Beware! Investcore is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Investcore is yet another offshore broker that is not worth your time or money. Before we dig in deeper into the company’s many flaws, we need to make a disclaimer – we were not able to make an account with Investcore. Once we entered our details, we kept getting the same message from the website:
This means that we are not 100% clear on all aspects of the broker – but we know more than enough to warn you against investing with it. Here is why:
Investcore regulation and security of funds
Investcore operates from one of the most infamous offshore locations out there – the Commonwealth of Dominica. Here is the company stating as much:
Dominican brokers are not regulated whatsoever – this means that they are mostly scammer that wish to run their schemes without being held accountable. It also means that a broker from Dominica cannot ensure protections that clients of companies in say, the EU, enjoy – for example, a Negative Balance protection policy which makes it so they cannot lose more money than they have invested with the broker.
Investcore trading software
Investcore’s trading software is not mentioned once on its domain – and what’s more, without an account we could not find out what it was and how it stacks up to industry standard Metatrader 5.
Investcore deposit and withdrawal methods and fees
Investcore accepts deposits via credit cards and Neteller – or at least it claims to. Without an account we could not know for sure.
Withdrawals, however, are straight up not going to be possible. Here is the clause that makes it so:
This trading volume is a prerequisite for any withdrawal from accounts credited with a bonus. And it is quite the steep requirement too – even seasoned traders would find it difficult to realize such turnovers.
If you think that this applies only to accounts that have accepted bonuses, you should know that Investcore issues them automatically with account creation – even the lowest account tier has a 10% bonus!
And even if you manage to achieve that requirement, there is no telling what fees you will be charged – the broker mentions them in passing in the following paragraph:
Considering how unreasonable its Bonus policy is, we cannot expect these fees to be anything fair!
How does the scam work?
By now it should be evident – Investcore is a scam. What’s more, we believe the company to be following what is a rather played out scam pattern. Here is how that pattern plays out:
First off, someone stumbles upon an ad in social media that leads to a website like the one Investcore operates from – these ads always promise quick and easy profits. Once on the website, the person is prompted to make an account with the broker. Should they do so, they are required to leave a phone number. The scammers then use that same number to start calling around the clock, demanding more and more money. No amount of deposits will satiate them – these people are ruthless and manipulate their victims effortlessly.
The scammers will keep bleeding the victim dry until it realizes what’s going on and stops depositing – at which point, the scammers will simply cut their victim off and move on to further targets.
What to do when scammed?
If you recognize the scheme described above, odds are, you might have been scammed. Here is how you can limit future losses:
First off, recall what credit cards, IDs and so on you gave the scammers access to and get new ones issued immediately. Also, remove any desktop sharing software like TeamViewer or AnyDesk from your PC. These steps will help you restore your privacy.
Once that is done, it is time to think about getting a refund – the best way to do so would be by contacting your bank and explaining your situation to them. They will gladly walk you through whatever chargeback options you have available. However, if you are approached by a recovery fund, know that this is simply another scam – the people behind it will take your advance fee payments and run with them!
Finally, consider leaving your thoughts on Investcore in the comments below – by doing so, you will be helping us raise awareness of the scam, which is the best way to combat it!