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. 

If you’ve lost money to Arum Trade or any other forex broker, contact us for a free consultation. We have trusted and experienced experts who will help you get your money.

Here’s all you need to know about Arum Trade.

Arum Trade Review

Arum Trade is an off-shore forex broker offering an MT5 forex trading platform available on desktop and mobile devices like Apple and Android. The broker offers over 75 forex currency pairs including bitcoin, CFDs, gold, and energies.

It was set up in 2018 and has offices in Port Vila, Vanuatu. They registered it under the laws of the Republic of Vanuatu. However, there have been questions about brokers licensed under the laws of Vanuatu. Does it mean Arum Trade is a scam? Here is the complete story.

Notable Features of Arum Trade

Arum trade has a few notable features, including Percentage Allocation Money Management accounts (PAMM). These accounts allow traders to manage investors’ money in exchange for a share in profits.

Here’s how PAMM accounts at Arum Trade work:

An investor named Walter wants to reap profits from forex trading. He has the money but doesn’t have the time nor the knowledge to trade. A trader named Philip has a sufficient understanding of forex trading but has no money to trade.

Arum Trade connects these two people by registering Philip as the money manager for Walter.

Arum Trade also has multi-account manager functionality (MAM) for traders managing other people’s accounts.

Surprisingly, you cannot make deposits or withdrawals at Arum Tared using cryptos despite the broker trading in cryptocurrencies such as Bitcoin.

Arum Trade has made it extremely easy for traders to register an account and deposit money with them. Is this a plan to get more people on board so that they scam them? Read on to find out.

Is Arum Trade Legit?

There have been so many questions about the legality of Arum Trade. To clear the air, we did our due diligence about the lawfulness of Arum trade, and the results were shocking. We checked out the broker’s regulators, location, and customer reviews among other things.

Who Regulates Arum Trade?

Arum Trade is licensed and regulated by the Vanuatu Financial Services Commission (VFSC).

But why did the broker choose this license? Here is why:

• VFSC does not conduct due diligence on a broker before awarding a license to them.
• The regulator does not require proof of a firm background to issue a license
• VFSC does not require regular reporting. Once a broker gets a license from them, it’s all done.
• The regulator does not fine those involved in fraud cases.

In simple terms, a license from the Vanuatu Financial Services Commission is nothing compared to those from reputable regulators like FCA in the UK and ASIC in Australia.

What Are the Arum Trade Scam Warning Signals at Arum Trade?

If you’re an experienced forex trader, you can quickly tell the difference between a legit broker and a scammer. But those just starting fall victim to scam brokers because they don’t know what to look for in a forex broker.

Our extensive research shows that Arum trade is just another scam in the forex markets. Here is why.

1. Arum Trade Is a Dubious Offshore Broker

Many suspicious offshore brokers have one thing in common, they are anonymous. This means they can disappear at any time without notice. That’s what Arum Trade is capable of. So, before you trade your savings with it, think twice.

2. There’s Insufficient Information on Arum Trade’s Website

A legit broker isn’t afraid to display all its information on its site. However, this isn’t the case with Arum trade. The broker doesn’t provide enough information about itself, which leaves us thinking of only one thing, a scammer.

There’s no mention of withdrawal fees on its site or in the contract, yet the broker charges traders for withdrawing cash.

Also, there’s no mention of the company’s CEO, physical contact information, etc., which raises questions about the safety of Arum Trade.

3. Arum Trade Does Not Have Adequate Regulation

Regulation by Vanuatu’s VFSC is not as strong as regulation by reputable bodies like FCA and ASIC.

The forex trading industry groups regulators into tiers. The grouping considers the requirements demanded by the regulator when issuing licenses to brokers.

Brokers with licenses from top-tier regulators are a safer bet as they undergo strict scrutiny. Arum Trade is regulated by VFSC, an offshore, low-tier regulator.

Furthermore, Arum Trade cannot run in countries with strict regulations like the UK.

4. Complaints About Withdrawals

We noticed that Arum Trade accepts free deposits yet charges a 5% fee on all withdrawals, which is way too high. We think this is a move to discourage traders from withdrawing money and keep trading with Arum Trade. A legit broker shouldn’t overcharge for withdrawals.

5. Negative Reviews About Arum Trade

There are people who’ve lost money trading with Arum Trade. Here’s what one posted in Trustpilot:

And here’s another one on Forex Peace Army:

Arum Trade Review Verdict: Is Arum Trade another Scam?

Arum Trade is a scam. Traders should avoid it by all means. Our extensive review has revealed how this offshore-regulated broker has high withdrawal charges. It also gives some users trouble withdrawing their cash. And sadly, its regulation is not strict, thus it may easily get away with malpractice.

If you’ve lost money trading with Arum Trade, we are here to help. At Wealth Recovery Solicitors (WRS), we have a team of financial, banking, legal and regulatory experts. We use our expertise to help victims of scam brokers get their money back. Book a free consultation, and we’ll show you the way forward.

Author: Josh Chinn