Beware! Agricoinvest 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.
Agricoinvest seems to us like a broker that we had reviewed a while back that has somehow re-emerged as a new and minty scammer entity. As we remember right this broker, that it now lost to us in the plethora of other unregulated entities, had the same design as this one, the same menu interface, and was a liar as mush as this one. As for the technicalities, we have the following review for these.
The first major issue that we encountered was that both the sign in and sign up pages were unavailable; both links lead to an error page that basically closed the page on a registration. We are unsure whether there is a hidden registration page, or whether the broker is actually falling apart. No matter what the answer is we will continue with the review.
The only difference is that we will have to quote the site on all trading and payment conditions. Please bear in mind that these details may not be as accurate as they seem.
The EUR/USD spread is indicated as being 3 pips for the Mini account, which is the standard one for retail users. The issue however here is twofold. First of all, this spread is completely useless to users, and if they jump a step higher to a different account their will have to spend a lot more money, which is also not a good idea for retails users. Second, there are multiple discrepancies between the subpages, wherein one section there are 4 account types talked of, while another mentions only three with different names at that! Agricoinvest has made a mess and a fool out of itself; it also leaves us completely in the dark where the spread and leverage values are concerned (these change from page to page; leverage either capped at 1:200 or 1:300 or something completely different)
The promoted tradeable assets are also not cleared out, and they differ from page to page. This is the sum of what we read: forex currency pairs, commodities, indices, and shares.
AGRICOINVEST REGULATION AND SAFETY OF FUNDS
The closest thing we got to specific legal details was a claim that the broker’s legal terms were to be understood under the laws of the Marshall Islands. Other than that, the company makes it clear on multiple occasions that its services are not directed at any user from jurisdictions where local laws would prohibit the usage of Agricoinvest. In other words, the broker is available only there where the local local regulators would allow it. Therefore, the Marshall Islands is the perfect place for that. The reason for this is that there not only is there no FX regulator in the nation, but the local laws are unrestricted and allow for all sorts of misconduct. Overall, it’s scammer paradise.
Moreover, we have an official CONSOB warning issue against the firm, and this acts as proof that Agricoinvest is unregulated and a risk to all! Do not invest here
Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.
AGRICOINVEST TRADING SOFTWARE
We believe that the broker offers a certain web trader, for the link on the site redirects us to a login page for the specific web trader. However, we had no direct access to it seeing that the registration process was broken. Nevertheless, there is a trading software, yet even if you had, somehow, access to it, we still would not recommend it.
AGRICOINVEST DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is €250. The website reveals that the available funding methods are credit cards, debit cards, and wire transfer. Apparently the minimum deposit for wire transfers is $10 000 which is crazy and unrealistic.
Withdrawals are said to be processed within 5 days, and there are fees as in both form the payment providers and the broker, but, as always, these fees are not disclosed in terms of numbers.
Overall, Agricoinvest is the typical scammer broker. Don’t waste your time here!
HOW DOES THE SCAM WORK
Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.
First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.
The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.
When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.
WHAT TO DO IF SCAMMED
The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.
Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.
Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.
Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.