Welcome to my Novatech FX review. Is Novatech Fx legit or is it a business opportunity that you need to stay away from? If you are interested in investing in forex and cryptocurrency, then you’re probably wondering whether or not to sign-up for the Novatech FX trading platform.
Chances are that you might have read some positive testimonials, and heard that the FBI had given the company the thumbs up. Basically, you want to make sure all is good. Today I will shed some light on these concerns that you might have, and help you to make an informed decision.
Congratulations by the way, for taking the time in doing your research. It shows that you will not accept things without making sure that everything is up to scratch. Well done to you.
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What is Novatech Fx?
Novatech Fx is marketed as a forex and cryptocurrency trading platform. The mission statement of the company is to “empower individuals to achieve new financial heights and personal freedom by extending those same benefits to those around them.“
As a Novatech member, you can earn money from using their trading platform trading Forex pairs or Cryptocurrency. If you are a novice to trading, they do offer an option where some of their experienced brokers will do the trading on your behalf.
They also operate as an MLM company. As such, you can earn money from introducing(or recruiting people) to join the company.
Recommended Reading: IHub Global Review- Is Crypto Cloud Mining For You?
Who Are The Founders Of Novatech Fx? This Might Be A Possible Red Flag
The founders of Novatech Fx are Cynthia and Eddy Petion. The couple was involved in another Cryptocurrency mining MLM venture called AWS Cryptocurrency.
Later on, it was determined that AWS was a proven Ponzi scheme. Should you trust the owners and invest in Novatech fx? Let’s assume that for now the owners have good intentions and want to start off on a positive note.
For the moment, let’s give them the benefit of the doubt.
But also bear in mind that Russia has issued a warning against Novatech Fx.
How Can You Make Money With Novatech FX?
There are two main ways in which you can make money as a Novatech FX member.
These are :
- By trading on their platform, and/or
- Becoming an affiliate and promoting the Novatech Fx business opportunity.
Making Money With Novatech Fx by Trading
There are two ways you can trade on their platform. The first way is by becoming a customer using their fully-automated PAMM trading account. You get expert adviser software, and you do not have to have any previous trading experience.
They do charge a monthly service fee. And you have to give them 30% of all your winnings. Unfortunately, with this membership option, you cannot promote the Novatech Fx business. In other words, you cannot be an affiliate of the company.
The same goes for trading on your own. With this option, you can use the Metatrader 5 platform and marketplace. You would be executing all the trades by yourself, and there are no membership fees.
You can do paper trading on Novatech Fx with their demo account facility.
Their dashboard area is pretty plain. They do not offer any training videos or tutorials, unlike other trading platforms.
Making Money With Recruiting
The second way to earn is by becoming a Novatech Fx affiliate. You get access to their PAMM trading service, but in addition, you can get paid for recruiting new members to join the Novatech Fx team.
Let me show you how their compensation plan works.
The Novatech Fx Compensation Plan- It’s Nothing New
To qualify for affiliate bonuses, you have to commit to ONE of two conditions:
- Condition One: must have an Active Trading Account with a balance of $99 or more, or
- Condition Two: buy an active license for $49.95 plus pay the monthly service fee of $2.95 and pay all other service fees
DIRECT REFERRAL BONUS
You can earn a direct referral bonus based on the package that people directly below you have purchased.
- Builder Package: $99 – $499 USD qualifies Sponsor for $10 bonus.
- Bronze Package: $500 – $2,499 USD qualifies Sponsor for $50 bonus.
- Silver Package : $2500 – $4,999 USD qualifies Sponsor for $125 bonus.
- Gold Package: $5,000 – $9,999 USD qualifies Sponsor for $250 bonus
- Platinum Package: $10,000 – $24,999 qualifies Sponsor for $500 bonus.
- VIP Package: $25,000 – $99,999 qualifies Sponsor for $1250 bonus.
- President Package: $100,000 or more qualified Sponsor for $5000 bonus.
INDIRECT REFERRAL BONUS
The indirect referral bonus is a bit different compared to other MLMs in the sense that irrespective of what rank you are on, you can earn from your direct referrals downline up to 7 levels down.
Here are the percentages from the first level to the seventh level. (5%, 2%,1%,1%,1%,0.5%,0.5%)
CHECK MATCHING BONUS
You can earn a matching percentage of all trading bonuses earned from your direct downline for up to 9 levels.
It starts from 5% all the way to 0.25%.
RESIDUAL INCOME
You receive a percentage of all service fees paid by their direct downline for up to 9 levels.
It starts from 5% all the way to 0.25%.
FAST TRACK BONUS
Personally enroll a minimum of 3 Bronze or higher members within 45 days of registering a trading account and receive $100 (payable after 60 days.)
Personally enroll a minimum of 3 Silver or higher members within 45 days of registering your trading account and receive $500 (payable after 60 days.)
RANK ACHIEVEMENT BONUS
As you build your downline, and they reach a certain rank, you get paid a rank achievement bonus. You need to have a certain amount of PV(personal volume), GV(Group Volume) to qualify for this bonus.
It’s complicated as you can see in the figure below.
Bottom Line: Focus on recruiting, and you can earn more money.
How Much Does It Cost To Join The Novatech FX Business?
The Novatech Fx affiliate packages can be pretty expensive depending on which level you would like to get started on.
It starts from $49.95 for an affiliate license all the way up to $100 000 or more.
Is Novatech Fx a Ponzi Scheme?
According to Wikipedia, a Ponzi scheme is “a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.”
Unlike other MLMs such as Neora and Quiari, which have physical products that you can sell, Novatech does not have any.
Novatech can be understood to be a Ponzi scheme in this respect. As it might be construed that the only way that members are getting paid, is via the membership fees.
However, they have software that members can use to do trading. And it can be seen as ” a product.”
From that point, in my opinion, the company operates on a fine line just below the radar.
Is Novatech Fx Endorsed or Supported By The FBI?
There are stories going around that a Novatech Fx investor claimed the FBI audited Novatech Fx and approved the company’s dealings.
If it were true, then surely such news would be broadcast across their website and social media channels.
But no such information is available anywhere. In fact it was reported that the founder, Cynthia Petion apparently burned the report after reading the last line of the report.
Why burn something that would actually help boost the credibility of your business?
Pros of Novatech FX
- They have owner transparency
- They have a demo trading facility
Cons of Novatech Fx
- Expensive membership packages
- No real testimonials on their website
- Owners associated with previous Ponzi scheme
- No income disclosure
- Have to recruit to earn the higher paychecks
Is Novatech Fx Legit? My Personal Opinion
There are a number of red flags associated with this forex and cryptocurrency platform that I will discuss below.
Firstly, the company has been in existence for just over 3 years to date. Yet, in that space of time, there is no income disclosure report. So, one does not have any idea of how well the existing members are doing or the average earnings of affiliates from the organization. MLMs such as Velovita and 4 Life have income disclosures at hand.
On that same note, there are no success stories or member testimonials on the official website.
The positive aspect of this company is that there are favorable reviews on third-party sites. Folks have claimed to make money using the Novatech platform.
Even though it might be true that you can earn, the company is operating as an MLM and claiming to offer a passive income to its members. That is a securities offering and they need to be registered with the necessary regulatory authorities. There is no such certification anywhere on their site.
Which in simple terms means that you are not protected and are investing your money at your own risk. At any time they can pull out, leaving their members hanging dry.
I would recommend that one proceed with caution should they decide to invest in the Novatech FX business opportunity.
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Thanks so much for joining me on this Novatech Fx review.
I hope that it has helped you out.
Looking forward to hearing from you.
Regards
Roopesh