InvoTrade Review: Invotrade.com Brutal Offshore Firm
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InvoTrade makes many promises to its clients, including offering a dynamic cryptocurrency market. In reality, however, this broker is an online scam, despite their efforts to convince us otherwise. In the online trading market, you must ensure you are working with licensed and honest crypto brokers. This way, you will experience a smooth trading process.
Over the years, forex trading scams have evolved beyond the simple “too good to be true” schemes. They now employ sophisticated tactics, creating professional-looking websites, offering fake testimonials, and even manipulating trading software. Social media platforms have become fertile ground for these scammers. They use targeted ads and influencer endorsements to reach potential victims.
About Invotrade.com
One of the most striking aspects of this broker is the website. We noticed that it is well-designed and aesthetically appealing. For some customers, this may make them believe the broker is legit. However, although the broker has invested in the website, they haven’t committed to honesty.
They promise to unleash your trading potential but crucially omit details on how they will achieve this. InvoTrade registered their online domain on December 8, 2023, and it will expire in December 2024. The broker does not intend to remain in the market for very long. This is typical of forex trading scammers. Their plan is to enter the market and exit within a year, or sooner.
Founders and Team
This scammer has no records of who established the company. The only names we found on the website were of people who claimed to have worked with the broker and had a pleasant experience. However, all these were fake testimonials to convince traders that the firm was legitimate. We knew better than to trust them.
Many scam brokers operate under multiple aliases and frequently rebrand. If regulators knew their real identities, they would shut down their operations. By remaining anonymous, they can close down one operation and start another under a different name. By not revealing their leaders, they also minimize the risk of negative media coverage and public scrutiny.
InvoTrade Contact Details
The broker provides a phone number, email, and physical address to their back office in Luxembourg and headquarters in the United Kingdom. While this appears legitimate, it is not accurate. Although the company has given these details, they are incomplete because there are no specifics about the room number or building where the offices are based.
A forex broker should have multiple communication channels. Today, there are many social media platforms where traders can interact with their brokers. Scammers avoid social media and the few that do turn off comments so that people cannot give their views.
InvoTrade Regulation
InvoTrade claims to have 11 global awards and operates in 94 countries. They also claim to offer traders protection against negative balances, a key feature of a regulated broker. However, this fraudulent broker is not licensed. Since they are based in the UK, they should be under the oversight of the Financial Conduct Authority (FCA). We checked the FCA’s website and found no record of InvoTrade.
What’s worse, the Russian financial watchdogs have warned people against trading with this shady broker. Without oversight, scam brokers engage in unethical practices like market manipulation. Regulated brokers are obligated to segregate client funds from their own. Unlicensed brokers often disregard this practice.
Trading Conditions
With this broker, you can trade indices, currencies, stocks, gold, and cryptocurrencies. The leverage is 100:1, and the spread is from 0.1 pips. These parameters, however, further prove that the broker is illegitimate.
For example, the FCA does not allow retail traders to trade cryptocurrencies. Furthermore, the maximum leverage for retail traders under FCA guidelines is 1:30.
Final Verdict
InvoTrade is a scam broker. They have tried to appear real, but they are not. As a trader, you must be careful about trading with unregulated brokers because, in case of losses, you can’t retrieve your money.
There are no Terms and Conditions or any Client Agreement forms for traders to fill out. Thus, the broker is operating in the shadows with no shred of legitimacy. Avoid this company and instead work with honest and transparent crypto brokers.
