Is there any way one can take Invest360Vip seriously, considering the name it has chosen for itself? Most brokers rely on simplistic but empowering names that convey authority and expertise, while some, like Invest360Vip, seem to deny the importance of labeling. In fact Invest360Vip is looking very loose, by rehashing familiar templates for its website design, while also including very small amounts of text, most of which is nothing but filler. Indeed there is something very unwelcoming about this brokerage, and as we shall see, this is mainly what Invest360Vip has going for itself. Ironic as this is, the limited nature of it all speaks for itself. The following review covers all you need to know about this one.
The account opening process was criminally fast, taking no more than 10 seconds to complete. The laid-back execution resulted in a broken client area.
As you can see, the dashboard is utterly broker, and the only thing that one can do is deposit or Trade. But more on that later.
What does this tell you? This is one in many instances in which Invest360Vip turns on its head, and completely disappoints.
We did open a trading platform, which proved to be irrelevant, since we could not actually use it. It lay there open, teasing us by never opening its doors fully. What this means is that all trading conditions will be taken from the website, a source of information that we do not trust. However, for the purpose of this review, we will include it.
Surprise, surprise, the website holds no trading information of any kind. By now it’s know that we fully grasp the extremely limited nature of Invest360Vip. As far as we’re concerned, Invest360Vip does not allow for trading… So what is Invest360Vip actually? Maybe the dashboard is temporarily down; if such was the case the broker should have induced a clear apology.
English, Spanish, Italian, and German are the available languages in which the company offers its services.
INVEST360VIP REGULATION AND SAFETY OF FUNDS
As you might have guessed by now, the broker we are reviewing cannot in any way be licensed. No self respecting agency would allow Invest360Vip to be a part of it roster.
This is why Invest360Vip has taken the alternative approach, and has established its operations in St. Vincent and the Grenadines. This cluster of islands is overflowing with illegal brokerage firms that have scammed thousands of people for millions of dollars over the last decade or so. The country has stated that it does not have a financial regulator, but that has not stopped it from welcoming unregulated brokers from around the globe.
Invest360Vip is completely and utterly UNREGULATED, and an obvious risk to any investment made with it. We suspect that the website has been long abandoned, yet on the footer one can clearly see the Copyright © 2020. All Rights Reserved.Inter Media Ltd label. Either the owners of the website use this in some other way (cross referencing via phishing ads?), or they just are keeping this as a backup site. Whatever it might be, we advice against making any investments.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
INVEST360VIP TRADING SOFTWARE
The MT4 is surprisingly owned by the same holding company, Inter Media Limited, that is responsible for the current broker. However, we were not able to open a live version of it, even a demo one, because the broker never gave us log in credentials to use. Thus, what we are left with, is a fully functioning MT4, that is not accessible.
Nevertheless, we will never grow tired of praising the MT4, for it is one of the main reasons why forex trading is more popular than ever. Yes, the learning curve is steep and the MT4 is meticulous, yet once you get the general vibe of it, you will be eager to learn more until you master it. Even in the early stages of learning, the MT4 reveals much about its limitless possibilities. We cannot recommend this platform enough!
Too bad that many illicit brokers, of which Invest360Vip is definitely one, take the MT4 for granted and make a joke out of it.
INVEST360VIP DEPOSIT/WITHDRAWAL METHODS AND FEES
According to the payment terminal, which actually worked after numerous attempts at opening it, users can deposit only through cryptocurrencies, meaning that there is no real limit on the amount one can deposit, even if the website claims that users can deposit a minimum of $250.
Withdrawal processing times and fees are not disclosed. However, the Terms and Conditions document mentions the possibilities of charges from multiple sources, so expect to be commissioned for anything, really.
However, and this is a big one, Invest360Vip clearly states in its legal document that profits derived from trading are not withdrawable. The so called Non-Deposited Funds clause makes an infamous return, once and for all nailing the last nail on the coffin of this waste of a scammer broker.
To tie this whole mess that we have reviewed thus far, is the notorious indemnification clause. This crucial element is found at most illicit brokers, for the reason that it grants total exemption to Invest360Vip in case a user is financially victimized by the broker’s website and services.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.
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