same issue as with the previous company called AWS.
What is the reason?
Most likely the company keeps the funds.
They don’t show any proof that there is trading going on.
That’s why it is certain that there is no such thing and the company (most likely) is a Ponzi scheme.
Not Registered with SEC
Novatech LTD is not registered with the SEC. According to the SEC, “The company has not filed any forms with the SEC apart from initial company registration“.
A NovaTech FX Walk-Through Video
Here is a video of people that are involved in NovaTech.
They even show how to sign up and how to put the funds into the company.
Please note that it is suggested to upgrade your account right away (in the 4th minute) and do the $499 investment:
You can form your own opinion.
But please bear in mind that all these guys are involved with NovaTech.
As you see, Al is a Team leader already within the structure.
And admittedly they do not sound too “salesy”, right?
But still, given the facts about the founders above, I am a little bit worried about these guys as well. Hopefully, they will be able to withdraw all the funds, on time.
(In other words, before it collapses).
How to make Money With NovaTech FX
Well, by investing your hard-earned money into the company.
You can either act as an individual or act on your own.
In that case, you can do so only based on your region.
If you decide to let NovaTech do trading for you, they can place the funds anywhere, where it is convenient.
As per the CTO (Ricardo Roy) they don’t co-mingle funds (they don’t accumulate funds from different investors into one account).
So Far So Good…(?)
Those 3 guys (from the video above) claim that they get on average 3.25% return weekly.
Based on their experience they trust NovaTech so they keep adding the funds.
They claim (in another video), that they never had issues with the withdrawal (repeating it numerous times, so it got me thinking whether it is not just a sales pitch).
What I don’t like is that the company deals with cryptocurrency only.
You purchase the membership using cryptocurrency.
You also have to withdraw crypto and exchange it for your local currency using a 3rd party system.
Other Ways To Make Money with NovaTech
There are apparently 9 different ways how to make money with this system, but it is all related to the MLM structure.
For example, every member can create so-called Sub-accounts for family members or others… basically to recruit them.
I think it doesn’t make sense to explain how their compensation plan works since we know what kind of people run NovaTech.
But if you are interested you can check the compensation plan directly on their novatechfx website.
To me, this is no different than Beurax, or any other crypto MLM company.
I have seen many of them and many of them have already collapsed.
It is tempting I understand.
Everyone wants to make quick money.
Why do you think casinos are still out there?
If a person that never knew about the hazard approaches a slot machine saying $20,000 jackpot;
What goes through this person’s mind?
“Well, it is possible, it could be me”.
With these cryptocurrency-MLM companies, it is even worse.
Because their early members are paid with the funds of an individual that joins the company later… Once there is no one to join, the entire scheme crashes.
Call me conservative, but I just don’t trust companies promising you quick and high returns.
Especially when it is a combination of crypto and MLM structure.
It is not clear where exactly they trade the funds – a lack of transparency.
– too much shady for me.
Legit companies are required to prove that they are trading.
It is not the case with NovaTech FC.
They don’t show live trades because there is no trading happening whatsoever.
Is NovaTech FX Legit? – Conclusion
Right at the time of this review, only recently there is a huge drop in all cryptocurrencies… and maybe it is temporary, but it just proves that one day you can be up, and the other day you can lose all.
This is the reason why I don’t want to be involved in such a system.
On top of it, the MLM aspect of that is a Big No-No for me.
There are safer strategies out there, so do your research.
How About you?
Did you change your opinion about NovaTech FX?
Or maybe you just wanted to double-check what you already suspected.
If you are still convinced that this is a great opportunity and you are ready to invest with them, let me know in the comment section below.
Thank You For Reading,
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