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Concorde Investments Review - is it scam or safe?

Concorde Investments Review - is concordeinvestments.com scam or good forex broker?

RATING: 2.1 / 1 REVIEWS ForexBrokerz Concorde Investments
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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Discovery  €200 1:100 N/A
Silver   €1 000 1:100 N/A
Gold €5 000 1:100 N/A
Premium  €10 000 1:100 N/A
VIP  €25 000 1:100 N/A

  

Concorde Investments is a Cypriot forex broker that offers its clients 5 account types, however demo ones are not available. Although the broker is regulated n Cyprus, we have some concerns about them and the details will be highlighted below in this review.

 

 

Concorde Investments Advantages

 

Licensed in Cyprus

Concorde Investments is owned and operated by Concorde Investments (Cyprus) Ltd. (previously Skopalino Finance Ltd.)a firm authorized and regulated by the Cyprus Securities and Exchange Commission (“CySEC”).

 

 

Forex brokers authorized by CySEC have to abide by a number of rules, plus those introduced on a EU level, which provide significant assurance for the security of clients’ funds. These include certain capital adequacy requirements, segregation of clients’ funds, reporting transactions on a regular basis, provision negative balance protection, as well as compensation scheme coverage (to a maximum of €20,000).

 

Access to MT4, solid leverage

Another advantage of this broker is that it uses the industry leading MetaTrader4 (MT4) platform, along with a web-based interface which looks like Sirix.

 

The MT4 is user-friendly, easily customizable, has great charting options, and is especially popular for its automated trading bots (Expert Advisors). This is the reason why most traders know well and enjoy using this trading terminal.

 

 

>> Choose some of the best MT4 brokers <<

 

 

Furthermore, the broker leverage of up to 1:100 to retail clients classified as professional, and that is another possible benefit for those willing to risk more and using higher leverage ratios. That being said, we have to mention that ESMA’s product intervention measures envisage a leverage cap of 1:30, however most brokers found a way to circumvent this rule.

 

 

Concorde Investments Disadvantages

 

Trading costs not announced on website, no demo accounts

Concorde Investmentswebsite lacks information on the most important details of its offer - the spreads. On top of that, the broker does not offer free demo accounts, and that is a huge negative, especially on the part of a licensed broker. Investors have the right to know what are the prices of the services provided to them, which means typical spreads, commission fees (if any), roll-over, etc.

               

 

>> Compare the spreads of top forex brokers <<

 

 

Related to shady offshore broker DubaiFXM and to a notorious scammer

We couldn’t test Concorde Investments’ MT4, however we saw that it is provided by another brokerage - DubaiFXM. It is registered offshore, in Vanuatu, but seems to illegally target European investors, as Italian financial regulator CONSOB has blacklisted it. We also noticed that the websites of DubaiFXM (www.dubaifxm.trade) and Concorde Investments have the lay-outs, similar contents, and even the logos of the two brokers are very much alike, so we suppose that they are run by one and the same people.

 

So, if you are opening an account with Concorde Investments, make sure you are contracting the CySEC-licensed entity, and not the offshore one. Otherwise, you won’t be covered by the Investor Compensation Fund, nor have the overall security provided by the CySEC license.

 

Speaking of the people behind Concorde Investments, we also should mention that the notorious -  Pavel Krymov was a major shareholder in the company. Krymov has allegedly deceived thousands of investors running several Ponzi-style investment scams (Forex Trend, Questra World, AGAM, PrivateFX, ‎‎Panteon Finance). He was ‎arrested by Russian police in February 2018.

 

 

Urges clients to install TeamViewer and AnyDesk

We also saw that Concorde Investments urges clients to install TeamViewer and AnyDesk, which is a bit risky in our view. Such software allows anyone to access your PC from another station, essentially taking as another user, which can be devastating to your private information like bank account passwords, credit card information etc. Simply put, if you provide an ill-minded broker with your log-in details, all your online accounts could be drained.

 

 

 

Conclusion

 

Although Concorde Investments is a duly licensed broker, we cannot rate it highly. They are not transparent with their pricing, and the firm’s history and relations to notorious people don’t inspire a lot of trust. In other words, you’d better select a more reliable broker. Here is a list of companies that are also licensed in Cyprus:

 

 

>> Find the best brokers in Cyprus <<

 

 

And finally, here are the highlights of the present review of Concorde Investments:

 

Pros Cons
Licensed in Cyprus Trading costs not announced on website, no demo accounts
Access to MT4 Related to shady offshore broker DubaiFXM and to a notorious scammer
 

Urges clients to install TeamViewer and AnyDesk

 

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Traders` reviews for Concorde Investments

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Price feed

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