While you can invest in crypto currencies through an offshore broker, you should be careful to select one carefully. It is possible to lose your money when you trade with such an exchange. It is therefore important to open at least two accounts and check out the reputation of each of them before making a final decision. However, the testimonials on Novatechfx’s interface will leave you with the impression that it is the best broker for your needs. Here are some tips to make the right decision for your trading experience.
First, be aware of the regulatory status of the broker. NovaTechFX is not registered with the FCA, ASIC, BaFin or CFTC. Moreover, it is not regulated by the CFTC. As such, you should be cautious and take all necessary precautions before deciding to invest with the firm. Traders should always check the FCA’s website for any suspicious activities. Also, do not trust the firm that claims to be registered with FCA or ASIC.
Another thing to consider is the commission structure of NovatechFX. While other sites offer hundreds or thousands of trading pairs, they don’t provide substantial technical analysis. In fact, NovatechFX’s MT5 tools offer significant technical analysis. In addition, E-Trade provides tons of analytical tools, such as market breakdowns and surveyed consensus of future price movements. Finally, there’s Robinhood. Both of these platforms offer access to making trades and expert consultation.
Another issue to consider with NovaTechFX is the lack of standard account types. It offers six trading accounts, the Builder account is the cheapest at $99, and the other four options require $500, $2,500, $5,000, and $10,000. Moreover, you have to choose which business plan you’re interested in and choose carefully, as this might lead to unanticipated financial loss. This is especially true if you choose to pay using crypto.
Despite the fact that NovaTechFX is a relatively new site, the company has already managed to stay off the radar of regulators. While its affiliate program has managed to stay under the radar for almost two years, it is bound to face some serious fraud warnings soon. As soon as the data base grows larger, it’s time for investors to look elsewhere. However, before jumping into any binary options trading, consider how regulated these schemes are.
In addition to this, it is important to consider the names of the individuals who are leading the company. As it turns out, both Rev. Cynthia Petion and Eddy Petion are notorious scammers. One of the companies they were involved with, AWS Mining, was also a scam. The Texas State Securities Board subsequently issued a cease-and-desist order. While both people are experienced online, their background may be questionable.