Beware! 22-Plus.com 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.
Today we are reviewing a very classic broker that is ultimately not regulated but has a very appealing and attractive website nonetheless. This is indeed a very classic approach that a huge number of unregulated brokers tend to follow. The reason for this is simple: Licensed brokers promote their false services extensively and await investors. You can make a pretty accurate analogy with simple fishing. Although 22-Plus.com can seem at times attractive it is ultimately unregulated and a risk to all investments. Please read the review to find out why and how we reached this conclusion.
In very typical shady broker style once we completed the registration process we were told that our account manager would contact us soon enough. We knew then that we would never be granted access to a user area. As you’ll read in the scammer section of the review – how to scam works – getting contacted by the broker is the first step to investing and being scammed. So make sure not to provide any information about yourself or your contact information.
We have to take all of the training information from the websites which is an issue with brokers that are not regulated because they can easily lie to their users. There is no solid information on the tradable assets; we found a couple of mentions of forex pairs and CFDs, but nothing too specific. There was nothing on leverages or a cost of trade.
The website is actually very limited and most of the information is useless; there is nothing specific that 22-Plus.com says.
The company’s sites is available only in English.
22-PLUS.COM REGULATION AND SAFETY OF FUNDS
As we expected in the terms and conditions you find a very vague mention that all disputes between broker and user between the broker and the user will be brought in the courts of the United Kingdom.
This suggests that the broker is regulated in the United Kingdom but we cannot be further from the truth. UK regulation requires a license from the FCA which this broker does not have. Not only is there nothing on the website suggesting a license from the FCA but also the agency itself states that it does not regulate the broker.
The other address that is given to us is in the contact subsection of the website, stating that the broker has a branch in Estonia. However Estonia is a very popular scapegoat for unlicensed brokers who choose this nation for some reason that we cannot explain. The company is not licensed in Estonia; you can make sure of that.
Honestly, the broker is not licensed anywhere. What’s even more dangerous is that 22-Plus.com might be anonymous which is perhaps the most dangerous state a broker can be in. Being anonymous means that’s no one can trace you and that’s all your money is very easily lost to a scan and can very easily be lost forever.
Do not invest in unregulated brokers for they will not return your investments.
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.
22-PLUS.COM TRADING SOFTWARE
A trading software is currently a mirage. We have absolutely no proof that the broker offers a trading software no matter how many claims it that state the broker to be capable of bringing a platform.
What we need is solid proof and not just assertions. But most unlicensed brokers tend to do this all the time- to provide empty evidence.
Last but not least the payment information will have to be taken from the website. Do not trust this information because it is coming from a very unregulated to source.
There was no minimum deposit requirement anywhere, meanwhile the payment methods are also not revealed. The websites at times claim that users can invest via a crypto wallet but that is it.
According to the terms and conditions of the minimum withdrawal for bank transfers is $250, and $100 for all other methods. There is a $50 fee for bank transfers, they $35 charge for credit cards transfers, and a $25 commission for all other Undisclosed payment gateways. Users also have to trade at least 200 times their initial deposit in order to be able to withdraw or a 10% fee will be levied. A withdrawal request is processed in up to 7 days.
So these aforementioned payment methods might also be used for depositing but we cannot be sure.
In fact the only thing that makes sense here is that 22-Plus.com it’s not worth your money or time.
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.