Beware! InvestoTrades is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We have said before that to judge a broker based purely on looks and style is a mistake, seeing that many illegal firms rely on this very same tactic to promote their illicit services. InvestoTrades is on the other side of things, where one look at it can form your entire opinion of it, and what’s more, is that you wouldn’t be too far from the truth. Here, we are making an exception, and judging a broker based on its looks to form out general opinion. For a deeper analysis, please read the review.
The registration proces was a quick and bland procedure that we completed in a matter of seconds. What followed was another example of InvestoTrades’ lack of imagination, in a list of many similar examplese, in the shape of one of the most lacklustre looking user dashboard area, not to mention one of the most unpleasant ones.
Really this is a joke and an insult to all the real broker out there. Compared to legitimate brokers, this one is a complete joke.
The dashboard gave us a trading software that was not really a software, and all in all is a very sloppy piece of the broker, that we will discuss on more detail in the Software section. For now all you need to know is that trading information will be taken from the website, and not the platform.
So, the trading conditions according to the website, are…. no where to be found. We scouted through the website, and it turned out that InvestoTrades has one of the most limiting websites of an alleged broker we have even come across. There is no indication of a spread and a leverage values…
The website comes in English, and English only.
INVESTOTRADES REGULATION AND SAFETY OF FUNDS
What we have revealed so far is a clear indication that the broker at hand is definitely NOT LICENSED.
For the purposes of this review, we will include the following. As is with the trading info, there was no information of any kind concerning a license. The closest we get is an address in New York, which is in a country where the forex market has the heaviest of demands. The US market industry is regulated by the National Futures Association (NFA) which directly reports to the Commodity Futures Trading Commission (CFTC). Both agencies are the most severe regulators in the globe, and as a result, there are only a dozen or so legitimate firms operating in the US.
InvestoTrades is unquestionably not regulated in the United States, and is probably not even located there! A very common aspect of unregulated brokers come to mind; their supposed address is inlcuded only as a lure to novice users.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
Furthermore, there are no legal documents. We could not find any of these crucial elements of any broker. The lack of these are a clear indication that there is something very wrong with InvestoTrades. Without legal provisions there is no agreement between the user and the broker, which leaves the client unprotected and at risk.
INVESTOTRADES TRADING SOFTWARE
The only semblance of a trading software is a third party chart provided by a firm that has nothing to do with InvestoTrades. This is a common aspect of illegitimate brokers. Many of our previous reviews have had the exact same thing. No legal firm will allow this!
And as we have underlined, yo can clearly see that these trading terms belong to FXCM, a very dedicated and professional broker, that again, has nothing to do with InvestoTrades.
We can conclude that InvestoTrades has no trading platform, which takes away the title broker away from this company, leaving it to be a complete and utter scam!
INVESTOTRADES DEPOSIT/WITHDRAW METHODS AND FEES
At least the user area reveals payment details. The minimum deposit is $500, which is twice the standard minimum requirement. The means of depositing are PayPal, Wire Transfer0, bitcoin, credit card, debit card, and MoneyGram.
The withdrawal section of the dashboard reveals a minimum withdrawal requirement of $7 500, which is absolutely absurd and a total joke. With the addition of WesternUnion, the same methods used for depositing are used for withdrawing. Aside form that, we cannt give you any fee details, nor a withdrawal processing time.
There are no clauses to be included in the review, for the simple reason that there are no legal documents to speak of! Be aware that the lack of these provisions does not mean that InvestoTrades will not issue ridiculous commissions and similar charges. Furthermore, many such firms have additional clauses that prohibid the user from doing things that should be their number one rights.
In conlcusion, no one should deposit in unregulated brokers, like InvestoTrades, because they will not have their funds returned. If for some reason you deposit, please invest only the minimum amount.
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.