Warning! InvestCenter is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
InvestCenter will surely lure you in with its interesting “dirt” aesthetics and promises of profit, but are these promises all talk, or is this actually the broker for you? Read on to find out.
Traders will be sad to learn that InvestCenter is registered in St. Vincent and the Grenadines. Readers should be aware that SVG does not regulate the forex market. The company may be registered there but that is of little interest to us, since a broker with a registration but without a regulation is considered a risk for all those who invest in it. Thus InvestCenter is in fact UNLICENSED and therefore a risk to all that invest in it. We had hopes for this one, but alas our suspicions are yet again met.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
We registered a MINI account, which opened a trading platform that gave us a EUR/USD spread of 4 pips. Such a high spread is unacceptable, is a clear sign that the company is unregulated, and is in fact only favorable to the broker and not the trader. The leverage has been capped at 1:200.
The spread value probably changes from account type to account type. There were other types that claimed to offer lower spreads, but seeing as the Mini spread is so high, we have little hope that the other costs of trade are much favorable to traders.
The trading terminal has given us Forex Pairs, Crypto, Commodities, Indices, and Shares as trading assets. Overall a very good selection.
The three languages available are Spanish, English, and Portuguese.
The broker utilizes a very common web based trading platform that is always been associated with unlicensed brokerage firms. The options for customization are limited: there are no pending orders, no expert advisors, and barely any room for customizing. The entire feel is sloppy and unfinished. We do not recommend it.
The leverage is capped at 1:200 which is surprising, given the fact that the broker is both offshore and unregulated. However, a lower leverage means that clients will have to deposit more, which is the main thing a scammer broker aims for. The EUR/USD spread using the Mini account is 4 pips, which gives the upper hand only to the broker.
The Terms and Conditions mention on numerous occasions that the broker charges commissions on opening/closing trades. Below is just an example of such a clause.
INVESTCENTER MINIMUM DEPOSIT
The only payment method revealed to us by the client dashboard is Credit/Debit Cards, and Wire Transfer.
The minimum deposit required is $200.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
INVESTCENTER WITHDRAWAL TIME AND FEES
We found no withdrawal button anywhere. This is a major reveal as to the fact that InvestCenter will not return your money. Nevertheless, we will draw the following info from both the legal documents.
The company processed request in 5 days.
The minimum withdrawal is $100 which is an ok value.
Withdrawal fees are present. Silver, Gold and Platinum accounts are allowed one free withdrawal per month. All accounts are charged, including the ones just mentioned (after the initial monthly withdrawal), with 3.5% of the withdrawal amount. If the 3.5% is below $30, then the fee will be fixed at $30.
ADDITIONAL FEES AND TAXES
The broker gives us a range of fees in its T/Cs. The first one is a Profit Clearance fee of $1.5-$3 per trade, which can amount to quite the charge. The next fee is a Maintenance Fee of $20 per month. The next fee is charged if a client has not verified his/her account 30 days after the first deposit. The charge is $50.
The dormant account fee is $50 per month. An account is considered dormant if no trades have been detected for a period greater than 60 days. This dormant fee is extensively high.
The next clause binds the client to pay the broker back for any costs and expenses that may arise from a conflict between the client and the broker.
Every Wednesday overnight fees are multiplied by 3, which is unheard of with legit brokers.
And last but not least, the indemnity clause that binds all the aforementioned clauses mentioned above.
Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
InvestCenter is a very strict illicit broker that will harm your investment, simple as that. Do not invest here!