While fake and fraudulent brokerages flood the online trading world, it’s hard to trust anyone. However, in our honest reviews, we try our best to divulge all the scammers with their red flags and filter the vast spectrum of the brokerages.
Today, we would like to introduce you to another online brokerage firm that you should avoid by all needs.
Our InvestTeck review will point out several alarming details of the broker that will help you see their natural face.
A few words about the company: What is InestTeck?
First of all, the InvestTeck.com website is significantly insufficient for the traders. The provided information is very ambivalent, with no transparency about the prices and actual trading conditions. However, we still could find some critical details that are worth your attention.
InvestTeck is a CFD and foreign exchange broker who deceives unsuspecting registered investors.
InvestTeck is owned by GreenRiver OU and claims to be located in Dublin, Ireland.
According to the website, InvestTeck is a world-renowned financial service provider that provides a range of investment products, including foreign exchange, cryptocurrency, indices, and commodities.
However, the company did not provide any information about it
Regulation and the reputation of the owner company are pretty questionable.
Lack of regulation and funds’ safety
As we mentioned above, InvestTeck is owned and operated by GreenRiver OU. GreenRiver OU’s registration address is in Tallinn, Estonia. GreenRiver OU has been blocked in Estonia by the local supervisory authority, the Estonian Financial Supervisory Authority, and banned by the Australian Securities and Investments Commission in Australia. Obviously, all agents associated with GreenRiver OU should be avoided.
Besides, your funds are not secured with the broker. Generally, the funds of an unauthorized or unregulated broker will never be safe.
Another worth noticing red flag is zero information on how the clients’ funds are segregated or located. The broker does not mention their deposit bank partners. As a result, it means that the broker does not segregate accounts, which means they concentrate their funds in one account.
Having company’s and clients’ funds in the same bank account is super risky for the traders as in case the company bankrupts, the clients’ funds will get lost too. Thus, always pay attention if the broker uses segregated bank accounts for funds.
InvestTeck’s lagging trading platforms
According to their platform page, the broker offers two types of platforms. Desktop and mobile platforms are devices used by members to trade with the broker. For a platform to be considered fully functional, it must be compatible with all devices. We tried to test their platform, but unsurprisingly, the download procedure was lagging and did not give us a chance to test it.
An unstable platform is a massive panic for any investor who signs up with such a service provider. These platforms make users vulnerable to cyber-attacks. Hackers find that unstable platforms can quickly breed data theft. Due to the unstable platform, these hackers will steal credit cards and personal information.
Account Types offered by InvestTeck
InvestTeck provides investors with five types of accounts to choose from. These accounts include basic accounts, silver accounts, gold accounts, platinum accounts, and diamond accounts. With a basic account, users need to deposit $250 to start trading.
Other account holders must deposit at least USD 5,000, USD 50,000, USD 100,000 and USD 500,000 respectively. The problem with these accounts is that they have almost the same advantages. Why would someone deposit more than 500,000 USD and get the same advantages as a 50,000 USD depositor? This is one of the disadvantages of some of these accounts. The account manager also differs depending on the type of account selected by the user.
Deposit and Withdrawal policies
In terms of depositing funds, the broker has covered this area well. As expected, these scammers will ensure that investors have all easily available deposit channels. They use Visa, MasterCard, Skrill, Neteller, wire transfer, etc., as depository channels. Don’t sign up with this broker just because they have a deposit option. Their plan is not just on the surface.
Withdrawing funds is the main issue for this broker. Why would a broker not let the clients withdraw their hard-earned money? Just because this is a pyramid scheme. The broker claims that the user has not yet reached the transaction volume required to guarantee withdrawals. So much nonsense!
No real customer support
Unfortunately, we could not gain their customer support information as they don’t show these details on their website. Again, strange. Why would they hide their contact details?
Well, because they don’t want unpleased and robbed customers reaching them.
Final thoughts about the InvestTeck broker
To sum up, it is not difficult to see how bad market actors the InvestTeck team is. We recommend that all investors and traders avoid InvestTeck and other unregulated brokers.
The lack of information about the broker’s trading conditions regulation and contact information should be the biggest red flag for those planning to invest with this entity.
Therefore, there are hundreds of safe brokers worth trying. You can easily find them in our Forex brokers list, read the reviews and select the most suitable option. This way, your funds, and your personal data will be protected. We wish you a successful trading experience.