Beware! Merricks Invest 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.
There was no mistaking Merricks Invest for the scam it is. The moment we opened the website we knew for a fact that this broker would be another unlicensed entity to review. However, we did not expect it to as bad as it was. And by bad we mean that it can easily qualify as one of the most cliched illicit brokers out there. Everything about it feels like it was taken from a scammer broker book. Read on for more.
The registartion process was quick, and we were soon redirected to one of the most common scammer user areas around, a template as a matter of fact, one that has been circulating the illicit community for years now. Not to mention that the area itself is very limited and offers very little.
But at least we have access to a web trader. There we find that the EUR/USD cost of trade is fixed at 3 pips. The available assets are forex currency pairs, cryptocurrencies, commodities, indices, shares, and NFTs. The leverage is capped at 1:200. Overall, very typical trading conditions for a shady broker
MERRICKS INVEST REGULATION AND SAFETY OF FUNDS
There are three main issues with the Saint Vincent and the Grenadines registration claim that Merricks Invest puts forward.
For one, this jurisdiction is home to the largest number of illicit brokers in the world, with thousands counting and the number seems to either stay constant or grow. Many are tryin g to base their shady business there.
Which has something to do with issue number two. And that is the local law structure and government regulations. Long story short, this jurisdiction allows for misconduct, there is no sugarcoating it. It’s profits from scammers, and that’s why it turns a blind eye to them.
And last, there is no FX regulator there, and there never was. Seeing the wave of scammer fluxing in, we don’t expect there to be one soon.
So, Merricks Invest is unlicensed and a risk to all. Do not invest here!
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 European, UK, US, 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.
MERRICKS INVEST TRADING SOFTWARE
This web trader is very familiar to us, and not in a good way. All of our past experiences with it have not been great, and not because it’s bad, but because it is used by scammers only.
In retrospect, we never disliked this web trader, we just did not find it too useful, but still it can be helpful for novice users. But the fact that it is used by scammers is the only reason why we do not recommend it.
MERRICKS INVEST DEPOSIT/WITHDRAW METHODS AND FEES
From the user area, we find that the minimum deposit is $250, while the available payment methods are credit cards and crypto wallets. Crypto deposits are untraceable and therefore lost the moment they are invested. We think that Merricks Invest will push for these. That’s why it offers more crypto wallets than alternative payment methods.
We come to the Deposit and Withdrawal Policy, a set of provisions that are basically the same, word for word, as other scammer who use them.
According to these shady provisions, there are a bunch of withdrawal fees, some for unexcisting payment methods: $50 bank transfers, $35 for credit cards, and $25 for e-wallets (even though there were no wallets anywhere). There is also a 10% charges applied withdrawals of account that have not made a minimum trading turnover 200, at the least!
There are further undisclosed fees that are as mysterious as they are dangerous. Do not invest in this scammer entity. You never know where the broker will steal from. Moreover, all personal details are at a risk! They can be stolen and used to damage the users reputation.
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.