Novatechfx is an opportunity I’d been made aware of more than a year ago and passed on due to the similarities to Cash FX, another ‘forex’ / crypto platform I choose not to get involved with. Below, I share the reasons why I said ‘No', despite having seen lots of people make money.
Having already looked at NovaTechfx previously, I was familiar. However, the opportunity was shared with me again and I’d heard about lots of people earning good passive income from it, so I thought I’d take a second look.
In addition, the same person who shared it with me introduced me to Automated Capital — another forex-based passive opportunity. I had some time on my hands, so I thought I’d register for both opportunities and do a “journey” style review and experience post; compare the opportunities and the results.
However, it wasn’t to be…
TLDR: From what I have seen (screnshots etc below), many things point to NovaTech FX being a ponzi scheme scam 🙁
Before we start…
The short story is that once again, I decided not to deposit with NovaTechFX. The reasons are similar to why I never joined a year ago; too much focus on ‘MLM’ and not enough focus on ‘product’.
I’ve spent a decent amount of time looking into it again and am outlining the reasons why Nova Tech FX is not for me, even if people are making a lot of money out of it (which I know they are). I am not saying NovaTech FX is a scam or ponzi anything like that; they have been around for three years and are still here however…
…I’m just not convinced how legit NovaTechFX is due to their extreme focus on recruitment and multi-level marketing over-and-above their ‘product’.
It feels like NovaTech's primary offering is a MLM business opportunity, and the forex product is secondary (should be the other way around!).
Here's why…
NovaTechFX: first impressions
Looking at the novatechfx.com site again, not much had changed in terms of my first impressions a year earlier; it focuses much more on ‘The Opportunity’ / MLM than it does on the ‘product', forex trading.
This was the big turn-off that meant I never even got as far as signing up previously. Actually, when I first looked at it I was totally confused about what they were actually offering; all I seen was buying memberships and compensation plans.
However, this time was different — I had a purpose. I wanted to compare experiences and results, so I continued and dug in a bit deeper to their content and offer.
The NovaTechfFX homepage
As far as first-first impressions go, the homepage looked interesting. Charts and graphs; it certainly said ‘forex’.
But that was about as ‘forex’ or ‘product-focused' as the NovaTech website got.
In terms of information and sales, which is what every product or service website is about, there was very little (virtually nothing) on forex trading or what the Nova Tech product actually is, how they operate, key features, benefits etc.
The website content is thin, however what is there, emphasises a referral-based business opportunity, rather than a product.
I am not against MLM, my opinion is simply that the product/service/offering should always come first and be at the forefront; any associated business opportunity, referral, affiliate program etc should come later.
The Opportunity pages
Clicking on The Opportunity link, you are presented with three options, one of which is ‘From the CEO‘ — a short page with a quote from Robert Kiyosaki. Again, there is no real mention of a forex trading opportunity. It’s more about a vague business opportunity and entrepreneurship.
One of the most informative pages on the site is by following the Compensation Plan link. It shares 7 ways to get paid. Again, this all focused on MLM-style stuff; referral bonuses, fast-track bonuses, rank achievements and all sorts of other alien languages with wealthy lifestyle images.
Finally, there is the Compare Plans link.
Surely there will be some juicy information here about the product?
Three opportunities are available…
- Become a customer
- Become an affiliate
- Trade on your own
If you click on the Trade on your Own, ‘START TRADING' button you are not presented with any further information — just a short registration form that is very different to the other two options; there is no affiliate tracking, minimal details requested and it has aa totally different dashboard.
I registered and found a desolate shell of a site that appeared to be a white label forex CRM that had not even been fully setup — placeholder text was still in place, links to privacy policy, terms etc were broken.
I can't imagine anyone who wanted to trade themselves would choose or use this.
Looking at the NovaFX opportunity page, it is made very clear that if you only become a customer (a customer of ‘what’ is still unclear at this point!), you miss out on the affiliate bonus opportunity. Beyond that, there is very little difference.
Click through, and you are presented with several Membership Levels to Enrol with…
The only difference in the Become a Customer page (compared to Affiliate page) is that the ‘Affiliate' column is missing.
You can choose a Membership Level and click to make a payment.
You can deposit using various crypto and the length of the ‘Purchase’ form is fairly reasonable — shorter than via the ‘Get Started' button in the navigation, which is the route I choose.
‘The Opportunity' section is the area of the NovaTechFX site that contains the most information; however, there is virtually nothing about whatever the NovaFX forex product is.
The only link to anything ‘trading’ is completely different to the other links, offers virtually zero information and leads to a platform that appears to be unused, unloved and unfinished.
I was dubious by this point and wanted to see if there was more meat inside before committing, hence I clicked the ‘Get Started' button which allowed me to register without first having to deposit.
Other website pages
Other pages on the site are thin, however at least the ‘About' section contains some information on the owners — this is more than most platforms and is a ‘plus’, even if the information is light on detail and background.
The MT5 link goes directly to the ‘Trade on your Own’ desolate mt5 platform already mentioned and the ‘Get Started’ leads to an affiliate registration page.
Pre-registration: a summary of first impressions
At a quick glance, when arriving on the homepage, the NovaFX site looks pretty decent. However, when you click on the navigation links you soon realise the pages are thin and there is little detail. Everything is driving you towards ‘The Opportunity’, then the compensation plans and ultimately to register.
If you arrived on the NovaTech website without having been referred and/or familiar via Youtube videos etc, you would likely be very confused as regards what Novatechfx are actually offering. 😵💫🤔🤷♀️
NovaTechfx ‘Get Started' process
At this point, having reviewed the website more thoroughly, I was questioning if I wanted to join at all but I was spurred on having seen other people’s earnings and interested in doing a ‘comparison’ review / experience with Automated Capital; it would be an interesting article.
I didn’t want to purchase straight away, so I clicked on the ‘Get Started’ link which brings you to a fairly lengthy form to complete.
And, you guessed it — the primary or first priority was the ‘business opportunity'; setting you up as an affiliate and creating your personal website subdomain for referrals was the first thing to do.
And it was really slow.
I spent almost 2 hours trying to get it to load and process the form.
Constant timeouts.
Not the best start.
However, eventually it worked and #boom I was in…
NovatechFX dashboard
When I finally got in, the first thing I noticed again was the intense focus on referrals — my entire NovaTech dashboard was dominated with my personal referral link and most of the menu items all related to MLM (multi-level marketing) activities; referrals, holding tanks, teams, downline, legs, rank achievers and whatnot.
You could buy crypto and deposit to wallet, visit the message centre and view all sorts of marketing and biz op stuff.
Where on earth was the forex bit?!
It was as if there was no product and I was logging into a portal dedicated to solely MLM and network marketing.
Again, everything was painfully slow to load.
I logged out and visited the NovaFX login page again. Still slow. I tried to login with a different browser. Same problem.
Frustrated by the signup process, and having not been terribly enthusiastic to begin with, I’d almost given up.
Several hours later I came back and it was a bit faster — a bit!
I clicked through nearly all the links and found mainly MLM stuff eg…
As you can see, it’s very much focused on the biz op, recruitment etc.
It’s difficult to find anything about forex.
Look closely though and you will find a link to Performance Reports. #yey!
Beyond the Trading Academy, 6-7 hours of video explaining forex, there is little else jumping out.
Definitely not anything obvious.
The back office screams MLM and chirps forex.
📣MLM | Forex🐣
NovaTech investment / compensation plan
I don't even know how to describe this and did not take the time to even attempt to fully understand it.
But, suffice to say, even though there is little information available on their core product offering, in addition to a back office / dashboard that is almost entirely MLM, there is a 20-page PDF dedicated to their referral compensation plan.
Must be very lucrative!
It's not surprising that many Youtubers heavily promote NovaTechFX.
…and sharing techniques to increase earnings through recruitment…which is ultimately the ‘big MLM win' for them.
Is NovaTech a pyramid scheme?
If by pyramid scheme you mean ponzi, I really don't know.
They do put a massive, massive emphasis on MLM recruitment which has a ‘pyramid' structure. However, most companies and organisational structures are pyramids of sorts….even those that are not ‘MLM'.
I think this question is more around the ponzi aspect; ‘is more of the money generated thorough recruitment and package fees than their core trading ‘product'?
Again, I cannot answer this however, if you look at the site and look at the dashboard, the network marketing ‘business opportunity' ie. recruitment and packages make up around 90% of the content and focus/priority in terms of attention and screen ‘real estate'.
My NovaTechFX account got deleted
Despite all of the above, I decided to login one last time and purchase a Bronze package for $500 so I could do some sort of comparison with Automated Capital.
Worst happens; I lose it all. But, in all likelihood I should see some % return per week that I can withdraw, because, as I already noted, people are clearly making good money with this and I haven't yet seen anybody complaining about being unable to withdraw from NovaTech FX.
However, when I went to login, my account had been deleted.😱
It turns out, if you don’t fund your account within 48 hours, they delete it.🤯
🤷♀️
I decided that was the final sign: Novatechfx is not for me.
And so the experiment stopped before it really got started.
The good bits about Nova Tech
It wouldn’t be fair of me not to acknowledge some positives about NovaTechFX. Firstly, I know people are cashing out (not just YouTubers – other people too!), which is a good sign.
NovaTechFX have been around for a few years now — that’s certainly positive.
And, it’s nice to see some faces on the website and videos of the CEO, even if it is fairly lite.
NovaTechFX summary
I'm sure from all the above you can see why I said, “It feels like NovaTech's primary offering is a MLM business opportunity, and the forex product is secondary.”
I had almost convinced myself I’d be registering and depositing with NovaTechFX as an experiment, however even after signing up (which seems to be the difficult bit!), I ultimately decided against it….or, should I say; the final decision was made for me thanks to NovaTech deleting accounts that aren't funded within 48 hours..
Regardless, it would have just been as a test/comparison — Novatech has just waaaay too much emphasis on MLM / referral and waaaay too little on product for my liking.
Their Trade on your Own option appears scant and desolate, totally detached from everything else.
The entire website, their default registration and dashboard are all focused on ‘biz op' which does make me question how legit NovaTechFX is as a forex product/service, despite them having been around for years.
TBH, if they had toned down all that referral stuff and focused more on the trading (‘product’) aspect I would have very likely joined NovaTechFX last year when I first discovered them.
Yes, I know people are being paid out and are making good returns however, this case, I decided that, instead of investing $500 with NovaTechFX and $500 with Automated Capital, I would put the whole $1,000 into Automated Capital — something newer (and thus much riskier in many ways!), however it is something that focuses much, much more on the ‘product' (trading) which is my preference….rather than putting a MLM ‘business opportunity' at the forefront.
