Welcome to the Merricks Invest Review. Here, we’ve analyzed the Merricks Invest trading scam and the bogus website that got taken down.
This offshore scam broker provided services to onshore clients despite being unlicensed to do so. Without the necessary permit, all the dealings of this broker are illegal.
Also, we encourage you to read our most recent scam broker reviews for FXrally, CentroBanc, and Trendex. For those who aren’t aware, their investment opportunities are simply too good to be true!
|Broker Status:||Offshore Scam Broker|
|Broker Regulation:||Unlicensed Forex Provider / No Regulation|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||AFM, ASF, CMVM, Financial Commission, Bank of Russia|
|Broker Owner:||Smart Oasis LLC|
|Minimum Deposit:||250 USD|
|Crypto Trading:||Available – BTC, USDT, ETH…|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||Forex, Crypto, Shares, Commodities, Indices|
|Islamic Account:||Not Available|
|Demo Account:||No, only live trading accounts|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Team:||Don’t Invest in This Scam Broker!|
Is Merricks Invest an Unregulated Scam Brokerage?
Merricks Invest is run by Smart Oasis LLC from Saint Vincent and the Grenadines (SVG). It’s important to note that SVG has a favorable tax system and lax rules regarding regulations.
That’s why it has become the home of countless cyber scammers. Also, SVG’s financial authority, the FSA, doesn’t regulate the FX market and doesn’t issue FX licenses.
For our case, that means that the Merricks Invest regulation doesn’t exist. The broker is unlicensed to provide trading services.
First of all, that’s illegal onshore. Secondly, the broker could vanish at any moment with your money and you’ll be left without any compensation.
It’s much better to trust a licensed broker, preferably by a Tier 1 regulator such as the FCA, ASIC, FINMA, BaFin, etc. The financial market authorities under the jurisdiction of the European Securities and Markets Authority (ESMA) provide excellent conditions in terms of security.
Merricks Invest is an SVG-based offshore broker without a trading license that has been blacklisted by several financial regulators for defrauding traders from Romania, Italy, Moldova and Colombia since May 24, 2022.
Merricks Invest Broker Pretending to be Regulated
As soon as we see SVG, we get the shivers. Offshore brokers should always be taken with a grain of salt.
The Merrics Invest reputation took a swing from the fact that the broker is unlicensed. So, we don’t even care if it is registered with an authority that doesn’t issue the license we’re interested in.
Warnings From Financial Authorities
We found some official warnings issued against Merricks Invest and Smart Oasis LLC. Below, you’ll find links. It seems that the offshore company is behind another scam broker – Clair Capital!
This broker and its company have been blacklisted by the Romanian ASF, Dutch AFM, Portuguese CMVM, the independent Financial Commission and the Bank of Russia.
Where Is Merricks Invest Trading Broker Active?
Now, let’s see where the victims come from. Based on our research, Merricks Invest mainly targeted traders from the following four countries:
Out of the four, Italy is the best regulated but it was the Romanian financial watchdog that caught the scammer. We urge you to share useful info with us if you have any.
Reviews of Merricks Invest – Traders Share Their Experience
What about traders’ opinions of the Merricks Invest broker? We hopped over to personal-reviews.com and found numerous client complaints against the broker.
Not long after the scam started running in May of 2021, the first victims started sharing their negative experiences. Here’s what one of them said:
I deposited $250, I realized that something was wrong and when I wanted to withdraw, they refused. Don’t be fooled. It’s a scam!
PersonalReviews user, November 9, 2022.
What You Need to Know About Merricks Invest’s Trading Platform
Since we’re dealing with an unlicensed offshore broker from SVG, we weren’t surprised when we saw that the fraudster didn’t support any credible third-party platform such as MT4, MT5 or cTrader.
On the contrary, the Merricks Invest trading platform is WebTrader. This browser-based platform can be used for both PC and mobile trading without downloading.
However, the web terminal is oversimplified and lacks advanced features such as automated trading, for example.
What Can You Trade With a Broker?
We’ve provided a quick overview of the Merricks Invest trading assets and instruments. Keep in mind that this list that appears on the website was taken from TradingView.
- Forex pairs – EUR/USD, GBP/AUD, JPY/CAD…
- Indices – S&P500, US100, FTSE100…
- Commodities – gold, natural gas, wheat…
- Shares – Adidas, Microsoft, L’Oreal…
- Crypto – BTC, ETH, USDT…
It doesn’t mean all the instruments are really available. Since there’s no demo account, we weren’t able to check.
Fees and Spreads Overview
The shady broker claims that it offers spreads from 0.0 pips. That’s virtually perfect and therefore, impossible. It’s a cunning lure though. There are no commissions, allegedly.
Fees? Merricks Invest says it charges 25 $ for credit/debit card transactions and 50 $ for wire transfers, plus an additional 10 $ processing fee.
Leverage ranges from 1:200 to 1:600. Trading at such high leverage is extremely dangerous and most often results in enormous losses.
Trading Accounts Comparison – What’s the Difference?
Let’s take a look at the Merricks Invest trading accounts. There are three different types available:
- Bronze – 250$;
- Silver – 25,000 $;
- Gold – 2,500 $.
It seems the scammer messed up the latter two in terms of price. The leverage cap goes up with each subsequent type. Also, there are 5-15% referral bonuses in store for each account.
Merricks Invest Demo Account – Can I Trade For Free?
No. There’s no free demo account available. That means that traders have to invest right away without even seeing the platform.
Trust us when we say that it’s not worth the risk with this unregulated fraud broker. And the promise of negative balance protection? Forget it, it’s just a ruse.
Withdrawing Profits From Your Broker Account
To reiterate, the minimum deposit is 250 $ and the fees were outlined in one of the previous sections. What about the Merricks Invest withdrawal and deposit methods?
- Credit/debit cards;
- Wire transfers.
Remember the bonuses? They are there to cause withdrawal issues. Namely, the scammer has a clause somewhere in the T&C section that says traders need to reach an absurdly high trading volume using the bonus to be able to withdraw funds.
I Lost Money With Merricks Invest Scam, What to Do?
If this broker violated any terms and conditions, let us know. Here at Global Fraud Protection, we received numerous complaints about the Merricks Invest scam.
All victims are welcome to call us and set up a consultation with our team of experts that specialize in bank chargebacks and crypto tracing using software such as CipherTrace.
If this broker steals your money, contact us for help via Online Chat. It’s the easiest and fastest way to book your free consultation with us and find out what do to.
All In All, Don’t Let the Scammers Get Away for Free!
Is Merricks Invest a Legit Broker and Should I Invest In It?
No. Merricks Invest is unregulated and blacklisted. If you’ve already invested, contact us so we could help you get your money back.
Does Merricks Invest Offer a Demo Account?
No. Merricks Invest does not offer a free demo or trial account.
Does Merricks Invest Have a Mobile Trading App?
No. The available trading platform is browser-based, so it doesn’t require a mobile app.
The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘xBTCh,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
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To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/11/merricks-invest-review-please-stay-away-from-the-shady-scam-broker/.