Investoomatic Review – 5 things you should know about investoomatic.com

Beware! Investoomatic is an offshore broker! Your investment may be at risk.

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Investoomatic is a forex broker with a hard to pronounce name that looks like a carbon copy of another unregulated broker. In addition to that, as you are going to find out later on, there is a lot of crucial information that is missing from the company’s website and legal documents.

The company trades in forex, CFDs, currencies, commodities and indices.

Investoomatic Regulation and safety of funds

This company has an address in UK, so we immediately check whether it is regulated with FCA – Financial Conduct Authority in UK which will indicate whether it is a legitimate broker or not. As you can see from the screenshot below, this company is not licensed, which does not surprise us at all.

For your peace of mind and safety of funds, you should find a forex broker that is fully licensed and is not scam. The well-established jurisdictions around the world offer such brokers and they must meet stringent requirements to get their license. For example, in US, brokers must have an initial fund of $20 million. No scammer will try to provide such funds just to fool you. Forex brokers regulated by FCA must have an initial fund of 730,000 EUR and in addition to that, they must contribute to a compensation fund. This compensation fund will provide up to 85,000 GBP per trader as compensation in case the broker goes bankrupt. Forex brokers regulated by CySEC must have also 730,000 EUR initial capital and the compensation for traders is up to 20,000 EUR per trader. Also, to avoid scam and shady deals, licensed forex brokers must report on their transactions on a daily basis. These are all prevention measures to avoid scammers sneaking in and you will be well advised to do a thorough research before you select your broker.

Investoomatic Trading software

We must congratulate Investoomatic for offering such an excellent platform to its clients as the MetaTrader 4 which is considered to be one of the best trading platform despite its ‘advanced’ age. The platform offers a lot of advantages to its users and it is not by chance that it is choice number one among 80% of the brokers. MT4 is equipped with many trading tools and instruments to facilitate trading. In addition to auto trading options, it also offers a practically unlimited charting options where you can select different time frames, colours and use the technical analysis indicators, such as Bollinger Bands, Fibonacci retracement, moving averages and others. the platform also offers an app market and a financial calendar, VPS and code base with customs scripts, to name a few.

In the screenshot below, you see what the platform looks like. On the left, you can find the menus for the currency pairs with their bid/ask price and also the navigator with the different trading tools and instruments, such as indicators, expert advisors and scripts. On top of the display, you have another range of tools for charting and auto trading. In the center of the screen, there are the charts with the different currency pairs displayed that show the price fluctuations in a given time frame. You can change the number of charts on the screen as per your trading needs. In this case, we see 4 charts of 4 currency pairs. If we look at the first chart which is of the EUR/USD currency pair, from the bid/ask price we can calculate that the spread is 2 pips. We can say that this spread is still within normal limits, not too tight but not too wide either.

Investoomatic Deposit/Withdrawal methods and fees

Similarly to the other forex broker that we mentioned at the beginning of the review, Investoomatic offers 4 trading accounts –  Standard, Gold, VIP  and Pro. The minimum initial deposit for the Pro account is $200. The VIP account starts at 10,000 EUR.

Unfortunately, on the company’s website the information about what the payment methods are and what are the withdrawal conditions and fees is missing.

There is a stipulation, though, about the bonuses and non-deposited funds, but the only useful information we found is that these funds belong to the broker, not the trader. What are the conditions for withdrawing non-deposited funds or bonuses is not clear.

And here we would like to warn you that only non-regulated and non-legitimate brokers would offer bonuses and non-deposited funds. A licensed and self-respecting broker wouldn’t do that. The fact that this brokers offer non-deposited funds and bonuses is a sure sign that you should not trade with it.

We want to make another important point that you should be aware of – the refund policy clause. The company offers a full refund to its clients if they are not satisfied with the service. However, the conditions are that the clients did not make any transactions and they can only be refunded within one working day only from the time the original deposit was made after which the deposit will no longer be refundable. This is outrageous and is a sure sign of scam. In addition to that, clients must agree, once they become clients of Investoomatic, to never request a refund or chargeback from the payment method provider after using the broker’s services. We advise you to carefully read the last section in this review to understand why you should never agree to such conditions!

How does scam work?

No one wants to be duped by scammers, but it happens all the time because they know how to manipulate people. As they say in one popular song “sweet dreams are made of this” and this is what scammers rely on – creating in people’s mind a sweet dream of being rich! Scams usually start by unsolicited telephone calls or ads on the Internet or social media promising quick and easy profit. It is easy to fall into scammers’ trap and once you make a deposit, you are done for! Scammers won’t let you get away easily even if you realise that you are being scammed. They will try to delay you when you try to withdraw your funds by asking you to provide this document or fill out this form, etc., in order to make you miss the deadline when you can file for chargeback.

What to do if scammed?

You need to act very quickly. First of all, if you have made a deposit using a credit card, you must immediately file for chargeback. Fortunately, VISA and MasterCard allow for 540 day period in which you can file for chargeback. This is the good news. The bad news is that if you have made a deposit using bank wire or Bitcoin, the chances of you getting your funds back are nil!

Another thing you can do is cancel your credit card if the scammers have your CVV code. Check your PC and erase the software that gives scammers access to your personal data.

Be careful, because even doing all that we recommended, your unfortunate experience with scammers may not be over. There are the so-called recovery agents. One of those may approach you offering to recover your funds for a fee. Do not trust them and always check the legitimacy of the recovery agent and the agency.

Also, be aware that some “victims” of scam may post comments after the review, saying how they lost money and how a recovery agent helped them retrieve their funds. They will even put the contact info for this so-called recovery agent. Do not trust them either as it is another case of scam!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2020-10-13

Reviewed Broker

Investoomatic

Broker Rating

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