The Best Binary Options Broker 2020!
Perfect For Beginners!
Free Demo Account!
Free Trading Education!
Ethtrade Review – Is Ethtrade a Scam or Legitimate? Read Before You Invest
by Alex Y · Published · Updated
You probably heard about Ethtrade through a friend or family member. You could have also seen an advertisement via one of the many social media platforms. Either way, you want to know whether Ethtrade is a scam or a legitimate Ethereum trading platform. Almost everyone thought Ethtrade is a legitimate company, it is not. Read this unbiased review before you invest.
Alert: Hong Kong’s financial regulator the Securities and Futures Commission (SFC) has updated its Alert List, which features the names of businesses that are unlicensed in Hong Kong and are believed to be or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong.
Added to the SFC Alert List is the company Ethtrade Limited, operating at www.ethtrade.org.
According to the SFC, Ethtrade Limited’s Hong Kong address belongs to a secretarial company.
What is Ethtrade?
Ethtrade was founded in August 2020 by Eric Bondi and Michael Frendowski. The online trading platform (ethtrade.org) was launched in April 2020 and Ethtrade Limited (2398217) was then registered in July 2020 in Hong Kong.
Ethtrade is a classic Ponzi scheme that claims itself a trading company that deals with Ethereum and promise its investors up to 25% return on a monthly basis. The Return On Investment (ROI) does sound attractive for passive income.
Unfortunately, if you think it is a legitimate trading company, it is not true.
Ethtrade disguises as an investment company. From the official website, one can notice it is a High Yield Investment Program (HYIP) scam that aims to steal your hard earned money. Why? There are a few red flags I managed to pick up.
Ethtrade Review – Is Ethtrade a Scam or Legitimate?
#Red Flag 1 – New Site and Unknown Identity
The first red flag is the fact that Ethtrade is unwilling to share any basic company background with you. Their domain was registered in February 2020 and domain whois showed the setting is private but the website itself is registered in Nassau, Bahamas.
The registrant’s name doesn’t show up. I have tried to search for the person who is running the scene on the internet and nothing appears. This is a clear warning that the scammer does not want to reveal his or her real identity to avoid detection.
If a company is not upfront and willing share basic information about the company, then it is either a scam or not worth your time and money.
The Best Binary Options Broker 2020!
Perfect For Beginners!
Free Demo Account!
Free Trading Education!
#Red Flag 2 – Vague Investment Information
Obviously, there is a lack of details on how Ethtrade manages the money from the investors such as underlying insights, strategies, goals and techniques. Ethtrade tends to be vague about the strategies used in their program.
Moreover, they have given incorrect information about what Ethereum is and its benefits.
Most importantly, given that Ethtrade is an Investment Service, it should be regulated by the Securities and Futures Commission (SFC) of Hong Kong. There is, however, no record of the company in the public register.
Worst of all, Ethtrade is an unlicensed investment company according to SFC. They adopt names similar to legitimate financial institutions to confuse investors. That also means if you deal with a company like Ethtrade, which is not licensed by the SFC, you may not be protected by the regulatory framework enforced by the SFC.
This is your hard earned money, please do not be afraid to ask questions. A genuine financial professional will usually be happy to explain in detail the investment program they are marketing. Unfortunately, Ethtrade fails to do so.
#Red Flag 3 – High, Unsustainable 25% ROI
I have years of experience in investments. Historically, investments in most large corporate stocks return less than 10% per year. Usually, HYIP scams offer between 1 percent to 2 percent daily profits to its members.
The Ethtrade discloses their investment plans with no aim to hide its absurd and unsustainable returns. The provided calculator shows how it earns you a 25% ROI on monthly basis. To me, it is a total nonsense.
The funny thing is the investment plan returns a perfectly steady positive income percentage regardless of any external variable such as price volatility. Don’t you think this sounds a little fishy?
The ROIs that they claim on the official page clearly indicate that the investment is actually a Ponzi scheme or a junk bond that may never increase in value and has a high rate of default.
#Red Flag 4 – Removal of Partners’ Logos
In June 2020, ethtrade.org used to have logos of ConsenSys, Maker, Slock.it, Digix and EtherParty at the bottom of their home page. All of these companies have then requested them to take down the logos as they have never worked with Ethtrade.
#Red Flag 5 – Sign of Ponzi
Ethtrade offers offer referral commission program that looks really fancy. It is a good way to make extra money. I understand that most investment companies offer affiliate programs, but by looking at what they are offering, it does look like the entire “trading” system is sustained by it’s Ponzi scheme.
For a real investment company, this would equal giving away the entire (if not more) profit margin. This is a typical trick from most of the HYIP on the market. They offer to reward “referral fees” to investors for bringing in additional members.
That’s how a Ponzi scheme is operated. They recruit new members to sustain the pyramid scheme. They need “new” money to generate “returns” for the older investors by acquiring new investors.
It is a fraudulent investment scheme where they pay returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.
It is a pyramid scheme that typically collapses in the end because it requires exponential increases in participants to sustain the business model. That simply means the scheme cannot go on forever.
Ethtrade probably still pays their investors for now as the program is still relatively new on the market. When there is insufficient investment fund from the new recruitment to the older investors, the entire structure will collapse.
I am not a fan of these HYIP programs. It is very rare that I recommend them because there are some things you need to know before you dive into this and throwing your hard earned money around.
Every investment carries some degree of risk, which is reflected in the rate of return you can expect to receive. If your money is perfectly safe, you’ll most likely get a low return. High returns entail high risks, possibly including a total loss on the investments.
Fraudsters like Ethtrade spends a lot of time trying to convince people that extremely high returns are “guaranteed” or “can’t miss.” They try to plant an image in your head of what your life will be like when you are rich.
Don’t ever believe it.
Based on my observation, it is very clear that Ethtrade is an investment scam.
I reviewed some other similar HYIP in my blog too like Coince, Amaing 5 and Capital7. They both work the same way as Ethrade.
Ethtrade works pretty similar to Forex Paradise, where the company claimed it was registered in Hong Kong and survived for three years. Many victims lost their hard earned money in October 2020 when they disappeared of all sudden.
Why do people keep joining HYIPs knowing that they are Ponzi schemes?
All these Ponzi Schemes aim at people who want to get rich quick and do not want to take the tried & tested route of – hard work = success.
Most people want to make lots of money quickly and the legal options are often very limited (e.g. Lottery). When a product promises to give you exorbitant returns, people tend to believe it due to our greed.
However, most of the people end up losing their savings and hard-earned money.
I wrote an article on How to Invest Online Without Being Scammed. This should serve as a reference when you look for a legitimate investment company on the internet.
Rare Opportunity to x10 your investment
Etherparty is selling 40% of their “IPO” token in their presale and the token that is purchased at the price of $0.10 during the presale and public ICO (now). Tokens that are owned will be priced at $1 USD or the highest traded market price in the later stage. It is definitely a superb investment opportunity. Read more about this “IPO” on Is It Worth Buying FUEL Tokens Through Their ICO?
Please note that it is a capped token sale, which means the number of tokens for presale is limited. The presale will be closed once tokens are sold out anytime between now and the public crowdsale on 15 th September 2020.
Why get scammed by HYIP that only run away with your money and not putting your hard-earned money in a legitimate investment opportunity such as Bitcoin? The world is becoming ever more reliant on the internet.
So, really:It is no surprise that Bitcoin, a secure, global, and digital currency has claimed the interest of investors. Bitcoin is open to everyone and provides an exciting opportunity to delve into an entirely new asset class.
Bitcoins are scarce and useful.
Let’s look to gold as an example currency. There is a limited amount of gold on earth.
As new gold is mined, there is always less and less gold left and it becomes harder and more expensive to find and mine.
The same is true with Bitcoin.
There are only 21 million Bitcoin, and as time goes on, they become harder and harder to mine.
How to Invest in Bitcoins and Where to Buy
The difficulty of buying bitcoins depends on your country. Developed countries have more options and more liquidity.
Coinbase is the world’s largest bitcoin broker and available in the United States, UK, Canada, Singapore, and most of Europe.
I don’t like the reliance on Ponzi scheme in order to make bad money. I do not believe in HYIP because they are too risky and most of them are not legitimate.
If you really want to make some investment, you could possibly look into legitimate companies such as Genesis Mining. It is a company that sells mining contracts for Bitcoin and Ethereum.
At the time of writing, Ethereum has just risen from $10 to $50 in March 2020. From this recent hike, I have made approximately 400% profit ($21,300) from Ethereum that I purchase from Coinbase. It is one of the most promising cryptocurrency as it has recently been recognized by a few big brands such as JPMorgan Chase, Cisco Systems, Inc, Bank of New York Mellon Corp, Microsoft, and other 30 big corporates to create a partnership know as the Enterprise Ethereum Alliance (EEA).
Read more about Ethereum in this post – What Is Ethereum and How to Make Money With Ethereum?
Forex Auto Traders: A Scam or A Gold Mine
Automated Forex trading, also known as auto Forex trading, is the process in which you allow a computer program to either trade your Forex account or recommend trades which you may then execute manually.
The computer program executing or recommending trades will operate according to a set of rules which will govern the generation of trade entries and trade exits.
Implementing automated Forex trading can be done by either building your own computer program, buying one, or even obtaining one for free, and then attaching the program to your trading platform. Many Forex trading platforms, especially MetaTrader 4 and MetaTrader 5, are designed to accept such programs easily.
The main advantages of auto Forex trading are that it can remove emotional and human factors from your trading, and also that it can execute trades 24 hours per day and free the trader from the need to be sitting in front of a computer terminal.
The main disadvantages of automated Forex trading are firstly, that if there is any bug in the software, it can make a huge amount of unnecessary or poor trades very quickly and blow your entire account. Secondly, if you buy a program whose rules are secret, and you entrust it with your account and leave it running, you may return later to find very unexpected results. This is why it is very, very important to back test thoroughly any auto Forex trading program or “robot” before attaching it to a trading platform on which you are running a live, “real money” Forex trading account.
How Do Forex Automated Systems Work?
If you are going to trade Forex, sooner or later you will hear about automated Forex trading systems. They are also called “robots”, “expert advisors”, and “auto traders”. No matter what you call them, they all operate in a similar manner. While the exact technical set ups will vary from system to system, the operation of them will essentially be the same.
You will download and install the system to your Forex trading platform and set up should only be a couple of steps. The basic premise of these things is that they are essentially an “add on” to your trading platform. This allows for easy installation, and uninstalling is just as simple. Because of this, many traders will actually have several different systems that they use in a variety of market environments.
The systems will fall into two basic categories: automatic and semi-automatic. The automatic ones will place trades for you, without any input from you at all. The semi-automatic ones will simply give you a signal or suggestion as to which way to trade a particular currency pair, and you may then place the trade yourself.
The automatic systems will simply buy or sell based upon a possibly complex mathematical formula that tells the computer when it is time to enter or exit the trade. The automated Forex brokers system simply does all of the work for you. It is very common for these systems to have a hidden proprietary algorithm that you never see in order to make these decisions. The one thing they will all have in common is that they are all mathematically based. Hiding the algorithm is just a simple way of protecting their intellectual property.
The auto Forex trading system type offered by Forex automated traders will simply let you know when it generates a signal to buy or sell. The system will still have that hidden algorithm that you won’t see, but instead of it automatically placing the trade on your behalf you will often see some kind of pop up alert when it is time to trade. You can then choose as to whether or not you want to trade the signal, allowing greater flexibility for the trader.
The majority of these systems are made for the MetaTrader 4 platform as it is by far the most popular one out there. There are systems made for other platforms such as DealBook 360, NinjaTrader, TradeStation, and many others. However, you will find a huge supply of them for the MetaTrader 4 platform as even the brokers that use other platforms will often offer MetaTrader 4 as well. There is also a large amount available for the MetaTrader 5 platform, which is not always compatible with MetaTrader 4.
The better Forex automated trading systems will come with a money back guarantee. Because of this you should be able to feel somewhat comfortable with the software as your money can be refunded. However, it is recommended that you try a new system out on a demo account just to make sure it performs to your required standard. Like anything else, there will be some that are better than others and your mileage may vary so to speak.
Forex Auto Traders: A Scam or a Gold Mine?
The rapid speed at which the Forex market is growing has many consequences, some better than others. On the one hand, there are endless resources online for learning and becoming an expert on the largest most lucrative market in the world. There are also many more people around the world who are spending their days and nights testing the waters of Forex trading.
Other positive outcomes of Forex growth are more Forex brokers and services from which a trader can choose. On the other hand, the great popularity of Forex brings with it some problems that require caution on the part of the Forex trader. One of the biggest issues in today’s online Forex community, as well as the general Web community, is spam. When it comes to surfing the web and encountering annoying popups or receiving bogus emails, as annoying as these occurrences are, 99% of the time, they are annoying and nothing more. Of course, there is the occasional online scam, but with the widespread use of online communication such as email, messenger, and social media, most people know to stay away from those types of things.
When it comes to Forex spam, however, it is a totally different ball game. There is money to be lost as a result of the different types of Forex spam that traders encounter on a daily basis. The most common type of Forex spam is advertisements for Forex robots or auto forex trading systems. The big question regarding these auto traders is “Are they all bad? Are there some legitimate ones and are they worth trying”? The answer is that they are NOT all spam and that there is a LOT of money to be made by using auto traders, but for that, you need to do your homework.
An Introduction to Auto Traders
First, let’s try to understand why one would use an auto trader and what are its advantages. As, we said earlier, one of the biggest downfalls of the Forex trader is emotion. While being in touch with your emotion will get you far in life, it will set you back in your Forex trading. It is important to set yourself a trading strategy and stick to it, NO MATTER WHAT. This is harder than it sounds. Just imagine you define your trading technique, and for days, all you see are losses. Could you control yourself and not become overly emotional at this result?
Alternatively, if you are seeing constant profits, would you not be swayed by greed to trade with too high a risk? It would only be human. Precisely for this reason, it can be a smart tactic to remove the human factor from your trading. The way to do this is to automate your trades.
There are many auto traders out there that perform technical analysis and decide when to open or close trades, while its primary “concern” is to keep you on the winning side. Unlike Forex brokers who occasionally profit from your loss, auto traders work for you and not against you. This could of course be a reason to be wary of Forex auto trader which you see promoted by Forex brokers! Another reason to use auto traders is that they can trade 24 hours a day, even when you are not near your computer.
Imagine, you can be at a friend’s party and find out that you just made a huge profit, it’s like the feeling you get when finding money in your pocket multiplied by 100. Let the auto trader do all the work while you sit back and enjoy the fruits.
Finally, auto traders can be a great and effective trading tool for any Forex trader, no matter how experienced they are. However, it offers a huge advantage to new traders. They do not need to know the market, how to read the charts, or what a certain currency will do in the market today. Essentially, you do not need to know anything about the Forex market, and you can become a very successful Forex trader.
Choosing an Auto Trader
Now that we have established that Forex auto traders can be a wonderful thing for traders, how do you choose one?
There is no one way to decide which auto trader to use. An important and crucial tip in ensuring your auto trader is legitimate and will bring you profits and not losses, is of course to read reviews. You can read professional reviews as well as user reviews, but make sure these are objective opinions and not written by the people who are behind the system that is being reviewed.
Before entrusting your money to an auto trader, you should back test the auto trading program against many years of real historical Forex data, ideally over 20 years. Then you can see how badly it would have done in a “worst case” scenario. A good risk manager would plan to encounter another scenario which would be twice as bad. So, for example, if your back test shows that the auto trader lost as much as 30% at some point over the last 20 years, you should plan for a worst-case scenario of a 60% loss in the future. Of course, you should be able to adjust the risk by playing with the position sizing element of the auto trader to ensure that the risk is adjusted to the worst drawdown you are prepared to sit through.
Another way to take precautions before buying a Forex auto trader is to look for a few signs when examining the company at hand. Here are a few questions you should ask yourself when choosing a Forex auto trader:
- Do they offer a money back guarantee?
Most reputable auto traders are so confident that their product works, they will offer a money back guarantee ranging anywhere from 30-60 days after the purchase. This means if you buy the software and realize soon after, it is not for you, you can receive a complete refund. This is a must when choosing a Forex auto trader. If you have this guarantee, it lowers the risk of a scam to virtually zero.
- Do they offer a free demo?
Similar to choosing a Forex broker, one of the first things you need to do when choosing an auto trader is test it out. When buying a car, would you not test drive it first? Make sure to do the same in your Forex trading. Test out the software before purchasing it. However, it is also important to take into account that demo accounts are not always 100% accurate, so take the results of the demo with a grain of salt.
- Does their website annoy you?
Lastly, this is a universal rule when it comes to buying anything online. Go to the vendor’s site and look out for any popups/illegal activity/inappropriate advertisements. This is not always the case, but it is a precaution worth taking. 9 out of 10 times, a site that displays annoying and shady popups will offer a questionable service as well. If this vendor associates itself with shady businesses or the online pornography industry, you should think twice before investing your money in such a company. As I said, this is not across the board, there are some very legitimate online businesses that feel that a popup covering your entire monitor is effective marketing. They are wrong, but that does not make them a scam.
The bottom line is that online scammers choose to scam in areas that are full of potential. Nobody is going to click on a spam advertisement for a computer from 1981, scammers know what they are doing, and they choose topics that will draw attention. Forex auto trading has endless potential when it comes to making you significant profits, but just like anything else online, you must proceed with caution
Adam Lemon began his role at DailyForex in 2020 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy
Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.
Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.
Is forex trading real or a scam?
a Ab d nY WLOMg b L y j Gh R R a ef g WmP i cl n PHJPd g qn R B nhDSx u Xkxe l m l qXQ , mSy uFlpa L vgALB L B C FIq
I’am just back from one of these Greg Secker “Learntotrade” events as I really had to see for myself what the fuss was about, since Iam ramping up providing education at request and finding this offering increasingly quoted in conversation from time to time. Hmm..
After 45 minutes, I decided to leave.
I wouldn’t say what he is doing is a scam per se, hes quite direct about what he is offering too but to any market participant of worth or well educated person of self-worth it is absolutely intellectually dishonest nonsense. Trying to offer a package that allows you to “sit back and reap the pr.
Oinvest Review – is oinvests.co.za scam or good forex broker?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
|Trading account||Minimum deposit||Maximum leverage||Spread|
|Standard||Not specified||1:500||0.7 pips|
Oinvest is a South African forex and CFD broker that appears to offer a single account type with tight variable spreads, no commission fees and high leverage levels on the MT4 platform.
In addition, the broker provides a number of educational sources for beginner traders, such as e-books, training courses, webinars, tutorials, etc.
Licensed in South Africa
One of the strongest benefits of Oinvest is the fact that the company behind it, BASFOUR 3773 (PROPRIETARY) LIMITED, is regulated by the South African Financial Sector Conduct Authority (FSCA), the successor of the Financial Services Board (FSB). The FSCA is in charge of the licensing process and oversees financial service providers, which are required to keep all client funds in segregated trust accounts in a recognized bank in South Africa. The regulator also keeps a public register of Authorized Financial Service Providers, so that investors can look up whether a certain broker is FSCA-licensed.
Although regulation in South Africa is not among the strictest and most reputable ones (such as the one in US or Australia, for example), it provides a certain level of reliability.
Trading on MetaTrader 4
Another positive side of Oinvest is that trading is done on the widely used MetaTrader 4 (MT4), which most traders know well and like using. The reason for this is that the MT4 has an intuitive interface, solid charting, great analysis tools, and supports wide range of automated strategies, better known as Expert Advisors.
The trading costs at Oinvest also appear attractively low. The broker does not charge commission fees and the spread on EUR/USD is as low as 0.7 pips.
A wide variety of assets
Another advantage of this broker is the variety of trading instruments it offers for trade. Its product portfolio includes around 50 currency pairs (FX), as well as CFDs on stocks, commodities, indices, and cryptocurrencies. The list of the latter comprises popular coins such as Bitcoin, Ether, Ripple Dash, Bitcoin Cash, Bitcoin Gold, Monero and Litecoin.
If you are into cryptocurrencies, check out our list of reliable forex brokers that offer trading in Bitcoin.
High leverage levels
As most brokers who are not restricted by the laws applicable in the country of their operation, Oinvest provides high leverage levels, reaching 1:500. While such leverage ratios allow traders to open larger positions, while not investing large sums. That is why we consider it as an advantage, although leverage levels that high increase significantly the risk of losses.
Trading conditions not specified on website
Oinvest’s website does not contain any relevant information on its trading conditions, such as leverage levels, minimum initial deposit, spreads, etc. All decent forex brokers specify these essential trading details as a part of their transparent pricing policy.
Fortunately, demo accounts are available, so we were able to see the trading costs and the leverage ratios available.
Not available in many countries
It seems that Oinvest targets mainly local traders, as it does not accept clients from the United States, Iran, Cuba, Sudan, Syria, North Korea, Australia, Canada, Israel, as well as such from European countries.
Oinvest is a well-regulated South African broker that offers wide range of tradeable assets on the industry’s leading MT4 platform. While the trading conditions on demo accounts seem pretty attractive, they are not clearly specified on the broker’s website.
The situation with financial markets in South Africa seems promising, as this is the most developed country on the continent and has some sort of financial regulation. Nonetheless, the most reliable forex brokers regulated by the South African Financial Sector Conduct Authority are also licensed by other, more trustworthy financial governmental agencies such as UK’s FCA or Cyprus’s CySEC.
To sum up the above:
|Licensed in South Africa||Trading conditions not specified on website|
|MT4 available||Not available in many countries|
|A wide variety of assets|
|High leverage levels|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Traders` reviews for Oinvest
I am a victim
It is the real scam, blood sucking kind of people, they are working for the devil.
You are going to loose money .
Oinvest is a SCAM. SCAM.
Its a SCAM. Do not trust them.
I have lost R63500 in 3 days today!!
lock out of my account with a large amount of money still in the avccount
I was sill busy on forex and I was locke out.
[email protected] actually helped my withdrawal after providing the statement.
Not customer friendly
[email protected] is not customer friendly. After they withdraw the R3500 no tel is answered and no advice forthcoming.
Lost all my money
I trade with Oinvest since March but after doing well they give me false information to buy to trading t
App not trading
I just started my journeys to days ago I find that after two days the MetaTrader 4 app do not work properly.
I have an account with oivest even though I’m not trading at the moment. My main concern was that it seemed like somebody was going into my trading account and open and close active trading pairs without me knowing. Who ever was assisting me, will than blame me for that.I was still new in trading space. Secondly I didn’t change my password. I still want to be a trader.
Please I need your advise.
With kind regards
Please help me
I deposited an amount of R8500.00 with Oinvest using my absa Visa credit card, I was helped to make the deposit. I could not trade sue to the fact that I am always on the road now. I requested a refund of my money but now they avoiding me. They are not helpful with my refund but they are registered with the FSCA and they regulated by so called Basfour 3773 Pty Ltd. Will somebody please help me to recover my R8500.00.Please. FSB please.
Update on previous post
Adding to my post from yesterday, I was contacted by Oinvest’s “Customer Support” department rgarding my withdrawal request, by email. They claimed that there was an issue with their Payment Service Provider and that my refund MAY have to be provided by wire transfer.
Extremely annoying, invasive business practice
Having seen Facebook promotions for an investment scheme that automatically generates profits and having a spare bit of cash to throw at such TGTBT schemes, I decided to deposit $250 with Oinvest.
Stay away from Ointvest
I was called by ine Agent called Issac asked for my ID and proof of Res, deposited my R3500, 2days later so called Account Manager Lennard help me to download their trading website, 2days agter asked for $250 to increase my chances if making a profit. 1day later he ask for more when I told him I dont have anymore I had already invested All money was gone.
Pls pls Stay away from Ointvest.
Am starting to suspect Oinvest
I was asked to make a loan of R25000 to buy stock market shares which will make me profit, to my surprise I am told that my margin level is low and I must put in more cash because my margin level is below 100, whereas I was told that I will be refunded the money I put in to backup my margin level, I have requested my refund now am told that my money cannot be released as my margin level is on minus.That was not an agreement an I am now sitting on a debt which I must pay back.
Do not invest with oinvest
Once u have deposited money, it means you have fallen into their trap because i did
Best Binary Options Brokers 2020: