Allinvestfx Review – Is this Broker a Scam?

Allinvestfx Review

The cryptocurrency market has been enjoying the spotlight for quite some time now and millions of people all across the world have joined in to take advantage of the opportunities.

But, it is a fact that the digital assets market is still relatively new and most people who jump in do not have a lot of knowledge and understanding about how it works.

This has made it a hotspot for scammers, so you have to be extremely cautious when looking for a crypto broker. This Allinvestfx review will tell you that you cannot take anything for granted.

Just because a brokerage appears to be decent and seems to tick all the right boxes is no guarantee that you can trust it. Scammers are flourishing in the crypto space because of lack of regulation and the lack of knowledge and many people have already become victims.

Do you really want to be the next? No one wants to see their hard-earned money go down the drain this way, so it is best to be careful when you are choosing a broker. You do not want to be deceived when you are trying to make money. But, how do you make the right choice?

The best way to approach this decision is to take a close look at a broker’s offerings and ensure that they are not just all talk and no delivery. As long as they can live up to the expectations they create, you can open an account with them.

It is a good idea to take the same route with Allinvestfx, which advertises itself as a safe crypto brokerage and offers a wide array of crypto, stock and indices CFDs to its clients. It is promising a powerful platform, great security and quick deposits and withdrawals.

Plus, the access to crypto CFDs is what draws people to Allinvestfx and it can be tempting to sign up. However, when you start taking a closer look at it, you will realize that there are some issues that show it is not what it claims to be. Let’s check them out:

The regulation and licensing

When you are trying to figure out whether a brokerage is authentic or a scam, the easiest way to find an answer is to look at their regulatory and licensing status. A regulated and licensed brokerage is unlikely to be a fraud because they are authorized by the regulatory body of the jurisdiction they are in.

This means that they are in compliance with the standards, laws and policies of the region and provide quality services that are in the best interest of the trader. Moreover, they can also offer security and transparency that their unregulated and unlicensed counterparts cannot.

It is not surprising to find out that most of the scam brokerages do not have a license and are not regulated by any financial authority. If you go through the Allinvestfx website, you will not find any mention of regulation and this should be the first sign that there is something fishy.

If you take a look at the address they have given on their website, you will find that it claims to have an office in Sofia, Bulgaria, which is part of the European Union.

This means that brokers operating in the country have to have a license from the local regulatory authority to provide their services, but Allinvestfx has no such license.

As a matter of fact, it is also going against the regulatory framework applicable to brokers in the EU, as it offers trading bonuses that are not permitted. A company that breaks the rules is certainly not one that can be considered safe or legitimate.

Terms and Conditions

It is necessary to check the Terms and Conditions of an online broker to know what you are agreeing with and the policies you can expect when you open an account with them. You should do the same with Allinvestfx and it is good that you do because you will find their bonus policy.

Firstly, it should be noted that the fact that trading bonuses are offered by the broker is already a big issue. Genuine brokers refrain from this practice, as it has been banned in several regions due to the unfair and exploitative nature of these bonuses.

This also includes Europe, where Allinvestfx is supposedly based, which means that it should not be offering a bonus at all. Yet, it is offering it and you will find that it does come with strings attached that are downright malicious.

According to the bonus clause in the Terms and Conditions, traders will have to achieve a certain turnover in order to make withdrawals from an account credited with a bonus. The turnover requirement is excessive and impossible to achieve.

What does this tell you? It means that Allinvestfx is going to use its malicious bonus policy to prevent people from making a withdrawal from their account.

Trading platform

The software required to execute trades and monitor the markets in real-time is called the trading platform and it comes with an array of tools and features to help in the trading process.

Of course, this depends on the platform you are using and this is where Allinvestfx is a disappointment yet again because the web-based platform it provides is underwhelming and shady.

It does not come close to the industry-leading and cutting-edge MT4, or MT5 trading platforms and is severely lacking in terms of tools and functionalities.

Payment methods

A look at the payment methods supported at Allinvestfx will give you another reason it is a scam broker because it only supports one method; wire transfers.

The problem with this method is that it is not eligible for a chargeback, so there is absolutely zero possibility of getting your funds back if there is any issue down the road. Your payments cannot be reversed if you find out you have been scammed.

The Verdict

These issues indicate that Allinvestfx is nothing more than another scam crypto broker that you should avoid in order to prevent losses.