EDEX Invest – Scam or Legit?

Website URL: https://edexinvest.com

Founded: 2014

Regulations: N/A

Languages: English

Deposit Methods: Credit/Debit Cards, Wire Transfers, Bitcoin, OKPay

Minimum Deposit: $250

Free Demo Account: N/A

Number of Assets: 5

Types of Assets: Forex, Precious Metals, Energy Commodities, Shares and Indices, Digital Currencies

EDEX or EDEX Invest, as they are also known, is promoted as a world-class, internationally trusted broker based in the United Kingdom, with thousands of trading instruments, including Forex pairs and CFDs on commodities, digital currencies, stocks, and indices, leverage up to 1:200, three account types, and a web-based platform.

The offer would appear to be totally legitimate and even appealing at first sight, if it weren’t for the fact that EDEX Invest has no legitimate forex license in the UK, or anywhere else for that matter, and the website has all the characteristics of fraud.

Trading Accounts and Conditions

EDEX Invest includes a Webtrader that we’ve seen many times before, but never by a respectable broker. We consider it very untrustworthy because it lacks most of the things we take for granted nowadays (automatic trading, for example).

The platform’s EUR/USD spread is 0.2 pips, which means that trading expenses are typically minimal. However, EDEX Invest is a fraud that has already been revealed, so don’t even consider creating an account there.

Leverage is set at 1:200, and customers are not permitted to modify it. As a result, EDEX Invest puts investors at risk deliberately because 1:200 is anything but a safe ratio. In reality, EDEX Invest’s leverage exposes them as shady, as this amount is forbidden by a slew of reputable authorities, including the British FCA. Specifically, licensed EU, British, and Australian brokers must limit their customers to 1:30 leverage owing to laws, whilst US brokers cannot give more than 1:50 leverage. Brokers who provide greater leverage levels are typically unregulated, so be wary of their offerings; EDEX Invest is one such them.

EDEX Invest has three different account types: Standard for $250, Premium for $250, and Premium + for $25,000.

EDEX Invest – Advantages

If you’re looking for an online broker with a lot of advantages then EDEX Invest is not that broker. It is so clearly a scam and you should never invest any money into EDEX Invest.

EDEX Invest – Disadvantages

Unregulated and Unsafe Funds

EDEX Invest seeks to pass itself off as a British broker, which necessitates the acquisition of an FCA license. Because it lacks any, it is illegal and unregulated, putting your cash at risk if you deposit. The so-called broker, on the other hand, dared to use two certifications in an attempt to establish legitimacy. It isn’t—both certifications are faked, proving that EDEX Invest is a shady operation deceiving the public.

The first one has no meaning because it is a copy of an EU document written in Italian that EDEX Invest has taken advantage of. The other is a forged certificate supposedly issued by The Financial Commission, a non-governmental organization (NGO) formed solely to peacefully handle disputes between traders and brokers in a transparent and efficient manner. It is not a regulatory agency. The specified organization, also known as FinaCom, certifies brokers, however, the one under review is not on its roster.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

Withdraw and Deposit is Impossible

The minimum deposit is $250, according to reports, and it may be made via credit/debit cards, wire transfers, Bitcoin, and OKPay. However, we are unable to substantiate their allegations because we were required to complete KYC processes and provide ID verification papers. That’s not an option because we already know EDEX Invest is a fraud.

To begin, the minimum withdrawal is $250 ($30 charge) for wire transfers and $100 ($25+$10 fee) for credit/debit cards. Clients must also pay an additional 10% if the 200-turnover threshold is not met. That is obviously a sham.

Inactivity Fees

Other costs include those associated with inactivity: according to the provision, an account becomes inactive after 6 months of inactivity and is liable to a monthly withdrawal of 10%. Regulated brokers, on the other hand, charge no more than $5 to $10 each month, not 10%.

Then, if there are incentives, withdrawal terms will deteriorate: clients must trade for a minimum of 30 times the deposit amount plus the bonus in order to be eligible for withdrawals. Worse, Edex Invest does not define 30 times, thus it might require consumers to trade 3000 lots (300 million USD in turnover) in exchange for a $100 incentive.

Conclusion

You should not believe that a clearly fraudulent website like Edex Invest, which is just not regulated anywhere, no matter what they state, would allow you to make any money. Edex Invest has no legal authority to provide financial services in the United Kingdom. We are dealing with blatant fraudsters since Edex Invest is not licensed and approved by the Financial Conduct Authority (FCA) in the United Kingdom.

That said, if you value the security of your funds and want to avoid being scammed, avoid unregulated brokers entirely and trade only with legitimate and properly licensed brokers, such as those listed in the registers of reputable financial authorities such as the FCA in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC).

The Forex con has a lot of phases, which is why it’s so terrible. Consider this scenario: you paid for a pair of shoes but received nothing in return, and you were once duped out of $50. That is all there is to it. In a Forex scam, on the other hand, you may be duped into depositing many times, just to be badly ripped off in the end.

As a cautious trader, you will usually invest a modest amount at first—say let’s $250–and fraudsters would then misrepresent your results or manipulate market prices in your favor to make you feel you are successful.

Indeed, you’ll see that your account is quite successful, and the scam artists will encourage you to make another deposit, deceiving you into believing that you may make even more money. However, you will want to withdraw your gains at some point, but they will not allow you to do so and will encourage you to invest even more money.

EDEX Invest

2.3

User Experience

2.2/10

Payment Options

2.2/10

Security

2.1/10

Support

3.0/10

Reputation

2.2/10

Pros

• None

Cons

• Unregulated and Unsafe Funds
• Withdrawal and Deposit is Impossible
• Inactivity Fees