It is often said in the Forex world that you should never invest more than you can afford to lose. It should also be said that you should never invest in a brokerage firm whose legality is questionable or its character cannot be vouched for. We are going to look into InvestMib.com Forex broker today. In this review, we are going to look into reasons why you should investigate some more before committing your money into InvestMib or skip the broker altogether.
An overview of InvestMib.com
InvestMib.com is a registered FX brokerage firm in Vanuatu. As you might be aware, Vanuatu does not feature anywhere when it comes to world-class financial regulation. Moreover, Vanuatu is a country where shell companies are formed so as to evade taxes and other government laws. If you were to invest in InvestMib.com today and something went wrong, you would not recover your money based on this registration fact alone. Among the recognized regulatory bodies in the world include CySec of Cyprus and FCA of the U.K.
When you browse the main website of InvestMib, you will find that the company has support offices in the U.K along 42 Franklin Street, Belfast. They have even given a +44 (U.K code) phone number. The reason for doing this is to make clients believe that the company is based in the U.K where financial laws are strict and are designed to protect the customers. In this InvestMib.com review, we also looked into the location of the offices of the broker. One cannot know whether the headquarters are in Belfast of Vanuatu.
Trading on the InvestMib.com platform
Let us assume that you want to overlook the fact that InvestMib is regulated by Vanuatu authorities. You will have to look into the user-friendliness of the platform of the broker. After seeing the flashy and appealing platform, you will start smelling InvestMib.com scam soon after when you realize that leverage goes as high as 400:1. This was the norm some months ago but CySec has since instructed brokers to lower leverage. Many firms are now not going beyond 50:1. High leverage means that you stand a high and very real risk of losing all your money in a single trade.
The broker offers MT5 which is a good trading tool. While this is a plus for the company, you will soon find that the minimum deposit you can place is $200. This was reduced from $500. The minimum amount that you can withdraw is $100 which is not a good thing for many people.
InvestMib offers demo accounts to everyone. However, there are those InvestMib.com reviews from traders who say that they were unable to open a demo account because the broker does not offer services in their countries. In our case, we did open a demo account but could not do anything as the account is at USD 0.00. This mostly means that you are supposed to deposit the $200 before you can be allowed access to the demo account. In other words, it is not a demo account. If it happens that you deposit $200 so that you can play the demo and you happen to not like the experience, you will have a tough time withdrawing your money.
Is InvestMib.com legit?
InvestMib.com offers a wide range of instruments. You will be invited to trade in currency pairs, CFDs, and cryptocurrencies. But as we said above, you should desist from handing over your money to an ‘unregulated’ broker. In this InvestMib.com review, we will consider InvestMib to be unregulated. To affirm our InvestMib.com scam thoughts, Spain’s financial markets regulator, CNMV issued a statement at the end of May 2018 warning the general public against engaging in any way with InvestMib.