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Is novatech fx legit?
Jennifer
Hongkong SAR
2023-07-24
ANSWER The broker you inquired about, NovaTech, is definitely a scam.NovaTech used to operate at novatechfx.com but is now soliciting investors on its new domain, novatechfx.uk.com. On its website, NovaTech claims to be operated by Novatech Ltd, a company registered with the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA) under registration number 25614 BC 2019. However, we searched the SVG FSA register, and neither the company name nor the number could be located. This means the claim is false. Furthermore, the offshore financial watchdog has explicitly stated that forex trading brokerage activities are not licensed in St. Vincent and the Grenadines. Even if NovaTech's registration with the SVG FSA were true, it still lacks the license from this jurisdiction.More importantly, NovaTech has been warned by two recognized financial regulators — the British Columbia Securities Commission (BCSC) and the Ontario Securities Commission (OSC) — for engaging in illegal operations. You can find more information in the BCSC warning and the OSC warning.Given its regulatory status and the warnings issued, NovaTech is not legitimate. It is a fraudulent platform that comes with significant risks, including financial losses and identity theft. Without regulatory oversight, investors dealing with NovaTech are exposed to potential fraud or theft. Therefore, we strongly suggest investors stay away from NovaTech and instead opt for a fully regulated platform.
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