Novatech FX Review – Pyramid Scheme or Legit Opportunity?

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Welcome to my Novatech FX review.

So you're looking for a new opportunity. A way to escape your daily grind and plan for a better future. I can relate. 

Online trading companies like Novatech FX have become popular platforms that promise the chance for freedom and independence. 

But is Novatech FX legit? 

Finding a lucrative investment opportunity is not easy. Finding one you can trust is even harder. My goal with this review is to cover everything you want to know about Novatech FX and possibly some things you don't want to know.

I'll explain who they are, what they do, how they work, and whether Novatech FX can help you achieve your financial goals. 

The topics I'm going to cover in this review are:

  • What is Novatech FX?
  • Is Novatech FX a Scam?
  • Is Novatech Registered with The SEC or BBB?
  • Is Novatech FX a Pyramid or Ponzi Scheme?
  • How Does Novatech FX Work?
  • Novatech FX Cost
  • Novatech FX Compensation Plan
  • Novotech Reviews and Complaints
  • What I Like and Don't Like About Novatech FX
  • Where Do You Go From Here?

I highly recommend you go through this review and the comments below if you're new to Novatech FX or wondering if they are a Ponzi Scheme. You can also read about recent developments and updates in this article about the possible collapse of Novatech FX.

Disclaimer:
Please note, I am not an affiliate for Novatech FX. This review has been researched with information and/or testimonials that are available online in the public domain. Any recommendations and/or conclusions are strictly opinions and may not to apply to, or agree with, all persons or situations. See full disclaimer for more info

What is Novatech FX?


Novatech FX is a foreign currency exchange (Forex) and crypto trading platform emphasizing pooled investment funds. 

A subsidiary of NovaPay L.L.C., Novatech FX was founded in June 2019. Their mission is to empower individuals to achieve new financial heights and personal freedom by extending those same benefits to those around them. 

Novatech's Mission Statement
Source: Novatech FX

In other words, sharing the opportunity with others. 

This has led to a heightened level of controversy because Novatech claims they are not an MLM. or a pyramid scheme. Of course, they are entitled to make that claim. It's their company, after all. 

However, the controversy is that they offer a lucrative compensation plan for recruiting members, which pays several layers deep. That would suggest there's an MLM. component. But more on that in a moment… 

On paper, Novatech is located at: 

Suite 305, Griffith Corporate Center, P.O. Box 1510
Beachmont Kingstown, Saint George, VC0120

There's a discrepancy here, however. While Novatech claims to be located at this address, the Griffith Corporate Center owner says they do not rent office space to a company with this name. But more on that below as well…

Novatech is owned and operated by:

  • C.E.O., Cynthia Petion
  • C.O.O., Eddy Petion
  • C.T.O., Ricardo Roy 

Is Novatech FX a Scam?


I'm a skeptic when it comes to trading platforms like Novatech because so many have come and gone, leaving their investors broke. 

And I must admit, at first glance, Novatech did not look any different, and here's why…

I did a lot of digging and unless I'm missing something (please share in the comments below if I am), when you invest with Novatech, testimonials and trust seem to be your only protections.  

They don't appear to be accredited in any country.  

In addition to that, there are many red flags which I'll go over below. 

Having said that, I'll also say something very important. At this time, there is no “hard” evidence to suggest Novatech FX is a scam or about to rip you off. 

Many people are currently investing with this company and appear to be getting paid weekly. So objectively speaking, Novatech seems to be living up to its promise. 

I will repeat this several times throughout this review, not in defense of Novatech FX, but as a statement of current fact. 

Many reviews accuse them of being a scam. While the conditions exist and may even be favorable to support those accusations… the only evidence at this time is circumstantial. 

But I'm not going to sugar coat it. There are things about Novatech FX you can't ignore.

For the record, after my initial skepticism (which I have for all companies like this), I thought for a moment that Novatech could be legitimate.

However, my opinion changed after hours of research and “running the numbers”. My personal belief is that Novatech is a scam, but that's NOT an accusation. It's just what I think and this review will explain why.

There are a lot of good people involved with Novatech who have a different point of view and to give them the benefit of the doubt… maybe they are right.

I'm only sharing my point of view, based on the facts as I've researched and understand them, and to be fair, I'll say this. Any speculation is just that…

… speculation. 

Based on the information below, one could infer that something shady is going on, and I think there is. But that's just me. There is currently no “hard” evidence to prove that as fact.

Unfortunately, investment schemes often go unnoticed until it's too late.

The only “hard” evidence comes after the crime has been committed and the fraudsters have stolen the investor's money.  

At this moment, members will claim this is impossible because Novatech gives you 100% access to your capital. That's a fair statement. 

But is it accurate?

If you have been withdrawing your profits on a regular basis with no problems and no limits, then my opinion and/or the information provided below may be secondary. It should not invalidate your experience. 

But it should also be noted that if you've been watching the news recently, that's the same promise made to investors by FTX Trading and FTX US, which recently collapsed, taking at least one billion in investor assets with it.

For now, I'll go over a multitude of red flags and why I suspect NovatechFX of being a scam.

Red Flags


The following red flags are not indictments, but they are worth reviewing when doing your research.

Also an important disclaimer, the information below is not investment advice. I'll share my perspective, but the information itself, available online in the public domain, does not represent a recommendation one way or the other. Any conclusions are strictly my opinion.

Red Flag #1 – Unrealistic Investment Projections


Novatech's investment opportunity is presented with unrealistic claims. 

That doesn't mean they are false, but it's important to understand what those claims mean and put them in perspective. 

These claims are the critical component of their compensation plan, which is quite lucrative. But it only works if the numbers add up.

So, are their claims real?

Members may use different numbers when sharing the opportunity, but the presentations I watched used a specific rate of return compounded using thecalculatorsite.com

They used an average of 3% weekly return, compounded weekly for 5 years (I also watched a presentation where they used 3 years, but the outcome is the same).

Punching those numbers into thecalculatorsite.com transforms a relatively small $1000 investment, with no additional contributions, into $2,176,097.87 within 5 years.

Here are the calculations…

While a slight return of 3% on the surface seems reasonable, things get a little out of hand when you compound it weekly. 

You'll notice that I also highlighted the effective annual rate, which is 365.089%.

How many investments have you heard of that pay an effective annual interest rate of 365 percent?

Most online compounding calculators won't even let you calculate it.

For example, I tried to confirm that this annual rate and investment value was correct using Investor.gov's compound interest calculator, and I got this error…

Source: Investor.gov

It says the interest rate must be below 100%, and of course it does… because investments over 100% are not normal.

I tried a few more calculators but had to go back to thecalculatorsite.com to confirm that this effective annual rate produced the same earnings as Novatech's suggested weekly rate …

Here's what I got…

As you can see, it's accurate within about ten bucks.

So, Novatech is indeed quoting an effective annual rate of 365+ percent. Let's give that some perspective.

Let's compare it with the average annual rates of accomplished investors to better understand what that means. 

How does Novatech stack up against two of the most highly respected and successful investors of all time… Warren Buffet and Peter Lynch? 

Warren Buffet's holding company, Berkshire Hathaway, has averaged a 20.3% annual return, with some years peaking in the 30s. 

That's significantly less than Novatech FX.

Likewise, between 1977 and 1990, Peter Lynch achieved a 29% per year average… which is also far lower than Novatech FX. 

It's not even close, which begs the question, why is Novatech relatively unknown? 

After all, Warren Buffet and Peter Lynch are not only famous for their investment success but legendary in some circles. 

And yet, their success pales in comparison to Novatech FX. 

To be fair, Warren Buffet and Peter Lynch have been investing in more conventional securities, not Forex and Crypto. 

Also, they are both investors, not traders. Trader's make money through market volatility while investors build wealth with compound interest, dividends, and the growth of a company over time.

Although Novatech's P.A.M.M account is treated as an investment for you, under the hood are supposed to be expert traders.

And trading Forex and Crypto is different than investing in securities and commodities.

It's more more volatile and therefore more risky. That can lead to some extraordinary gains on par with Novatech's claims. But these are very rare cases that do not represent a consistent and repeatable investment strategy. 

Therefore, a better picture comes into view when you average out the highs and lows of Forex returns. 

There is no consensus on the average Forex return rate, but here's what some reputable sources say. 

  • Forex Training GroupAggressive traders can target 3 – 4 percent monthly returns (estimated 40 – 60 percent effective annual return)
  • Forex Broker ReportConsistently profitable traders average 2 – 3 percent per month (estimated 25 – 40 percent effective annual return) 

So, according to some experts (perhaps, not all), the average Forex returns are anywhere from 25 – 60 percent annually. 

For fun, let's see what a 4 percent “monthly” return (as quoted by the above sources) will do to your $1,000 after 5 years…

Based on these numbers (shown above), an aggressive Forex trader earning 4% monthly will turn $1,000 into $10,519.63 after 5 years.

As you can see, the effective annual rate is 60.103% and when you compare that future investment value with Novatech's projections… it's less than one-half of one percent.

Of course, this is not proof of anything but if aggressive traders are earning 60% on the high end, is 300% plus believable?

This is not a small difference. When comparing actual account value after 5 years, Novatech is outperforming them by 200X ($10,519.63 vs. $2,176,097.87).

Sure, a trader or broker can have a good week or a good year, but not every year.

In my opinion, suggesting your $1000 investment might turn into $2.1 million in five years with no additional contributions is, at the very least, disingenuous. This is just not something I believe.

Achieving an effective annual rate of 365% in a single year would be extraordinary. I don't know if a word exists to describe that achievement year after year.

But again, these comparisons don't necessarily prove anything. Let's go one step further.

To better demonstrate just how extraordinary this opportunity is (if true) and what 365% annually really means, let's do some math…

During their presentation, I was curious why they only used a 5-year projection because…

… it would be irresponsible to cash out after five years if you were getting a 365% return, and here's why.

If you stick with this investment for only four more years (9 years total), you will become a billionaire

Let that sink in. 

All you need is $1000 and nine years to reach billionaire status.

But why stop at nine years? 

Let's keep going…

If you hold onto your investment for one more year (10 years in total), you will have amassed $4.7 billion as shown in the image above. 

Keep going…

By year 13, you will have just shy of $500 billion, making you the richest person on Earth (based on the current list of wealthiest people). 

And you achieved it in a fraction of any current multi-billionaire's time, investment, and effort.

But you're only getting started.

Hold on to your investment for just one more year (year 14), and your original $1,000 will have grown to more than $2 trillion. 

That's a trillion with a “T.” 

It's an unfathomable amount of money under any circumstances, let alone for an individual investor starting with a thousand bucks.

To put $2 trillion into perspective, it's more than the annual GDP of some of the world's wealthiest countries, including Canada, Italy, South Korea, Australia, and dozens of others.

In one of their presentations, someone said, “people lie, but numbers don't.” 

That's exactly right. They don't lie. 

So, if Novatech's numbers are true, you might be a trillionaire by watching T.V. and playing video games for the next 14 years. 

Apologies if that sounds sarcastic, but I can't wrap my head around it. Nor can I trust it.

Red Flag #2 – Unrealistic Earnings Claims


So we've talked about Novatech's future projections. But what about their current and past claims?

I can't say those are false any more than I can say their projections are false. But based on the math we've just done, they are difficult to believe. 

This is critical because IF they are not real, there's a severe problem…

Where is the money coming from to pay investors?

I know what my thoughts are, but what are yours?

Let's recap…

Starting with $1000, the math says their projected return rate will give you $2 trillion within 14 years? 

Please share in the comments section below if my calculations are incorrect or if I'm misquoting something. 

However, if those calculations are correct, and Novatech's claims are true, this is the greatest investment opportunity of a lifetime. 

Actually… it may be the greatest investment opportunity in human history. 

And yet, it's strangely absent from the media. 

For reference, these are their current published earnings…

  • January – 11.56%
  • February – 11.20%
  • March – 12.91%
  • April – 15.37%
  • May – 7.9%
  • June – 13.01%
  • July – 17.12%
  • August – 12.6%
  • September – 15.56%
Novatech FX Earnings Claims
Source: YouTube

Based on these numbers, which seem reasonable at first glance, Novatech's average monthly return is roughly 13%.

That means their effective annual rate is 333.452% (shown below)…

Again, for perspective, this is an effective annual rate that's 16 times higher than the average annual return rate of Berkshire Hathaway (owned by Warren Buffet, who is regarded by many as the world's most successful investor).  

To add further clarity to this point, let's look at what a real return would be if you had invested your money with one of the most prestigious holding companies of all time. 

Let's say you had $1000 in Warren Buffet's portfolio way back in November 1992… 30 years ago. Your investment today would have grown to…

… $14,575.23. 

And that's considered a good investment. 

Novatech, on the other hand, suggests that the same $1,000 you invest with them will exceed $2,000,000 in just five years.  

That's a total account value 144 times better than Warren Buffet.

As I've said before, this is not an accusation. But if you're just looking at the numbers, it's hard to believe.

If this is not fraud, then investing with Novatech is as good as buying the winning lottery ticket. And what are the chances of that?

Red Flag #3 – Quoted Numbers Do Not Include Fees


There's also something else unclear. 

When they present their opportunity, it's presented as a 3% return compounded weekly as we've already discussed.

Simple enough…

On thecalculatorsite.com, you put your money in, the number of years you plan to invest, and you get your total balance out. 

That's what they show you. 

But even if their numbers are real, you still won't get anywhere near the millions they are showing you. That's because there are significant fees on your investment. 

They take 30% of your profits earned inside their fund. 

Of course, you'll learn this soon after you join, but it should be factored into the projections they use when selling the opportunity. 

It may also be why the monthly numbers they show in their presentation slides are described as “earnings” and not investment returns.

And your earnings are also described as a percentage of the company's profits.

It's also unclear how these profits are derived, whether it's strictly from your investment returns or if they include the sale of services. 

And what exactly are the company's profits, and as a pseudo-shareholder, are you privy to that information?

Are they calculating from the entire fund, or, as they should be… only counting the 30% fee (and other fees)? 

I'm sure you will get these answers, which may even be published somewhere, but these are essential questions to ask before investing.   

Maybe, if Novatech was accredited, you could do some of this research after the fact. But if it were me, I'd want these details first.

They are allegedly paying a considerable amount of money, and you should know exactly where that money is coming from, which brings us to the next red flag.

Red Flag #4 – Novatech FX Does Not Report Their Trades


If the earnings claims above are not suspicious enough, the fact that they don't report them only makes it worse. 

Some comments about this say they must keep their secrets, but reporting trades is common practice. 

Sure, most people invested in mutual funds, ETF's, etc. don't pay attention to the individual holdings and trades within those funds. At least not regularly. 

But that doesn't mean disclosure is not required. 

The S.E.C. requires most brokers (as defined in the next section of this review) to not only register with the S.E.C., but to join a “self-regulatory organization such as the National Futures Association (NFA).

And what do these organizations say about disclosure?

The NFA lays out specific regulations for Forex transactions.  

One of those requirements involves reporting. Forex Dealer Members (FDM) have strict reporting requirements. 

In addition to monthly operational and risk management reports, they must also file daily electronic reports that show liabilities to customers. 

And, of course, they must file a quarterly report similar to the quarterly portfolio disclosures required of registered management investment companies. 

In the next section, we'll discuss whether Novatech is required to be registered with the S.E.C. 

Required or not, Novatech's lack of reporting could be viewed as suspicious. 

I suppose you could argue there are operational reasons to not report them. For example, it's potentially costly to answer every inevitable question and concern about those trades.  

Maybe, since Novatech's members/investors share in the company's profits, these extra costs may concern you too.

If it were me, I'd prefer having those reports at a marginal cost than not having them. 

Red Flag #5 – Novatech FX is Not Registered With The S.E.C.


Many comments and reviews have correctly stated that Novatech FX is not registered with the S.E.C. So the question is whether they need to be. 

According to the S.E.C., a broker is defined as “any person engaged in the business of effecting transactions in securities for the account of others.”

With few exceptions, it is unlawful for a broker to use mail, phone, fax, or the internet to “effect any transaction in, or to induce or attempt to induce the purchase or sale of, any security” unless the broker is registered with the Securities and Exchange Commission in accordance with Section 15(b) of the Securities Exchange Act. 

One exception to this rule is that an individual stock broker or individual does not necessarily have to register. However, the act requires them to be supervised by a registered broker. 

Another exception is a broker who conducts all of their business within one state and cannot participate in national securities exchange transactions. 

There are some deviations to this rule as long as the broker takes reasonable measures to ensure their business remains intrastate. 

Brokers who only transact in commercial paper, banker's acceptances, and commercial bills are not required to register with the S.E.C. 

Additional exemptions apply to foreign brokers and issuers of securities, but these don't apply to Novatech, from what I can tell. 

So, based on this information, it might appear that Novatech is operating illegally. 

However, if you dig a little further, you'll find the following statement on the sec.gov website…

“You should also be aware that, for brokers and dealers, many of the rules and regulations that apply to securities transactions may not apply to forex transactions.” 

There are still rules and regulations that apply to forex transactions, but it gets murky when considering the different types of exchanges. For example, there are exchanges regulated by the Commodity Futures Trading Commission (C.F.T.C.), the S.E.C., and off-exchange markets. 

The rules regarding cryptocurrencies are also unclear.  

While S.E.C. Chair Gary Gensler says, most cryptocurrencies are “securities (which would imply they fall under the same rules as all securities), the inclusion of the word “most” allows for some interpretation. 

And maybe some bending of the rules. At least for now. 

So it's unclear if Novatech FX is required to be registered with the S.E.C., and that's partly because Novatech does not report their trades.  

More important here is that unlike regulated brokers such as T.D. Ameritrade or Robinhood, for example, Novatech is not audited or third-party verified. 

Red Flag #6 – Novatech's Address


Novatech's address has an interesting history. The company is apparently located at:

Suite 305, Griffith Corporate Center
P.O. Box 1510
Beachmont Kingstown, GE VC0120
Saint Vincent and the Grenadines

Novatech FX Address
Source: Novatech

There's a problem here.

According to the the Griffith Corporate Center claims they do not rent office space to Novatech (shown below)

Novatech FX Located at Griffith Corporate Center
Source: Google

It's would be better if they did not publish this address, because it raises more questions.

Let's give them the benefit of the doubt and assume the owner of the Griffith Center got it wrong. Why would they be located on a small island in the Caribbean Sea?

The obvious reason is that it's an offshore tax haven. 

When registering your St Vincent and The Grenadines, founders have no citizenship requirements, and the company receives tax-exempt status. 

In fact, three companies with this same address were part of the tax evasion document leak, the Paradise Papers

Companies With Same Address as Novatech FX

To be fair, according to Wikipedia, companies such as Apple and Nike have also been associated with the Paradise Papers. 

But for what it's worth, they were not located in suite 305 of the Griffith Corporate Center.

Now, avoiding taxes through financial hideaways doesn't necessarily mean you're running a scam. But it suggests you may be hiding money. And in this case, it could be your money. 

What's also interesting is that this same address has been used by dozens of similar trading companies. 

One such company (CCXMarkets) has multiple complaints from people claiming to have lost money. 

CCXMarkets is no longer in business. 

Another trading company is also registered at this address, Smart Trade Solutions (c/o Wilfred Services Ltd.)

The list goes on. Some (but not all) of the other investment companies associated with this controversial address include…

  • 500 Investments/Cabsy Holdings
  • Absolute Global Markets
  • Brokerz
  • Coinbrokerz
  • Dartalon Ltd.
  • Enigma GRC
  • FTEFX Pro
  • FXclearning
  • F.X.G. Trade
  • FXLeader
  • Global Next Trade (G.N.T. Capital)
  • GoldenCapitalFX
  • Interactive Trade
  • New Rich Markets
  • O.P.T. Finance
  • Platinum Global Group
  • Pro Capital Markets
  • Profitx
  • SimpleFX
  • Standard Bit Options
  • Trademote
  • Traderking
  • Tradewell
  • Tradixa
  • True Capital Pro
  • TurnFX
  • Unmarketspro

Again, this is just a partial list. 

How these companies are related to each other, I'm not sure. But for most, you can find scam warnings and government advisories stating they are unregistered and potential frauds. 

Why is Novatech FX also located here?

Red Flag #7 – Novatech FX Fraud Warning from BC, Canada


The British Columbia Securities Commission recently added Novatech FX to its Investment Caution List

The warning states that, 

“NovaTech Ltd. claims to be located in Florida and it also claims to offer trading services by an experienced team of traders.

We are aware that NovaTech Ltd. has accepted funds from British Columbia (B.C.) residents.

NovaTech Ltd. is not registered to trade in, or advise on, securities or derivatives in B.C.”

To be clear, this is only a warning/caution. 

The BC Securities Commission is not accusing them of fraud, but it urges B.C. residents to be cautious when investing with firms not registered to trade or advise in B.C. 

Red Flag #8 – Novatech FX Fraud Warning from Russia


Take it for what it's worth, but Novatech has also been flagged by the Bank of Russia as showing signs of being an illegal professional participant in the securities market. 

Novatech Fraud Warning B of RU
Source: Bank of Russia

Red Flag #9 – Novatech FX Investigation


This one is strange. 

The F.B.I. did a 700-page audit on Novatech FX, and according to Novatech's C.E.O., Cynthia Petion, she burned it. 

Not figuratively.

She literally burned it (her words in the following video).  

The bottom line of the report (according to the above video) is that the F.B.I. concluded that Novatech is a good company to go forward with. 

This is all very weird. 

I can't imagine the F.B.I. was impressed with a company recruiting investors based on a return rate that doubles your money every six months. 

Furthermore, with the barrage of negative reviews and accusations…

… why would you burn a report from the F.B.I. that validates your company?

It doesn't make sense.  

Red Flag #10 – Novatech FX Owners and AWS Mining


Aws Mining was a crypto mining service that offered investment opportunities. They are currently the subject of over 2000 signatures on Change.org, petitioning Interpol and the Texas State House to launch an investigation. 

The main reason for that investigation?

Members who lost their money. 

AWS Mining was also issued a Cease and Desist Order by Texas State Securities Board. 

The order accuses AWS Mining of guaranteeing a 200% passive return on every investment, and then later disclaiming that guarantee.

It also states that respondents engaged in other illegal, fraudulent, deceptive, and/or misleading practices in connection with the off of crypto-mining contracts.

Why is AWS relevant?  

It's relevant because Eddy Petion was AWS Mining's President, and Cynthia Petion was their Vice President. 

Here are two videos that verify this…

To be very clear, Eddy and Cynthia Petion were NOT specifically mentioned in the Cease and Desist Order. 

Also, whatever happened with AWS Mining during and after its operation, does not mean the same thing is happening at Novatech FX. 

It also does not mean that Eddy and Cynthia Petion are guilty of wrongdoing, or that they had any harmful intent. 

Red Flag #11 – Novatech FX and The Metatrader 5 Trading Platform


Novatech provides access to a legitimate trading platform. 

This could be considered a curiosity rather than a “red flag,” but what seemed to be validation of Novatech's legitimacy may be just the opposite. 

That's because Novatech implies that they operate their own trading platform called Metatrader 5, but there may be some confusion here. 

At least, that's how I read it. 

Novatech does not own or operate Metatrader 5. They may be a registered Metatrader 5 broker, but they have no other association with it.  

To be fair, they don't actually state that they own Metatrader 5, but the wording on their site is suggestive. 

Novatech FX Metatrader 5
Source: Novatech FX

Metatrader 5 is instead owned and operated by Metaquotes Software Corp. It was founded in 2000, long before Novatech FX existed.

It's a third-party trading platform brokers like Novatech can connect to for Forex trading. 

Again, I thought this was a point of validation for Novatech, but it's actually not. 

That's because it sort of pits Novatech against other brokers directly.

Among Metatrader's top brokers, Novatech FX is not listed. For example, according to ForexBrokers.com, the best Metatrader brokers are:

  • I.C. Markets
  • Admiral Markets
  • F.P. Markets
  • FxPro
  • Pepperstone
  • C.M.C. Markets
  • Vantage 

Novatech FX does not make the list.

Of course, this list is subjective. It's based on ForexBrokers.com's criteria, but I could not find Novatech FX on any list, including TopBrokers.com's list, which includes their top 36 Metatrader 5 FOREX Brokers

Another list from 55Brokers shows 82 of their verified traders on the Metatrader platform, and Novatech is not also mentioned. 

From Benzinga and TradersUnion to BrokerChooser and FXScouts, NovatechFX does not appear on any list. Therefore, I could not find a single recommendation or mention of them on any reputable trading site. 

If you know of any mentions or Novatech recommendations from an authentic source, please let me know so I can include them here.

Red Flag #12 Metatrader Profits Can Be Faked


According to professional Forex and Futures trader Nick Syiek (known as TraderNick on YouTube), shady brokers can fake live accounts and profits using the Metatrader software. 

This is not good.

In the video below, he is referring specifically to Metatrader 4, but I could not find any information that says Metatrader 5 is different.  

That's not to say Novatech or its senior members are faking accounts or profits. But knowing that it's possible adds an additional layer of uncertainty as to what's going on here. Especially since they are unregulated. 

In the following video, Nick goes into further detail and also explains the dangers. 

Below are some more questions about Novatech FX that people have…

Red Flag #13 – The Collapse of FTX


I mentioned this briefly above, but the recent collapse of FTX Trading and FTX Group is a cautionary tale. And it's bringing the entire crypto market down with it.

Before its collapse, FTX was considered by experts to be one of the most reputable and secure exchanges. Investors thought their investments were safe.

FTX's Terms of Service state that:

  • Your Digital Assets shall at all times remain with your and shall not transfer to FTX Trading.
  • None of the Digital Assets in your Account are the property of, or shall or may be loaned to FTX Trading.
  • You control the digital assets held in your account.

I haven't found it in writing, but in various presentations and videos, similar claims about Novatech FX have been made.

In FTX's case, despite these promises, they reportedly used up to $10 billion in customer funds to prop the owner's (Sam Bankman-Fried) trading firm.

This is, of course, one of the biggest stories in business right now and a warning to the investors.

The point is that it doesn't matter what promises Novatech FX or any other trading platform, exchange, brokerages, etc. makes. Your funds can disappear. In some cases they can be recovered, but those protections don't exist with Novatech FX.

UPDATE : November 2022
Red Flag #14 – California Issues Desist and Refrain Order


This update comes from Gary (you can read his assessment and experience in the comments).

The state of California recently issued Novatech a Desist and Refrain Order. It's quite extensive so I won't go over the entire thing. You can read it at the CA.gov Department of Finance Protection and Innovation (DFPI) website, Nova Tech LTD.

One notable section states…

In connection with the offer or sale of these securities, NovaTech, Cynthia Petion, and
Eddy Petion made, or caused to be made, untrue statements of material fact and material omissions to investors and potential investors, including but not limited to the following:

  • a. falsely representing that NovaTech is a registered hedge fund in the United States;
  • b. falsely representing that NovaTech is a registered investment adviser;
  • c. falsely representing that NovaTech is a registered broker;

It also mentions several instances where they failed to disclose a Chapter 7 bankruptcy and multiple lawsuits for unpaid debts.

Another item refers specifically to Novatech's unrealistically high rate of return…

Novatech Desist and Refrain Order
Source: ca.gov

Is Novatech FX Registered With The Better Business Bureau?


No, Novatech FX is not currently registered with the Better Business Bureau. This is not uncommon for Forex brokers. Most of the top-rated brokers are also absent.  

If you're searching the Better Business Bureau though, be aware that they do list a few companies with the same name. 

They show a Novatech from Memphis that sells Panasonic office products. Their file was opened in 1971, long before online trading platforms and crypto were a thing. They have multiple Better Business Bureau listings for various branches. 

There is also a Novatech business from Quebec, Canada, with one employee listed.

Finally, a Novatech from Anaheim, CA that does security systems and telecommunications, has a Better Business Bureau file. 

Unfortunately, Novatech FX is not recognized, registered, or accredited by the Better Business Bureau, but again, this is not uncommon for Forex Brokers. 

Is Novatech FX a Pyramid Scheme?


According to the NY AG website, a pyramid scheme is defined as

 “a fraudulent system of making money based on recruiting an ever-increasing number of “investors.” The initial promoters recruit investors, who in turn recruit more investors, and so on.”

It goes on to say…

“The scheme is called a “pyramid” because at each level, the number of investors increases. The small group of initial promoters at the top require a large base of later investors to support the scheme by providing profits to the earlier investors.”

This does not exactly describe Novatech FX because new investors can just as easily get paid as initial investors.

Having said that, it doesn't disqualify Novatech from being a pyramid scheme.

That's because there are clear signals that suggest it could be a pyramid scheme or at best, a multi-level-marketing company (MLM). 

Here's why…

According to Investor.gov, some characteristics of a pyramid scheme include the following…

No Genuine Product or Service is Sold


It's difficult to determine what Novatech's product is. They sell an investment opportunity. There are some additional products and services mentioned, but I haven't found much evidence that current members are purchasing or using them.

Some members may be paying a commission to Novatech to trade on the MT5 platform, but if I had to guess, it's not many. 

Of course I don't know that, but I do know that the current number of views on their “How to Download Novatech MT5 Terminal” is only 323 in the last 11 months. There are only 4 comments. 

Novatech MT5 Users
Source: YouTube

In fact, there are very few videos that have anything to do with Novatech's trading software. 

Contrast that with another Forex trading MLM., Auvoria Prime, which has over a thousand videos just about Forex trading and the technical aspects of their platform. 

Novatech doesn't have that same commitment to actual traders who would be trading on their own.  

There is another video about downloading the MT5 terminal on their official channel with 6.2K views, but it's from two years ago. 

Just going from their channel, there doesn't seem to be significant interest in trading. 

However, there is an interest in making money.  

Compare those 323 views to another video from a similar time frame (11 months vs. 1 year) about enrolling in and funding your Novatech Trading P.A.M.M. Account. It has 39,000 views. 

Novatech PAMM Account Users
Source: YouTube

Of course, this is not definitive proof that the vast majority of members are joining Novatech to invest in their P.A.M.M. account rather than use the software… but 39,000 views vs. 323 views provide some important insight. 

Additionally, most of Novatech's member videos and presentations found on YouTube also focus on the P.A.M.M. account and recruiting… not using Novatech FX as a personal trading platform. 

This makes sense. 

If I could tap into a team of expert traders who could double my money every six months, I'd put my money there too. 

Under these circumstances, doing your own trading doesn't make any sense.

And that presents a problem because it suggests that most of their money comes from somewhere other than retail sales (commission from customers using their software).

So, where does the money come from?

In part, it comes from a $25 monthly service fee for the opportunity to invest.

If no additional levels and bonuses were being paid out to their members, that $25 could be considered the cost of their investment “service.” However, that fee does not cover the various referral bonuses and commissions that Novatech pays out.  

In some cases, they pay out hundreds, even thousands of dollars, with residual bonuses going nine layers deep into your downline. And the highest-paying bonuses are from the highest-level trading packages that don't have a monthly service fee at all.

So it must come from your investment. 

When you invest in their P.A.M.M. account, the Performance Fee is 30% of your profits. 

Novatech FX Account Fees
Source: Novatech FX

All brokers charge a fee, and these fees can be deceptive.

In this example by Vanguard, a 2% fee on a $100,000 investment over 25 years wipes out nearly 40% of your account value. 

So 30% of your profits is a lot, but not unheard of. 

It does, however, make it hard to grow your account the way they suggest in their presentation.

But the bigger point is that a significant portion of your profits are going to your upline. 

That's the crux of a pyramid scheme. That the money paid to existing members comes from new members. What happens when the market inevitably saturates, and there are no new members? 

The money dries up, and the pyramid collapses.

That's why pyramid schemes are illegal. 

It's a significant problem when commissions and bonuses primarily come from new recruits rather than the sale of products and services.  

Let's look at another characteristic of a pyramid scheme, according to Investor.gov. 

No Demonstrated Revenue from Retail Sales


When you join an MLM like Rodan + Fields or Isagenix, there is a clear retail business model and a requirement to sell products and services.  

In other words, members cannot ONLY sell products to their downline.

Instead, they must sell products and services to customers who are not involved with the company or the business opportunity. Money and company profit must be generated from somewhere other than new members only. 

If (and that's not say Novatech is) the entire organization is propped up by new members only, it will inevitably collapse.

Again, this is not clear with Novatech FX. 

The case to be made here is that Novatech's profits are generated from legitimate Crypto and Forex returns, but the quoted rate (more than 300 percent annually) throws this into question.

They also provide some services such as crypto and debit card transactions… but it doesn't appear that these are services each member can sell.

So, is there a retail business model here?

Is it sustainable if no new members or investors join?

You could say that P.A.M.M. “investment opportunity” is a retail service they sell, and if that's all it was, this might not be an issue.

In that case, members who “recruit” new investors would get paid a commission, and it would end there. Novatech could accurately call this an affiliate marketing program. 

But that's not where it ends. 

Some of these bonuses go nine levels deep (depending on the type of bonus). 

So each referral is more than just a retail customer. They automatically become part of someone's “downline” and commission structure. 

They are part of the pyramid, whether they want to be or not. 

So although recruiting is not a requirement, each new member is still part of the pyramid. 

They are not independent customers buying retail products and services. Which means sales are not coming from retail sales. 

Some other characteristics of a pyramid scheme include:

  • Promises of high returns in a short time-period
  • Easy money or passive income
  • Complex commission structure
  • Emphasis on recruiting

In my opinion, Novatech FX checks most, if not all, of those boxes. 

What about emphasis on recruiting?

I know they clearly state that recruiting is not required but is it fair to say there is no emphasis on recruiting? 

If Novatech is growing quickly and the only way new members join is through recruitment, there must be some emphasis on recruiting. 

If there wasn't, they wouldn't be growing. 

Nor would they offer such a lucrative recruitment commission program. Clearly, they want you to recruit.

Also, a significant portion of the presentations I've watched is about building and earning money from your downline through various bonuses, check matching programs, etc.  

They even offer a fast-track bonus to encourage you to bring in at least three new recruits within your first 45 days. 

So although it's not stated explicitly, there is an implied emphasis on recruitment. 

At the very least, Novatech FX being a pyramid scheme, is an open question. 

It meets most, if not all, of the criteria set out by Investor.gov. 

Also, its growth, from the beginning, has been a growing pyramid of investors who have, in turn, sponsored new investors. 

Each one gets paid through a complex commission structure. 

In addition, evidence suggests comparatively few “retail” customers strictly trading on their own. 

Therefore, just about every new investor, if not every investor, is part of someone's downline.  

Remember, the number of views for videos showing members how to install the MT5 trading software is only 323 (posted 11 months ago) and 6.2K (posted 2 years ago).

Compare that to their video about building downlines that has 41,000 views.

Novatech Building Downlines Video Views
Source: YouTube

Recruiting and building downlines appear to be far more popular than self-trading on Novatech's software or selling retail products.

It's also unclear if there are any members operating a retail business selling Novatech's products. It's not likely because bonuses are primarily based on referrals investing, not trading.

Whether Novatech is a pyramid scheme or an MLM, you can decide. But it's certainly more than a simple affiliate program.

Affiliate programs pay single-level commissions for actual sales or leads, and they don't involve building downlines. 

From what I can see (and correct me if I'm wrong), that's not what's going on here. 

If that's not enough, Novatech's mutual fund (P.A.M.M. Account) is presented as its primary wealth vehicle. That poses another question…

Does it resemble a Ponzi scheme? 

Is Novatech FX a Ponzi Scheme?


Let me open this section by repeating my disclaimer. The scenario I'm about to describe is strictly hypothetical, and there is no hard evidence to suggest otherwise. 

The circumstantial evidence and advisories reported by some countries suggest, at the very least, caution. 

So, what is a Ponzi scheme?

The S.E.C. defines a ponzi scheme as “an investment scam that involves the payment of purported returns to existing investors from funds contributed by new investors.”

With that in mind, let's consider a hypothetical scenario; a scenario described in some online comments and reviews, partly because of the extraordinary claims of 365 percent-plus annual rates of return.

If you're just skimming quickly and have jumped to this section, this is why Novatech's returns are difficult to believe, whether true or not. According to their projections, a $1,000 investment over 10 – 15 years (based on their current earnings) surpasses most countries' GDP, including Canada, Australia, Italy, and South Korea.

In fact, if you hang onto your Novatech investment for just 16 years, it becomes twice as big as the world's biggest economy's GDP, the United States.

So, in this hypothetical scenario, it's not unreasonable to pretend that their numbers are false.  

And if they are false, then money from new investors is likely being used to pay existing investors, which is a problem.

Each new investor increases the fund's size, and invites more investors. And, operating on the premise that their investment doubles in size every six months, few investors withdraw their money. 

Why would they?

So on paper, it appears that their investment is growing, but it's not. The fund has enough money to cover the relatively small percentage of investors taking their money out. 

But it doesn't have enough to cover everyone's investment. If every investor were to withdraw their funds, the scheme would collapse.

This is the same scheme that well-known crook, Bernie Madoff, was arrested for on December 10th, 2008. 

And although the dust has yet to settle, we may find out this is similar to what happened with FTX Trading.

These schemes can survive for many years before falling apart. It's even possible to profit if you exit the fund early (and at the expense of incoming investors)

But, when they inevitably collapse, many investors lose their entire investments. 

This is why the financial industry and investment brokerages are highly regulated.  

Again, as it relates to Novatech, this is a hypothetical scenario, but it's one you should be aware of. Especially when investing in unregulated funds that promise unrealistic returns.  

I'll also say this (and again, at this time, it's only an opinion)…

The possibility of Novatech being a Ponzi scheme increases when you also consider that its management was previously associated with an alleged Ponzi scheme (AWS Mining). 

That doesn't mean Novatech is a Ponzi Scheme. It's just a reason for caution. 

Finally, as an argument against Novatech being a Ponzi Scheme, it does not guarantee your return and your investment can go negative.

If the company does not make a profit, you don't make a profit. But as far as I can see, they have never not made a profit.

Also, everyone's referral bonuses are tied to their downlines profits, so those are not guaranteed either.

Here's the problem I see…

They don't report their trades so how can you verify a profit or a loss?

At the moment, no one is asking that question because their accounts keep growing. But what happens if your account starts bleeding money?

Of course, you are aware of that risk. All investors are.

But when (or if) it happens, you'll want to know why and it's not clear that Novatech is prepared to show you.

Without a third-party verified report that shows holdings and trades, it's hypothetically possible for them plunder your account and claim it as a normal loss. How would you know?

I'm not saying they will, but unless I'm missing something (tell me if I am), the door is open to that possibility.

How Does Novatech FX Work?


The previous section of this review covers a variety of clues as to how Novatech FX “could be” working behind the curtain and not in a good way.

In this section, I'll go over how it's supposed to work out in plain view.  

The P.A.M.M Account


Novatech offers a few different products and services, but its centerpiece product is its P.A.M.M. Account.

P.A.M.M. stands for Percentage Allocation Management Module. It's a pool of funds traded by experts on your behalf in the crypto and foreign currency exchange markets. 

They apparently hire expert traders as employees and pay them a salary.

On a side note, it's strange that expert traders who generate returns 5 – 8 times greater than the world's best investors would be salaried employees for a relatively unknown company.  

I think this is a question worth asking. 

With that said, it's easy to see why it's their centerpiece product because it's the fund that allegedly earns 365 plus percent annually. 

Progress reports are printed out weekly and can be found in the back office of your Novatech Account. However, they don't report their trades or name the experts who are trading your money. 

More Novatech Services and Products


  • Bitcoin and crypto A.T.M.'s
  • Crypto and debit card transactions
  • Metatrader 5 trading platform

Novatech FX Pros (According to Novatech)


No Expiration Dates

  • Trade as long as you want
  • No repurchase necessary
  • Cancel anytime

100% Access To Your Capital

  • Withdraw from your balance at any time
  • Option to Redeposit Your Profits
  • No Withdrawal limits

No Earning Caps

  • 100% of your investment traded
  • Weekly profits paid on Friday
  • No trading skills required

Novatech Cost


Novatech offers a variety of trading packages determined by your initial investment and monthly balance. 

  • Builder – $99 – $499
  • Bronze – $500 – $2,400
  • Silver – $2,500 – $4,999
  • Gold – $5,000 – $9,999
  • Platinum – $10,000 – $24,999 
  • VIP – $25,000 – $99,999 (1% Monthly Cash Back Rewards, No Monthly Fees)
  • President's Club – $100,000 + (2.5% Monthly Cash Back Rewards on Your Earnings, $1,000 Cash Bonus, No Monthly Fees)

Before investing, you'll be asked to add funds and agree to the terms and conditions when purchasing inside your account. You can cancel your order within 14 days for a full refund by emailing support@novatechfx.com or contacting customer service. 

An additional $25 monthly service fee comes out of your profits. 

They also charge a 30% Performance fee if you invest in their P.A.M.M. Account. 

More details can be found on their account comparison document

Who Can't Join Novatech FX?


Novatech FX is unavailable in Texas, South Carolina, Montana, Alaska, and Hawaii. 

Novatech Compensation Plan


Bonus 1: Direct Referral Bonus


You are paid a bonus for sponsoring new members and an additional level-up bonus when they upgrade.  

Bonuses range from $10 – $5000 depending on the trading package they purchase. 

Novatech FX Direct Referral Bonus
Source: Novatech FX

Bonus 2: Indirect Referral Bonus (Seven Levels Deep)


You also earn bonuses from indirect referrals (your downline) ranging from $0.25 to $250.00. The amount depends on the trading package they buy and where they fall into your downline. 

Novatech FX Indirect Referral Bonus
Source: Novatech FX

Bonus 3: Fast Track Bonus


The fast track bonus pays $100 or $500 as a Bonus for personally enrolling new members within 45 days of your enrollment. 

Bonus 4: Check Matching (Nine Levels Deep)


This bonus pays you a percentage of your referral's profits.  

Bonus 5: Residual Bonus (Nine Levels Deep)


I mentioned this bonus earlier in the review. This is a residual bonus financed from the $25 monthly service fee. 

Bonus 6: Rank Achievements


Rank achievements reward you in cash and prize bonuses up to $100,000 in value as your team grows.

Bonus 7: Profit Sharing


Higher-ranked members share in NovaTech Ltd's net profits every quarter. 

As you can see, there are many ways to make money with Novatech FX, but where this money comes from matters.

These recruitment bonuses add up to thousands of dollars in income (in some cases, six-figures). 

If most (or all) of that money comes from retail sales of products and services, Novatech FX could potentially be a legitimate multi-level-marketing company. 

However, it seems that most of it comes from the accounts of new members and not retail sales. That would put it closer to a pyramid scheme according to the criteria presented at Investor.gov. 

As mentioned earlier, the criteria includes:

  • Emphasis on recruiting
  • No genuine product or service is sold
  • Promises of high returns in a short period of time
  • Easy money or passive income
  • No demonstrated revenue from retail sales
  • Complex commission structure

How To Withdraw Money from Novatech?


Profits are paid weekly on Fridays. Your money can be withdrawn into your E-Wallet or CoinPayments account, found in your Novatech back office.  

You can also redeposit your earnings.

How Long Does it Take to Withdraw From Novatech?


According to Novatech, you can withdraw from your balance at any time, and most investor reviews validate this claim. 

I've read a handful of reviews from people who have had difficulty getting their money, but they sound more like technical glitches rather than something sinister. 

Novatech Reviews and Complaints


Having listened to many testimonials and read what seem to be hundreds of member reviews, Novatech FX appears to be life-changing in a good way. 

That brings us back to the point I've made several times in this review. More than a few indicators suggest it's a growing pyramid that will inevitably collapse. BUT… currently, members seem to be happy and have nothing but praise for Novatech.

So it's a matter of faith. 

I've seen this many times before, and it has always turned out the same. 

The concern here is that there are no checks and balances. At least none that I can see here (please correct me if I'm wrong)

There are also no third-party audits and no accountability. 

So, if the rug gets pulled out, there's not much you can do about it. 

Novatech may keep this going for years, but the math is hard to argue with. 

In every instance where a “pyramid-shaped” organization of people making money from new people coming in, the glowing reviews turn into angry complaints. Sooner or later, it runs out of steam. 

I'm curious to see how this one plays out. Who knows, maybe I'm missing the investment of a lifetime. 

What I Like About Novatech FX?


This is tough to answer. 

I could say I like the…

  • Good instructional videos 
  • Strong member support and community 
  • Website user interface… 

… and for the most part, that's true. But here's the thing…

I'm no different than anyone else, I want to believe in miracles. And turning one thousand dollars into millions of dollars effortlessly within a handful of years is a miracle.

There's no other way to describe it. 

I want to believe it, but I don't. The numbers don't add up. 

So what I like about Novatech is irrelevant because… if what I suspect will happen happens, there won't be much to like about it at all.  

What I Don't Like?


  • Extraordinary claims that seem too good to be true. The numbers don't seem to add up.
  • Members report website outages due to server overload on payday (Fridays)
  • Owner's previous association with AWS Mining.
  • Not registered with the S.E.C. or any financial authority. Trades are not reported, and there are no third-party audits. 
  • High risk investment.  

Where Do You Go From Here?


Passive income and freedom sound great, especially if you're stuck in a job or career you hate. I get it. 

You want a better life, and you're not alone. Countless people like you are also searching for the perfect opportunity? 

Is Novatech that opportunity? 

If you've read this far, you know what I think. I'm not confident that Novatech FX is a safe investment. 

That's not an accusation, just an observation. I could be wrong. 

There may be a short-term opportunity here for those who jump in and out, but it's hard to say if it'll last. 

And your profit may be at the expense of new investors.  

My instinct is to say, stay away, but it's not my place to say. I know what Novatech FX looks like, but I'm also not qualified to give investment advice. Only you can make that decision. 

I hope my Novatech FX review has been helpful. If you have any comments, questions, or experience with Novatech, please share in the comments section below. 

Important Comment Disclaimer: 
The views, information and opinions expressed in the blog comments are solely those of the individuals involved  and do not necessarily represent those of Gig Hustlers, its owners, employees, or writers. Gig Hustlers is not responsible for, nor does it verify the content provided by individual commenters.

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91 thoughts on “Novatech FX Review – Pyramid Scheme or Legit Opportunity?”

  1. Unquestionably believe that which you stated. Your favorite reason seemed to be
    on the net the simplest thing to be aware of.

    I say to you, I definitely get irked while people think
    about worries that they just don’t know about.

    You managed to hit the nail upon the top as well as defined out the
    whole thing without having side effect , people could take a signal.
    Will likely be back to get more. Thanks

    Reply
  2. No one has been receiving any payouts for few months . They don’t respond to any emails and or post . It’s a scam and unfortunately many friends have been waiting for money on payouts but it’s all very quiet and no one wants to believe they been scammed .

    Reply
    • Thanks for taking the time to share Michael. I tried to be as fair as possible with this review, but also as informative as possible… and it seemed clear what was going on. Maybe that’s just because I’ve seen this same scheme over and over again so many times. I mean, maybe they come through with payments, but it’s not likely. The math was never on their side to support their claims.

      These things just don’t happen. At best, these things are like gambling or the lottery, and at worst it’s a flat out scam. Either way, the vast majority lose. I really feel for those who legitimately got caught up in this thing and hope they eventually see their payments.

      Reply
  3. THIS SITE IS NOT REGULATED !!! some bribed review sites claim they are but no.
    Their platform also has stupid chart that only lets you see 15 minutes back , useless and of course their number never match what’s in real markets. when asked they say ” we cant reveal where we get out quotes from”.
    avoid this scam if you’ve fallen victim lodge a complaint to refundback[.]org for a quick chargeback procedure

    Reply
  4. THIS SITE IS NOT REGULATED !!! some bribed review sites claim they are but no.
    Their platform also has stupid chart that only lets you see 15 minutes back , useless and of course their number never match what’s in real markets. when asked they say ” we cant reveal where we get out quotes from”.
    avoid this scam if you’ve fallen victim lodge a complaint to refundback.org for a quick chargeback procedure

    Reply
  5. Thank you, went to investors meeting last week I immediately sought out web info. Only their own available searched more and found the cease and desist and the and the Canadian info. Listened to Mrs. PETIONS fbi zoom she never says a thing about profits and losses which are normal Mgr spiel even for burger King she kept speaking on emotional derivatives that have no place in the investment world. I found your review in line with even my novice investor knowledge so therefore I’ll just keep my cashapp stocks ..which for 10 bucks and in 8 months I now own a whole percentage of stock in Occidental petroleum..I guess that’s because they sell oil..go figure.

    Reply
  6. According to Wikipedia the foreign exchange market is a $7.5 trillion per day business. I can honestly see massive amounts of money being made in foreign exchange.

    Reply
    • Yes, the foreign exchange market is a $7.5 trillion per day business, but that refers to trading activity. Forex trading has no direct influence on the money supply and, at the end of the day, it’s a zero-sum game. So, for everyone who makes massive amounts of money, someone else is losing massive amounts of money.

      However, it can have an indirect but small influence on the global money supply.

      Forex trading can affect exchange rates, impacting the relative value of different currencies. This may lead to changes in global trade and investment patterns, which can indirectly affect the money supply in various countries. But this is not to the benefit of the traders.

      It can indirectly influence the money supply if there is a run on a particular currency that forces a country’s central bank to adjust interest rates and manage its money supply. For example, if a currency is in high demand due to forex trading, its value may increase, leading the central bank to raise interest rates to control inflation. Higher interest rates can then reduce the money supply by making borrowing more expensive.

      It can also lead to cross-border capital flows as investors and speculators move money between countries looking for higher returns, which again can increase or decrease the demand for a particular currency.

      But generally speaking, the global money supply does not change due to currency trading and no greater “overall” wealth is being created.

      Reply
  7. Feels scammy to me. They recently reduced the amount of “allowed withdrawals” to 5% of your account balance. There are people who have been waiting for months for a withdrawal. You’ll find tons of people who want to show you proof of their “weekly earnings” but not one can show the money actually landing in their bitcoin wallets or bank accounts.

    Reply
  8. Jay,

    Enjoyed your article and write up. Just wanted to inject my experience into the mix. I got into this around 11/1/22 the usual way a friend of a friend said meet my guy… I did liked what I saw and put 1000 in watched it grow to 1580 by 3/1/23 but got tired of the 25 monthly fee coming out. I decided to up my input to 25k to avoid the fees and was pleasantly surprised to see 28.8k in the account at the end of March. My plan is to have that double pull out the original 25 and then play with house money. I have not referred others to be in my down-line as I don’t like the MLM pyramid vibe I get from the site. I’ll let you know my experience in 6 months when I pull out the original input. As a side note I do find myself fighting the urge to dump a sizeable amount into NT the weekly 1.5% to 3% I see every Friday morning seems to scream Feed Me like the plant in Little Shop of Horrors

    Reply
  9. (posting again in case the first post did not go through)

    Sharing my real-world experience for anyone considering giving money to this company. I regret doing so, and have to live with the consequences.

    I opened an account and gave them some BTC in Sept 2022, which I was reinvesting each week and seeing the increases register in my account, but when the state of California issued its C&D against Novatech I submitted a withdrawal request for my account balance to protect myself in case the funds were cut off.

    I made this withdrawal request in December, and not only have they STILL have not honored it (it is now April 2023), but they did remove my balance from the investment fund in December which meant I didn’t have access to it AND it was no longer earning the gains from the portfolio. So all they did was cut my funds out of their portfolio and keep them locked up and refuse to honor my withdrawal request.

    And now, 4 months later, they put out a notice saying I can only withdraw 5% of this balance per month, and they’ve added a 5% fee to each withdrawal which was not part of the original agreement. And to top it all off, my account is now worth LESS than it was when I started because the value of BTC increased by almost 70% during the time my funds were locked up inaccessible to me, so I would’ve been much better off financially if they had released my funds to me when I requested.

    At this point I am counting this money as stolen by them. It was not part of the original agreement for them to lock up my funds for 4 months and then change the language of their payout program so that I can only withdraw 5% per month, and it was not part of the original agreement to add a 5% fee to each withdrawal. It’s very clear that this company knows they will collapse if they allow users to withdraw funds, so they have changed their payment plan to make it impossible for us to do that. I’m an idiot for investing anything with this company. Please do not make the same mistake.

    Reply
  10. I must say one of the best writeups I’ve ever read on reviewing a company like this. I was looking to invest and yes may make money short term, but would be mortified if I introduced others and they lost their money. Unfortunately some people don’t care as long as their bank accounts are filling up. Thanks again!

    Reply
  11. Jay, I would suggest you just try it out instead of all the speculation and opinion. I would be happy to fund your account to get you started.

    Reply
    • This is the most racist analogy and opinion that I ever read. This article has nothing to do with whether Novatech is legit or not. Where are the trades posted on the Banks websites? Where are the trades from Fidelity, Schwab, E.F. Hutton, etc? Who has been in a Ponzi scheme that lasted nearly 4 years? If the owners of Novatech were white, you would be dumping your life saving into it.

      Go out there and explain to the minorities in this country why Trump is not in jail and quit posting all this BS about something that you are not invested in as a member.

      Reply
      • What?😕

        I can promise you (not that I need to) that this has nothing to do with race. That’s just a weird thing to say and a weird thing to assume. You don’t know where I invest my money, and investing based on where someone is from has never even crossed my mind. For most companies I invest in, I couldn’t even tell you who the CEO is, or who the executives are. I invest, like I think most people should, based on financials and where I think the market is going. I also invest in index funds and I can also promise that I don’t go through the list of companies in those funds to determine race.

        How you got that out of this article is just bizarre. This article is also largely based on financials if you read it. Financials that don’t make sense. And four years for a Ponzi Scheme is normal, if not average. Bernie Madoff ran his Ponzi scheme for over 20 years. Also, Fidelity, Schwab, E.F. Hutton are all registered with the SEC, their registration statements are publicly available, and not only are they required to file regular reports, but they do. Is any of that true for Novatech? Fidelity, Schwab, E.F. Hutton projected earnings are also consistent with market earnings.

        They do not claim to beat the market by 150X. Note, I did not say 150 “percent”, we’re talking about 150 times higher. In other words, Novetech’s 300+ percent annual return claim leads to fund values greater than 150 times (15,000 percent) what an established broker has historically made, or would ever claim to make.

        So if I were to dump my life savings into any of them, which I’m not, it would be because they are registered with the SEC, they file their reports, their financials make sense, and they have 50+ years of providing real returns. But again, I’m not invested with them and I don’t plan to, so none of that matters.

        Anyway, my opinions about Novatech FX are based solely on the numbers, the obvious red flags, and my knowledge and experience with Ponzi schemes. I make no recommendations to anyone, nor do I tell anyone not to believe in miracles (which is what 300+ percent annually is). However, I understand investing, and I have enough financial knowledge to know what it looks like, and I’m not the only one. Major financial regulatory bodies with far more knowledge and experience than me are also posting warnings and alerts.

        With all of that said, I appreciate your opinion and if you trust Novatech, I’m not here to tell you any different. I’m just sharing my opinion.

        Reply
  12. Tell you what why don’t you enroll as $500 Passive Investor (which I will fund your account from my Weekly ROI) however, I would ask in return that you report Honestly once a month to your followers what your Weekly ROI are and balances in returns trading account.

    Here is my enrollment link will fund immediately:

    […]

    Reply
  13. I invested $1000 with Novatech in October 2022 and today, February 2023 almost 4 months later it has reached $1600! It is legitimate for earning money and reliable for making withdrawals. Of course, you always have to expect the unexpected like any financial institution so you always run that risk. I would use it for short-long term growth. One good rule of thumb is to never invest money that you wouldn’t be okay losing.

    Reply
  14. I have a friend that was telling me about novatech.You are right it’s sounds to good to be true. I guess it is up to the person to decide if they want to take a small amount of money and gamble. I’m not sure but like you said the numbers don’t add up. I might put in 500 and see what happens. Gambler in me says go for it. Thanks for your opinion lots to think about.

    Reply
  15. The principal con artists are banks and the bulk of financial institutions. On your savings account, they often do not provide dividends. But when you lend money, they demand that you pay 25% in interest! The American government is the principal con artist because it prints money, has a 35 trillion dollar deficit, takes astronomical sums of property and income taxes from its citizens, but doesn’t tax the corporations that make up the government. What values does the SEC promote? Why don’t they go into and check up on FEDs? Since 2007, audits of government agencies are prohibited. The biggest con artists are official medicines that don’t treat chronic ailments and kill thousand every year. The primary scam of the twenty-first century was the Covoid Plandemic. Is S&P marketplace not a total fraud? It is controlled by Wall Street and crashes as a result of the government’s economic hardship. Let people be in charge of their financial decisions.

    Reply
  16. Hi there. Can you please give me even 1 or 2 reputable and legal brokers that operate internationally? I have invested in NT but after reading your review id rather ditch it now while i can hopefully wihdraw my investment and put it where i know it is safe.

    Reply
  17. Thank you for this very thorough analysis. I may consider a $1,000 investment to see where it goes. I would be happy being a millionaire in 5 years. After all, how much money does one need. McKenzie Scott is giving her wealth away.

    Reply
  18. Thank you for this article and obvious hours of research. The first question I will ask the person who sent the video to me is, “how much have you invested?” Good advice, “if it sounds too good to be true . . .” I will refer to this company as “novocaine” in the future. Eventually it wears off and the pain returns.

    Reply
  19. I read through every word, and every comment. This is a very well written article. I feel the need to apologize to you on behalf of the entirely rude comments, which honestly furthers my own suspicion as folks who feel threatened will lash out, if they’re confident, then why feel threatened by a differing opinion?
    My husband has money invested in NT. I will be sending this link to him for him to read and for us to discuss. The address thing alone scares me, and I will be doing as much possible research as I can now. I can honestly say that I do not know much about investing or crypto, if anything at all. I certainly plan on learning more now though. If we choose to withdraw, I will plan on leaving a follow up comment with how it goes.
    Thank you for this article, for your professionalism and your ethical standpoint.

    Reply
  20. WOW! Thank you. I had just watched the Netflix series on Madoff. A business friend sent me an hour presentation about NovaTech. How can anyone not see that this company is doing exactly what Bernie Madoff did? They are simply taking from Peter to pay Paul. Bernie also generated this level of returns that is why people were begging to get involved. It was a house of cards. As you have stated numbers do not lie. Bernie never lost money…? (well he did post a down day? LOL…) which we all know is IMPOSSIBLE. He too had 1% dividends monthly..the list of comparisons is frightening. And finally it was all friends recommending friends and family. No outside overlook, or accountability for trades (because nothing in actuality was being traded) which is what you have here. Where there is smoke there is fire. Someone is going to get burned.

    Reply
  21. I will have to say that in some of your data you gave half information, or incorrect information. That is why your figures were not matching NovaTech’s. I feel until you have evidence or proof of what you are saying all you are doing is spreading misinformation. You are doing what the media always does, telling people what you want them to believe, deception and not the facts. I don’t know what you get paid for your research reports, but your trustworthiness should be more important than your pocketbook.

    Reply
    • Thanks for your comment Sandra. If there are missing or incorrect facts, please let me know so I can correct them. Also, I’d be happy to have a look at and update something if it truly is misinformation. Misinformation is not my intent, but it is possible I’m missing something. If there’s something specific you think is missing, I’ll have a look at it.

      Regards

      Reply
  22. Thanks for writing such a well researched article. A good friend pitched Novatech to me a few months ago and after 2 minutes of research my spidey senses were immediately tingling. Nothing about it feels remotely legit. Even the terminology they use is off…instead of finance terms, everything is MLMish (e.g., emphasis on “team”, “network”).

    Let me suspend disbelief for a minute and assume they are legit. What are they investing in to produce any returns? Presumably there is a significant trading desk staffed by experienced portfolio managers, researchers, analysts etc that have experience at other funds. You would also have to believe that team spends their time analyzing the markets, developing investment hypotheses and executing on those trades. Ok, so what are the trades? What are they buying/selling, and to/from whom?

    Poking around on LinkedIn, I found a Crypto/FX trading partner at NovaTech. Did he come from a big hedge fund after studying computer science and statistics? Nope, former DC train operator. Skimming the ~50 profiles on LinkedIn associated with NovaTechFX, there isn’t a single person that appears to have any legitimate banking/trading/financial services experience, from back office to actual asset management.

    This is a Scammy McScam 100% and no one should put a dollar into this company. Will be really interesting to watch from the sidelines.

    Reply
  23. Heh , Thanks for a very balanced and realistic assessment of this company. Everything you said was fair and thoughtful . You did the work we all should have done!!!
    That being said , the “dreamers” will still flock in for the “lottery ticket” payday.
    Human nature, I suppose!!
    Been there, done that. 2017 lost 50 grand of real money in Bitconnect and others that painted the same picture. So tempting to throw some mud at the wall again!!!
    At least you give the option to “sleep on it”
    Appreciate yer.

    Reply
  24. Greetings Jay,

    My name is Keith J. Boyd, and I am really not interested in writing a review, but my honest opinion is that I would be doing a disservice to allow this opportunity to pass me by.

    I will keep this as short and sweet as possible…

    I am deeply involved in the NovaTech Nation, although only as a depositor, and not as a part of the company. NovaTech has done all that it says and beyond. I will make one year with NovaTech on December 31, 2022, and to date, with the inclusion of the Weekly Growth, combined with the rewards of team building, I have personally seen a one time out-of-pocket deposit of $5,000 turn into approximately $78,000 ( Current balance is approximately $65K and I have already withdrawn $13K ) for an assumed “Miracle” of a whopping 1,560% Return. This is not Probability or even Possibility, but rather, this is Absolute Fact !!

    I Love NovaTech, but my reason for writing this comment is not to even endorse the platform, but rather to commend you for your Methodology and Penmanship !! While some of your points were hard to stomach, this is exactly what helps people to make informed and educated decisions, and for that I salute You Sir !! Anything that cannot be Tested, cannot be Trusted !!

    I close with my only critique… when you say that you are not advising, nor choosing a side in a matter, but then you seemingly emphasize certain negatives more strongly than you do certain positives, it gives off the inference that you are, in fact, driving a stake in the ground, even if only subliminally !!

    To all of the readers and participants in this dynamic discussion, I would implore everyone to appreciate Jay for what he is… A much needed voice in a very corrupt world !!

    It serves no purpose at all to insult or hurl accusations at the messenger when he is only delivering the message !!

    NovaTech has empowered me to help a lot of “The Least of These” who are often forgotten !!

    Since my hearts intent is to help the less fortunate, I welcome points of inflection such as this article, because it makes me focus on things that I might otherwise overlook, and ensures that I take care not to hurt those that I intended to help !!

    Thanks again Jay… I have read every word, to include every comment, and I sense no Hate or Malice on your part, but a necessary call to caution and awareness. I believe in NovaTech, but I also believe that there is great wisdom in advising caution in these arenas.

    I pray Great Success for all involved, Great Wisdom to those trying to decide, and Great Peace to those who choose not to participate !!

    Blessings To All !!
    Bishop Keith J. Boyd

    Reply
    • I forgot to mention that the 30% that came up several times, is in fact taken off of the top, and weekly percentages are calculated after this deduction is made. So, as you stated, this makes the actual returns even higher !!

      Reply
    • Hi Keith, thanks for your in-depth comment and for sharing your experience. It’s much appreciated. And thanks for your kind words.

      I agree with your criticism about emphasizing the negatives. The terminology I would use, however, and my intent rather is to emphasize extreme caution, backed up with reasons why someone should be cautious. It’s also why I say many times throughout the article, and I think, repeated in these comments, when my opinion is my opinion. I can’t state that enough. I’m biased based on what I consider to be unrealistic numbers, as well as the red flags I’ve found during research.

      But if I’m making any conclusions based on that research, it is ONLY my opinion.

      I’m also emphasizing extreme caution because of the abundance of schemes and frauds, such as FTX, that exist right now. Especially when it comes to crypto, which provides scammers with the perfect opportunity to prey on people’s desire to get something for nothing, and who don’t necessarily understand crypto or finance very well. They hear stories of instant millionaires being made and want to be the next one. I get it. I’d like to make instant millions too. But these stories are outliers, are in most cases (probably) a result of extreme luck, and many are false claims.

      Perhaps I’m just pessimistic in general, but my perception of that is simply considering the fundamentals of finance and basing my expectations on those. The most successful investors (and companies for that matter) don’t achieve anywhere near Novatech’s gains at a sustainable level. And if you run the numbers multiplied by hundreds or thousands of investors, you quickly reach an amount that exceeds all the money on the planet.

      Having said that, and this is important… I don’t doubt or dispute that some people will make money with Novatech. In some cases, significant money.

      My skepticism, or pessimism however, is regarding the overall fundamentals of the business. Some people making a lot of money, unfortunately, doesn’t make something legit. For example, early investors in Bernie Madoff’s Ponzi scheme, and people who cashed out early, made billions. But it was still a Ponzi Scheme and it still collapsed.

      And what’s worse, is that authorities went after the investors who made money, and they were forced to pay back their earnings. In some cases, billions of dollars.

      Anyway, I’ll say it again. That’s not an accusation against Novatech, and it’s not intended to be negative. I don’t gain anything from people investing or not investing in Novatech. It’s just information that hopefully provides people with a balanced perspective so that they can make good decisions with their money. And of course, because of the nature of these types of investments, I’m biased toward caution.

      Thanks again for sharing your story Keith, it’s also an important commentary and addition to this article.

      Reply
      • Jay, once again, your words are well placed and very helpful. Thank you for allowing me to be a part of this discussion.

        Please continue to Cry Loud and Spare Not Sir !!

        Deepest Regards… Thanks for the Perspective that you bring !!

        Reply
    • Thank you Bishop for articulating what I wanted to say. Thank you. Thank you Jay well written and researched article. Of the last 4-5 years of Novatechs existence, I have been vested with them now for about a year. What a great blessing thus far.

      Reply
  25. I think you did a great job writing this article. Yes the numbers don’t lie!!
    One could definitely agree that this whole concept of turning a $1000 investment into $2M over a five year period is simply mind boggling.
    I saw you used the words FAITH and MIRACLE. Maybe, it’s those words that sets NOVA TECH apart from the rest of the high profile investors.

    Reply
  26. Thank you for a detailed article of Novatech, quite eye opening. I have been part of Novatech for close to 2 years now, everything has gone well since I joined, ROI, plus withdrawals, growth. Although the ROI has been consistent since I joined, there has been weeks with ROI as low as 0.something. I don’t really see it as get rich quick opportunity since it’s depends on how much you have invested. However, having read your article, it got me thinking. I don’t see any reason to be upset, but rather be cautious. I believe this article does not mean harm, what you do with such information is up to you.

    Reply
  27. I am extremely excited to go through your review which is extremely logical. I have been battling with the same questions. I now have a clear perspective of the scheme. I must agree with you 100%. The whole thing doesn’t make sense. I am surprised how some people in the comments don’t just get it. This thing will definitely collapse. It is just a matter of time. Thanks for your well researched insights.

    Reply
  28. Extremely well articulated observations. I have been trying to convince a friend of mine that this is an investment which will vanish into thin air some day. But, she has terse rebuttals to anything I have shared with her. I even shared my previous experience in I.T. working on a downstream commission calculation engine for an MLM company. We just cannot even talk about this anymore, since she gets so defensive. Anyway, your analysis was SPOT ON. Thank you!

    Reply
  29. I think nobody is considering inflation into the mix. If you look at the assets out there and how they increase every year. There is quadrillions usd in value across the board right now. Consider that 7 percent inflation on the quadrillions, we are creating hundreds of trillions of dollars every year. So that 16 year plan of you having a trillion dollars may not be too far off. And if nothing else I’ll say this, if many companies can do this and it does spur more economic inequality wouldn’t you want to have been part of the winning team versus just another loser along the way. Get your initial investment back in six months and see what happens. Give yourself a chance and have no ragrets in life!

    Reply
    • Hi Caleb, thanks for taking the time comment and share your feedback. Inflation is certainly a factor, you’re correct. But we can run that projection.

      Here’s my take, and please correct me if my math is wrong…

      Even if inflation goes to 10% per year, which would be unsustainable, you still won’t get anywhere near a point where having a trillion dollars is normal.

      Especially based on a single $1000 investment.

      For example, a 10 percent inflation-adjusted salary of $100,000 in 16 years is roughly $417,000. It’s a significant increase, but nowhere near a society of people having a trillion dollars being normal. We’re only talking about a 4X increase. So, the relative comparison with someone who has a billion dollars today would be someone who has 4 billion dollars.

      That’s still $996 billion short of a trillion.

      And that’s considering an unsustainable inflation rate. If inflation were 5% per year for the next 16 years, the average annual income (IF adjusted accordingly) would be around $208,000 per year. Again, a solid improvement, but it’s still only 2X.

      So although inflation is a factor, when you’re talking about 300% and higher annual rates of return, it’s mathematically insignificant.

      It’s not always easy to comprehend how much a trillion dollars really is. For reference, if you spent $1 million dollars per day, every day… it would take you 2739.7 years to spend a trillion dollars.

      To put that another way, if you were around when the first stamped coins were minted, estimated to be around 650 – 600 BC, and had a trillion dollars worth of those coins, you would still be spending them today at a rate of one million dollars per day with another hundred years to go.

      Getting to the point where an individual having a trillion dollars is reasonable in the next 16 years is not going to happen. Western civilization would have to spin out of control and collapse from a massive hyperinflation scenario for that to happen, in which case, Novatech, or any company for that matter, will be long gone.

      Reply
  30. Hello Jay

    I agree with Mario
    You are an impressive writer. Great article.
    And like you said, many times, (just my (your), opinion) very upfront and professional.

    I am currently invested in NT. Have concerns, but the Friday ROI is consistent.
    One thing I understand from NT info I have heard (how truthful, I’m not sure) they have their own trading platform, trading in Forex and Crypto with BOTS and top level human traders. From what I heard they don’t sit on trades, but buy in and out daily rolling with market trends and such.
    To me this makes some sense to how they create solid returns no different than the day trader sitting at their screens for hours end, pulling out 0-10% daily.

    Thoughts?

    Reply
    • Hi Dave, thanks for your comment and insight. I appreciate you noticing many times that I’m only sharing my opinion. I’m also not committed to my opinion one way or the other. My opinion could be wrong, and you’ve made some good points.

      Buying in and out daily can explain higher than average returns. It can also be a reason for poor reporting if they are holding multiple positions daily. You would need multiple “snapshots” throughout the day, and even then, things change quickly, and individual snapshots wouldn’t mean anything to anyone. By the time someone analyzed one, the positions would have changed.

      Having said that, I still have skepticism, or at least curiosity, because they’ve never reported a loss. Day trading can provide those higher than average returns, but the higher risk and volatility associated with higher returns also leads to bigger losses. Maybe their traders are just that good.

      But I also can’t help wonder why a trader with that level of skill would work for a salary.

      Maybe it’s just my own biases, but if I could trade at that level, I would not do it for anyone else other than myself. I might provide a service and trade OPM (if it were legal), but it would come with a signed disclaimer and a decent commission. It’s not a service I would advertise though. If I had the skill to get 300% plus on my money annually, I wouldn’t need to.

      But again, that’s what I would do with that skill and I’m just assuming everyone else with that trading ability would do the same. I could be wrong. And like you say, as others have said, the Friday ROI is consistent. I certainly can’t argue with that. I’m more envious of it if anything 🙂

      Thanks again for sharing and I really do appreciate your insight.

      Reply
  31. Very detailed review – Good job! You even explained it better than than the company tutorial – would like to hear Warren Buffet’s opinion of NovatechFx?

    Reply
  32. 9:02
    If you are going to in detail of how Novatech works, then act responsibly and say the correct details. You know where you bull shitted. I had my auto read read this bull shit. Berkshire Hathaway and banks get peoples money and make shit laid of money and give their investors a small portions of their gains. Banks with all the tall buildings use the money they get from people and through some of the same ways as Novatech make a lot of money and give their ed accounts ,2. -2 percent return. Who the hell do you think you are to write this shit. Novatech doesn’t charge the members 30% of their gain. You know that but that justified your bull shit.
    Don’t be a coward post my comment

    Reply
    • Hi Rin, I’m happy to post your comment. You can find the 30% performance fee listed on their compensation plan HERE. You can also find a screenshot of it with the fee highlighted in this review.

      If they don’t charge this fee, how are they making money?

      How are they paying salaries to their “expert investors” who are quadrupling your money?

      How are they paying thousands of dollars in direct and indirect referral bonuses, fast track bonuses, check matching that pays you a percentage of your referrals profits nine levels deep, residual bonuses, rank achievement bonuses, and profit sharing?

      Where is all of this money coming from?

      I appreciate your frustration and anger. I really do. I know you want Novatech to be real. And you want this financial windfall to be real. I don’t know you, but Novatech and what they offer might be something you really need. I can understand that. And if they are real, my opinion shouldn’t matter or upset you. In fact, in a few years, you’ll be the multi-millionaire who made a smart decision, and I’ll be the dummy who missed out on the investment of the century.

      Also, if you want to know how or where Berkshire Hathaway and banks invest their money and appropriate that money, you don’t have to speculate or guess. These are highly regulated institutions and are required to report their earnings, trades and holdings to stock holders. It’s not a secret. You can download Berksire Hathaway quarterly reports HERE. Or you can search whatever bank you want to find this information.

      Reply
    • Young Man!

      You have some explaining to do!

      Gary in the comment section below discovered the following- now try and defend your position regarding Novatech ….

      “The house of cards is starting to fall. NovaTech is soon to collapse.
      On 11/22/22 the great state of California’s DFPI issued a cease and desist order for the Petions and all 5 Nova Tech companies. Each state will soon follow and the federal government will step in. This company has a “cult” like feel.

      The affiliates I met were so nice and welcoming until I started asking questions they couldn’t answer. Once they realized I was smarter than them and armed with knowledge, I instantly became the enemy & was shunned by all! Not one of them would debate my findings.

      As highly expressed in all of the videos I’ve seen it’s repeated over and over to “do your due diligence”! So I did and they were disgruntle. They had no answers to the questions I raised. So in my personal opinion these seasoned affiliates are also to blame just as much as the Petions! They either know exactly what is going on OR they have chosen to ignore everything and just go with the flow. They are either devious or ignorant! One way or the other that makes them part of the PROBLEM!

      I was flashed a picture of a federal government certificate that they claimed to be their U.S. operating legitimacy. It is NOT! It was a FinCEN registration for another Petion owned company. This registration clearly states and I quote “is NOT a recommendation, certificate of legitimacy, or endorsement of the business by any government agency.”

      This registration was a requirement to register with the state of Florida for money transmitting. However the FinCEN registration is where the trail begins and ends. It’s just a ploy to flash potential investors with a document carrying a federal government seal.

      Was this done by the instruction of the Petions or have the affiliates ran with this document and deceptively used it as a selling tool?

      Also the FinCEN is to be renewed every 2 years but June 2022 came and went, there’s been no renewal. There are so many layers of deception I could go on for hours but I did my due diligence and so should you.

      Reply
  33. The house of cards is starting to fall. NovaTech is soon to collapse.
    On 11/22/22 the great state of California’s DFPI issued a cease and desist order for the Petions and all 5 Nova Tech companies. Each state will soon follow and the federal government will step in. This company has a “cult” like feel.

    The affiliates I met were so nice and welcoming until I started asking questions they couldn’t answer. Once they realized I was smarter than them and armed with knowledge, I instantly became the enemy & was shunned by all! Not one of them would debate my findings.

    As highly expressed in all of the videos I’ve seen it’s repeated over and over to “do your due diligence”! So I did and they were disgruntle. They had no answers to the questions I raised. So in my personal opinion these seasoned affiliates are also to blame just as much as the Petions! They either know exactly what is going on OR they have chosen to ignore everything and just go with the flow. They are either devious or ignorant! One way or the other that makes them part of the PROBLEM!

    I was flashed a picture of a federal government certificate that they claimed to be their U.S. operating legitimacy. It is NOT! It was a FinCEN registration for another Petion owned company. This registration clearly states and I quote “is NOT a recommendation, certificate of legitimacy, or endorsement of the business by any government agency.”

    This registration was a requirement to register with the state of Florida for money transmitting. However the FinCEN registration is where the trail begins and ends. It’s just a ploy to flash potential investors with a document carrying a federal government seal.

    Was this done by the instruction of the Petions or have the affiliates ran with this document and deceptively used it as a selling tool?

    Also the FinCEN is to be renewed every 2 years but June 2022 came and went, there’s been no renewal. There are so many layers of deception I could go on for hours but I did my due diligence and so should you.

    Yes it’s time consuming to peel back every petal on the onion but once you do you will have a clear picture. Hold on to your money and invest with a real licensed brokerage, one that can show you their financials and trading proof!

    Think about this, the top 2 earners of all times Buffet and Lynch didn’t produce what the Petions claim NovaTech can do! 😂 NEVER in the history of trading has this been done! Cynthia and Eddy would be world renowned for this consistent winning streak of ROI’s and on the cover of Forbes!

    Follow your gut, do your homework, don’t fall prey to a get rich quick scheme. This is not logical. In the infamous words of Moonstruck Cher, SNAP OUT OF IT! 👋🏻 Russia has them marked, Canada has them marked and now California has issued a cease and desist! Hold on to your hard earned money folks, NovaTech is finally collapsing as it should!

    Reply
  34. This article is B.S. Just a load of crap and no real proof of anything! No matter how good a company is, there will always be doubters and haters. F*** off.

    Reply
    • Hi Mark, I appreciate your opinion. But nowhere in my article did I tell you or anyone else not to invest in Novatech. It wouldn’t be my recommendation, but I don’t give investment advice, nor am I qualified to. You’re welcome to believe an unregulated company on an island in the middle of the Pacific is legitimately giving you an annual rate of over 300 percent. I don’t believe it, and I doubt you’ll find any financial or investment expert who believes it either… but what you do with your money is your decision. No one else’s. And I hope it works out for you.

      Reply
      • The thing is they’ve been paying for more almost 4 years consistently. If they were a scam or a ponzi scheme, I believe they would’ve collapsed long ago through all the crashes long ago. They don’t have that great an affiliate program, so for them to be relying on affiliates for payouts doesn’t make much sense to me. I don’t find this opportunity to be such a miracle as you claim. 3% weekly in crypto is nothing. Professional traders can do easily that and probably much more. It’s also called compound interest, which is what makes the numbers possible. As for not being registered, not sure where you are getting that. If it wasn’t registered in the U.S. it would not be banned in certain states. I’ve seen videos of Cynthia talking about the company and she plans to be with it for a long time (unless of course she’s just a highly skilled paid actress performing for this scam.) The fact they still pay after almost four years in operation is absolutely incredible and almost nothing lasts that long in the crypto space. Also not sure what 30% fee you are talking about as I have not experienced any such fees being taken out from anything. Believe what you want but I believe Novatech is here to stay, as it’s already proven a lot more than most companies in this space.

        Reply
        • Hi Mark, thanks for your comment and perspective. The good news is that it doesn’t matter what either of us believes. Novatech is either a scam/Ponzi scheme, or it is not. What we believe it is, either way, does not change what it actually is. Time will tell, and perhaps I’m wrong.

          What I do know, though, is that a 365% annual rate (aka 3% compounded weekly) is absolutely insane, whether it’s crypto, forex, or anything else. Professional traders cannot do that easily, and I’m not sure who told you that. And even if they could… that’s professional traders who spent years honing their skills, spending countless hours everyday trading.

          Novatech is giving you those returns for absolutely nothing?

          According to the numbers (quoted by Novatech), your $1,000 investment becomes $4,650.89 in just one year. That’s not an investment, it’s a miracle.

          Let’s put it another way…

          If what you believe to be true is true, you can literally buy a $365,000 annual income (for life) with just $100,000. That’s all you need.

          In other words, you can just borrow $100,000 from the bank (which should be easy once you show them Novatech’s plan and earnings), and Novatech will pay you $365,000 a year. With just a few clicks and a phone call, you will become a top 1 – 2 percent income earner (in the richest country on earth), and you won’t even have to work for it. Some group of mysterious experts, earning salaries that are probably smaller than your “returns”, are going to do all of the work for you.

          Does that sound logical?

          Actually, once you show the bank what Novatech is doing, the bank will probably join and give them billions to invest. They’d be crazy not to…

          If the bank gives Novatech $10 billion… at 3% compounded weekly, the bank is going to get $36.5 billion (plus their $10 billion investment), for a total of $46.5 billion. If they reinvest that money for another year, they’ll have nearly $220 billion… and in just one more year, a TRILLION dollars.

          That’s $10 Billion to a Trillion in 3 years. And the bank doesn’t even have to do any work. Novatech and their experts earning salaries are going to do it all for them and charge them what?

          A twenty-five dollar monthly service fee?

          Which begs the question, why is Novatech targeting inexperienced investors with relatively little money instead of professional investors and financial institutions?

          If I had to guess, it’s because professional investors and financial institutions know that a 365% annual return is ridiculous.

          Regarding that 30% fee, you can find it on page 7 of Novatech’s Compensation Plan.

          If they don’t charge that fee, where is the money coming from to pay all of the bonuses? And it’s not an affiliate program. It’s a multi-level compensation plan that pays in some cases 9 levels deep.

          That’s not how affiliate programs work.

          There are direct and indirect referral bonuses that pay hundreds to thousands of dollars, a fast track bonus that pays $100 – $500, check matching that pays you a percentage of your referrals profits nine levels deep, a residual bonus, rank achievements, and profit sharing.

          Where is all of this money coming from?

          So far, it’s just raining money in all directions here, and no one is spending money (other than their “investment”, which is not spending). No one is doing any work, learning a new skill, or providing any value to the market or others. It’s just free money from the sky, for many know little to nothing about markets, investing, finance, economics, business, and on and on.

          I’m not telling you what to believe, and if you’ve read the review, you’ll know I did make any accusations or call them a scam. I’m stating my opinion based on the numbers and the facts. If the numbers are incorrect or the facts are wrong, I’m happy to change them.

          As far as them paying consistently for four years, I would suggest that’s not happening. Money in your Novatech account or in some token is not money. You’re only paid when the cash hits your REAL bank account. Ponzi schemes can always pay a certain percentage out, but it’s when everyone (or a majority) try to get their money out that it collapses. That moment hasn’t happened yet. And when you’re quadrupling your money every year, why would it? I wouldn’t take my money out either.

          I’d also like to see where or how they are registered.

          Anyway, as I said… I’m not debating you, just sharing what I think. And again, it doesn’t matter what we believe. Novatech is what it is, regardless of what we believe.

          Reply
          • I am done debating this with you as well. For whatever reason you seem to have something against Novatech. Is it a miracle? Perhaps. People like you are so closed minded it’s sickening. If you’re not going to believe in miracles then fine. But maybe have a little faith in them during the holiday season at least, instead of trying to bring everyone down eh asshole? Oh and by the way. I withdrew my “imaginary” Novatech money right into my digital wallet, which then went straight into my bank account, no issues. I know I’m not going to change your mind and I could give a shit what you think. And of course, it’s always good to be cautious of these things. Anything in crypto is risky. Maybe have an open mind for once. I know people like you! Everything is a f***ing scam and ponzi scheme. I’d rather lose some money here and there trying different things, keeping my life interesting rather playing it safe and calling everything a scam like a miserable little twat like you. Merry f***ing Christmas!

          • I like how you don’t approve the comment where I say they actually paid to my bank account. You are just another closed minded pitiful little f*** that calls everything a scam. Go f*** yourself loser 🖕

          • I have no problem approving your comment. You left it last night, and I’m not sitting here 24/7 waiting to approve your replies. Of course, any individual can withdraw their money. That’s how Ponzi schemes work. It’s when a certain percentage tries to withdraw their money.

            Does that mean they’re a Ponzi scheme? No. I’ve said multiple times that just because I have an opinion based on the numbers and apparent red flags, I could be wrong. I give no investment advice, nor am I qualified to. I’m not trying to sway anyone in any direction. I’m just stating what I think. If your comment about withdrawing money into your bank account proves to someone that it’s legit, that’s fine. To me, that doesn’t prove anything.

            I also alluded to some questions you haven’t responded to. Like where the money is coming from to pay hundreds, even thousands of dollars in bonuses, in some cases 9 levels deep?

            And where and how they are registered?

            I’m more than happy to include that information in this review to give people confidence in Novatech’s legitimacy. And I want Novatech to be legit because I’d love to get a 365% return on my money too. But my gut tells me that a one-time investment of $1,000 with no additional contributions will not give me $2 million in 5 years or a trillion in 9 years. That’s their math, not mine.

            If that makes me closed-minded and non-believer in miracles, then I can live with that.

            And speaking of miracles and even asking me to “have faith during the holiday season” would suggest you’re a good person, perhaps someone who believes in God and follows a particular faith. And in the same breath, you also called me an asshole, a miserable twat, a pitiful little f***, and a loser???

            Anyway, I don’t wish you any ill will and hope your holiday season is amazing. I also hope you have tremendous success with Novatech. I mean that.

      • Get your geography correct. St. Vincent and the Grenadines is located in the Caribbean not the Pacific Ocean as you have stated.

        Reply
        • Wow, that’s embarrassing. I’m not even on the right side of the continent, lol… which is weird because not only do I know where the Grenadines are located, I also live on the Pacific coast. I guess I’ll just see myself out…😂

          Thanks for the catch Perry.

          Reply
  35. excellent even handed report. you come across as very credible. I would think of investing in Novatech to double my money in six months, pull out my original investment and play with house money. thoughts?

    Reply
    • Hi David, great question. That would be the most reasonable approach I think. I certainly would not expect this to be a long-term investment. I mean… in the wake of the FTX collapse, people are now saying in retrospect, that FTX’s promised 8 percent annual rate was a red flag. So if that’s a red flag, what is Novatech’s promise of over 300 percent?!

      If you walked into any financial institution on earth and told them the company you’ve invested your money with is giving you 300+ percent per year, you’d hear laughter for miles.

      So the question is when to pull your money out. Will they still be around in six months or will they keep going for years with people continuing to “invest” and “re-invest”?

      Reply
      • For the most part, I really appreciate this review. I hate reading and yet I went through all of it, carefully.

        My issue here is you focus a lot on some “promise” that Novatech doesn’t actually make. Earnings are NOT guaranteed or promised, unlike FTX’s PROMISED 8%. The projections made by affiliates on their own zoom presentations are hypothetical, based on Novatech’s average PAST return of around 3% per week. So 5 years down could be 142% annually as well as it could go up to 762% annually.

        I do agree that the numbers (based on a hypothetical average 3% weekly) get ridiculous after a few years (and remember this is just for an investor who came in at $1000). Many investors can pump a million dollars in pretty easily.

        So, yes I cannot fathom how it can keep up those numbers for 10 more years but I am no expert either.

        Yes, NovaTech retains 30% of profits to pay its employees and commissions, and the other 70% is ROI on PAMM accounts but the way it is worded sounds like a charge on each investor’s account.

        I think that’s where you have some people confused.

        You mentioned Novatech as saying they own MT5. That is false. They are a broker on the MT5 platform and that’s what I remember seeing. As a matter of fact, the CEO has mentioned several times that Novatech nor the petions don’t own MT5, they are a broker on its platform/app.

        I get uncomfortable when I see inaccurate little statements like these because a lot of times they have a massive effect on the overall message being implied. There is no doubt, this article is more pessimistic than neutral but I don’t mind that as long as information is accurate.

        You seem very smart. I would love to see an article from you on traditional financial institutions and FIAT currencies, money not being backed by anything tangible anymore and the effect of printing money out of thin air. Some believe money as it exists now is an even bigger ponzi scheme than any private company and when FIAT money eventually crashes, it will be far more devastating.

        Im glad you mentioned FTX, as this shows that being well-known or trusted by governments and traditional businesses and being well published, doesn’t make you legit. Businesses that can hide their, let’s just say, less than ethical practices, behind accredited and highly protected and backed governmental institutions are far more dangerous than those that have clear enough red flags and warn about being risky.

        Also, the tools and resources and methods available to Buffet and the other back in the 70s are not the same as those available to traders today. What about Ai assisted trading software? What about algorithms that can extract far more information about market activity and movements than before? Wouldn’t that help to explain why traders now could do far greater than traders back then?

        Maybe there is some fundamental mathematical foundation that I am missing, but with these day traders and their scalping strategies using Ai software along with fundamental risk management methods, I’m not sure an average of 3% per week is that crazy to achieve, especially when not guaranteed/promised.

        Sure, it looks ridiculous relative to the traditional highest performers, but so does the very first cellular phone compared to what we have now.

        Technology has advanced at a rate comparable to that 365% per year.

        Again, I really appreciated this review. Just didn’t like the (very significant) inaccurate points.

        Reply
        • One other thing, there are several fake Novatech fx sites out there. This is important to note. I suspect those were created by scammers for obvious reasons.

          Reply
        • Hi G, thanks for sharing and for your feedback.

          The first thing I’d like to mention in response is, if you get a chance, let me know where I mentioned Novatech saying they owned MT5. These articles get long, and maybe I worded something incorrectly.

          The part I do know of where I made this mention, I said…

          “Novatech does not own or operate Metatrader 5. They may be a registered Metatrader 5 broker, but they have no other association with it.  
          To be fair, they don’t actually state that they own Metatrader 5, but the wording on their site is suggestive.”

          I then show a screenshot where it seems suggestive to me.

          If I say anywhere that Novatech explicitly states they own it, please let me know, and I’ll fix it right away.

          You’re right about Novatech retaining 30%, so investors might not see it and therefore may be unaware of it. At least in the context of the 3% weekly projections given during their presentation. The $1000 investment over five years example does not include that 30% unless the 3% weekly is AFTER they’ve already taken 30%. That would mean they are making significantly more than 365%.

          Regarding new algorithms and AI, it’s still relative. When you buy something low and sell it high, someone else is buying high and selling low. Someone makes money, and someone loses it.

          If we assume most traders are using similar bots and algorithms, the playing field is still level. Maybe even more level because AI can compensate for lack of skill. Therefore, really skilled traders lose some of their competitive advantages.

          So, I agree the game has evolved, but that doesn’t mean three-digit returns are now commonplace. Those you are trading against have the same tools.

          All things being equal, if someone is making 365% annually, someone else is losing 365% annually. And that’s not sustainable. The losers will all be knocked out quickly unless you assume the total money supply is growing at a rate that supports three digit returns.

          At 365% annually, that would mean the money supply would need to 4X every 12 months.

          Now, you’re right that money is not backed by anything tangible and they can print it out of thin air, which they are. But are they quadrupling the money supply every year? Definitely not.

          And, for the money they are printing, where and to whom that money goes is relevant. Most of it goes directly to corporations or indirectly to corporations through consumers who buy goods. It’s not making its way into into the Forex markets.

          Now the crypto market is something entirely different. Crypto is not backed by anything tangible either, and every new token is also being printed out of thin air. The big difference between crypto and fiat currency is that currency can buy tangible goods. Most tokens can not and even those that can, it’s negligible.

          People who have tokens still need to trade them for currency for them to be of any value.

          Anyway, those are just my quick thoughts on the matter. I’m sure I’m missing something, and my math is certainly vague. I’ll need to ponder my own thoughts on some of this too because I might end up disagreeing with myself, lol. I really appreciate you taking the time to comment though, and opening my mind to some different perspectives. Also, if there’s something specific I got wrong, please let me know so I can correct it.

          Reply
          • Hi JC, great question. Yes, some scams reveal themselves quickly.

            Cashgrab scams, for example, take your money and disappear immediately. They may make big promises and get you to buy their program, course, software, or whatever. But once you’ve paid, there’s nothing on the other side. Or, it’s something that falls far short of its promise. Scams like that are short-lived and relatively speaking, don’t generate much money.

            Scams that generate millions (or more, in the cases of Bernie Madoff, FTX, and now “maybe” Binance, although that’s not certain yet) go to great lengths to NOT appear like a scam. They last for years because they provide their investors, customers, members, etc., with what appears to be something legit. This is critical to keep feeding the machine. They need their investors, customers, etc. to keep spending money. And they rely on them to bring in new investors, customers, and members so they also spend money.

            Investing $100, or any reasonable amount won’t tell you anything, and here’s why…

            On the surface, they appear legit. But in reality, they are siphoning investors’ money.

            It’s a careful balance though. They skim as much as possible but leave enough to keep the scam running. And they rely on new money and whatever they haven’t yet touched to keep up the facade of legitimacy.

            The legal (and insured) version of this is banking. Banks have a specific reserve requirement. For example, if a bank has $10M in deposits, it must hold at least $1M in reserve each night. Larger banks have higher reserve requirements.

            This works because not everyone withdraws their money at the same time. If there were a run on the bank, however, they’d be $9M short. But banks are FDIC insured (Federal Deposit Insurance Corporation), they have assets, and other ways of raising money to cover their liabilities. Bank runs are also unlikely. If there’s a bank run on an established bank, we all have bigger problems.

            But back to that unaccounted-for $9M of depositors’ money.

            The difference between a bank and a scam (or Ponzi scheme) is what happens with that $9M.

            The bank loans it to other people and to businesses therefore it is an asset. Not only does the bank get that money back, they earn interest on it. And as long as everyone doesn’t want their deposits out at the same time, banks can operate for indefinitely. The oldest bank, Banca Monte dei Paschi di Siena , was founded in 1472.

            The Ponzi scheme on the other hand, does NOT get that money back. They use it to finance their own lavish lifestyles. They maintain a certain “reserve” to pay the relatively small percentage of investors who want their money, but they can’t survive the equivalent of a bank run. They don’t have the money, and they are not insured.

            Rather than maintaining their existence through legitimate investments and loans, they maintain it with new investor money. But new investor money eventually dries up and at some point, you want your money back. When this happens, the scheme collapses.

            But that could be years from now, or it could be weeks from now. There is no transparency in a Ponzi scheme. If you invest, you’re gambling on its longevity.

            Many Ponzi Scheme investors know they are invested in a Ponzi Scheme. They put some money in and earn enough fake interest that they can take their principal amount out. And they hope they can get it out before the collapse.

            If they do, whatever’s left invested in the scheme is money they didn’t have anyway. Then it’s just a matter of timing their exit. Can they get out with a big profit before it comes crashing down?

            There’s a big problem with this. Those who play this game do so knowing the money they get out of it belongs to unknowing investors who didn’t know it was scheme. It’s even worse when people who know this are actively recruiting new investors. I’m not claiming that this is what’s going on here, I’m just explaining how Ponzie schemes work and why investing a $100 into one to see if it’s legit won’t give you the answers you’re looking for.

        • Just a quick simple note here. I read the entire article and it is extremely well written. The problem is that the author has not tried Novatech. I tried it and it has worked perfectly. And I do not recruit anyone. We invested some 300 thousand dollars about a year back and we already got to over 1 million. I already pulled my investment back. I bought 11 investment properties with that money and Novatech keeps paying every week. I’m not sure anyone can fight that fact. And I really don’t mind. Because I’m not interested in doing any network profits.

          Reply
    • That is actually what people in NT are encouraged to do. Put their initial investment in, let it grow for six months and then withdraw the initial investment and play with the house money.

      Reply
  36. I have been with Novatech since June 2022. It has been good, paying out a bonus every Friday which I automatically re-invest, I have just barely broken even however I have a feeling, an intuition that this is not going to last and I don’t want to be a victim. Your article comes to me at the perfect time and I did not doubt a single word you wrote. I am in the process of withdrawing my initial investment amount. I will subsequently withdraw the majority of the other remaining half. I’ll call myself lucky for now with fingers crossed that I will get my money. Takes approximately 14 days to receive the payout and maximum of 5k per withdrawal. I’m appreciate of your article, it confirmed what I suspected and validated my intuition.

    Reply
    • Kindly let us know if you were able to do the withdrawal. I would suggest you withdraw the whole amount just to be sure that it is withdrawable, thereafter you could reinvest the potion that you feel you can lose should thing go south.

      Reply
    • I see you wrote a review in November, I would love to know if you were able to withdraw your full amount? I’m concerned for my parents who are also affiliated with Novatech.

      Reply
  37. One of the best reviews I have ever read and I have read 100ths of reviews on many different companies, products and services.

    The clarity in which the subject (NOVATECH) was defined is amazing!

    You seem to be extremely talented writer and I admire that extensively..
    You should be writing for the NY TIMES, if your not the NY Times does not know what they are missing.

    Well done sir..

    Mario
    954 918 ****

    Reply
  38. I don’t understand why all the hoopla! If Novatech is doing something illegal, then the people responsible should be arrested. If Novatech has done something illegal, then the people responsible should be arrested. If Novatech is not legit, how are they still operating? How do you operate an illegitimate company for nearly four years and nobody has been arrested?

    Novatech is not the only company out there that does what it is doing. Some companies pays more. There are hundreds of companies doing the same thing but, it cost more to get in.

    Unless you can answer these questions, why would you deter people from joining?
    Your conclusion analysis is inconclusive. It is opinionated. What is your real motive?

    Reply
    • Watch the Netflix special on Bernie Madoff. He was one of the biggest players on Wall with $69 Billion invested and from many big institutions. He lasted 30 years.

      Reply