Table of Content
AllinvestFX Review – Never Invest with This Scam Broker
Table of Content
AllinvestFX Review , Let’s say you’re new to trading. You want to test your luck at the financial market table but you lack experience. Across the table from you, there’s a broker, i. e. your dealer in this game. However, whether this dealer is trustworthy or not remains to be seen.
Before you start betting big, allow us to teach you a few tricks and what to look out for. The AllinvestFX Review will go all-in on this fraudulent broker and expose its malicious intentions.
|Headquarters||1592 Sofia City, Sofia District; Metropolitan Municipality, Iskar Region, R. A. Druzhba – 1 Bl. 64, en.A., fl.2 ap.4|
Are You Protected at AllinvestFX?
Round one – regulated status. We’ve got an awesome hand here so we’re going to call. AllinvestFX claims to be owned by Plan B ltd based in Sofia, Bulgaria. Thus, we assume that the broker adheres to the strict rules imposed by the European Union when it comes to trading since Bulgaria is an EU member state.
The first and most important rule is that financial providers must be licensed by local regulators. In this case, we’ve got the Bulgarian Financial Supervision Commission (FSC). On the turn, we’re simply going to check the facts and see if our financial swindler has a license.
The river is out and we have a clear advantage. Upon checking the FSC website, we found nothing on AllinvestFX. Therefore, we are going to call the bluff.
Bingo, we’ve caught the scammer in its lies. Now we are the big stack and we plan to raise the stakes here.
Available Trading Software Overview
Let’s make a quick overview of the trading software that AllinvestFX claims to offer. There is scarce information about the platform itself on the website. The illicit broker promises “innovating trading tools and world-class speed execution,” but we highly doubt it.
What we are treated with is a simple web-based platform that is actually pretty shady and lacks the advanced tools mentioned. In general, scammers can easily get a hold of this kind of platform.
Also, they prefer it because it is pretty handy when it comes to manipulation. On the platform, they allow you to make a deposit and then they fool you into believing that you’re actually trading. Hence, we advise extreme caution when dealing with browser-based platforms.
Account Types Offered
Here’s how this particular scheme works – there’s no demo account, which is an immediate red flag, and there are no account types. The scam broker contacts potential clients and promises them pots of gold in an unrealistically short period of time, basically overnight.
Depending on how selective the fraudster is, clients may receive a promo code that marks them as suitable victims. This sets the scam in motion and the trickster will try to squeeze as much money out of the clients as possible. Afterwards, it simply vanishes and reappears under a different pseudonym.
Market Instruments Traded
AllinvestFX seems to have rejected traditional instruments such as Forex currency pairs, commodities and stocks. Instead, it has opted for more modern ones, i. e. cryptocurrencies. The reason could be recency bias and all the controversy surrounding crypto but we are unsure. Nevertheless, let’s take a look at the leverage the fraudster offers.
The leverage we found is 1:5, which is perfectly in line with what regulators prescribed for crypto trading. Anything higher than that could result in great losses, especially given the volatility of that market. Thus, for the first time, AllinvestFX managed to get something right. Yet, we could not find anything on the spreads that are available.
The lack of transparency is bothering us. We are still not convinced that anything AllinvestFX said is legit or credible.
Deposit and Withdrawal Procedures
We’ve arrived at a key point in this review, which is the payment method that AllinvestFX accepts. The unscrupulous broker proved to be pretty unsophisticated in this segment since it only accepts wire transfers. Any legitimate broker would at least offer you three different methods (credit cards, e-wallets, crypto, etc.). The minimum deposit was not disclosed.
Furthermore, the scammer included bonuses. Do you want to know why regulators banned brokers from issuing bonuses?
Check this clause out – AllinvestFX says that “a precondition for making withdrawals after using the bonus/benefit is to buy options of 30 times the amount of the bonus/benefit plus the deposit amount. Example: (deposit + bonus x 30 = required turnover for withdrawal).” Of course, bonuses come with strings attached in order to prevent you from withdrawing.
How Do I Recover My Money If AllinvestFX Scams Me?
We did not need odds and probability to beat this fraudulent broker, only facts. Now, we hope this review gets to you in time before you invest with the scammer. However, if you’ve already deposited your funds, then it’s up to us to tell you about a recall.
A recall is a process of reversing wire transfers. It will only work if the transaction has not been completed. Therefore, it’s imperative that you act quickly and rush to the bank.
- AllinvestFX claims to be a legitimate broker that operates in Bulgaria;
- It is unregulated, shady, non-transparent and violated several rules;
- The minimum deposit was not revealed on the website;
- The broker only offers crypto trading;
- The trading platform is web-based, lackluster and unpolished;
- The scammer only accepts wire transfers.
FAQs About AllinvestFX Broker
Is My Money Safe with AllinvestFX?
Your money is not safe with AllinvestFX because the scam broker is unregulated and anonymous.
Does AllinvestFX offer Demo Account?
AllinvestFX does not offer a demo account on its website, only a live one.
What Are The Funding Methods For AllinvestFX?
AllinvestFX claims to accept only one funding method - wire transfers.