Read our TheBusinessInvestmentCenter review to see if this broker is a scam or legit. Just to clear doubts, this is a thebusinessicenter.com review.
If you are thinking about joining the online trading bandwagon, then the first step you have to take is to open an account with a broker. You will be left flummoxed when you check out the long list of companies that exist and are all touting their services.
But, even novices are aware that some of these brokerages are just scams, so caution needs to be exercised. No, you will not be able to tell a scam at first glance because they do not come with a flashing warning sign. The indications are rather subtle, as you will discover in TheBusinessInvestmentCenter review here.
The first look at a scam broker might make it seem like just any other brokerage offering its services. These days, it is not that difficult to set up a website and to add a variety of offerings. Of course, the scam ones will not be able to fulfill any of their promises, while genuine companies will always deliver.
But, this does not mean that you risk your money by signing up and then learning the hard way. Instead of doing so, you can simply verify the offerings that are available on an online broker’s website.
If they truly do offer what they have promised, you can go ahead and sign up, but if they are only advertising services or features they do not have, then you need to be careful.
This is exactly what scams do, as you will discover in the case of TheBusinessInvestmentCenter that claims to offer you top-notch technology for trading in the different financial markets. It claims to be offering forex, stocks, commodities, indices and crypto CFDs and strong support.
You will also find that TheBusinessInvestmentCenter is offering bonuses and supports several payment methods. It sounds like the kind of broker you are looking for to start online trading, but should you opt for it? Before you do, it is best to follow up and ensure it delivers on all the promises made. Let’s take a look:
Regulation and licensing
When you have to choose an online broker, it is always recommended that you opt for one that has a license to provide its services and is properly regulated. Why is this important?
This can give you peace of mind and add a layer of security because it indicates that the company you are dealing with will maintain certain standards when it comes to providing its services. They have to comply with rules and laws, ensure safety of funds and remain transparent about their charges and other policies.
Furthermore, if there is any problem, or dispute, you can also hold them accountable. It is not surprising that unregulated and unlicensed brokers are usually the ones that turn out to be scams. Unfortunately, for all its promises, TheBusinessInvestmentCenter is not regulated or licensed.
Even though it tries its best to conceal this fact, you can discover the truth when you go through its Terms and Conditions. Those indicate that TheBusinessInvestmentCenter is based in Saint Vincent and the Grenadines.
It will not take you long to discover that this offshore jurisdiction is considered a breeding ground for scammers. Why? It is because the financial authorities in SVG do not regulate the forex industry and they have mentioned this outright.
This makes it easy for anyone to register their company there and start offering their services, even if they are fraudulent. There is no check and balance and this works in favor of companies like TheBusinessInvestmentCenter that are up to no good.
Bonus
The fact that you are offered trading bonuses at TheBusinessInvestmentCenter should actually be a reason for you to avoid this brokerage. Why? Trading bonuses can be extremely lucrative and a few years ago, they were immensely popular.
But, they have now been prohibited in multiple jurisdictions, so brokers have chosen to not offer them. Only scam and fraudulent companies still continue to do so because it is an effective tactic to lure people to their platform.
However, you should be aware that these bonuses were banned because they came with strings attached that were designed to exploit traders. This is what you will discover at TheBusinessInvestmentCenter as well because their bonus policy is malicious.
It dictates that traders can only make withdrawals of bonuses and the profits generated through them when they have achieved a specific turnover, which is impossible to achieve. This clause is only added to ensure there can be no withdrawals and this exactly what scam brokers like TheBusinessInvestmentCenter are after.
Trading software
The trading software that you are given by an online broker makes a big difference in your trading journey, so you want to ensure it can provide you with the necessary tools and has the right technology for quick trade execution. Even though TheBusinessInvestmentCenter talks a lot about offering cutting-edge technology to its clients, it is unable to deliver.
The trading software you will come across is a web-trading solution that only has basic tools and features and nothing special to offer. In fact, the trading software at TheBusinessInvestmentCenter does not even come close to the industry-standard and powerful MT4, or MT5 platforms, which are considered the top choice of traders these days and are offered by most of the legitimate and professional brokers.
Trading conditions
Your profits from online trading will depend significantly on the trading conditions that are provided by the broker. This indicates the kind of costs you will be charged and the leverage you will be provided.
Even though it promises good trading conditions, TheBusinessInvestmentCenter does not live up to its claims because the spreads start at 3.6 pips. This is too high, as even average brokers offer spreads of 1 pip, while professional ones go under a pip.
Likewise, the leverage ratios that TheBusinessInvestmentCenter offers are as high as 1:100 and such levels may sound appealing, but they are considered downright dangerous.
The Decision
It is clear that TheBusinessInvestmentCenter is not the broker it appears to be, so it is best to not opt for it when you want to start trading.
