Provinvest is the broker trying to take the spot of Novartis as FC Basel’s shirt sponsor. Prove investment is the pseudonym of this broker trying to penetrate the European market. Despite having a website with easy navigation, Prov Invest is a complete scam. Before you decide to ignore our case, we urge that you go through our findings. Thanks to our keen eye, we have concrete proof that supports our stand. Get all the facts in this detailed PROVINVEST Review.
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A Brief Overview of Provinvest
On their about us page, the broker tries to showcase the platform as an old broker. The date they claim to have started the brokerage service is November 12, 1998. According to the page, their headquarters is in Switzerland.
We know why the broker chooses this location, the allure of a successful broker. With Switzerland being the hub of financial institutions, they want to trap investors into signing up.
The signup process is fast, and the broker will require your email or phone address. Verifying the account is what makes this platform a hoax. The broker demands that you send a copy of your ID and credit card number.
When you ask why they need the credit card details, they claim it’s to verify when withdrawing. All legit brokers will either send an SMS with a code or email the code for verification. This is way too much information to give to an unknown entity.
Accolades and awards
There’s another false claim posted at the bottom of their homepage. The broker claims to have already won two awards. The broker won the 2019 Best Online CFD Broker and Best New Multi-Asset Broker awards.
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This possibly couldn’t be true as the platform did not exist at the time. Records show that Admiral Markets UK Ltd won the Best Online CFD Broker in 2019.
There’s a referral program that the broker claims marketers will profit from. After looking at some affiliate chat rooms in the UK, you get the truth. The broker hasn’t released any commissions to affiliate partners.
Victims are now turning their wrath to affiliate partners for directing them to a scam. With the growing list of victims, including professional online marketers, the platform will fail.
Assets and trading instruments
The broker claims to offer over 200 trading instruments. There’s no mention of types of assets, but we believe it’s the normal classes. You are bound to get commodities, forex, indices, and stocks. The broker boasts of offering leading American company stocks.
Members get to trade with FAANG stocks and other European company stocks. The broker claims to offer low spreads with free commissions on deposits and withdrawals.
Provinvest Ltd Company is the company we are told owns and runs this platform. There’s no mention of the CEO or CFO of the company. A look at Switzerland Company Registrar shows no such entity exists.
Other European countries also don’t have a company listed under this name. The owners are trying to hide behind the platform, which means this is an anonymous investment company. It rarely ends well with anonymous trading platforms.
Demonstration of trading
On their account features, there’s a demonstration of trading. What is weird with their demonstration is that it doesn’t use their platform. The demonstration is only available to ECN account holders.
A legit broker will allow anyone access to their demo trading without question. It raises more questions than answers as to why they would hide it from members. This is clearly a ridiculous move on the part of the broker.
Domain details (Provinvest.org review)
According to domain checker tools, the website is 259 days old as of publishing this post. It means they are barely one year in the trading world. The claim that the broker started in 1998 is an obvious lie.
Deception is the name of the game when it comes to scamming online investors. You can check out the domain’s history, as it clearly shows the site went live on July 21, 2020. The IP address is Germany which is probably their true residency.
Features of Provinvest
Provinvest furnishes users with four account types. These accounts include Standard, Gold, Platinum, and ECN. There’s no minimum deposit with the standard account, and there’s a catch instead.
The standard account holds no true advantage; it’s just an account for beginners. Other accounts come with features such as VIP trading tools and withdrawal priority. These accounts are there to trap different classes of investors.
According to the account features, all members get professional market analysts. These analysts must be doing a terrible job as no one is profiting with this platform. The broker is using call agents to act as analysts to show a professional website.
None of these call agents have a clue about trading. All they do is call members asking them to deposit more to earn high rewards. It’s a scam tactic that we have seen over the years.
Contact and support
Once you click the support tab, you get an email address to contact the broker. Sadly, the platform does not offer any live chat support. From experience, we know that offshore brokers want to control communication.
They decide when to respond or call you, which is not fair. Members have to wait for days or weeks before getting any response. That’s another reason to stay away from this platform.
Deposit and withdrawal
Nearly all depository options you can think of are available on the platform. These include Maestro, MasterCard, PayPal, WebMoney, Visa, and others. Withdrawing funds with Prov Invest is not possible.
For the past year, no one has come out with proof of withdrawing from this platform. And this is proof that there’s no reason to sign up with the bogus platform. All complaints have withdrawal as the main issue with the broker.
Provinvest License and Registration Status
Provinvest is not a valid platform and does not hold any license from authorities. It would be best if you stayed away or else risk losing your entire funds. The broker does not indicate their license number.
We are dealing with a broker that won’t offer any valid trading services. The broker should be open and inform users of their non-compliant status.
Safety of funds with Provinvest
There’s no safety of funds, especially from a broker without a valid license. All funds go directly to the broker’s personal account. There’s no segregation of account taking place, which is a breach of trading rules.
The broker does not even have a secure website as it lacks SSL encryption. Hackers may decide to attack the website and steal banking information.
Scam or Legit Provinvest
Provinvest is a scam that will take advantage of anyone who signs up and deposits with them. Avoid interacting with their call agents and choose better alternatives.
We don’t recommend using this platform for the above reasons.
Stay safe and trade with authentic experts with a proven track record.
Our team wishes everyone a safe trading experience.