Many crypto experts are anticipating that this increase is expected to continue in future months and this is largely down to the fact that macroeconomic conditions and easing across the globe, particularly in the U.S. and UK markets. Let’s take a look at some of the latest updates in answer to the question on everyone’s lips at the minute: is cryptocurrency going up again?

The Road To Recovery: Is Cryptocurrency Going Up Again? 

Overall, it appears that the crypto trading market has shifted towards being positive instead of neutral. This year already, Bitcoin – the world’s largest cryptocurrency – has risen almost 70% and Ethereum has reached its highest peak since August 2022 – seeing an increase of 50% this year. Many industry insiders are already predicting that Bitcoin will hit an all time high this year. 

Why Is Bitcoin Rising So Much?

This week, there has been a sharp rise in Bitcoin prices (almost 9%), which has then pushed it above $30,000 (£24,118) for the first time since June last year. The recent increase in Bitcoin prices and value has sparked many discussions within the industry about a new market boom, but why exactly is this cryptocurrency going up again? 

It’s believed that the movement in Bitcoin began when the news of the fallout of the tech-focused Silicon Valley Bank broke, followed by its collapse. Since then, Bitcoin has steadily increased and has climbed almost 80% this year alone. Overall, the global crypto market is now trading at a higher level, plus, as well as this, experts predict that this recent surge in Bitcoin is also linked to the fact that more traders are showing confidence in the Federal Reserve (Fed), which is believed to announce a pause on increasing interest rates again due to fears of recession across global markets. 

In a domino effect, these fears of recession across global markets have exposed risks and weaknesses within banking systems all over the world and traders have felt an increased appetite for decentralised currency, such as Bitcoin and other cryptocurrencies, which are seen as safer alternatives to conventional banking systems. 

What Determines The Price Of Bitcoin? 

Unlike traditional currencies (also known as fiat currencies), such as the GBP or US-Dollar, Bitcoin isn’t defined by a single entity as it would be within a central bank. Instead, it is defined by supply and demand, or the price which traders are willing to pay. When there is more demand for Bitcoin, similar to when other cryptocurrencies are going up again, the price increases and when this demand reduces, so too does the price. 

The demand for Bitcoin is dependent on a number of factors, such as global events (including advances in stocks and price declines) and other economic factors, such as trade deals and conflicts. Unlike fiat currencies, which are subject to change in line with political and economical influences, Bitcoin is a fully decentralised system. There is no one regulatory authority which looks after the monetary base. Bitcoin also has the highest trading volume when it comes to cryptocurrencies, but compared to other global markets, it is relatively small market-wise. 

Have Crypto Markets Turned Bullish?

A bull market occurs when commodities and securities are on the rise, such as now when cryptocurrency is going up again. Typically, this term is used to refer to the stock market, but it is applied to anything which is traded, such as cryptocurrencies, so yes the cryptocurrency markets have turned bullish. In recent times, the cryptocurrency market has seen positive signs following an ease in macroeconomic activities, which has then caused the price of cryptocurrency to increase. The current trading value of the cryptocurrency market has recovered to levels not seen since June 2021.

With the markets turning into bull markets, there is also the possibility that a rally occurs. A rally is a period of sustained increases in the prices of cryptocurrencies, stocks or bonds and it usually involves rapid and substantial increases over a short period of time. Rally, as a term, is used loosely when referring to upward swings in markets and is caused by significant increases in demand which is the result of a large influx of investment capital in the market. This then leads to the bidding up of prices. 

What To Do In The Event Of A Crypto Rally

• Diversify your trading portfolio
• Spread your risk in order to lessen the impact of a downturn in a specific crypto 
• Keep up to date with industry developments
• Don’t make impulsive decisions 
• Follow a strategic investment pattern
• Store your cryptocurrencies in a secure wallet 

Things Traders Should Be Aware Of With The Market Increase

With cryptocurrency going up again, there are some things which traders need to be aware of, or areas where they should show extra caution. There has always been the risk of market manipulation, but this risk increases when the market does. Market manipulation is where there are attempts to artificially inflate or influence the price of an asset, or overall market behaviour. This can involve a single individual, or group of individuals, looking to create an overriding illusion within the trading market. 

Pump and dump schemes are the most prevalent offender when it comes to market manipulation, which is where a group of people work together to artificially inflate the value of a coin. This scheme is usually targeted toward low market coins which are available on limited exchanges, with the inside group buying the coins, then dumping them once there are enough traders and investors also buying the coin. This causes the group to gain a profit, whilst most other participants take a loss. Before trading, always do your research and due diligence before parting with any money. 

Another thing to be aware of with cryptocurrency going up again is the likely increase in trading scams. Criminals will be aware that people will want to spend more investing in crypto, knowing that there is the possibility of getting higher returns, so will likely target new or inexperienced traders. If you believe, at any point, you have been the victim of a trading scam, then please get in touch with our team of recovery solicitors to start your journey. 

Who Are BDSwiss?

BDSwiss has been established since 2021 and has provided CFD and forex services to more than 1 million investors. The firm has experienced dramatic growth trajectories as well as won multiple awards for its services and products. 

Throughout the years, BDSwiss have had a range of partnerships with brands and sports teams. Since 2021, they have been sponsors of the DP World Tour Championship, AVIV Dubai Championship and the MercedesCup ATP 250. 

They also sponsor local football teams and even some cycling teams. This all encourages investors into thinking they are legitimate investors but are they? Is this just a smokescreen for what is happening behind closed doors? 

Is BDSwisss Legitimate?

Scammers use a range of different methods to part you with your money, but online trading platforms are one of the most lucrative and recurrent methods that scammers will use. It’s pretty easy for a brokerage firm to tick all the required boxes, but if you know what to look out for, there are some red flags that they hide from investors. To evaluate whether BDSwiss is legitimate, it’s important to get an overview of the services and products they provide, its regulatory status and how they use its data. 

BDSwiss Background

The company claim to specialise in multiple formats including shares, forex pairs, metals, energy, ETFs and indices. Since June 2020, the company has had over 1.5 million registered investors with a trading volume of $84 billion. BDSwiss had its first office in Berlin in 2012, but now it also has offices in Seychelles and Mauritius which are listed as its current address. It is now present in over 10 countries and draws clients from over 186 different countries.  

Who Regulates BDSwiss?

BDSwiss operates under BDSwiss Group which has licenses from various regions including:

• BDSwiss Holdings Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission under CySEC license number 199/13.
• BDS Markets is regulated as an investment Dealer by the Mauritius Financial Services Authority (FSC).
• BDSwiss GmbH is registered by BaFIN in Germany.
• BDS Ltd is regulated and authorized by the Financial Services Authority (FSA) in Seychelles, license number SD047.

As you can already see, BDSwiss is not regulated by any reputable regulatory body like the FCA. This raises many questions and red flags as many of the regulatory bodies they are registered with have very loose rules which are extremely risky for their customers. 

BDSwiss Red Flags

Although BDSwiss is regulated by some bodies such as CySEC, the firm has been in trouble in the past which, of course, sends red flags to people like us. We investigated and it seems that in 2017, CySEC fined BDSwiss for €150,000 for violating market laws. CySEC also gave them an administrative fine of €5,000 for not complying with the laws in 2016. 

Let us ask you this, would you be comfortable investing your money with a company that has been fined twice for not abiding by the law? For a company to have been fined twice by regulatory bodies shows they are not operating in a legit manner and are not following the rules and regulations in place.

Negative Customer Reviews

There have been many reviews from previous customers of BDSwiss, but overall the reviews outline two main areas that stick out a lot. These are:

• Customers make withdrawals but don’t receive their funds.
• High spreads and manipulation of the price – make it hard to profit from trades.

With these two elements being the main focus on bad reviews, it’s easy to say that you should stay clear of this company at all costs.

Multiple Addresses 

BDSwiss has multiple entities that operate in many regions. Due to them having this, they claim to be regulated by multiple bodies in Seychelles, Mauritius, Germany and Cyprus. According to the CySEC website, the address is for Limassol in Cyprus, but the BDSwiss website has a Mauritius address. Multiple addresses are very confusing.

The worst part of this is none of the regulatory bodies is strict as well as their offices are in offshore zones which makes it much easier to find loopholes to scam investors. A legitimate company will have one traceable address. 

Final Verdict

If you are new to investing forex or any other form of investing, it is best to stay away from BDSwiss. With customer reviews outlining that they don’t receive the funds when withdrawing, as well as making it extremely hard to profit from your trades, it is easy to see that there are some illegitimate processes in play. Combined with the fact that they are not registered with the FCA, it would be much safer to go with a broker that is.

If you have lost your funds from a forex scam or other from an irregulated broker, then speak to us as we will be able to help recover your losses. BDSwiss is one of, if not the most, common brokers that we deal with and we settle many cases against them, without any court intervention. We also offer a no win, no fee process. Contact us today and we can discuss your recovery process. 

Security Tips For Setting Up A Crypto Wallet  

Back Up Your Wallet

When setting up your crypto wallet, one of the most important security measures that everyone should abide by is to back up your crypto wallet. Many people forget to do this and then later, once they have forgotten it, they can’t access any of their digital assets as they can’t be accessed without it. 

Backing up a crypto wallet is a very simple process. All it involves is you writing down your 12-24 word recovery phrase. It is essential that you write this down and put it in a safe place. Do not put this in any digital format, or take a screenshot or photo as these can easily be hacked. Many wallets will ask you for a username and password and others will require you to save a file to open your wallet. So before you start investing, ensure you are setting up your crypto wallet correctly and back up the recovery phrase. 

Securely Store Your Recovery 

When setting up your crypto wallet, it is essential to back up your recovery phrase, which you should have already done. The next step is to secure your recovery phrase properly. When you store your recovery phrase after setting up your crypto wallet, the most important thing to remember is not to store this in any digital format as these can malfunction as well as being hacked. It may be tempting to have it in a note app or in your emails but this will lead to your phrase being compromised. 

Once you have written down your recovery phrase, you need to place this somewhere secure. If you have a safe, this is a great option as it won’t get lost or damaged. Wherever you put this piece of paper, you need to ensure nobody else can get to it.  So when you have finished setting up your crypto wallet, ensure that your recovery phrase is safe. 

Never Share Your Recovery Phrase

After setting up your crypto wallet and once you have written down your recovery phrase offline, it is essential that you do not share your recovery phrase with anyone at all. This even means legitimate employees of crypto websites, crypto wallets or even support teams. If there is one major rule in the crypto world, it’s that you do not share your recovery phrase after setting up your crypto wallet. No legitimate person will ever ask for your recovery phrase. If anyone asks for your recovery phrase, it is 100% a scam. 

If hackers get hold of your recovery phrase, they can duplicate this and create a copy of your wallet and withdraw all of your funds so after setting up your crypto wallet, remember not to give your recovery phrase to anyone. 

Avoid Downloading Malicious Files or Clicking on Phishing links 

Finally, after setting up your crypto wallet, you need to make sure that you are not clicking on any links or downloading files from random senders as this can help to protect yourself from crypto-stealing malware. If you do click on a malicious link accidentally or unknowingly, then the hacker will be able to access your wallet remotely and steal your details and private keys which will, in turn, result in them emptying your wallet. To prevent this further, it is worth installing anti-malware and anti-virus software to catch any attempts. 

If there is one thing to remember when setting up your crypto wallet is that you should always write down your recovery phrase and don’t let anyone know it or where it is. This is for your eyes only. Never keep a picture of it as this is giving hackers a chance for fraudulent activity.    

If you believe you may have been the victim of a crypto scam, then please contact us today to arrange a free consultation to see if we can help you recover lost funds. 

Hi, my name is Josh Chin and I am one of the solicitors here at Wealth Recovery Solicitors.

It’s very important that when you come to us to try and help you recover any of your lost monies through either negligent advice from brokers or a pure scam you come to us at the strongest point.

To start with this, the strongest point means you have not already started your case with a potentially rogue recovery company.

It is important to look out for even if you don’t pick WRS to be your recovery agent or solicitor that you look to see if this recovery company is based in the UK.

Many firms or scammers pretend to be in the UK by simply putting on their website that they are based in the UK.

However, if you ask to see them face to face or Zoom meeting and something doesn’t quite add up, this may question whether they are actually based in the UK.

The amazing thing about WRS is we are based in the centre of Manchester. You are able to come in and see one of our solicitors face to face, meet us via Zoom, have a phone call or in certain circumstances we can come and see you in other parts of the country.

Again, I must repeat, you only get one chance at recovering your money and if you unfortunately do come across another recovery company that is pretending to help you and are a scam, your casing might be significantly weakened.

When looking to instruct a recovery company, it is important that you don’t get bitten twice and you have default trust of the company that you’re dealing with.

One way of looking if you can trust this company is that they are either regulated or authorised by particular bodies. WRS is a fully regulated UK law firm. The law firm itself is regulated by Bar Standards Board and I as a solicitor am regulated by The Law Society.

It’s important when you look at other recovery companies, they have the correct credentials and you can see this on the independent website aside from their own.

Hi, I’m Josh Chin and I am one of the solicitors here at WRS.

Today’s topic is to discuss whether you could be entitled to compensation.

Interestingly, a lot of feedback we’ve had from our successful clients in recovering their money is that they didn’t actually know that they were entitled to compensation.

We have a hugely successful rate of getting money back quickly, efficiently and cheaply for our clients.

The good thing about coming to WRS is we are experts in recovering these kind of monies and know exactly what to look for.

You might not know that there isn’t typical broker behaviour to coerce you into certain deposits, not allowing you to putting higher deposits than you actually wanted to, upgrading your status to maybe a VIP account when you have very limited knowledge of how to invest.

These are the kinds of things that we would look for in building your argument and trying to get your money back from these regulated brokers.

Regulated brokers are accountable to bodies and have certain rules that they should bide to. In certain circumstances they try and get away with this and the layman person and client wouldn’t know if that everything has gone wrong.

Consult one of our experts today at WRS and see if we can help you on a no win, no fee basis.

There is no risk and we would only take your case on if we know we can help you.

Hi, my name is Josh Chin, I am one of solicitors here at WRS.

A bit background about myself and then we’ll go into what WRS does and why we were created.

My background is I started my career at a couple of international law firms. I then did my training contract at a Manchester City Center law firm and I’ve been qualified now for almost two years.

The WRS (Wealth Recovery Solicitors) was designed to help vulnerable clients that have lost substantial amounts of money, either through a pure scam or a negligent brokerage normally based abroad.

We are efficient, extremely motivated and extremely successful in recovering funds for our clients.

We look to recover large amounts of what’s lost and do this in a very quick and as cheap as possible way.

For our clients, we work on a no win, no fee and in 2021 alone, we’d recovered over one and a half million pounds.

You can inquire with us today and see if you qualify for a no win, no fee and see if you can also be one of our successful clients.

Who is Mount Nico Corp?

Mount Nico Corp is an investment firm and brokerage based in Limassol, Cyprus. The company registration number is HE307717. They state on their website that they are regulated by the Cyprus Securities and Exchange Commission (CySEC) with the licence number 226/14, which in theory means they have to meet certain requirements such as safeguarding client funds. This is in line with the law, which provides for the provision of investment services. CySEC allows the company to offer the following services: execution of orders on behalf of clients, portfolio management, safekeeping and administration of financial instruments, granting credit or loans to one or more financial institutions, and foreign exchange services which are connected to providing investment services. As Mountain Nico Corp are regulated by an EU member state, they are able to offer their services in countries such as Austria, Croatia, Finland, Norway, and Greece. They are unable to offer trading services to new clients in the Netherlands nor provide financial services to residents in the UK. The company is said to generate $617,439 in sales. 

Their board of directors comprises three members: CEO Panagiotis Kaiserlidis, and two non-executive directors called Ori Mishkal and Konstantinos Demetriou who are responsible for developing the strategic arm of the business. They have internal control of the company’s capital adequacy and are responsible for the risk profile of Mount Nico Corp. It is worth noting that the company has previously had two executive directors resign. 

Is Mount Nico Corp a scam?

The first thing to note is the moment you enter the Mount Nico Corp website, there is a big notification to confirm the company is unable to trade within the UK. This is because the Financial Conduct Authority has taken steps to temporarily limit the firm’s position trading with residents in the UK. The firm is regulated in Cyprus, a European Economic Area country, which means they can only offer certain products and services within the UK. 

If that is not a cause for concern, they offer a warning on their store stating 80.06% of retail investor accounts lose money when they trade under Contract for Difference with Mount Nico Corp. Stating it is the onus of the account holder to do their due diligence about the world of Contract for Difference (CFD).

Mount Nico Corp also owns the eXcentral website, which we have also investigated and confirmed to be a scam as they issue the same risk warning on their website. They also operate in Cyprus, which, as a port of call, is usually a sign the firm is trying to hide something as Cyprus is seen as a location brokers use to scam their clients. There have been many incidents in the country where the Financial Conduct Authority has taken action against some Cypriot Investment Scammers. It has also been reported a 15 million trading fraud had taken place within the Cyprus forex industry. 

From the moment you visit the Mount Nico Corp website and see the warning that they do not trade in the UK, alarm bells should be ringing. It is clear from the ruling by the Financial Conduct Authority that it is not a brokerage you should trust with your hard-earned money. 
If you are worried about falling victim to a scam either by Mount Nico Corp, eXcentral, or any other Forex business, we can help you. At Wealth Recovery Solicitors, we have a brilliant team of experts on hand who are dedicated to reclaiming your money for you. Using our tracing services, our team can locate where your money is being held and provide you with a plan, such as legal action, in order to have the money returned to you. For more information on how we can help, please do not hesitate to call us on 0203 695 9239 or book a free confidential consultation today.

Who are Investous?

The Investous site is run by a company called F1Markets Limited, which is an investment firm based in Cyprus. This has been authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) with the license number: 267/15. Their offices are located in Limassol, Cyprus. The investment firm, IOS Investments Limited, based in Belize, is responsible for the international arm of the site. 

Even though they have this in place, they have a statement on their site that states their regional restrictions, alerting traders that they do not trade in the UK. It also confirms that F1Markets Limited offers services within the European Economic Area (EEA), which excludes Belgium. This means traders residing in these countries are unable to trade using Investous. Which is something to be mindful off depending on where you are in the world. 

Investous offers four types of accounts. These are:

• Basic
• Gold
• Platinum 
• VIP

Each account requires a minimum deposit, which ranges from 250EUR-250,000EUR depending on the account type chosen. According to the site, there is very little difference between the Gold, Platinum, and VIP accounts. The biggest differences in accounts are between the Basic and Gold accounts as they include more features and percentage in point also known as pips. This is not the general practice for a well-established broker. A good brokerage will ensure they provide equal quality service across all accounts to make sure trading remains fair and does not get overwhelmingly costly. 

Is Investous a scam broker?

It is easy to fall for Investous’ charm. The company has a slick website and looks like a broker you can rely on. However, after the initial impression, you can break down the layers and discover what the company is really about. 

Investous offers a leverage of 1:500 across all accounts, which is a common incentive used by scammers to secure their victims looking for a high return on their investments. Credible brokers under the European Securities and Markets Authority (ESMA), along with other regulators in the US and Canada, are unable to offer leverages higher than 1:30 for Forex transactions. It has also come to light that the F1Markets Limited’s passport rights have been rescinded. They were also asked to stop all activity in the UK, close all UK positions and return money to UK traders and alert them of the Financial Conduct Authority’s ruling. 

Another red flag is the large inactivity fees they have. It is common for Forex brokers to have a small inactivity fee; however, this generally comes into play after six months of no activity. Investous charges inactivity fees after a month of no trading activity, deposits or withdrawals. After this, you are expected to pay 80EUR or its equivalent. This gradually increases with fees rising to 1,000 EUR after 12 months. 

We also have to take into account the vast number of online customer service complaints they have received. With statements such as ‘Please avoid’ and ‘I wouldn’t recommend to anyone, customers are warning others about the losses they have suffered as a result of trading on the site and the impact it has had on them. 

It is clear from what we have seen and have disclosed, such as the unreasonable fees, unlawful advice, and high deposits, that Investous is indeed a scam and should be avoided. 

What to do next

If you are worried that you have fallen for a scam from Investous or another Forex Broker, please get in touch with our team at Wealth Recovery Solicitors. We have a highly qualified team who use their expert knowledge along with technology to trace your money, enabling you to reclaim the money back. We also specialise in providing court injunctions and handling complaints. We provide transparent and confidential bespoke recovery programmes to ensure everything is done to get you the justice you deserve. 

To book a consultation, please call us on 0203 695 9239. Alternatively, fill out the form on the website where you can select the best day and time to contact you. 

The level of sophistication of Forex scams, these days, has skyrocketed, so much so that even those who have been trading for years can fall into these traps. This is why it is important to understand what to look for when researching the best and most reliable online trading platforms to use. To help steer you in the right direction, we have done a mini deep-dive into eXcentral to determine if they are a legitimate company.

Who are eXcentral?

eXcentral is an organisation that claims to have the creme de la creme of trading platforms and the lowest spreads within the industry. They appear to specialise in Contract for Difference (CFD) trades, which, in theory, can be used in a range of markets, such as Forex and cryptocurrency, and should allow traders to have earnings without needing to own the asset. 

eXcentral is registered in Sandton, Gauteng, and Cyprus. The South African investment firm, OM Bridge (PYT) LTD, runs eXcentral’s international operations outside of Europe, while the Cyprus investment firm, Mount Nico Corp LTD, owns the European union arm of the company. 

Mount Nico Corp LTD is regulated by the Cyprus Securities and Exchange Commission (CySEC), which enables eXcentral to trade within the European Economic Area member states. However, in accordance with the Financial Conduct Authority website, they only have temporary permissions, which means they are unable to market to UK consumers. 

OM Bridge (PYT) LTD, on the other hand, is regulated by the Financial Sector Conduct Authority of South Africa (FSCA). They are not FCA regulated, which means they are unable to trade in Europe and the UK, as well as the US, and Canada. 

It appears that traders using the platform are able to use, MT4, Trader with different leverage levels depending on the account held with eXcentral. An MT4 Trader is also known as a MetaTrader 4 which was developed in 2005. It is one of the popular online trading platforms with a simple interface. While it is mostly used by forex traders, it can also be used in a range of other trading markets. 

Is eXcentral a scam?

The eXcentral website has a warning at the bottom reminding users to make sure they do their own research into how online trading works. It also states that 80.06% of retail investor accounts lose money when trading Contract for Differences (CFD) using eXcentral. If this doesn’t raise alarm bells, a quick glance at their Trustpilot reviews indicates a plethora of negative reviews. Here, many people have claimed that they were scammed by eXcentral with comments such as ‘Please run from this company’, and others stating the company stopped responding to them, causing them to go into debt. 

By operating in two locations (eXcentral has one location in South Africa and another in Cyprus), traders are also finding them difficult to trace and reach out to. Choosing Cyprus as a location is interesting as Cyprus has become notorious as being a hideout for scammers, which is a  sign the company may potentially be using the country as a base to scam their clients. While on the surface, eXcentral looks like it is a legitimate company, the more you research the more suspicious they appear. 

Worried about being scammed?

Fallen victim to a broker like eXcentral? At Wealth Recovery Solicitors, we combine our years of expertise and knowledge with the latest technology to help you reclaim your money. Our experts work with you to create a bespoke recovery programme, taking into account the most cost-effective solution for you. 
We are a boutique law firm regulated by the Bar Standards Board and are dedicated to assisting clients in reclaiming their wealth. Wealth Recovery Solicitors provides tracing services as well as assistance dealing with Forex trading scams, CFD tracing scams, and Cryptocurrency and Bitcoin trading losses.  Our specialisms include but are not limited to, court injunctions, applications to the ombudsman, and complaints about brokers. To find out more, fill out the form on our website stating the best day and time to contact you, or alternatively call us on 0203 695 9239.

Who are OBRinvest?

OBR Investments Limited (the owner of the brand OBRinvest) is a Cypriot investment firm regulated by the Cyprus Securities and Exchange Commission. They hold the license number 217/13 and have an office in Limassol, Cyprus. 

OBR Investments claim to offer traders a safe, secure, and hassle-free trading experience using the highest security to protect their account holders. They claim all client funds are held in separate trust accounts with investment-grade banks. 

You can choose from four different types of trading accounts. The basic package is priced at 250 EUR. You are then given the option to upgrade from this to a Gold account (25,000 EUR), Platinum (100,000 EUR), or VIP (250,000 EUR) with the leverage for clients set at 1:30 for professional clients the leverage goes up to 1:400. The leverage refers to the funds borrowed to increase your trading position so the higher the account, the more leverage you can claim.  If you are a premium account holder, you are also given certain privileges such as free withdrawals. 

As a firm, it is not regulated to provide financial services to residents in the United Kingdom, Switzerland, and Belgium. OBRinvest, however, is permitted to offer its services to other countries within the European Economic Area. 

Account-holders are able to access their accounts wherever they are in the world; however, these accounts are governed by regulations and jurisdictions that may vary depending on where the trader resides. 

OBRinvest also has a risk warning on their site declaring the complexity of Contract for Difference platforms. Contract for Difference, or CFD, is an agreement with the provider to exchange the difference in the price of a particular financial product from when the position opens to the moment it closes. The risk warning on the site goes on to say to make sure you are able to afford to take the high risks that come from making such trades and not to go off past performances as there are no guarantees when investing your money. 

Is OBRinvest a scam broker?

One glaring red flag of OBRinvest is that they state the price of the minimum deposit can be changed without any notice which means the trader may have funds taken out of their account, which they were not aware of. 

While there are no deposit or commission fees, there are monthly inactivity fees that fall out of the norm compared to credible brokers. OBRinvest states they reserve the right to charge account holders inactivity fees after a month of inactivity. Inactivity refers to accounts where no transactions are being made, including deposits, withdrawals, and trading activity. By opening an account, you agree that you are liable to pay these inactivity fees, giving OBRinvest permission to take this money from any funds you have stored if you fail to pay. It is common for Forex brokers to charge inactivity fees; however, this generally kicks in at around six months. The current fee OBRinvest expects you to pay is 80 EUR, which is extortionately higher than its reputable counterparts. 

Their Trustpilot reviews showcase the scams carried out, with statements such as ‘Be aware is a legit scam!’ and personal detailed accounts of how account holders were swindled out of thousands of pounds, being misadvised to borrow money against their own house. This contradicts the statement on their website, which states they do not offer financial advice. 

With all this in mind, it is clear that you should steer clear of using OBRinvest as there is evidence to show they are a scam broker. 

If you believe you are a victim of an online trading scam or a scam carried out by another Forex Broke, our team can help. At Wealth Recovery Solicitors we use our expert knowledge and experience, which allow us to get your money back. Our services are tailored to your individual circumstances to allow the best chances to reclaim your money. We are transparent with all our clients and keep everything confidential. If you are interested in learning more and would like our expertise, please fill out the form on our website where you can select the best day and time to contact you. Alternatively, you can call us on 0203 695 9239.