Beware! Autogrowprime 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.
The Autogrowprime website tries to convince us that thousands of investors have already chosen this forex broker to trade financial instruments. But this low quality and messy website in no way resembles a legitimate financial services provider. Fact-checking confirms our suspicions – this is a typical online scam that should be avoided.
AUTOGROWPRIME REGULATION AND SAFETY OF FUNDS
If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.
Autogrowprime ticks all the wrong boxes in this regard. The website is completely anonymous, does not name an owning company and does not provide access to Terms and Conditions, Client Agreement or any other document. This is enough to dismiss Autogrowprime as an investment intermediary. If you don’t know who you are dealing with and what the terms of the deal are, it would be extremely unwise to put your money on the line.
In addition, instead of the legally required disclaimer about the risk of loss when trading derivative instruments, the Autogrowprime assures us that it can provide “stable, reliable, guaranteed weekly income”.
Autogrowprime presents a UK contact address that is undoubtedly false.
This is a highly regulated jurisdiction in which such an anonymous website could not legally operate as a forex and CFD broker. No authorised broker using the Autogrowprime brand and domain can be found in the UK Financial Conduct Authority (FCA) database.
If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the FCA. They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.
AUTOGROWPRIME TRADING SOFTWARE
The Autogrowprime website doesn’t even mention the most important tool for forex trading – trading software. After registering an account we get access to a poor and non-functional imitation trading platform.
On top of that it is an imitation platform for binary options trading, not for forex and CFD trading. Binary options trading is associated with many scams and exploits, which is why it is banned in most regulated jurisdictions, including the UK.
But even if Autogrowprime had a more convincing platform, that would not make this website credible. Fake brokers use trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.
Legitimate 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.
AUTOGROWPRIME TRADING CONDITIONS
When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.
Instead, on the Autogrowprime website, we find a list of investment plans promising guaranteed returns. The minimum investment is 500 USD. For a significantly lower amount you could open a trading account with almost any licensed broker, including the industry’s leading brands.
The sketchy information regarding the trading parameters that Autogrowprime falsely claims to offer provide further evidence that we are dealing with a fraud.
First, Autogrowprime claims to offer cryptocurrency trading – but the UK’s FCA prohibits this type of trading. Autogrowprime also states that it offers very high leverage up to 1:1000.
The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.
AUTOGROWPRIME DEPOSIT/WITHDRAW METHODS AND FEES
Autogrowprime only allows deposits via cryptocurrencies. This is typical of financial fraudsters because cryptocurrency transactions do not allow the defrauded to request a refund.
While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, GiroPay or Sofort.
The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet withdrawal terms.
HOW DOES THE SCAM WORK
While browsing the interwebs there is a significant chance you will come across comments, videos, social media pages that promise easy ways to passively make money. If you follow the links you will be taken to websites claiming to be legitimate brokers or investment firms. And if you take the next step and make contact with the people behind these websites, you will be contacted by slick and experienced scammers who will lure you in with promises of easy profits. For a while they will convince you that your investment is generating impressive returns and you need to pour in even more money to make sure you don’t miss out on this once in a lifetime opportunity.
However, the attitude towards you will be changed if you want to withdraw your money. Suddenly, it will turn out that your investment makes losses and you even owe money to the fake broker for unexpected fees and expenses. They will show you clauses hidden in the Terms and Conditions, according to which you can only withdraw money after you have traded an impossible minimum volume, or that you will have to pay withdrawal fees of 20%, 30% or even more. When you try to hold them accountable you will find they are using fake names and shell companies in shady offshore jurisdictions without any regulatory oversight.
WHAT TO DO WHEN SCAMMED
Your options to recover your money are limited. If credit/debit cards were used for the transactions, you have the possibility to request a chargeback. But most scammers insist that you send them proof of identity and address with which they can dispute that the transactions were legitimate. Fraudsters also predominantly use cryptocurrencies, where refunds are impossible.
You should also be aware that there are many scammers who offer to recover your money for an upfront fee. You should not trust such offers. It is better to contact the relevant authorities in your country and warn them about the activities of the scammers.