Beware! Selinus Investment is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Selinus Investment presents itself as a reliable broker, regulated by the German Federal Financial Supervisory Authority (BaFin) and offering several account options with guaranteed monthly profits of between 4,15% and 6,25% on the MetaTrader5 platform.
We got suspicious the minute we saw those promises of “guaranteed” returns, because no legit broker will ever make such claims. On the contrary – legit brokers always have a disclaimer stating that forex and CFD trade is a high risk investment and that nearly 80% of all traders lose their deposits.
And our suspicions proved right – Selinus Investment turned out to be a clone website, which uses corporate details of a legit company, to trick investors to part with their money. In this case Selinus Investment uses the license number of a legit company Selinus Capital Advisors GmbH., which is regulated by BaFin, but has nothing to do with the scam website we review here. The official domain addresses of Selinus Capital Advisors GmbH. are selinus-capital.com and selinus-advisors.com, while scammers use selinusinvestment.com.
On top of that as it turned out the Spanish regulator CNMV (Comisión Nacional del Mercado de Valores) has also identified Selinus Investment as clone website and has issued a warning against it.
Selinus Investment regulation & safety of funds
Bear in mind that proper regulation is the only reason you can trust a retail forex and CFD broker. Brokers regulated in Europe by one of the official financial watchdogs like BaFin in Germany, the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC) are reliable as they have to abide by strict financial and ethical rules, including to maintain a minimum operational capital of no less than 730 000 EUR, to file regular reports, to allow external audits, and to keep all clients’ funds in a segregated, protected form creditors trust account.
Of course, if a broker like Selinus Investment tells you that they are regulated, you should not take that for granted, but check the registers of the financial regulator for the domain name and compare all other relevant information like company name, contact numbers and addresses, as well as the license number itself.
Selinus Investment deposit/withdrawal methods and fees
The choice of payment methods is also notable. Selinus Investment says to accept credit cards like VISA and MaasterCard, bank wire and several e-wallets like Yandex.Money, QIWI and WebMoney, but not Skrill, which recently adopted a new anti-scam policy according which brokers are allowed to use Skrill services only if they hold a legit license. As we already established Selinus Investment is not a licensed broker, but a scam website.
And besides, a minimum deposit requirement of 5000 USD is way above the standard amount, most brokers ask for – about 250 USD.
How does the scam work?
Usually scam stories start when you get hooked by some ad promising you fast, easy and “100% guaranteed returns” with small investment and no risk at all. And that is the offer you will see on one of the so called robo scam website like Bitcoin Evolution or Crypto Revolt, which are basically gateways for supplying scam brokers with new victims.
And in the beginning all you will be asked to do will be to leave your e-mail and phone in a simple registration form. And after you fill it, instantly you will be transferred to the web page of a unregulated, offshore broker, where in the end you will have to deposit about 250 USD. Scammers would like, however that you deposit a much larger amount, so they will do anything to trick you to believe that this is a life time investment opportunity.
For example they may even manipulate your trading account, so that it would seem like all of your trades are good and you are making lots of money. And that is when you will start receiving phone calls as well. It will be your “senior account manager”, who will basically try to explain you that if you really want to make some big cash you will definitely have to invest a larger amount – like at least 10 000 USD or so.
And most people do not realize that they have been scammed until the very moment they decide to withdraw a larger portion of their funds. Than it suddenly turns out they can not withdraw, because of some minimum trade volume requirement they have agreed with by receiving a trading bonus. Certainly scammers might use a different excuse to cancel your withdraw request, but in the end it will all come to the same – you will not see a single penny back.
What to do if scammed?
Unfortunately, if you have been scammed, your chances to get your deposit back are not very good. Still your best option is to file for a charge back with your credit card company immediately. The good news here is that currently both VISA and MatsterCard will allow you to do that within 540 days. Nevertheless, do not waste any time and do it right away.
Sometimes scammers might try to hack your bank account and steal money directly form it. This might happen if they have tricked you to install Team Viewer, or if they have convinced you to tell them your credit card number or online banking password. If that is the case, immediately delete Team Viewer, change your online banking password and cancel your credit card.
Finally, do not accept the offers of the so called recovery agencies. They will not help you in any way, but will simply collect some fees in advance and basically you will get scammed a second time.