Beware! InvestGeo.org 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.
If we have learned anything from the past is that a broker’s name can either make a company or break a company. However, at times we come across certain instances where the name of the company can mean either thing. Enter InvestGeo.org. This broker has a very ambiguous name and it can easily confuse certain users. What’s even more ambiguous is the website. What we mean by this is that it can easily make users believe that it is a legitimate broker, and at the start of the review we also thought the broker to be legit for a second. This makes InvestGeo.org especially dangerous, even more so to users who are new to the forex industry. This review is especially important for them.
The first major disappointing aspect of the broker came when we try to create an account. We were successful in entering a user area. The issue was the account creation process itself. This is perhaps the most overly used account creation tool ever, and we have noticed that as much as 80% of all unregulated brokers use it. Therefore, this is a very clear sign that firm is unregulated.
The user area opened in the way that they expected: There was a web trader around which all the other subscriptions on the dashboards were centered. This is also a very popular approach used by scammer brokers.
From the web trader, we learn that clients can invest in forex currency pairs, commodities, ETFs, bonds, cryptocurrencies, and indices. The EUR/USD cost of trade was around 3.8 pips, which is incredibly unprofitable to users but actually very lucrative to the broker. The leverage was maxed out at 1:200.
The website of the company is available in English and Russian.
INVESTGEO.ORG REGULATION AND SAFETY OF FUNDS
The company commits a very sinful thing. It claims to be regulated by the FCA while not being even close to fulfilling a portion of the requirements set out by the British regulator. It goes so far as to provide a fake FCA certificate. Of course, the broker is in no way connected to the FCA. It does not hold a license from it.
Other than this there is nothing else to speak of. The broker does not give away any regulatory information, and the legal documents are quite useless not only in terms of providing regulatory information but as a whole they provide almost nothing worth of value.
Both the lackluster legal documents and the false FCA regulation, as well as the lack of a real license, lead us to the only probable conclusion: InvestGeo.org is unregulated and a risk to every investment made in it.
Investing in unregulated brokers is basically throwing your money out of the window. They will very rarely return your money, and even if that happens it would cost the user an incredible amount of headache and time.
That is why we encourage users to only trade with regulated brokers. Please, once you enter a broker that you think is worth investing in always check for a license before doing anything else.
We recommend UK, EU, US, or Aussie brokerage firms. All such regulated brokers are very trustworthy and offer safe and secure trading grounds.
Furthermore, agencies like the FCA and CySEC offer user compensation funds that are applied only when the broker at hand is not able to pay back to user due to insolvency. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
INVESTGEO.ORG TRADING SOFTWARE
The webs trader here is one the most popular with scammer broker we come across almost on a daily basis.
The interesting thing about this particular web trader is that it actually offers a decent amount of training opportunities even though it is not as developed as other web-based trading softwares.
INVESTGEO.ORG DEPOSIT/WITHDRAWAL METHODS AND FEES
This is will be fine in the user area concerning payments. The deposited section does not give us any payment method at all, and there is no real way to invest any money. There is literally no way to choose a depositing method. As for the withdrawal area, we find that clients can take out money via credit cards bank transfers in a Bitcoin wallet. So these should actually be the payment method used for investing as well.
The legal documents were very unhelpful because they were either only in Russian or certain documents did not exist. According to the website the minimum deposit for a standard account does not exist. It says that users come up with a value and seek the brokers approval. In other words, there is no minimum deposit requirement.
Overall this broker is completely unregulated and a scam. Do not invest here.
How does the scam work?
It’s almost ironic that’s one of the most popular ways to get scammed by a forex investment fraud is incredibly simple to grasp. If you look at it constructively, the way a scam works is that it follows a couple of incredibly simple steps that nevertheless take a lot of experience and authority to pull off.
In fact, investment scams are so effective not because of the way they are structured but because the people that are behind them are very talented at human manipulation. They have an arsenal of psychological and behavioral tricks.
Indeed, the hardest part of any scam is to actually be introduced to the scammer in person which happens most of the time by phone but it can also occur by email correspondence.
The quickest and most effective tool they have is online ads. Fake and misleading ads are ubiquitous over the internet. They continually evolve into becoming more and more legitimate-looking while retaining their complete scammer nature. Everybody has seen at least a couple of these ads: they promote a carefree life, luxurious products on the go, beautiful women, and other very expensive and realistically unattainable stuff.
Behind these ads are the investment scammers. Once you end up on the website you will be asked to provide a phone number or an email address for the sole purpose of being contacted by the broker.
The representatives of the scam will ask you to invest. He or she will use an array of tactics to make you invest. This is a solicitation and nothing else. Investing an initial deposits will build trust with the scammer and can potentially lead to more and higher investments.
If the user continues to invest and trusts the broker, he or she will continue to invest money that will be very hard to retrieve.
And once the time comes to actually get your money back or at least withdraw a profit, the true scammer nature of the company will reveal itself. The broker will either block your accounts, close off all communications with you, shut down the entire website, or stall all requests. At times it can even pay you back a percentage of your deposit and profits in order to create a false sense of security.
What to do if scammed?
Now, the quickest way to get your money back is to file for a chargeback with your credit or debit cards provider. However, this applies only to those users that have actually lost money by means of a card. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to get back. First of all, we always encourage users to immediately change their bank account username and password. And then to contact the bank itself and try to find a solution to the problem together. The banking institution might have a specific section that deals with similar issues.
One sure way to lose all of your deposit is to invest in a regulated broker via any sort of cryptocurrency. Even in today’s world, crypto transactions are untraceable making crypto deposits the most popular investment gateway used by unregulated brokers. All funds invested through a crypto wallet are definitely lost.
And a warning to all readers! Do not trust the self-proclaimed recovery agency or agencies whose promises of returning all your funds are as misleading as the broker scam itself. They will take the initial fee charged for the false services and will disappear with the money.