Caution Investors NovaTech, Ltd – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Overview:
NovaTech, Ltd is a company that claims to offer online trading services in forex, commodities, indices, and cryptocurrencies. The company operates through its website, novatechfx.com, and claims to have offices in Canada, the UK, and Australia. However, there are some red flags that potential customers should be aware of before investing with NovaTech.
Regulation and Compliance:
One of the most important factors to consider when choosing a trading platform is whether it is regulated by a reputable authority. Regulation ensures that the company follows certain standards of conduct, protects customer funds, and provides a mechanism for dispute resolution. Unfortunately, NovaTech does not seem to have any valid license or authorization from any regulator in the jurisdictions where it operates. In fact, the Alberta Securities Commission (ASC) has issued a warning against NovaTech on its Investment Caution List, stating that the company is not registered to trade in or advise on securities or derivatives in Alberta. This means that NovaTech is operating illegally and may be involved in fraudulent or scam activities.
Customer Reviews:
Another way to assess the credibility and reputation of a trading platform is to look at the feedback and reviews from other customers. However, NovaTech does not have many reviews online, and the ones that are available are mostly negative. Some customers have complained about poor customer service, delayed withdrawals, hidden fees, and account manipulation. Some have even reported losing their entire investment with NovaTech. These reviews suggest that NovaTech is not a trustworthy or reliable company and that customers should avoid dealing with them.
Products and Services:
NovaTech claims to offer a variety of products and services for online trading, such as multiple account types, various payment methods, competitive spreads, leverage up to 1:500, and access to a web-based trading platform. However, these claims are not verified or supported by any evidence. The company does not provide any information about its trading conditions, fees, commissions, or execution policies. The company also does not disclose the name or features of its trading platform, which raises doubts about its quality and functionality. Moreover, the company does not offer any educational resources, market analysis, or trading tools to help customers improve their trading skills and knowledge.
Location:
NovaTech claims to have offices in Canada, the UK, and Australia, but these claims are not substantiated by any proof. The company does not provide any physical address or phone number for any of its offices. The only way to contact the company is through an email form on its website or a live chat feature that is often offline. The lack of transparency and communication from NovaTech makes it difficult to verify its location and legitimacy.
Customer Service:
NovaTech claims to have a professional and dedicated customer service team that is available 24/7 to assist customers with any issues or queries. However, this claim is contradicted by the numerous complaints from customers who have experienced poor customer service from NovaTech. Customers have reported that the company is unresponsive, rude, or unhelpful when contacted via email or live chat. Customers have also reported that the company does not honor its withdrawal requests, ignores their complaints, or blocks their accounts without explanation.
Conclusion:
NovaTech is a company that claims to offer online trading services in various markets, but it does not have any valid license or authorization from any regulator in the jurisdictions where it operates. The company has been warned by the ASC for operating illegally and may be involved in fraudulent or scam activities. The company also has a poor reputation among customers who have reported losing money with NovaTech due to poor customer service, delayed withdrawals, hidden fees, and account manipulation. The company does not provide any information about its trading conditions, fees, commissions, execution policies, or trading platform. The company also does not offer any educational resources, market analysis, or trading tools to help customers improve their trading skills and knowledge. The company does not provide any physical address or phone number for any of its offices and is difficult to contact via email or live chat. Based on these facts, we do not recommend NovaTech as a trustworthy or reliable trading platform and advise customers to stay away from it.
