Invest505 Review: The Truth About This Scam Broker
Brokerages like this one seem to follow a very simple blueprint and this Invest505 review is your key to learning how to read that blueprint and avoid getting scammed.
When ever you see that a broker is being shady about where they are based or do not even bother to mention where their headquarters is you know that something is wrong. This is obvious with this brokerage as it is based in the Marshall Islands, an offshore haven for financial scams just like this one.
Furthermore it is important to note the difference between the minimum deposit required with this brokerage and legitimate brokers who offer accounts with minimums as low as $5 compared to the Invest505 $250 minimum.
Invest505 License and Regulation
This broker is registered in the Marshall Islands, a place that has become famous as a home for financial scams over the past couple of years. This is due to their complete lack of regulation as well as some other lax policies that they have. One of those allowing people to open companies based in the Marshall Islands completely online without ever going there.
This broker takes full advantage of the lack of regulation in this location as they offer trading conditions which do not meet any of the standards set by top tier regulators like the FCA, ASIC, or CySEC. In that the leverage they offer is frankly ridiculous sitting at 1:400 as opposed to the allowed 1:30.
When looking for a broker one of the key signs that they are a scam are blatant violations like this.
Invest505 Trading Software Overview
Invest505, like many other investment scams, says that they offer a proprietary web trader that is so packed full of useful features that it puts industry standards like MetaTrader to shame. This is clearly not true, the web trader that they have made available is pieced together and barely functional.
This is a commonality amongst scam brokers in that they say that they offer something amazing instead of standard trading software and then it turns out that half the time they dont even have a basic web trader.
When looking for a brokerage make sure that the trading platform that they offer is actually legitimate and that it offers all of the functionality that youre looking for.
Available Account Types at Invest505
The Invest 505scam has gone completely overboard in the account types that they offer. Currently on offer from this scam broker there are the following 8 account options:
- Regular: Minimum deposit $250
- Bronze: Minimum deposit $10000
- Silver: Minimum deposit $25000
- Gold: Minimum deposit $50000
- Platinum: Minimum deposit $100000
- Diamond:Minimum deposit $250000
- VIP: Minimum deposit $500000
- Pro: Minimum deposit $1000000
As you can see each account option comes with a ridiculous name that doesnt follow any logical naming system but opts to make each account sound as expensive as possible. In that sense their naming system is perfect because as you make your way down the list you see that the minimum deposits match the account names quite well. In that the “Regular” account starts with a $250 minimum and the “Pro” account ends with a $1000000 minimum deposit.
Deposit and Withdrawal Methods
This is where it becomes 100% clear that Invest505 is nothing but a scam. Taking a look at their payment options you see that this broker states that they accept credit cards, a legitimate form of payment.
Upon closer inspection when trying to make a deposit it becomes apparent that this brokerage only accept payments in crypto currency. Meaning that they are willingly and knowingly trying to scam people out of their money. Due to the nature of crypto payments they are completely anonymous and untraceable.
This means that if (when) an issue occurs the victim can not do anything in order to retrieve their money. Legitimate means of funding an account (wire transfer, credit card, e-wallet) are all subject to procedures like recalls and chargebacks.
How Do Offshore Brokers’ Scam Implement?
Social media is frequently used by investment scammers like Invest505 working in offshore areas like the Marshall Islands to lure victims by promising them quick and simple wealth in return for their contact details.
Once they have this data, they maintain contact with the victims until they make a deposit. Because bitcoin deposits are anonymous, untraceable, and immune to chargebacks, these scammers frequently to make use of this.
When they face a malfunctioning trading platform or discover that the minimum withdrawal amount is too large for them to retrieve their funds, the victims eventually realize they have been scammed.
Taking a long hard look at Invest505 through this review it becomes apparent that recommending them as a broker is impossible. This is due to the laundry list of factors that make them unsuitable but here is a few:
This brokerage lies to its clients very openly, this ranges from what their trading software actually offers all the way to the payment options that are really available. They sell their platform as something amazing that is full of useful tools to help traders make better decisions but in reality the platform is as basic and bare bones as they come.
Secondly, this broker says that they accept payments via credit card, which would be great as you could do a chargeback as soon as you realize you’ve been scammed. In reality, the only payment option is in crypto.
Make sure that when it comes to finding a new broker they meet the bare minimum requirements of actually being regulated and offering a legitimate trading platform.
FAQs About Invest505 Broker
Is My Money Safe with Invest505?
Absolutely not, Invest505 is just another investment scam.
How Long Do Invest505 Withdrawals Take?
As this broker only takes payments in crypto, there is no indication that a withdrawal is even possible.
Does Invest505 Offers Demo Account?
This brokerage does not offer a demo account.