NovaTechFX is a supposedly legitimate Forex affiliate program. The company was founded after a number of affiliates lost millions of dollars in AWS. The company pays commissions only on returns, not on recruiting. While AWS executives may have reached the Presidential level, the NovaTechFX executives don’t. Also, NovaTechFX claims to pay 1:100 leverage, which is far higher than the limit permitted by European regulators and US regulations.
Despite these claims, the company has not been registered with the FCA, ASIC, BaFin or the CFTC. As a result, the firm is not regulated by these bodies. Moreover, NovaTechFX is not registered with the CFTC or the ASIC, so there is no need to worry about its legitimacy. Despite its claims, NovaTechFX has been a victim of several other scams, including those involving online brokers.
Another downside to Novatechfx is that it is an offshore broker. This may put your investments at risk. Traders are advised to open two accounts with reputable brokers before placing all of their money with one brokerage. In addition, the testimonials on the interface may leave you with the impression that this broker is the best. However, this may not be the case as the testimonials on Novatechfx’s website are misleading.
As for the minimum deposit amount, NovaTechFX has six accounts to choose from. The Builder account requires a minimum of $99, while the other accounts require deposits of $500, $2,500, $5,000, and $10,000. It is also important to note that despite the company’s transparency, users can only deposit cryptocurrency into their accounts. However, if you’re not comfortable using crypto, you can test the trading platform or the various assets to see which one is suitable for you.
One downside to NovaTechFX is that the company doesn’t offer traditional account types. It offers three different business models, each with different features. You can either open a managed account or trade on your own, or become a firm affiliate. Choosing a business plan is critical, since there’s no guarantee you’ll see your cash in your account once you’ve selected it. However, you’ll want to avoid unlicensed brokers because they’ll most likely tell you that you never received your money.