GreatInvest Review: Facts about Greatinvest.net

There is nothing great about this GreatInvest. This phony organization begs for your trust and money without giving you any documentation or details about how their business operates. Instead of making that costly error, you should work with an honest and regulated crypto companies. 

Trading in foreign exchange, deals in various currencies on the international market. To profit from the fluctuation in the value of one currency relative to another is the primary objective of foreign exchange trading. Foreign currency trading averages over $5 trillion daily, making it the most actively traded market in the world.

As more people get intrigued by the prospect of substantial profits from trading foreign currencies, the market has grown in popularity in recent years. Many more people can now engage in forex trading because of the accessibility of the market provided by online trading platforms. Although it is challenging to pin down the number of persons who trade forex, it is evident that the number of traders has increased dramatically over the past few years.

Unfortunately, some shady people and businesses use the forex market to defraud naive investors. Scammers often employ aggressive sales tactics to get potential victims to sign up with their organization, fund their accounts, and begin trading. They may assure traders that they will profit even if they invest a small sum. Sometimes they’ll even let traders access a “demo” account that makes it look like they’re rolling in cash. However, as soon as the traders put in any real money, they start losing.

About Greatinvest.net

With this broker, you can trade metals, oil, currencies, stocks, and indices. The broker claims to have been operating since 2016. For these years, they have purportedly been helping traders earn money. We wanted to investigate this claim from the get-go. So we checked on whois.com. We found that they created the domain website on 2022-07-19, updated it on 2022-09-18, and it will expire on 2023-07-19

The claim that they have been in operation for over five years is therefore false. This is a red flag. For anyone wanting to trade, you must never trade with a broker who is lying about when they started working. They also claim to offer free economic analytics and financial market news.

GreatInvest Founders and Team

Of the many brokers we have reviewed, this is among the few who have provided details of their leaders. They have mentioned the names Katherine Chekhova, Senior Account Manager, Aleksandr Dyachenko, Senior Account Manager, and Mark Moore, Assistant Manager. They have even included their photos.

Although this broker has done all this, it is not enough to show that they are legit. For all we know, these could just be some random people with no affiliation with the company. There is no way to confirm if they are the current leaders.

Although they have given this unreliable data, they have not explained the company’s history. A scam broker can make it harder for victims to obtain redress or for authorities to take action against them. They can achieve this by giving misleading or forged information about its founders.

It’s also possible that the “founders” aren’t genuine people but rather personalities the scammers made up to add legitimacy to the scam.

Some forex trading and investment fraudsters may also have little to no experience in these areas, so they’ll create false names and histories to make their scams seem more credible. If you’re considering putting your money into a business or a person, you should always do your homework beforehand.

Contact Details

The broker has provided an email, physical address, and phone number. However, given the broker’s phony nature, we suspect the information is inaccurate. They just gave the physical address to appear legit. The most critical detail here is the physical location. It is no use working with a broker if you cannot go to their offices.

In order to evade regulators or investors, fraudulent forex brokers may give out fake information regarding their location. The broker can therefore escape being exposed and shut down by authorities. When a company gives a bogus address, it makes it more difficult for customers to visit their office to resolve any issues that may arise.

Using a fictitious address can help a scam broker escape detection by authorities in places where they are not subject to licensing requirements. And if they set up shop in a country with laxer standards, they can defraud investors with little fear of repercussions. Traders should verify a broker’s actual location before entrusting their money to them.

Regulation

The first thing any trader should check before choosing a broker is their licensure. If a broker is not licensed, you should not proceed further. GreatInvest is unregulated. From their location details, they seem to be based in Australia.

Assuming this was the case, they would have to be under the watch of the Australian Securities and Exchanges Commission (ASIC). All we had to do was check the financial watchdog’s database to confirm if this was true. Just as we had suspected, the broker was nowhere to be found.

This firm is anything but the trustworthy broker it portrays itself to be. If a forex broker doesn’t have a license, they aren’t regulated by any government agency and are free to do anything they want. Remember that if you invest with such a firm, you can’t benefit from any customer protection.

GreatInvest guarantees its customers’ deposits and keeps them entirely independent from its operating capital. If a broker is licensed in Australia, that broker must keep client funds in separate accounts to prevent theft or fraud. However, segregation of accounts is unlikely to be used by an unscrupulous broker like this. Keep in mind that it is unchecked and completely illegal.      

If the broker were legit, many customers would have reviewed it and even recommended it. However, we could not find any customer reviews proving that the broker is legit. Many of the customers who have attempted to work with the broker have obviously had a negative experience. Therefore, if they had reviewed them, they would have only said harmful things. That’s why the broker does not reveal customer reviews.

GreatInvest Trading Conditions

 Oddly, GreatInvest doesn’t provide any information about its trading conditions. When considering opening an account with this broker, the lack of information regarding the minimum deposit required and the spread offered makes the whole thing seem pointless.

The broker appears to provide a leverage of 1:100. This is the only relevant detail we could locate. However, this is relatively high and is not suitable for trading. Furthermore, Australia has a maximum leverage ratio of 1:30, so this broker cannot be authorized to operate there.

Deposit and Withdrawal Methods

There is zero information on the website about the accepted payment methods. Because we failed to complete our registration fully, we can only speculate as to what kind of payment methods might be available.

Beware of forex brokers who require transactions only through cryptocurrencies. Transactions in these assets are irrevocable. You should probably search elsewhere for a broker because we do not advise trading with them.

Final Verdict

Don’t invest with GreatInvest; they’re scammers. There’s a plethora of other honest and trustworthy crypto brokers you can work with if you want to trade online. Avoid scammers because although they offer attractive deals, in the end, they are costly.

If a broker seems too good to be true, you better think twice before working with them. Most of these brokers have offshore accounts. Remember, because of the spread of the internet, they do not need a physical location to operate. They can do everything remotely.                

 

          

 

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