ConcordInvest is one of the Dulcet Group LLC brands. For those who have experience with offshore firms, this name might ring a bell. The same company owns two other fraudulent brands, Istrade and NorthProfit.
Since the firm is no longer active, this review will describe scam activities performed by its employees and help you get a better insight into their background.
| Broker status: | Offshore Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | concordinvest.co |
| Blacklisted as a Scam by: | BaFin |
| Owned by: | Dulcet Group LLC |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2021 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | $250 |
| Cryptocurrencies: | Yes |
| Types of Assets: | FX, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | 1:100 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
What About ConcordInvest Regulation?
ConcordInvest is owned by Dulcet Group LLC, based in Saint Vincent and the Grenadines. Since this offshore island is quite famous for Forex and binary options firms due to the lack of financial regulation, it’s already expected that ConcordInvest will be a scheme.
Why Must a Broker Have a License?
Brokers must have a license to ensure security. Even if a broker vanishes or goes bankrupt, Tier1 regulators hold compensation funds to reimburse potential victims. According to their website, since ConcordInvest is allegedly based in the UK, the firm needed to opt for the FCA license. Yet, it has never done so. And that’s why today, many victims cannot get their funds back since the company disappeared.
To add to the foregoing, we seriously recommend you to avoid fraudulent brokers such as BigBitMarket, BSTrade, and Istrade.
ConcordInvest Warnings From Financial Regulators
ConcordInvest is under investigation by the German regulator, BaFin, and the German police. According to BaFin, the company was stealing money from German citizens through a fraudulent website opened without regulatory supervision.
Traders Reviews About ConcordInvest Scam
Besides the regulator, clients have started their own campaigns against ConcordInvest and other scheme firms. They thoroughly explain how this company stole their money and how account managers made them invest their life savings just to face blocked access and frozen trading accounts.
Supported Trading Platforms – Available Trading Software
Of course, ConcordInvest didn’t try too hard to provide a good trading platform due to its fraudulent nature. Instead, the firm offered the most basic WebTrader with no EAs and no access to social trading. The leverage is unregulated and goes up to 1:100, making this firm even less desirable.
Which Platform Is Safer For Trading?
If you want to start trading, we recommend you find a legitimate firm providing MT4 or MT5. These two platforms proved to be the best, with the highest number of trading tools necessary for successful investments.
Countries Where ConcordInvest Scam Is Active
According to our research, the majority of ConcordInvest scam victims come from:
- Germany
- Poland
- Austria
- Switzerland
The firm was mainly targeting German-speaking clients, which is the reason for the German police to start an official investigation.
ConcordInvest Range of Trading Instruments & Markets
ConcordInvest has offered to invest in the following assets:
- Currency pairs – EUR/USD, GBP/USD
- Commodities – gold, oil
- Indices – NASDAQ, FTSE100
- Shares – Facebook, Apple
- Cryptocurrencies – BTC, ETH
Please remember the names of the scammers Swiss FX, AnyTrades, and Capital Index Fund and stay away from them! Also, before investing, always examine the history of internet trading organizations!
ConcordInvest Leverage
The firm offered predetermined leverage of 1:100 for all assets. If you know that the EU and UK regulators set the limit to 1:30 or 1:50 for the Forex market, you can see why ConcordInvest is a firm to avoid.
Scam Bonus Policy
Like many scammers, ConcordInvest broker has a malicious Bonus Policy as well. The firm requires clients to repay the bonus plus the deposit amount 25 times before being able to ask for withdrawals. It’s clear that this policy was made to pressure you to invest more and reach the turnover sooner, but if you keep receiving bonuses every time you invest, you can never go out of this vicious circle.
ConcordInvest Deposit and Withdrawal Methods
The firm accepted two payment methods:
- Debit/credit cards
- Wire transfer
Both methods are available for withdrawal too, but with the clause that you need to request a withdrawal through the same method you used to deposit the funds. Furthermore, the company never specified how long it would take to process the withdrawal, meaning you can wait eternally, which happens to most clients.
Scammed by ConcordInvest Broker? – Let Us Hear Your Story
If you were scammed by ConcordInvest, it’s time to seek help. Our chargeback specialists may be able to assist you with the procedure and help you recover your funds.
But What Is A Chargeback?
A chargeback is a way for your bank to reverse the transaction. If you have made a deposit using your credit card, you have up to 540 days to file a dispute. Don’t waste time; sign up for a FREE consultation, and let’s recover your money now!