NovaLend is a new cryptocurrency platform that will have several features. You will be able to lend your coins for trading, stake them and earn money by referring other people to the system.
The highlight is the lending platform, which will allegedly make you up to 52% per month.
So, is NovaLend a legit investment program?
NovaLend is in fact a crypto scam. We have seen a lot of new crypto lending scams recently, like Bitconnect, Davor Coin, Bitstrades or Thorn Coin. Some of them already collapsed, others are about to collapse.
How it works
Lending platforms like NovaLend are Ponzi schemes, which means that there is no real business activity going on, no trading, mining or anything similar. The only purpose of this platform is to collect money from people so that the owners can run away with it.
They will do it the following way: in order to participate in the program, you will have to buy the NovaLend token (NLC) and you will have to use a legit cryptocurrency to pay for it, so that the owners of NovaLend remain anonymous.
For some time profits will really be paid, but money from new deposits will be used for this purpose. Once the owners of NovaLend decide that they accumulated enough money, they will dump the rest of NovaLend tokens on the exchange and run away with cryptos you paid them with.
This way they will scam you twice and you will be left with a worthless NovaLend coin. This concept was pioneered by the Bitconnect scam that recently collapsed in a monumental way and is facing several class action lawsuits now.
Lies, lies, lies
Check our picture and you will see that the roadmap mentions developments from the entire year 2017, but Novalend exists only from December 2017.
Another lie is about the nature of this lending program. It in fact is an investment service and the NovaLend coin will serve as mean for you to get paid. It means that it is a security, so NovaLend is selling unregistered securities, which is illegal. It is an illegal investment service.
And one more example of a lie. On the NovaLend webpage you will find links to ICO Alert, but that site does not mention NovaLend at all, and ICO bench, meanwhile this site gave NovaLend a poor rating.
NovaLend is a scam that is abusing cryptocurrencies to make people lose money, stay away from it!
If you really want to make money with cryptocurrencies, try trading them, start on a free demo account to see risk free if it something that you could succeed in.
Remember that trading is risky.