Beware! InvestoBanco.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.
We don’t believe that InvestoBanco.com can get away with what it is doing so easily. It is definitely up to something here, and the way it tries to hide its actual nature is both awful and laughable. Only the rookiest of users might not get the point, but that is why we have the review here so that everyone can see that brokers like InvestoBanco.com are not worth the investments. What follows is a dive into the trading and payment conditions, as well as the legal status of the broker. Let us begin by opening an account…
Creating an account is the most secure way to get a hold of a broker’s trading and payment details, especially when the broker at hand is as shady and insecure as this one.
We created an account is seconds, and were led to a widely-used user area that has become synonymous with unlicensed brokers. However, that was not the worst part. The worst part was that due to a very unnoticeable issue with the trading software, we can say that InvestoBanco.com does not offer any trading conditions.
There are no spreads, leverages, or trading assets to be used.
But what is a broker without its very own trading conditions? Well, definitely not a brokerage for sure.
The website of the firm is available in English, Italian, and Spanish.
INVESTOBANCO.COM REGULATION AND SAFETY OF FUNDS
InvestoBanco.com seems to be located in Bulgaria if we are to trust the contact address. In Bulgaria, with a relatively small FX community, there still is a fully functioning regulator called the Financial Supervision Commission, which DOES NOT license the broker. So, InvestoBanco.com is illegally offering FX services in the country if it is truly located there.
There really is no other information we can work with here, although we did stumble on an interesting thing.
There is a point in the website where the company mentioned a completely different broker being regulated, one Exnxees, a regulated entity by the FCA. The inclusion of this is unnecessary, and it serves no point. It only shows how unprepared InvestoBanco.com really is. It even has no real managerial skill to operate a scammer broker. InvestoBanco.com is a failed firm and a risk to all your investments! It is unlicensed, and a risk to all!
Perhaps the most crucial move a user can make in the process of deciding what broker best suits her needs is to ascertain that the broker is regulated, properly, by a legitmate license issuer (there is a rise in fake regulators). Make sure your broker of choice is a UK, EU, US, or Aussie-licensed entity; there are other perfectly fine jurisdictions where a firm can be authorized, it’s just that these ones are the most developed in terms of providing the best possible trader security. Moreover, some specific regulators also allow for their regulated brokers to participate in compensation schemes which add a very sturdy extra layer of defense. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
INVESTOBANCO.COM TRADING SOFTWARE
The issue with the MT4 that we can and users can download is that the servers on it do not belong to the broker. They are named differently than the company and therefore we can say that the broker does not have trading servers.
InvestoBanco.com has borrowed, either forcefully or willfully, the servers form a different entity. But that does not make them its own. So, this broker does not really have a trading software.
INVESTOBANCO.COM DEPOSIT/WITHDRAW METHODS AND FEES
We gather from the user area that clients can invest by means of some unknown payment methods: the there was a glitch with the system that did not allow us to view the payment methods. Nor could we get a clear read on the minimum deposit. The withdrawal area was equally useless.
According to the website, the minimum deposit requirement is… again undisclosed. We could not locate a single means of attaining a minimum deposit req. The payment methods, as seen in the legal docs, are supposed to be bank transfers, credit cards, and debit cards. The Deposit and Withdrawal Policy discloses the presence of both deposit and withdrawal fees, but nowhere were we able to find the exact numerical values of these commissions.
Overall, everything we have seen thus far points to the typical scammer broker behavior of InvestoBanco.com. This broker is not worth your time or money!
How Does The Scam Work
We can easily reverse-engineer the scammer process by looking at the whole thing as a series of contained events.
The first of these is falling for one of the thousands of online ads that lead to any number of fraudulent investment websites. The most obvious aspect of such ads is their ability to attract the eye gaze of users since they include glamorous content that we have all dreamed of owning.
Giving in to one of these ads will lead the user to one of two sources: either a so-called intermediary website or the scammer brokerage itself. The former works to introduce the latter, so the principle remains generally the same. The second step ensues once the user provides the crucial contact details that will be used by the firm to solicit funds. Because they are crucial to the scheming process, the broker will put a lot of input into this effort.
The third event is establishing grounds for communication, and a pivotal point for recruiting the user as a depositor. The first deposit is the hardest to sell, and that is why most scammer brokerages have dedicated internal departments whose only job is to entail a preliminary investment.
The fourth even is up to the retainers, or the expert scammers – account managers-, whose job is to keep the user invested as long as possible and to drain as much money out of her. Here is where many, unbeknownst to the user, psychological tricks are used by the scamming experts to really deplte funds from accounts.
The final step is containing the damages, or to put it in the lingo of the perps- to keep the stolen mon ey with minimal collateral damage. Here is where the scammers get cheap. Many will simply ignore the requests of withdrawals- or simply stall them-, or can shut down accounts and even entire websites for the purpose of keeping what they have stolen.
What To Do When Scammed
Fiel for a chargeback! It’s the surest way to get your money back, although not many scammer brokers allow for credit/debit card deposits. They are aware that users can file for a chargeback, and therefore condemn it by either not including cards payment gateways or by penalizing the client when she files for one. Note that, VISA and MasterCard have extended their cash-back period to 540 days.
A popular payment method is bank transfer, and here is where things get tricky. Users should contact the bank to help them out if they get scammed, but there is no real guarantee that the banking institution will be able to help them out. Moreover, change your bank account user name and password ASAP should you get defrauded.
Crypto payments are untraceable and are therefore non-refundable. For these reasons, crypto wallets are the favorite means for investing for scammers.
The last point to make concerns recovery agents whose promises will tempt many a victim. Agents or agencies promising some magical way to recover your stolen funds are separate fraudulent entities.