A Broke Review
Whilst there are plenty of reputable and legitimate brokers out there on the market, there remains an equal number of fraudulent brokers who set up shop, scam, and disappear into the hills.
So, is INV Center, one such broker? Is INV Center a scam or a service?
INVCenter.com, on its website, claims it is the “Revolutionary Center for CFDs and Forex Trading.” However, there are numerous complaints about this service from Trustpilot and other review sites. Among the complaints against this broker, there are claims that they:
A warning was issued against INVCentery by the Financial Conduct Authority of Great Britain on July 1st 2020. This was due to the brokers’ false claims that they are regulated when in fact they do not have the appropriate licensing.
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Those who visit INVCenter.com are invited to sign up, log in or chat with customer service. This chat service person has a name which is Sarah Little. The tactic of adding a name to customer service is intended to put visitors at their ease and feel as if they are talking to a real person. It is probably not the actual name of a person, but is most likely a chatbot.
The site promises customer support, stable protection with “the best trading experience.” They promise fast withdrawals and that profits can be retrieved in as little as 5 days. They also offer learning materials to facilitate trading. However, when the visitor clicks on these areas on the home page, nothing happens. It appears that the site will not provide information until the client signs up and pays.
INVCenter offers a mini-account, gold, silver, and platinum. There is a section describing in brief, one-sentence lines the services. They offer CFD and Forex trading and promise that an account can be opened for as little as $200, all trades are conducted by brokers with a “high level of transparency.”
In addition, they promise to shield clients from “fraud and mistreatment” and “all withdrawal requests are swiftly honored.” This doesn’t square with what many dissatisfied customers have said about the service.
Another section includes advice to visitors, including the statement “large investments are required to start successful trading.” It also claims that “stock exchange deals can be followed in real-time,” which is startling because the focus of INVCenter is on CFD and forex trading rather than actual stocks on exchanges.
The education center on the website says it has an extensive glossary of terms, but in actuality, there are only a few entries that include basic words such as “account” and “amount for withdrawal” which isn’t a definition but is simply outlining the broker’s policy.
In short, INVCenter claims to offer the choice to trade Forex, CFDs, and cryptocurrency. They claim to be professionals and promise to deliver transparency of trades, prompt withdrawals, and protection from fraud. That actual picture though, is quite different.
INVCenter claims that it is registered, but this is not the case. It is run by Advanced Software Solutions, which is a firm registered at St. Vincent & the Grenadines, an island in the Pacific. A legitimate broker can only offer services if they are licensed. Not only do they need a license but they must be licensed for the area where their clients are located.
In other words, if a company approaches clients and offers services but are not licensed in the client’s location, they are violating regulations.
Advanced Software Solutions, which operates INVCenter is registered in Vanuatu. It does not have trading of financial licenses for Europe, the United States, or any other areas. This is what prompted the warning issued by the Financial Conduct Authority in the United Kingdom.
On review sites, such as Trustpilot, there is a consistent stream of negative reviews detailing problems with INVCenter. The fact that the reviews echo each other closely should be cause for concern.
One reviewer referred to INVCenter as “extremely evil” and felt they were “preying on the old and vulnerable…you will never get your money back.” Fortunately, one person did report that using a fund recovery service, she was able to recover her funds “within a week” although INVCenter did everything they could to hold onto the money.
Another reviewer said that a simple delay in a bank transfer led to a verbal tirade from the broker, who berated the client for earning just “$15 an hour” whereas the broker claimed he was a “multi-millionaire.”
Several reviewers said they never received their money back and INVCenter claimed that their trades didn’t make any money, as if it was the client’s fault and not the broker’s. A few people reported that even though there were no demonstrable returns, representatives still demanded more money to be deposited via bitcoin.
Many people felt INVCenter was a legitimate broker only to have their funds held hostage without demonstrable returns. Also, they were subjected to verbal abuse and in some cases personal attacks there was a delay sending more money or if they asked for their money back. The representatives asked for additional funds even though they provided bad customer service and provided no returns on the previous amount.
Many of the reviewers said they felt trapped by INVCenter and expressed despair at getting their money back. However, one reviewer said that, with the help of a fund recovery service, she received a return in about a week.
These and other behaviors are signs of an unscrupulous broker. Some unethical activities include:
If INVCenter or another broker has engaged in any of the practices above and has taken your money, there are ways you can recover your funds. Trader Defence Advisory has a team of professionals well-versed in the financial industry, regulations and legal procedure.
Book a free consultation to find out whether a broker is legitimate or to get your money back from a scam broker.