Beware! MTInvesting 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.

 

MTInvesting is an Italian FX scam that seems to be going through a subtle identity crisis defined by the contradictory details it talks about on its site. The main idea behind this firm, if one is to land on the website for the first time, is that it is a metaverse based platform, but then it forgets about this and starts talking FX shop. We find that only the worst brokers try to fit in as many fake statements as possible, only to end up in a bug mess.

We opened an account in seconds , and were granted access to a very messy user area a mess. Once the registration was over, the web trader was the first thing presented to us. Just so you know, a quick and easy registration that leads straight to the client trading software is a tactic used to retain users.

Anyway, the web trader reveals that clients can trade with forex currency pairs, commodities, indices, stocks, and cryptocurrencies. The EUR/USD spread is 1.9 pips, and we found no leverage details anywhere. Unfortunately, these trading conditions are decent and therefore are dangerous to unsuspecting clients.

MTINVESTING REGULATION AND SAFETY OF FUNDS

Usually when a broker mentions a contact address it should mean that the firm has a certain amount of presence in the given jurisdiction. That’s the principle, but with broker like MTInvesting , it’s not really the case. That is why when we saw that the firm was advertising a Canadian contact address, we had no reason to take it seriously. But for those of you wanting more, here goes. In Canada, as in any other jurisdiction, a broker must be regulated in order to be legally registered there. In Canada’s case, the regulator is the Investment Industry Regulatory Organization of Canada (IIROC), and it has nothing on MTInvesting. Therefore this Canadian address is either fake or illegal.

On a completely different note, the website it originally in Italian, which means not that it is based in Italy, but that it targets Italian users. That is even more obvious when one considers the official CONSOB warning put against MTInvesting. So, at least one regulator has paid attention to the broker, albeit the equivalent of being under the crosshair of someone.

MTInvesting is completely unregulated and a risk to all invested capital.

It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on EuropeanUKUS, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.

MTINVESTING TRADING SOFTWARE

There are many things that are wrong with this trading software. The first things that comes to mind is the third party chart used as a main graph. This begs the question whether the spread values are woned by the broker or not.

And that’s just the start of it. How about the question pertaining to the lack of serious trading options. Relying on the most basic tools is not enough to compete in today’s world of forex. Not to mention that MTInvesting is a scam, making this web trader definitely not worhty.

MTINVESTING DEPOSIT/WITHDRAW METHODS AND FEES

There was no way to invest or access the payment area. We do get a crucial piece of info clear though, that the only depositing method is through wire transfer. But other than that, the client is told to contact the site administrator in order to continue with his or her deposit process.

The withdrawal area limits all request to a minimum of €100.

According to the website, the minimum deposit requirement is €250, and that’s all the payment information that we have for you today. There are no mentions of any fees, whihc is the biggest concern we can have. Without mentions of fees, we cannot be sure if there are, although seeing that MTInvesting is unlicensed, there probably are tons of hidden commissions.

Don’t invest here! All will be lost!

HOW DOES THE SCAM WORK

Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.

It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.

Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.

The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.

On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.

WHAT TO DO IF SCAMMED

The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.

Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!

Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.

And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.

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