Anyone who decides to join the financial markets is fully aware that they have to find an online broker. Like every other space, you have to be on the lookout for scams here as well, especially because of the money involved. These markets have seen an increase in the number of scam brokers over the years because greater traffic means greater opportunities. But, how do people fall for their tricks despite knowing of their existence? Of course, these fraudulent platforms don’t exactly come with warning signs, but people should still be able to know. But, this Investagrico review will show you just how difficult it can be.
Gone are the days when scammers made giant blunders, making it easy for people to spot them once they were warned about it. Over time, these cybercriminals have gotten better and developed sophisticated techniques to attract more victims. When it comes to scam brokers, you will find that some of them do such a good job of portraying themselves as legitimate that even veteran traders may not be able to identify them as a scam. One such elaborate scam you will find is that of Investagrico, a broker that will appear in your search.
No one can tell that Investagrico is a scam just by looking at its website. They have none of the telltale indicators and have done a very good job of covering their actual nature. It is one of the most convincing scams you will find in the market these days. It appears to be fully legitimate, operating from the United Kingdom and with licensing in Cyprus. Plus, it promises a state of the art trading platform and excellent trading conditions. Basically, Investagrico is everything a trader could wish for and this alone should alert you to something fishy. After all, if something sounds too good to be true, it usually is.
So, what are the issues with Investagrico? You can find out below:
False regulation and licensing claims
One of the best ways to steer clear of scam brokers is to only choose licensed and regulated brokers because these are held accountable and follow proper laws and rules. Knowing that people prefer such brokers, Investagrico attempts to mislead people by making tall claims about its licensing and regulatory status. According to their website, a company named AGRICO HOLDINGS LIMITED owns and operates the broker and they have also provided a license number you can use to verify their claim.
As a matter of fact, Investagrico has gone as far as providing you a link that will lead you to the homepage of the website of the Cyprus Securities and Exchange Commission (CySEC), the supposed regulator of the broker. You will be shown the purported license that has been granted to the company. This sounds good enough, but the fact is that the CySEC website you see is a clone website. All you have to do is check the domain address to find out the truth.
The ‘license’ link on the Investagrico website leads you to cysecgov.com, whereas the true domain address of the financial regulator is cysec.gov.cy. If you visit the genuine website and run a search for the broker or the company behind it, you will not find their names anywhere. This shows that it is nothing but an elaborate scam that has been designed to trick people into considering it a regulated and licensed broker.
Problems with the Terms and Conditions
If their regulatory issues weren’t bad enough, you will also find flaws in Investagrico’s Terms and Conditions, specifically those pertaining to the trading bonuses they offer. First off, it should be noted that most regulated markets do not permit brokers to offer these trading bonuses because of their exploitative nature. These usually come with strings attached that go against consumer protection laws, so these were banned.
Not only is Investagrico offering trading bonuses, but it has also taken full advantage of their exploitative nature. The trading bonuses offered by the broker come with strings attached, which means traders have to fulfill minimum trading volume requirements before they can make a withdrawal. The requirement itself is ludicrous and what’s worse is that if you are somehow able to come close to achieving it, the broker can simply change its policy. Indeed, another condition they have added is that they are free to change their bonus policy whenever they wish, which essentially means that you will not be allowed to withdraw your money at all. This is something only a scam broker would do.
Some might consider high leverage as an advantage, but it is a disadvantage because it increases your risks significantly. Trading in the financial markets is already very risky and leverage only adds to it. This is why regulated markets like Europe and the UK have restricted the amount of leverage that can be offered to traders. You will discover that Investagrico is offering leverage as high as 1:300, something it shouldn’t be doing if it was really licensed by CySEC. This is just further confirmation that the broker is unregulated and only trying to fool people.
Conflicting minimum deposit requirements
It doesn’t become immediately clear as to how much minimum deposit you have to make at Investagrico because they are offering three different set of account options to people. Which ones are actually available? This is hard to determine, which means you either have to make a minimum deposit of $250 or $500. A legitimate company would be transparent about their requirements and not provide conflicting information that leads to confusion.
No MetaTrader available
Last, but certainly not the least, Investagrico is offering a web-based platform to its clients, but you cannot access it without signing up. Most importantly, this means that you do not get to use the MetaTrader platforms, which are considered the top options in the market.
After you are doing going over Investagrico’s offerings, you can easily determine that it is not a trustworthy broker at all and is actually an elaborate and well-designed scam.