BestInvestorFX Review – 5 things you should know about bestinvestorfx.com

BestInvestorFX Review – 5 things you should know about bestinvestorfx.com

Rating: 1

Beware! BestInvestorFX is an offshore broker! Your investment may be at risk.

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BestInvestorFX are scammers of the sleaziest kind. While initially, their website seems full of useful information, you will soon find out that there are a ton of inconsistencies in it. The company has obvious relations to other scam schemes, lacks regulation, and offers unclear, shady terms. Someone like BestInvestorFX would be an incredibly bad and counterintuitive choice – because everything here screams ‘illegitimate’. We were not even provided with something as essential as Terms and Conditions – the button leading to them did not function – and such trespassing we could never forgive. Read our review if you want to find out what all the other reasons for ignoring BestInvestorFX at all costs are.

BestInvestorFX REGULATION AND SAFETY OF FUNDS

BestInvestorFX is the definition of an anonymous broker. The address they have provided on their website is famous in the world of trading – Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines. This is the address where numerous scam companies have chosen to set camp – many of them we have already reviewed and you can also check out those reviews if you are interested. The local regulator of St. Vincent and the Grenadines has stated many times that they do not regulate forex brokers and that is why many scammers register companies there since they wish to remain undetected.

But BestInvestorFX does not claim to be registered in St. Vincent and the Grenadines – they provide a company registration number at another offshore location, the British Virgin Islands. Some regulations do exist there – for example, brokers must maintain a minimum, capital, the sum varying between $100 000 and $1 000 000. BestInvestorFX is supposedly run by UNITED CAPITAL GROUP LTD – but no licensed company with such a name showed up in the British Virgin Islands Financial Services Commission’s register.

An additional problem arose when we were looking through BestInvestorFX’s FAQ. We soon found out that the name of the broker was not mentioned anywhere – all the answers were regarding another broker called Noble-Trading. This broker is supposedly owned by UNITED CAPITAL GROUP LTD. Noble-Trading’s brand logo and domain are VATFX and Vatfx.co respectively – as you might have guessed by now, this is another scam company we have a review on.

Scammers don’t hesitate to change names and domains as soon as someone starts figuring out something is wrong and that is probably the case here.

Don’t deal with such shady schemes if you want to keep your money or turn a profit. If you want everything to go smoothly, work with a broker regulated in the UK (by the FCA), the EU (by CySEC) or Australia (by ASIC). EU and UK brokers have to maintain a minimum capital of €730 000. That sum is even bigger in Australia – A$1 million. Licensed brokers should prove that they have enough capital to not go bankrupt in case of unfortunate market events. Client deposits are kept in segregated accounts – which means the broker cannot reinvest your money if they happen to decide that is something they would want. All European brokers (both EU and UK ones) must participate in compensation schemes so if a broker does by chance go under, their clients would be able to demand a compensation of up to €20 000 in the EU and £85 000 in the UK.

Scammers cannot offer you anything other than bold claims and false promises. Licensed brokers on the other hand answer to strict authorities and should follow certain laws and regulations if they want to keep their license.

BestInvestorFX TRADING SOFTWARE

Supposedly, an account with BestInvestorFX would give us access to the well-known platform MetaTrader 4. We could not see if there is any truth to that as the scammers required verification before opening a demo account – and we are not exactly willing to provide them with pictures of our personal documents.

MT4 is a more than decent choice if you are looking for a decent trading platform and there are dozens of licensed companies that use it. Better check one of them out if it was the promise of MT4 that attracted you to BestInvestorFX. The software is so well-liked for a good reason – it offers various tools such as Expert Advisors and VPSs that keep EAs always operating, possibilities for backtesting strategies, and much more.

BestInvestorFX TRADING CONDITIONS

BestInvestorFX conditions are far from the best we have ever seen. It was stated at one place that the minimum deposit is $25 but we soon found out that it is actually $100. The price is decent enough but it is the lack of consistent information we cannot forgive.

The leverage offered on a Basic account is 1:100 – far more than the 1:30 that is permitted by law in all of Europe. Some countries like Japan (where BestInvestorFX supposedly also offers services) have restricted leverage to even lower values – 1:25. This restriction is supposed to protect traders from the risks of high leverage – even though your capacity to make offers grows and you could potentially earn more money, so does the possibility of losing whatever you have invested in the blink of an eye. So beware of high leverage values.

The spreads we were offered were not great either – a fixed 3 pips on a Basic account when the average for the industry is two times less – 1.5 pips. BestInvestorFX charges an additional fixed commission per lot – between $5 and $10. The tighter the spreads, the lower the commission which is quite unusual. But we are guessing they wanted to load their more expensive account types with tempting features like tighter spreads and lower commissions to make you deposit more money. BestInvestorFX does not even offer auto-trading on a Basic account – so you would probably decide against investing just $100 and jump straight to $500 or even $5000 to get access to better conditions.

BestInvestorFX DEPOSIT/WITHDRAWAL METHODS AND FEES

The deposit and withdrawal methods were supposed to be Visa/MasterCard and bank transfer but we ourselves cannot verify that without access to some sort of account. As mentioned, we did not manage to find any Terms and Conditions so we only have to guess what ridiculous fees BestInvestorFX might impose.

HOW DOES THE SCAM WORK?

It is amazing how simple such scams are and how alike they work.

It all starts with you are casually browsing on the Internet and seeing an ad for the scammer’s website. You are quickly impressed by the promises of an additional income and the possibility to make your life a little more like those of the rich and powerful. So you make a registration – after all, who would not want to earn a little extra so easily and without a lot of effort. The moment the scammers get access to your phone and email, they won’t leave you alone before you deposit. If you do, you will probably see you are turning into a master trader soon, beating all odds and earning even more than you expected – a trick aiming to make you invest more.

Time passes and you decide to withdraw. This is the moment one of two things will happen – the scammers will start making up additional taxes and reasons why you cannot withdraw just yet. If they don’t stop answering your phone calls immediately, that is – and that always happens at some point.

WHAT TO DO IF SCAMMED?

Don’t trust any so-called “recovery agents” that claim they could get your money back in no time. They will require a fee for that and disappear as soon as they receive that payment. This is a whole other type of scam taking advantage of desperate victims.

The reasonable thing to do is to ask your bank or credit card provider for help. With credit and debit cards, chargebacks are possible within 540 days. Cryptocurrency transactions are non-refundable so beware of any broker urging you to use that specific payment method. And don’t get your hopes up because unfortunately such situations rarely get a happy ending. If you have verified your account by sending a picture of a personal document or proof of address, the scammers might try to revoke your claim and say you have done everything voluntarily.

Make sure to change any passwords the scammers have received, notify the authorities, and let other people know about such scam – post about it online and don’t let others get lied to in the same way.

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