Invest Atlas review – 5 things you should know about investatlas.co

Invest Atlas review – 5 things you should know about investatlas.co

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

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The Invest Atlas website tries to convince us that it would be a very good idea to get into trading currencies and other financial instruments through this broker. However, fact checking convinces us otherwise. Invest Atlas is not a genuine broker but yet another anonymous scam website targeting inexperienced people. Let’s take a detailed look at how you can recognize this and similar scams.

INVEST ATLAS REGULATION AND SAFETY OF FUNDS

When you visit the website of a legitimate broker you can expect to find clear and detailed information about the company that owns and operates it, where it is based and what regulatory regimes it is subject to. The fact that the Invest Atlas does not provide such information is highly indicative that we are dealing with fraudsters.

Even the Terms and Conditions and other legal documentation do not mention the name of a legal entity, which means that these documents do not actually have legal value. You don’t know with whom you are entering into a contract.

The text of the Terms and Conditions in question is almost identical to what we have seen on countless scam websites. This also applies to the claim that this agreement is governed by the laws of Estonia.

It is therefore not surprising that we find nothing on the Invest Atlas in the database of the national regulator responsible for licensing forex brokers – Estonian Financial Supervision Authority.

We find plenty more evidence on the website that this could not be a legitimate broker operating in the European Union, which we will look at next.

Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK. As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

INVEST ATLAS TRADING SOFTWARE

Like many fake brokers, the Invest Atlas uses a rudimentary web-based platform. The purpose of this platform is not to allow you to trade in the financial markets. The trading offered by the scammers is entirely fictitious and the platforms only serve to deceive you that your money is really being invested

Genuine brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

INVEST ATLAS TRADING CONDITIONS

Invest Atlas claims to offer trading with forex pairs, commodities and stocks, but does not provide detailed information about the tradable assets and the terms of trade.

The descriptions of the three types of trading account that Invest Atlas claims to offer provide us with clear evidence that this cannot be a licensed broker operating in Estonia or any other regulated jurisdiction. The leverage for the accounts reaches 1:500, a level you can only see with unregulated offshore brokers.

Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. The European Securities and Markets Authority (ESMA) and accordingly all EU regulators limit leverage to 1:30 for major currency pairs, 1:20 for non-major pairs, gold and major indices, 1:10 for other commodities and non-major indices, and 1:2 for cryptocurrencies.

Invest Atlas also claims to offer unspecified bonuses, a practice that is prohibited not only in the EU but in almost all regulated jurisdictions.

The website does not provide information about a basic parameter of forex trading – the spread. In the trading platform, we see a level of 3 pips – double the industry average and very unprofitable for the trad

The minimum deposit is 250 USD. You should know that many leading brands in the industry allow you to register a starter account and begin trading with a significantly lower minimum deposit.

INVEST ATLAS DEPOSIT/WITHDRAW METHODS AND FEES

The Terms and Conditions mention deposit and withdrawal by credit cards and bank transfer, but in the deposit menu of Invest Atlas the choice is between credit card and cryptocurrencies.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods, including  established e-wallets such as Skrill, Neteller, Sofort or iDeal.

The reason Invest Atlas and many other scammers use the same set of Terms and Conditions is that they include many clauses designed to block requests to withdraw money from an account. Under these clauses, all non-deposited funds, including trading profits, are not considered client money. If the account has received a bonus, this bonus and related profits can only be withdrawn after meeting very high minimum traded volume requirements – 30 times the bonus amount plus the deposit.

Invest Atlas does not specify what the deposit and withdrawal fees are. The documentation only specifies a fee for an inactive account, but contradictory terms are described in various passages. According to one version, if the account is inactive for three months, it is charged 10% of the available balance, while according to the other version, the charge starts after 30 days and is 30% of the balance. In both cases the amount of this fee is outrageous.

HOW DOES THE SCAM WORK

It is tempting to be lured by the promises of easy money that we constantly come across on the internet. But behind the vast majority of these promises, if not all, are scammers. In recent years, many fraudulent schemes have consisted of websites posing as brokers and trying to cash in on the excitement surrounding cryptocurrencies.

If you give your contacts to one of these scammers, they will start convincing you that they will multiply your money, with nothing required of you but to sit back and take profits. If you agree to an initial investment of a few hundred dollars, they will start persuading you to invest more and more.

But you will never get the promised profits or the money you deposited. Scammers have many ways to ensure this. First of all, they are hidden behind offshore companies, not subject to controls and regulations. For the money transfers they use shady payment platforms, direct bank transfers or cryptocurrencies that make recovering money very difficult and often impossible. The terms and conditions are always riddled with traps that also block your ability to withdraw your money, such as prohibitively high minimum trading volume requirements or withdrawal fees amounting to tens of percentages of your funds.

WHAT TO DO WHEN SCAMMED

When you find yourself scammed and seek advice and help online, you are likely to receive offers from individuals and companies who promise to refund your money for a fee that you have to pay in advance. Don’t trust such offers or recommendations from anonymous commentators on the internet – this is also a well established scam.

The best chance to get at least some of your money back is to request a chargeback, but this applies only if the transfer is made via credit card. It is of course advisable to notify the relevant authorities of the fraudsters’ activities and to spread the word online to warn other people who may fall victim to the same scammers.

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1 Comment

  1. dimitra vavladeli

    Yes I am a victim of investatlas too… I have lost 400 euros because of them. I requested my money back but they asked me to deposit in binance bank other 400 euros to take my withdraws back.. I deposited 100 euros at least in binance to take 200 euros of my money back, they transferred these money in cryptos without my permission, the 100 euros don’t appear anywhere in binance and know they don’t return even though my 100 euros… They asked me alla the time money to take my 400 euros back… They are bad scammers… Today they called me again if I want my money I must deposit 200 euros and I refused.. I told them I Dont want any connection with them any more… Please be careful… I lost my money, I learned from this mistake.. Please tell me if I can do anything else to complaint, to close this companies, to protect my bank accounts, they have too much information for me…

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