Invesco Financial is an offshore broker which lies to its users about its license. They are most definitely a scam and you should avoid trading with them.
When I visited their site they seemed like any common forex broker and I thought they were a genuine service provider. But they arenít.
In my Invesco Financial review, Iíll explain why you should stay away from this shady broker:
Invesco Financial License and Regulation
Invesco Financial makes some big claims about its regulatory status. It claims to hold a FCA license, which is among the most reputed regulators in the world. So having an FCA license would make them a good choice.
But as skeptical as I am, I wanted to verify if their claim is true or not.
So, I checked their license number, which I have highlighted in the screenshot above.
When I checked their license number on FCAís register, I found that it doesnít belong to Invesco Financial.
The license actually belongs to a Belgian company and it has expired:
Invesco Financial is lying to everyone by showing a fake license with an expired license number. They are an unregulated and unlicensed broker and are most definitely a scam!
You shouldnít trade with unlicensed and unregulated brokers. There are many scams in the forex industry and so, financial regulators exist in many regions such as the US and Europe. These regulators impose heavy restrictions and laws on forex brokers (and similar service providers) to ensure that the broker doesnít act against the interests of its client.
However, an unregulated and unlicensed wouldnít have to follow those restrictions. They can act against your interests (such as steal your data) and get away scot-free.
On top of that, regulators like FCA offer insurance compensation in case the broker steals the funds of their clients. For example, FCA can give you up to £85,000 if a FCA-regulated broker steals your funds. You donít get such facilities with unregulated brokers. This is a strong reason why I donít recommend trading with an unregulated forex broker.
ďInvesco Financial doesnít have a license but lies about having one. It is an unregulated and unlicensed firm.
Invesco Financial Trading Conditions
You should always check the trading conditions of a forex broker before doing business with them. Letís see what are trading conditions of this broker:
Opening an account with Invesco Financial is very unusual. You can only request them to open an account with them. The broker decides whether you deserve to trade with them or not.
No reliable or regulated broker follows this policy.
To be honest, the best trading platforms available in the industry are Metatrader 4 and 5. Almost all reputed forex brokers use these platforms because they offer a ton of features. It would best if you traded with a forex broker that offers a reputed trading platform like Metatrader 4.
Invesco Financials has kept its minimum deposit requirement very reasonable at $100. But since I have caught them lying and know about their shady nature, I donít think I can recommend them solely because they keep their minimum deposit at a normal level.
Moreover, thereís no way to verify this claim. It is possible for them to have a high minimum deposit requirement .
Many forex scams keep their initial deposit requirement high which allows them to grab a lot of funds immediately. Such brokers are aware of their pathetic services and so, they donít give you a chance to test out their services beforehand. Instead, they force you to make a big financial commitment. In case you decide to discontinue availing their services, they will steal the huge deposit you had made.
Itís a common strategy among shady forex brokers and thatís why I donít recommend trading with such brokers.
Leverage and Spreads
I have seen many shady leverage ratios but the one Invesco Financials claims to offer is just outrageous.
They claim to offer 1:5000 leverage to their users. Yes, thatís not a typo they actually claim to offer 1:5000 leverage which is quite than the industry average of 1:50.
High leverage is usually a sign of a scam. This is why financial regulators restrict their brokers on how much leverage they can offer to their clients. For example, the UK-based regulator FCA doesnít allow its brokers to offer a leverage ratio higher than 1:30.
High leverage ratios can wipe out all of your earnings and even put you in debt quickly. They are very risky, especially if youíre a beginner.
As I couldnít access their trading platform, I wasnít able to check their spreads.
Invesco Financial Payment Methods and Charges
Invesco Financial doesnít state which payment methods it accepts but on the homepage of their site (icfinancials.com) you can see the icons of some notable payment options: China Union Pay, Neteller, WebMoney, Skrill, and VISA. But I donít think they actually offer such attractive payment options.
If they really offered these payment methods, they wouldnít have hesitated in mention that on their website.
Invesco Financial doesnít provide any information on the fees it charges. This is quite shady because brokers who usually hide fee-related information charge hidden fees to steal from their clients.
Invesco Financial claims to offer different bonuses to its clients. This is proof that they don’t hold an FCA license as FCA doesn’t allow its brokers to offer any kinds of bonuses.
A common strategy among shady forex brokers is they would offer you a ton of bonuses. Bonuses in the forex industry are notorious as they allow the broker to complicate the withdrawal process for the user. The funds you receive in a bonus always belong to the broker, not you.†
Is Invesco Financial a Scam? Yes!
The forex industry attracts a lot of scams and they are of various sorts. Some scammers tend to give an unsolicited call and claim that youíre eligible for a random bonus. Others would run ads on the internet claiming to offer attractive deposit bonuses or easy profits.
Creating a website and filling it with lies is very easy. And these scammers target inexperienced traders too. Usually, these brokers operate from offshore areas such as St. Vincent or the Commonwealth of Dominica. They operate from such areas because these places donít have financial regulators like the US or the UK. So they don’t have to follow any strict laws and can easily steal the funds of their users without facing any legal repercussions.
You should always check a brokerís regulation and T&Cís before trading with them.
Invesco Financial Review: Conclusion
Invesco Financial is an obvious scam. This broker lies to its clients about having an FCA license and has provided no information on its trading conditions. Thereís no reason to trust this broker.
There are many scams in the forex industry like Invesco Financial. And they keep growing. The best way to combat these scams is to spread the truth about them so their schemes would fail before they even start.
If you know someone whoís interested in forex trading, share this article with them. They should know the truth about such scammers.This review (Invesco Financial) was originally published at Gripeo. To read the full review, go to – www.gripeo.com/invesco-financial/