INVCenter: Scam or Legit? Find Out
INVCenter is one of many online brokers that offers a variety of trading options and guarantees. The website promises client production, reasonable withdrawal requirements, transparency, and protection from fraud, but is the broker protesting too much?
INVCenter is a broker with light regulation, not sufficient to protect traders. This review will take a close look at this broker and provide the kind of research that is a good start for anyone considering trading, although before signing up with a broker it is important to look even deeper. Investigate your prospective brokers carefully. If you have been the target of a broker scam, talk to Trader Defender about investigating your claim.
|Year Created||Not listed|
|Regulation||St Vincent and the Grenadines|
|Product Types||CFD trading, Major Forex Pairs, Minor Pairs, Crypto, Stocks, Commodities and Market Indices.|
|Products Offered||Hundreds of products|
INVCenter does not list a founding date on its website. Reliable brokers usually provide sufficient information about themselves. Upon further research, we found that INVCenter is run by a company called News Traders LTD. It should be noted that it is licensed by St. Vincent and the Grenadines, which is one of the most lenient regulators in the world and is tantamount to not being regulated at all.
Those who want a license from St. Vincent and the Grenadines need simply pay a certain fee and will receive a license. There are very low minimums for capitalization, no minimum level of competency and very little oversight. The fact that INVCenter has such a low-quality license is enough for many careful traders to reject it outright.
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INVCenter Is an Inadequately Regulated Broker
INVCenter may have a license, but it is an inadequately regulated broker. Those who research this regulator will see that their qualifications are minimal and there is little oversight. This is bad news for traders because if they lose money with this broker, there is no recourse. Regulators fine, suspend and remove the licenses from problematic brokers. St. Vincent and the Grenadines doesn’t take these actions, which leaves traders stuck.
Always work with a regulated broker with a license from a top-tier regulator. Also research the regulator and see what requirements are needed of licensees, what inspections and checks are undertaken to ensure the brokers are providing a decent service, and what disciplinary actions are taken if a broker does not live up to the minimum standards required in the industry.
INVCenter Products, Platforms, Software
The one good point about INVCenter is that it offers hundreds of trading products, including CFDs, forex pairs, stocks, commodities, and other trading vehicles. It does not, however, accept traders from the United States or some other areas.
One major drawback to INVCenter along with the issues mentioned above is that it does not trade on the M-4 or M-5 platform but a web-based platform. The spread is very high at 5 pips on the USD/EUR and the leverage is large at 1:200. The minimum deposit on a new trading account is $250 which is higher than for many other accounts.
INVCenter received only two stars out of five on Trustpilot. Just 6% said the broker was excellent or good and 76% reported that INVCenter was bad. One review reported that the trader had transferred the money but it was not appearing in the account in proper amounts. The reviewer said the amount available changed every day until it was nearly at zero when they were ready to withdraw it.
Another reviewer reported that INVCenter demanded their phone number and email address and were calling them day and night and emailing them constantly to try to encourage them to put more money in their account, even without winning trades. It is almost always a red flag if brokers call traders, particularly if they keep bothering them. A desperate broker is a bad sign and few use the phone for marketing.
INVCenter appears to hold onto money and refuse to give it back. They do not tell traders that they must make a minimum number of trades before getting their money back and then suddenly refuse to withdraw clients’ money. The brokers consistently urged additional trades before they allowed clients to have their money back.
In addition, many reviews spoke of several brokers contacting them. A reputable brokerage will assign a personal account manager to each client. There is no reason traders should be badgered by several brokers who don’t have any idea of their trading history.
Another complaint that was made multiple times regarding INVCenter is that they ask for large amounts of identification, specifically right before someone asked to withdraw money. This included photo ID and other personal information that was not relevant. In addition to stealing money, likely, INV Center may also be taking client information for nefarious purposes.
Is INV Center a Scam?
Although one may be able to argue that St. Vincent and the Grenadines is indeed a regulatory authority and that not all of the negative reviews might be accurate, it is hard to get around the many disadvantages of working with this broker.
The main red flag that should have stood out concerning INVCenter from the beginning is that INVCenter is not adequately regulated. This puts traders who are cheated by INVCenter at a disadvantage because they cannot appeal to the regulator, since St. Vincent and the Grenadines will likely take no action on any client complaints.
INVCenter lacks M5 and M4 trading platforms in favor of a web-based one. Its spreads are not favorable to traders. Finally, even if not all of the reviews are genuine and accurate, there are enough sharply negative reviews to cause us to take notice and they are consistent with other actions shown by unregulated brokers:
- Aggressive brokers
- Make it difficult for clients to withdraw money
- Constantly asking for more money in the account
- Requesting unnecessary personal information
- Inadequate resources
If You Have Lost Money to INVCenter, Talk to Trader Defender
At Trader Defender, we have the expertise to help people who have lost money in a scam. Our professionals create full investigative reports into fraudulent activity and arm you with the information you need. Talk to Trader Defender professionals today and we will track down your scam brokers and help you pursue your case.