Investor Alert: Unregulated NovaTech Still Running Scams

Recent comments from users accusing NovaTech have again drawn our attention to the fraudulent broker exposed last year. After half a year, this scammer still exists in the market, deceiving innocent investors.

A broker unregulated but warned

NovaTech claims to be a forex and cryptocurrency trading platform, but it doesn't provide much information on its website, with only a brief description of the trading software MT5, account types, trading tools, etc. Customer service contact information is also limited to an e-mail address and a URL to the support portal. The company's CEO also left a letter for investors on the webpage, emptily stating how good trading conditions the company can offer traders, with no mention of any specific trading information, especially regulatory information.

On top of that, NovaTech states that the company's address is located in St. Vincent and the Grenadines, where it is registered as a business company under registration number 25614 BC 2019, which is the only clue we have to look up the broker's regulatory information.

BrokersView was able to locate NovaTech LTD's registration with the St. Vincent & Grenadines Financial Services Authority (SVGFSA) in October of last year but the registration is no longer active since we are unable to find any matches either by company name or registration number. In other words, NovaTech was once a registered company with the SVGFSA, but no longer is.

However, the SVGFSA never issues forex licenses or regulates forex trading activities. Even if NovaTech was once registered with it, there is no proof that the broker was ever a regulated financial firm.

In addition, the only connection between NovaTech and regulators is limited to warnings. In October 2022, the British Columbia Securities Commission (BCSC) stated that NovaTech was not locally registered to conduct business activities related to securities or financial derivatives. In December of that year, the Ontario Securities Commission (OSC) in Canada warned that NovaTech was not a registered securities broker.

Traders complain about NovaTech

Poor reviews of NovaTech by several users have drawn our attention back to the unlicensed broker. Many users have been scammed out of more than thousands of dollars.

User Fadi Neophytou made a profit by trading with NovaTech, only to have his trades invalidated by the company. In response to the company, the trader gave evidence that the trade was valid. However, the customer support team was deaf and dumb in the face of the evidence.

Another user, Usman Jessen, warned other traders not to deposit money with NovaTech because it is a scam. According to the review, the company lures clients to open swap-free accounts. Before depositing, the staff would be very enthusiastic with the clients, but once they received their money, the broker would not let them withdraw their money or even not respond to any messages from them.

Other traders who were coldly treated by the broker have said that the company always uses the excuse that "withdrawals are being processed" to delay withdrawals. In addition, traders continue to receive spam phone calls and emails that suggest NovaTech is leaking personal information.

BrokersView reminds you

Trading with illegal financial firms like NovaTech is detrimental to your financial security. Investing is a risky endeavor, and when you're dealing with fraudulent brokers, you can't expect to make any profit. To minimize the risk, choose to work with a regulated and licensed broker.

You may search for a broker in BrokersView to see the regulatory information, or ask us a Question.