InvestTeck Scam Warning
When you begin searching for a new online broker, you will find the internet teeming with options. The problem is that every broker’s website will make tall claims and offer you the world, but when you delve deeper, then you realize that not all of them can be relied upon. There are tons of stories about brokerage scams and many traders have ended up losing their hard earned money. If you don’t want that to happen to you, it is best to do your due diligence. This means checking different aspects of a broker before signing up with them because once you do that, your money will be stuck. If it is a fraudulent entity, they will not let you withdraw your money.
The same applies to InvestTeck. When you check out the website, you will believe it is the best broker out there and can cater to your needs in the best way possible. But, a close look may reveal otherwise. It is a CFDs and forex broker, owned and operated by GreenRiver OU. According to their website, InvestTeck is a financial services provider that offers a wide array of investment products, but the reputation of the company behind it is quite questionable.
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There is no doubt that InvestTeck does offer an extensive selection of currency pairs. You can find more than 50 currency pairs, which include major, minor and exotic ones. Other than currency pairs, the broker also provides a number of CFDs, which include different stocks, some agricultural commodities, natural gas, silver, gold, platinum, oil, 5 indices and even some prominent crypto coins, such as Dash, Bitcoin, Ethereum, Ripple and Litecoin. Also, their minimum deposit requirement is also in the same range as that of reputable brokers. You have to deposit $250 to get started as an initial investment, which seems acceptable.
However, these features are not enough to counter the problems associated with this broker. If you are wondering why InvestTeck should be avoided, here are some major reasons:
No regulation or license
As mentioned earlier, the company behind InvestTeck is the GreenRiver OU, which has its offices in Estonia and Ireland. It should be noted that all companies that offer financial services in the European Union should have a proper license issued by an official regulator, such as the BaFin in Germany, the state bank regulator in Tallinn, Estonia, the Cyprus Securities and Exchange Commission (CySEC), the Central Bank of Ireland and the Financial Conduct Authority (FCA).
InvestTeck claims to be regulated, but if you check the Estonian online registry, you will not find the broker listed. It is not licensed by any other organization either, which is an indication that InvestTeck shouldn’t be trusted. In addition, there are some other brokers that are operated by GreenRiverOU. The local regulator has blacklisted them and the Australian Securities and Investment Commission (ASIC) has also banned them and this doesn’t speak well about the company.
Unusual withdraw conditions
One of the most notable offerings of InvestTeck is the 200% welcoming bonus promised to all clients. For some people, this sounds like fantastic news, but when something is too good to be true, it usually is. In reality, the broker just uses this as an excuse to cancel all the withdrawal requests that are submitted by traders until they achieve a minimum trading requirement of $2,000,000 for every $500 that you get as a bonus. This practice is regarded as very controversial, so much so that it has been banned in Europe and no brokers are allowed to use it.
Other additional fees
If you check out the most reputable brokers in the market, you will notice that they are all straightforward and transparent about their fees. They don’t have any hidden charges, which is another assurance of their legitimacy. The fact that InvestTeck has various additional fee that it doesn’t disclose right away sends up a red flag. The broker charges a 3.5% service fee on every withdrawal request, which is not less than $30. Moreover, there is a $7.5 monthly maintenance fee to be paid, $5 for every successful trade made and $1.5 is charged as profit clearance fee.
The bad news is that this is not where the charges end. A trade commission is also charged by InvestTeck if you don’t achieve a trading volume of $1,000,000. There is also an additional fee applicable when you make the withdrawal through a credit card. It is worth noting that such fees are not charged by any of the legitimate brokers in the market.
Limited payment methods
As compared to other similar brokers, InvestTeck has limited payment methods to offer to its clients. You can only use BPay, MasterCard, Visa and bank wire. You will not find any e-wallets like Skrill, which is a red flag because they have recently introduced a new anti-scam policy, which means they only offer their services to officially authorized brokers. Since InvestTeck is not a properly licensed, Skrill is not supported.
The spreads offered by a broker have an impact on your cost of trading so they are definitely worth considering. The problem with InvestTeck is that the spreads are relatively higher than other brokers in the market. The EURUSD spread is around 3 pips, which is nearly twice as much as regular brokers charge.
MetaTrader 4 not supported
This is another negative aspect of InvestTeck as they don’t support the popular MetaTrader 4 trading platform. Instead, they have a very simple web-based trading platform that lacks a number of trading features that are available with the MT4. The lack of features of InvestTeck’s trading platform and the fact that it is not compatible with most devices indicates that it is quite unstable. Such platforms are usually vulnerable to cyber-attacks and are a breeding ground for identity and data theft.
InvestTeck is not a properly licensed and regulated broker, which means trusting them with your funds is not safe. Such brokers are mostly scams and it is best to steer clear of them.