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When people decide to begin online trading, most people prefer to just choose the first broker they come across and open an account. This definitely seems like the quickest way to go, but what most people do not consider is that not every brokerage they come across is a good choice. You should remember that every trader is different and their requirements and expectations can vary. Therefore, what might be suitable for someone else may not be the right one for you. Another thing to remember is that not every company will tell you the truth, as this Agricoinvest review reveals.
There are thousands of platforms that exist and a number of them are mediocre, shady or downright bogus. It takes just one Google search for you to find out stories of people who have had to suffer losses in terms of time and money and have had to deal with huge headaches because they make the grave error of signing up with a platform that turned out to be fake. This is the internet, which means there is a lot of criminal activity going on and you have to be diligent in order to save yourself from disastrous consequences.
What you need to remember is that every company is going to advertise itself as the best option for fulfilling your trading needs. Of course, you cannot just accept their word because doing so would mean opening an account with every platform you find. That is neither practical, nor sensible and the ideal solution is to do your due diligence to find the one brokerage that can provide you everything in one place. Most importantly, it also has to be legitimate because you do not want to get scammed at the end of the day.
Amongst the numerous platforms that you will discover in the market, one of them is called Agricoinvest and it will catch your eye because it presents itself as a comprehensive trading solution for global traders. It is advertised as a legitimate brokerage and promotes its services rather blatantly, so you would want to open an account right away. But, as mentioned earlier, you have to do your due diligence because this can help you find the truth about the company. What will you find about Agricoinvest? Let’s take a look:
False licensing claims
The most important thing that every trader looks for in a brokerage is their licensing and regulatory status. A licensed and regulated platform can offer you professional, transparent and quality services because they have standards to maintain and rules to comply with. They also provide you security that you cannot expect from unlicensed companies, due to which everyone prefers regulated and licensed platforms. This has prompted scams to claim to be regulated, just as Agricoinvest is doing.
When you check out the Agricoinvest website, you will find that it is owned and operated by a company named AGRICO HOLDINGS LIMITED, which claims to be based and regulated in the United Kingdom. This is certainly impressive because the UK is one of the well-regulated markets in the world. The FCA i.e. the Financial Conduct Authority is the regulatory body for the region and has some of the toughest rules and restrictions and do not grant a license that easily.
However, when you check the online register of the FCA, you will not find Agricoinvest or its parent company listed there. Furthermore, you will also discover that the brokerage is breaking a number of rules of the FCA, so it is not possible for it to be regulated. Another issue you will discover is that the Italian regulatory authority i.e. the CONSOB has issued a warning against Agricoinvest because it appears to be offering its services illegally to traders in the country. That is further evidence that you are not dealing with a trustworthy platform.
Availability of bonus
Going through the offerings at Agricoinvest will tell you that the brokerage offers its clients trading bonuses. These may come off as very attractive to traders, but you need to remember that this practice has been banned in a number of jurisdictions around the world. This also includes the UK, where Agricoinvest claims to be licensed and regulated.
This is further proof that Agricoinvest cannot be licensed in the UK or based there because it is breaking the rules of the FCA. Another problem you will encounter is the bonus policy of the broker, which makes it apparent why trading bonuses have been banned. According to the policy, people have to meet a minimum trading volume requirement in order to make a withdrawal after their account has been credited with a bonus.
The requirement that has been imposed by Agricoinvest is so high that people will not be able to achieve it. This gives the brokerage the right to prevent its clients from withdrawing their money altogether.
No decent trading platform
Things continue to get worse as you do your due diligence where Agricoinvest is concerned. The trading platform is one of the most vital offerings of any brokerage because it shapes your trading experience and provides the tools and features that can affect your performance as well. You will find that Agricoinvest is offering some kind of web-based trading platform.
If you do some research, you will discover that the MT4 and the MT5 are considered industry standard platforms and can offer advanced tools and functionalities that can enhance your trading experience. However, the trading platform that Agricoinvest offers does not even come close to these award-winning platforms.
A look at the trading conditions of a broker is also important and doing so with Agricoinvest shows that they are offering ratios as high as 1:300. As attractive as that sounds, you should note that regulatory authorities in jurisdictions like the UK have imposed a cap on the maximum amount of leverage that can be offered, which is around 1:30. This is yet another rule that the company is breaking.
Once you discover the problems with Agricoinvest and its offerings, you can understand that it is not a legitimate platform and should not be trusted.