Concordinvest Review: A Typical Forex Scam

Concordinvest Review
  • Regulation
  • Fund Safety
  • Customer Support
0.5

Summary

Concordinvest is a company charging commission to investors. However, they do not specify the actual amount. Investors’ payment methods include credit cards, wire transfers, and crypto-wallets. The method you use to deposit is the same as that you will use to withdraw money.

Concordinvest is a broker that we do not recommend for traders. The entity is operating illegally without having a license. Moreover, this offshore scheme violates the rules by its existence. If you pay attention to the entity, you will realize they are no good. 

Concordinvest Review, Concordinvest Company

It appears the people behind the platform lack adequate knowledge of trading. This is based on the shallow information available on the website. Additionally, the broker has chosen to remain anonymous. There is not sufficient data on the people running the website. 

How can you sleep soundly without knowing the qualification of the individuals handling your account? For all we know, they may be inexperienced. Concordinvest is a company to watch out for. The scammers can close down the website, never to be found.

Invest with reputable forex trading platforms in the market. It is advantageous to choose a regulated broker. You will enjoy ideal trading conditions. Additionally, the safety of your data and fund is well taken care of. 

Concordinvest.co Review

Concordinvest fails to mention the financial institution it uses to segregate traders’ funds. The law requires all investment firms to guarantee the safety of funds. They can do this by working with first-tier banks. The client’s accounts should be separated from the company’s account.

The entity expects clients to provide their personal data. You must verify your account to be able to deposit. Sharing your proof of address and identity information with anonymous individuals is risky. You should be careful with such critical data. 

Concordinvest is a venture that was recently established. They lack a trading history, and there is no proof this is an authentic investment firm. Additionally, the whois.com data indicate the website is less than a year old. They also have a short timeframe domain. The likelihood of the entity exiting the market without coming back is extremely high.

Ensure you research thoroughly before dealing with any entity. It will save you from the agony of dealing with proven scammers. It is also important to educate yourself on matters relating to trading. Having a bit of background knowledge will help you avoid con artists. 

Trading Conditions of Concordinvest

The broker claims that it offers MetaTrader software. However, they did not specify what is present between the MT4 and MT5. A link to download the latter can be seen on the platform. Unfortunately, when you click on the link, you will realize the page is not functional. 

Later on, we realized the entity is offering a web-based interface. The interface does not have attractive features. Investors cannot trade automatically. The platform is also prone to manipulation. You cannot compare the attractive features of the MetaTrader with this basic platform.

Concordinvest has four trading accounts. The minimum acceptable capital is $250. The account information is limited. The venture offers a spread of 3 pips for the currency pair of EURUSD. Clients will be subjected to paying more. Legit entities offer tight spreads of 1.5 and even below that cap. 

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The leverage ranges from 1:20 to 1:100. The terms of this company are not ideal. You can lose money by trading with an excess of 1:50, which the regulatory body of USA/Canadian allows. On the other hand, the cap of 1:20 is uncompetitive and too low. The FCA allows investment schemes to provide leverage of 1:30.

Concordinvest.co Withdrawal and Deposits 

Concordinvest is a company charging commission to investors. However, they do not specify the actual amount. Investors’ payment methods include credit cards, wire transfers, and crypto-wallets. The method you use to deposit is the same as that you will use to withdraw money.

This is a medical company that is charging investors deposit fees. If you do not cash in over 1,000 USD, you are required to pay a fee of 1%. You will never find a genuine platform asking for such charges. The legal documentation indicates there are no withdrawal fees, but it was another lie.

You should expect withdrawal fees according to the deposit and withdrawal policy. However, the entity still does not mention the exact amount of charge. If you accept the bonus, you must execute trade volume 25 times the bonus amount plus the deposit. It is hard to know whether you have accepted the deposit or not, considering that a deposit above $1000 is considered a bonus.

Offshore companies do not set up these lucrative opportunities to benefit investors. Their only intention is to limit clients from getting back their funds. It is hard to attain their trade condition. Hence, you will only give up, and your cash will be trapped in the website.

Customer Support and Contact Details

Concordinvest is a platform based in SVG. Customer support does not intend to maintain contact with investors. There’s no phone number or email address that you can use to reach them. It is a common tactic used by offshore platforms to avoid being caught.

Some can have a phone number, but they will not answer if you call regarding your money’s whereabouts. The entities will blacklist you. Writing a message for them is pointless as the scheme will turn a blind eye to your email.

Regulatory Status of Concordinvest

Dulcet Group LLC is Concordinvest’s parent company. The corporation is based in Saint Vincent and Grenadines. The region is infamous for hosting fraudulent companies. The financial body of this country issued a warning indicating it does not oversee the operation of online investment schemes.

This has not stopped shady entities from setting up their offices in the country. Brokers originating from the place do not report their daily transactional reports to anyone. They can, therefore, easily manipulate the price without facing criminal charges. There is also no guarantee that investment is taking place behind closed doors.

Concordinvest will not compensate traders once it faces bankruptcy. This is because the entity does not participate in any compensation scheme. Negative account balance protection is not available for traders. Therefore, users may end up losing more money than they initially deposited.

Ironically, the platform claims the Poland court shall resolve any dispute. The Polish financial body database does not have the name of this murky business. Additionally, BaFin has issued a warning against the broker for collecting German citizens’ funds without acquiring a license. 

You will attain peace of mind when you trade with a licensed company. Your safety should always come first. Regulated companies can survive the volatility of the market. They also work with professionals. 

Clients Reviews 

Concordinvest might seem like a genuine investment platform. However, their lack of client testimonials does not paint a good picture of them. The traffic visiting the website is also limited. It is a good thing that nobody is interested in the activities of this murky business. 

Concordinvest.co Review, Concordinvest.co Features

Ensure you look for client experience to understand how a company treats its clients. You will also know if a broker processes withdrawal requests on time. Refrain from doing businesses with infamous platforms. 

Final Verdict 

Concordinvest is unworthy of your trust. The company is a complete waste of time. Their trading conditions and withdrawal terms are sickening. You will not generate passive income with the broker. 

Here is a list of some of the best forex trading companies. They have been in the market for years. The brokers are also fully regulated. Try them today and earn passive income. 

 

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