Beware! INVDaily 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.
INVDaily’s site is quite poor both in quality and its quantity. The broker is essentially one big scammer attempt, as the following review will reveal.
The main regulatory claim is thar INVDaily is fully integrated in Saint Vincent and the Grenadines, the one location where most legit brokers wish to avoid. There is no legal FX regulator in place, and there is a nation wide unofficial tolerance policy towards scammer brokers, making Saint Vincent and the Grenadines the prime scammer jurisdiction for unlicensed brokers. INVDaily is definitely not regulated there, even if incorporated; if the latter is true, it does not really make that much of a difference.
The legal documents mention the applicable laws of the UK, but this is such a incongruous statement, that we easily passed it by without paying it attention: INVDaily is not licensed nor registered in the UK. Any activities it has going on there are illegal.
INVDaily is unlicensed and a risk to all. Do not invest here!
| Guaranteed Funds | Segregated Accounts | Negative balance protection | |
| INVDaily | ❌ | ❌ | ❌ |
| UK regulated brokers | £85 000 | Yes | Yes |
| EU regulated brokers | €20 000 | Yes | Yes |
| AU regulated brokers | No | Yes | Yes |
| US regulted brokers | Yes | Yes | No |
INVDaily Trading software
| Analytical tools | Auto trading | Custom indicators | Mobile apps | |
| INVDaily Web Trader | ❌ | ❌ | ❌ | ❌ |
| MT4 | 30+ indicators | ✅ | ✅ | Android |
| MT5 | 50+ indicators | ✅ | ✅ | Android |
| cTrader | 40+ indicators | ✅ | ✅ | Android and iOS |
We come to the web trader of INVDaily, although the first time we came across it we knew that this wasn’t really any sort of functioning web trader.
In fact, we do not consider this to be a trading software at all, since there are a number of indicators showcasing this. For one, all the spreads are fixed, there are no charts – unless you count the TradingView charts that appear when clicking the small graph symbol next to each asset, useless as they can be – and no options at all.
We cannot recall seeing anything as bad before that still retains the looks of a web trader. We assure you that the following trading conditions we are about to talk about really are not applicable, but for the sake of the review, we will include them.
INVDaily Trading instruments
| Currency | Stocks | Indices | Crypto | Commodities | |
| INVDaily | ✅ | ✅ | ✅ | ✅ | ✅ |
| XM | Yes | Yes | Yes | Yes | Yes |
| FBS | Yes | Yes | Yes | Yes | Yes |
| FXTM | Yes | Yes | Yes | Yes | Yes |
From the web trader we are given the following assets: forex currency pairs, commodities, indices, stocks, and cryptocurrencies. Not that they will ever be able to be traded with.
INVDaily Spreads and cost of trading
| INVDaily | XM | FBS | FXTM | |
| Spread EURUSD | 0.9 | 1.7 | 1 | 1.1 |
| Spread GBPUSD | 1.5 | 1.3 | 1.2 | 1.4 |
| Spread USDJPY | ❌ | 1.3 | 1.2 | 1.4 |
These are the major FX pair spreads we got form the web trader. All were fixed, and unreliable. The EUR/USD spread was 0.9 pips; the GBP/USD cost of trade was 1.5 pips; the USD/JPY pairs had no value.
There are very vague mentions of spread commissions that are so incomplete that we are not sure whether they apply or not. But, the broker has not given further info.
INVDaily Maximum leverage
| Forex | Stocks | Crypto | Gold | Indices | |
| INVDaily | 1:100 | 100:1 | 1:100 | 100:1 | 100:1 |
| UK regulated brokers | 30:1 | 5:1 | ❌ | 10:1 | 10:1 |
| EU regulated brokers | 30:1 | 5:1 | 2:1 | 10:1 | 10:1 |
| AU regulated brokers | 30:1 | 5:1 | 2:1 | 10:1 | 10:1 |
| US regulated brokers | 50:1 | ❌ | ❌ | ❌ | ❌ |
All leverages are capped at 1:100, even for the shares and crypto, which are usually no more than 1:20 and 1:2 respectively. Just another indication that the broker is a risk.
INVDaily Deposit and withdrawal methods
| Deposit time | Withdrawal time | Price | |
| Bitcoin | 24 hours | 5 days | 3.5% up to $30 |
From the user area, we are told that the only payment method is a single Bitcoin wallet, where the user has to invest straight into it.
Meanwhile, the withdrawal area reveals that Monero is only available as a method to take out money, although we don’t believe that the broker would ever allow the user to withdraw. The processing time is 5 days as per the legal docs.
INVDaily Minimum deposit
| INVDaily | XM | FBS | FXTM | |
| Minimum deposit | $1 | $5 | $10 | $5 |
There was no minimum deposit revealed anywhere. Usually with crypto wallets, it’s as low As $1, which makes the broker extremally alluring to retail users, and as a consequence an even bigger risk.
INVDaily Withdrawal requirements
| Trading volume | Fee/Tax on withdrawal | Minimum withdrawal | |
| INVDaily | Not Disclosed | 3.5% up to $30 | $100 |
| UK regulated brokers | No | No | No |
| EU regulated brokers | No | No | No |
| AU regulated brokers | No | No | No |
| US regulated brokers | No | No | No |
Clients are granted on withdrawal free of fees. Then each withdrawal will be issues a 3.5% commission of up to $30. The minimum withdraw is $100 as read in the legal docs.
We find other fees, so bear with us as the broker is definitely brimming with them.
- $50 dormant account fee applies to an inactive account of more than 60 days, which is just ridiculous, considering that the industry average dormant account fees is $5 for more than 6 months of inactivity.
- Profit Clearance commissions that depends on the investment return, which rests between $1.50 and $5 per trade!
- Аccount maintenance fee of $20 per month, on the first day of the month, seeming like a calendar fee, which can set the user back $60 in the span of 30 days.
- Tax fees are revealed, but INVDaily does not make it clear how they apply.
- Incomplete Application Fee of $50 applied if a user has invested and has not provided ID confirmation details within 30 days of that deposit.
In the legal documents there are all sorts of charges mentioned in passing: government fees, account “activity” fees, third party fees, and many more, all unrevealed and fraudulent.
