Have you been contacted by this suspicious provider? Well, we’ve got a piece of advice for you. Stay away at all costs. You’re dealing with a fraudulent offshore provider that cried wolf one too many times. Since we dealt with this kind in the past, it is our duty to present to you the Merricks Invest Review. Here, we’ve outlined the danger and risks associated with this scammer.
Also, we recommend you not to invest in the fraudulent brokers PrevailFX, Nexta Capital FX and Golden Bridge Capital.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||Financial Commission, ASF|
|Owned by:||Smart Oasis LLC|
|Headquarters Country:||St. Vincent and the Grenadines|
|Minimum Deposit:||250 USD|
|Cryptocurrencies:||Yes – Bitcoin, Ethereum, Tether|
|Types of Assets:||Forex, Crypto, Indices, Stocks, Commodities|
|Free Demo Account:||Unavailable|
|Accepts US clients:||No|
Is Merricks Invest a Licensed Broker?
It seems that this scamming mut has been off its leash. We managed to find its owner – Smart Oasis LLC, based in St. Vincent and the Grenadines. Upon checking the website of SVG’s local financial market regulator, i. e. the Financial Services Authority (FSA), we saw that such an entity does exist and is registered there.
However, there’s a catch. The FSA warns every website user that it does not regulate Forex trading. Therefore, being registered there is irrelevant in this case. Know that SVG is scammers’ favorite island because they feel free as birds over there. Also, it gives them the space and possibilities they need to implement their malevolent schemes.
Aside from being unlicensed, Merricks Invest was also blacklisted by the Romanian ASF and the Financial Commission.
Why Is Trading With a Licensed Broker Preferable?
For true transparency and security, there’s no better choice than brokers that have legitimate licenses. By that, we imply that they are regulated by top-tier authorities such as the FCA, ASIC, CySEC, etc. We checked the websites of those regulators for you and found nothing on this financial swindler.
So, is Merricks Invest a Good Broker or a Scam?
Merricks Invest is an unregulated offshore provider based in SVG that targets people from the UK, the Netherlands, Moldova and Romania.
Fraud Warnings Against Merricks Invest
We managed to find two warnings issued against this unscrupulous broker. Merricks Invest was blacklisted by the Romanian Financial Supervisory Authority (ASF) and by the Financial Commission. The latter is actually an independent self-regulatory organization so having it blacklist you is quite an accomplishment.
Merricks Invest Available Online Trading Platform & Tools
On the marketing side, we’ve got to give Merricks Invest an A for effort. That was a truly outstanding presentation of such a plain platform.
Yet, when it came to delivery and execution, the unauthorized provider did not live up to the expectations. Transparency, security and execution power are simply unattainable on a web-based platform. It’s oftentimes cheap-looking and devoid of advanced features and tools.
However, what it is good for is manipulation. The scammer can trick you into thinking you’re actually trading and making money but all you’re doing is throwing away your cash.
What Do Traders Think Of Merricks Invest?
We searched the web for unfortunate victims who gave their honest opinion on Merricks Invest. Our fears came true, we were right about this vile scheme. So was the ASF because some of these traders are Romanian. Below, we provided a few cases that confirm fraud.
I deposited $250, I realized that something was wrong and when I wanted to withdraw, they refused. Don’t be fooled. It’s a scam!
I deposited 200 usd and when I tried to withdraw the money, it wouldn’t let me. The withdrawal is pending and they have disappeared.
Don’t be fooled, it’s a scam
Merricks Invest – Countries Of Service
As mentioned, Merricks Invest targets mainly residents of Romania and neighboring Moldova. Fortunately, the Romanian FX regulator was swift to react to this threat. But the fraudulent scammer does not stop there. Citizens of the Netherlands and the UK should also be on their guard.
Which Assets Can The Investor Trade?
According to Merricks Invest’s website, clients can trade the following:
- Forex currency pairs – EUR/USD, USD/CHF, EUR/JPY…
- Indices – S&P500, US100, Dow30…
- Stocks – Microsoft, Apple, British Petroleum…
- Commodities – gold, silver, copper…
- Crypto – Bitcoin, Ethereum, Tether…
As for these lists, the scammer copied them from TradingView and put them on its website. We’re not surprised, that’s what the majority of them do. Nobody guarantees that clients will indeed get to trade all these instruments.
What Do We Know About Merricks Invest Account Types?
We don’t recommend you sign up with this broker. Nevertheless, for the sake of this review, we will list the available account types:
- Bronze – $250, 5-10% welcoming bonus, no commission, leverage up to 1:200;
- Silver – $25,000, 5-15% referral bonus, no commission, leverage up to 1:600;
- Gold – $2,500, 5-15% referral bonus, no commission, leverage up to 1:300;
Yes, you’ve read that right. The Silver account has better features than the Gold account for whatever reason. Each account allegedly provides negative balance protection, 24/5 support and a manager. As soon as you see the term “bonuses,” know that you’re dealing with a scammer because bonuses are not allowed.
Additionally, we strongly advise you to avoid the fraudulent brokers Cloxyields, Pibexa, and Martyn Services.
Details About Leverage, Spreads and Commissions
Merricks Invest claims that the spread starts out at 0.0 pips, which is really hard to believe. That’s like earning money while doing nothing. For leverage, we mentioned that it goes all the way up to a staggering level of 1:600.
This is a double-edged sword since you can earn big but lose even more. In most cases, novices lose more than they make and that’s why regulators limited leverage to 1:30 for retail clients. Also, the broker claims that it does not charge commissions.
Deposit and Withdrawal Policy
The minimum deposit is $250. You can invest with legitimate brokers that follow certain regulatory rules for the same amount.
Payment methods include credit/debit cards and wire transfers. As for the fees, they are truly outrageous. They range from $25 for card transactions to $50 for wire transfers plus an additional $10 processing fee.
And of course, we have the famous, recycled, “Non-deposited Funds” section that scammers slide in there to prevent clients from withdrawing due to bonuses, i. e. not fulfilling some unrealistic conditions for withdrawals.
Scammed by Merricks Invest Broker? – Let Us Hear Your Story
It’s very unfortunate if you’ve been scammed by this fraudster. Don’t be ashamed, it could’ve happened to anyone. We can make you feel better by reporting the scammer but also by telling you about two ways to get your money back. Ever heard of a chargeback or a recall?
But What Is A Chargeback And A Recall?
If you wish to reverse credit/debit card transactions, you’ll have to request a chargeback. Your issuing bank can perform it for you within 540 days. For wire transfers, the same process is known as a recall. However, it can only work if the transaction hasn’t been completed.