INVOFW – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
INVOFW - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
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.
Website URL: https://invofw.com
Founded: 2023
Regulations: Not Regulated
Languages: Russian, English, Spanish, German, French, Italian, Japanese
Deposit Methods: Bitcoin, Tether
Minimum Deposit: Unspecified
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Currencies, Cryptocurrencies, Metals, Indices,
Trading Accounts and Conditions
INVOFW offers their clients three types of trading accounts:
- Start: The minimum deposit for this account is $150. Leverage ratio is a maximum of 1:100.
- Trader: The minimum deposit for this account is $5,000. Leverage ratio is a maximum of 1:500.
- Professional: The minimum deposit for this account is $25,000. Leverage ratio is a maximum of 1:500.
The broker does not provide any information on their website about their other trading conditions. We accessed their trading platform to gather that information. We found out that the spreads on the EURUSD were at 0.1 pip. However, the broker does not specify what commissions and fees they charge, so we do not know the exact cost of trade.
INVOFW – Advantages
There are no advantages to doing business with INVOFW.
INVOFW – Disadvantages
Listed below are all the reasons why we have tagged INVOFW a scammer:
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Lack of Regulation
The first issue that tells us that we are dealing with a dishonest broker is the fact that INVOFW is completely unregulated. This broker provides us with a Bristol, UK address and claims that they operate under the requirements of the FCA – the Financial Conduct Authority. They also claim to be regulated by the IFSC (International Financial Services Commission) as well as the Mauritius FSC (Financial Services Commission). The broker does not provide any license number for the FCA, but does offer some kind of registration number for the IFSC (56/740/MI/14) and the Mauritius FSC (Investment Dealer License Number R720164204).
This broker also provides us with a UK phone number on their Contact Us page and an email address.
To check if INVOFW’s claims of being regulated by multiple authorities were true, we checked the regulators’ online registers. There was no company or broker by this name listed with the FCA. We got the same results with the other two regulators too.
This tells us that INVOFW has lied about being regulated. And this makes this broker a scammer.
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.
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.
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Lies About Trading Platform
On their website, INVOFW claims that they offer their clients a world-class trading platform, one that is equipped with the most innovative tools and functions. This is yet another false claim. What the broker actually offers is a very basic, web-based trading platform. It has no customizable functions such as those that are available in the MetaTrader 5 software (which is currently the world’s most popular trading software). This software is completely in Russian, and you can carry out only the most basic functions on it.
The only product that a broker offers is their trading software, which is why regulated brokers make sure that they provide their clients with the best possible one in the market. It is only the scammers what will skimp on providing a good quality trading software!
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Issues with Trading Conditions
Another clear sign of INVOFW’s scam is their trading conditions. Along with the trading software, the trading conditions are the most critical component of a broker’s service offering. These are the conditions which will help a trader decide whether trading on a broker’s platform would be advantageous or not.
With INVOFW, we once again see unfair trading conditions. Let us analyze them.
The minimum deposit for the basic account is $150, which is within the market average range. However, that is only for the basic account. To get better trading conditions, you need to pay a much higher price of $5,000! This is not a deposit amount that is acceptable at all.
As for the leverage, it is also too high. A maximum leverage of 1:500 is extremely risky. But that is not the only problem. This broker claims to be based in the UK, but in that jurisdiction, a leverage of 1:500 is illegal. In the UK, regulated brokers are allowed to offer a maximum leverage of 1:30. Other strongly regulated countries also have similar caps on the amount of leverage brokers can offer. In the EU and Australia, the maximum leverage is also 1:30. In the US and Canada, it is 1:50. In Japan and Hong Kong, it is 1:20! So, the high leverage alone tells us that this broker is scamming people!
INVOFW does not even tell us what their spreads are – a critical component of trading conditions. Spreads tell us the cost of trading – along with the commissions and fees the broker charges. We had to check this broker’s trading platform to get that information. According to what we saw, the EURUSD spreads start at 0.1 pips. However, since the broker has not mentioned anything about their commissions or fees, we do not know the real cost of trading.
The broker also does not give any information about other trading conditions such as order execution methods, margin calls and so on.
The lack of complete information tells us that we are dealing with a shady broker – a scammer.
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Issues with Payment Options
On their website, INVOFW displays a range of payment methods – Visa, MasterCard, MNP, Maestro, QIWI, Bitcoin. This display is just that – a display. Most of these payment methods are not available with this broker.
When we checked their payment section, we found out that this broker only accepts two forms of payment – Bitcoin and Tether. Therefore, INVOFW has only one payment option – cryptocurrencies.
This is a huge red flag. Cryptocurrency transactions are anonymous and permanent. Once you have made a payment using cryptos, there is no way to get that money back or even trace it. Which is why it is a favorite with scammers.
Conclusion
INVOFW is an untrustworthy broker. They are out to scam you.
INVOFW
Pros
- None
Cons
- Lack of Regulation
- Lies About Trading Platform
- Issues with Trading Conditions
- Issues with Payment Options
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
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