Edex Invest Review
There was a time when people could only dream about trading in the financial markets. There were just too many barriers to entry, so most people were only left wishing. All that changed with the concept of online trading and these markets have become more accessible than ever. So, how do you start trading online? It all begins with a broker, as they provide the assets, platform and the other tools that are needed for doing the actual trading. It takes just one search on Google for you to discover that there are hundreds of these operating in the market. But, why do you need to go through this Edex Invest review?
It is because every single one of the brokers you will come across will promise you exceptional trading services. They will tout their features and services, trying to convince you that they are the best option for you to sign up with. However, if you were to accept all of their claims, then it would mean opening an account with every one of them. This is just not possible, so what do you do? You obviously have to choose just one broker and this means checking out the options carefully.
Not all the brokers that operate in the financial markets are authentic and trustworthy. Scams have become rampant and it is possible that the broker you choose may be a complete scam. They purposely add such offerings and features to lure in people, so you could easily become a victim. One such broker is none other than Edex Invest, which is showcased as an internationally trusted, world class broker that’s based in the United Kingdom. It is offering a variety of instruments, with more than 2,000 options, including forex currency pairs and CFDs on digital currencies, commodities, indices and stocks.
The leverage goes as high as 1:200 and it offers a web based trading platform, along with three account options. At first glance, Edex Invest comes off as legitimate and rather attractive, but it is only upon a closer look that you discover just how big of a scam it is. Go through the following review to find out:
Regulation and licensing
Whether a broker is licensed and regulated or not can go a long way in helping you decide whether to trust it or not. Knowing this fact, many scam brokers claim to be regulated and licensed these days because it draws in people. Most traders don’t bother actually verifying these claims, so they have to learn the hard way that it was just a trick to attract them. Edex Invest appears to be doing the same thing because it not just claims to be based in the UK, but has also provided license certificates to confirm its regulation.
Unfortunately, these certificates are actually from a private organization known as The Financial Commission. Such financial regulators don’t really have the resources to monitor internationally operating brokerages like Edex Invest and they don’t really have any authority. But, the funny thing to note here is that if you check The Financial Commission’s website, you will not find Edex Invest listed, which means it is not regulated by this entity either.
Furthermore, this organization doesn’t count because brokers operating in the UK have to be licensed by the Financial Conduct Authority (FCA). A quick check of their online register will show you that Edex Invest is not listed anywhere, which is another clear indication that it is a scam because it doesn’t have the license to operate in the UK at all.
Terms and Conditions
The terms and conditions you agree with at the time of signing up with a broker greatly determine the relationship you have with them. Therefore, they are an essential aspect that you need to go through and it is a good idea to do so in the case of Edex Invest because it further confirms that you are dealing with a scam. First off, not only do they have withdrawal processing and other handling fee, but they have also imposed a minimum trading volume requirement that you have to fulfill before being permitted to make a withdrawal.
Legitimate brokers do not do anything of this sort and what makes it worse is that Edex Invest will also charge a 10% levy on your withdrawal request, if it is submitted before you meet the trading volume required. Apart from that, it is clear from their policies that they have no intention of letting you make a withdrawal because they have also stated that the request fulfillment is not committed to any time frame. This means that they can take as long as they want to process a withdrawal, which means it is probably never going to happen.
If you need further confirmation about Edex Invest not being a legitimate platform that’s licensed to operate in the UK, you don’t have to look further than the leverage they are offering to their clients. A quick check of their website shows that they are offering leverage as high as 1:200 to traders and this is quite high and comes with substantial risk. Brokers in the UK are not permitted by the FCA to offer such high leverage because of the risks associated with it. Edex Invest is clearly not following these rules, which means it is not licensed in the UK.
This refers to the software provided by a broker for your trading needs and a web-based solution has been added by Edex Invest for its clients. What is the problem with that? Such web-based solution have become quite common amongst scam brokers, whereas authentic platforms will usually offer the MT4 or the MT5 trading platforms because they are generally more reliable and offer a lot more features and tools that are integral to the trading process.
Taking into account the lack of regulation and the outright lie about their licensing and regulatory status, along with the other issues, it is easy to conclude that Edex Invest is a scam broker that you need to avoid.