Sierrainvest: customer reviews from different countries, reliability check
Sierrainvest is a brokerage company that started its operations less than a year ago. Despite its youth in the market, Sierrainvest claims to provide the best services to traders in over 100 countries worldwide. According to user reviews, the company is well-known in both Italy and Russia. We have conducted an analysis of customer satisfaction with Sierrainvest’s work and are ready to present the results of our research to you.
Getting to know the company
According to the company’s information, Sierrainvest is operated by Tetris Group LTD, registered in Dominica. It is important to note that in February 2021, the European Union included Dominica in the list of offshore jurisdictions that do not disclose information about beneficiaries and conceal tax data. Trusting your funds to such a broker is questionable.
The choice of Dominica for company registration seems peculiar, as the country’s legislation facilitates anonymous business operations. Information about the company owners is unavailable, and contact details are hidden. Clients complain about unanswered calls and lack of email support. Sierrainvest does not have social media presence, hotlines, or online chats. Company representatives contact users at their discretion, ignoring customer needs.
The Sierrainvest domain was registered in September of last year, and owner information is hidden. The company’s website is of poor quality and raises suspicions of similarity to other fraudulent resources.
Regulators’ attitude towards Sierrainvest
Brokerage firms require regulatory licenses to operate. Sierrainvest does not have any licenses, although this is not indicated on the website. In Europe, such companies quickly receive warnings from regulatory authorities and face blocking. For example, in Italy, Sierrainvest’s activities are already prohibited by the National Commission for Companies and the Stock Exchange (CONSOB).
After receiving a warning from the European regulator, scammers became more active in Russia, where they managed to deceive numerous users before being noticed by the Central Bank, which blacklisted Sierrainvest.
The company’s websites may be blocked, but this will not prevent fraudsters from changing domains and continuing their scams. Therefore, we recommend avoiding interactions with brokers operated by Tetris Group LTD.
What trading conditions are offered?
Sierrainvest offers several types of trading accounts, but the conditions are not favorable for traders. Let’s look at each account type in detail:
- Novice. The minimum deposit is $250, but with a spread of 2.9 points, trading is not profitable. The limited number of trading signals also restricts the trader’s opportunities.
- Advanced. By depositing $1000, the client gains access to additional trading tools, but a spread of 1.8 points is also not competitive.
- Progressive. This plan requires an initial deposit of $5000 and provides access to exotic currencies with a reduced spread of 0.9 points.
- Professional. With a minimum deposit of $10,000, the client can trade with a spread of 0.3 points and receive unlimited trading signals.
None of the offered trading accounts have attractive conditions. Many other brokers offer significantly lower spreads starting from 0.1 points, making Sierrainvest less competitive. Access to exotic currencies without a reliable liquidity provider can lead to financial losses for the trader.
In the Terms and Conditions section, there is a point about the bonus policy, according to which a trader receives a bonus that needs to be closed in trades exceeding the bonus amount by 25 times before withdrawing funds. Such practices are only used by unscrupulous brokers and can lead to financial losses for the client.
What do reviews point out?
Real reviews from customers who have interacted with Sierrainvest contain criticism and accusations of fraud. Italian users express their dissatisfaction with deception by Sierrainvest.
Users from Russia also complain about deception by Sierrainvest.
It is easy to find other reviews online where there will be no positive feedback.
A Scam under the guise of trading
Sierrainvest clients are not actually involved in trading on the foreign exchange market because the company is not a broker. Instead, scammers offer clients to trade in a virtual cabinet, which is akin to gambling in an online casino. Users can place bets and even win for a while, but ultimately, all funds are lost.
Sierrainvest persuades clients to constantly replenish their accounts under the pretext of increasing leverage or providing signals. This leads to financial losses for clients, who often end up without funds and in debt.
Sierrainvest — unlicensed black broker
Experts confirm that Sierrainvest is an illegal intermediary that does not execute trades in the market and operates without regulatory permission. The Central Bank has blacklisted the company, but before that, scammers managed to deceive hundreds of clients. It is recommended not to trust Sierrainvest, to study reviews, and to work exclusively with licensed intermediaries.
I had a profoundly disappointing experience with Sierrainvest. Right from the outset, the lack of clear communication was a problem. It is very challenging to get in touch with their customer service department. Most of my calls went unattended and unanswered, and on the rare occasions when I did get through the information provided was often conflicting. The fees were not transparent either; I was surprised by hidden charges that they didn’t mention upfront, which I feel is an example of poor business practices. Additionally, the transactions were very slow, causing me to miss out on some vital opportunities. I certainly do not recommend Sierrainvest for any serious trading or investment. There’s a serious lack of reliability and trustworthiness with this broker.