In our intention to bring to light scamming traders from – Italy and Germany, we have assessed many companies so far, enabling you to recognize and avoid being defrauded. For that very reason, in this article, we analyzed the following shady brokerage firm – the AllinvestFX broker.
Let’s have a quick overview of this phony business. AllinvestFX is a type of crypto broker allegedly based in Bulgaria, but it doesn’t comply with the EU legislation on online financial trading – meaning that it is unlicensed and offers services that go against regulations. So please read our AllinvestFX review to stay informed about this potential investment scam.
To add to the foregoing, we strongly advise you to ignore brokers such asEverrise Brokers,VirtusCapital, andWinnex Consulting.
|Unlicensed Scam Brokerage
|Blacklisted as a Scam by:
|Yes (Bitcoin, Ethereum, Tether)
|Types of Assets:
|Free Demo Account:
|Accepts US clients:
AllinvestFX Is a Safe Crypto-Broker?
When it comes to the safety of your funds while investing with AllinvestFX, we must say that they are at elevated risk. It is simply because this bogus broker is not authorized to provide online financial trading services in any jurisdiction.
Not only that this Bulgarian-based broker doesn’t hold the required FSC trading credential (Bulgarian Financial Trading Commission) but it is not licensed under any other financial market regulator. After checking the registers of top-level supervisory agencies – including FCA (UK Financial Conduct Authority), BaFin (German Federal Financial Supervisory Authority), and ASIC (Australian Securities and Investment Commission) – we couldn’t find anything about AllinvestFX’s license.
Moreover, in the Bulgarian Commercial Register, there are no details on AllinvestFX, raising a red flag and indicating that it is an anonymous broker probably running scamming schemes from an offshore safe haven.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Instead of hingeing on the irresponsible and fraudulent nature of unlicensed companies, you better stick with their antipodes. However, bear in mind that not all broker’s licenses carry the same weight.
For example, leading brokerage firms are regulated by tier-one institutions (as already been mentioned, FCA, BaFin, and ASIC) that offer a great deal of safety due to having stringent measures and compensation programs that cover traders in the case of negative events. It would mean that if let’s say, an FCA-certified company went bust, you would be indemnified up to £85,000.
However, it is less likely to occur since licensing requirements of premium organizations are challenging to ensure a brokerage firm is sustainable. For instance, FCA demands maintaining a minimum £1M business capital.
Not only that, approved brokerage companies implement a range of risk management tools to mitigate the risk inherent in trading. For example, negative balance protection ensures that you can’t lose more money than invested, and segregation of funds means that traders’ and brokers’ capital are kept separated from each other.
So Is AllinvestFX a Decent Broker or a Scam?
AllinvestFX is a crypto asset broker operating from Bulgaria, having no license and regulations, and offering poor services, adverse conditions, and trading platforms – hence, avoid it at all costs.
What Trading Software Does the AllinvestFX Broker Offer?
Regarding AllinvestFX trading software, it is as safe as this fraudulent broker. Despite promises that its web trader has innovative tools, it is easily refuted when you start trading. It consists of basic functions like charts, several timeframes, pending orders, news, alerts, and past activities.
But in no way it can be compared to advanced programs provided by credible FX brokers, such as MetaTrader 4, MetaTrader 5, Sirix, and cTrader. These award-winning platforms enable successful trading thanks to their valuable features, e.g., stop loss, automated trading, and copy trading. Have in mind that you might come across a dishonest broker with an effective trading program; still, it doesn’t change the fact that it is a scam.
AllinvestFX Accounts Overview
Concerning available trading accounts at AllinvestFX, there is very scarce information on its web page. It can be assumed that this broker doesn’t offer a demo account option that is available with every legal forex provider and allows you to practice trading for free. As for live trading accounts, AllinvestFX is not transparent about deposits and account types.
It has to do with the fact that this bogus brokerage firm presumably requires much higher deposits than what genuine businesses do. Remember, you can start trading with a well-established broker for as little as $10.
AllinvestFX – Countries Of Service
According to its website, which includes several languages, it can be concluded that AllinvestFX is focused on clients from the:
- United Kingdom
We have already pointed out the importance of being authorized since it guarantees funds’ protection and ethical business. All brokers either based in those countries or providing services on those markets must be regulated by FCA (UK), AMF (France), CONSOB (Italy), CNMV (Spain), and FFMS (Russia). To recapitulate, AllinvestFX is an unregulated brokerage firm.
Please remember the names of theShangquan,Invest Kingdom, andFastEarnings247and stay away from them! Before investing, always check the history of online trading organizations!
Types of Trading Bonuses
With regard to bonuses, you should know that they are banned because of mishandling and are one of the hallmarks of fraudsters. As an outright scammer, AllinvestFX attempts to entice traders with various rewards and promotions like the following ones.
- Broker bonuses (every time you fund money, you get the same value as a deposit).
- Welcome bonuses (the same as previous, but for first-time clients).
- Rebate bonuses (linked to a trader’s trading volume).
- Risk-free trade (as it explains, it is a bonus that this firm offers as it pleased).
- Special trading bonuses (related to the means of payment).
The main purpose of these promotions is to rope you into investment and convince you to deposit over and over again until you broke. Also, bonuses come with strings attached and can’t be withdrawn.
What Is Known About AllinvestFX’s Trading Conditions?
In respect of trading conditions, con artists offer manipulated and inauspicious terms of exchange just to fit their own needs and lure traders. About AllinvestFX, reportedly provides 1:50 leverage that is restricted to 1:30 for all EU-based brokers. Also, all that can be found regarding its spreads is that they are calculated to suit the company.
On the matter of deposits and withdrawals, it is only revealed that processing time for payoffs via credit cards takes two to five business days. We can only assume that AllinvestFX accepts credit/debit cards as means of payment; as for other methods, it remains unclear as well as whether there are any withdrawal fees.
Scammed by AllinvestFX Broker? – Let Us Hear Your Story
If you are one of the victims of the AllinvestFX trading scam, set your mind at rest and take appropriate action. In some cases, getting your money back is possible with cyber security experts who can help you with chargebacks. Likewise, you should inform the relevant authorities and warn others about fraudsters. For instance, you can leave negative AllinvestFX reviews.
But What Is A Chargeback?
As we have already mentioned chargebacks above, let’s explain what they mean. If you lost your money to a shady broker, you can apply for cashback, depending on funding methods. For example, credit cards and bank transactions are reversible. On the other hand, crypto payments are more anonymous and difficult to undo. That is why broker scams like AllinvestFX prefer crypto wallets.
Anyway, don’t feel uncomfortable reporting cyber fraud. If you need assistance with it or with filing claims against the broker, get in touch with us. Our chargeback specialists are ready to help you retrieve your money. Book consultations today!