Beware! Narsq is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Who would have ever guessed that Narsq is a forex broker just by looking and pronouncing its name? This brokerage not only comes with an ambiguous titles, but its entire package is nothing worthy of your time. How do we know this? Well, let’s just say that we have had contact with similar looking brokers some hundreds of times, and we have become very accustomed to identifying them. For starters, the website is nothing but a direct ripoff of hundreds, if not thousands, of unlicensed brokers, many of which we have reviewed previously. If you want to know more, please read the review.
Creating an account is a hassle, but its a rather legit process, which was a surprise. After a couple of minutes, we tried to log in, but, alas, nothing happened. We received an account confirmation mail, but each time we attempted to log in, we were blocked. Now, here is the shady broker that we expected to see. As always, we believe that Narsq did not like us, or rather it detected that we were not investors, and thus shut of all access to us.
What this means is that we have to take all of the payment and trading from the website. On it, we learn that the company offers the trading of forex currency pairs, commodities, and stock. A very disappointingly short list of financial instruments. The alleged minimum cost of trade is at 1.2 pips, and there is no disclosure as to the assets onto which the spread attaches. While opening an account, the broker had no other leverage cap than 1:100.
The website comes in both English and Chinese.
NARSQ REGULATION AND SAFETY OF FUNDS
The information concerning a legitimacy is as confusing as one would expect. We have an address in London, while also a US phone number.
Now, there are a handful of brokers who are able to achieve both a US and a UK license, but their number does not go higher that half a dozen or so. Without a single doubt we proclaim that Narsq is definitely not one of them. Let us elaborate why.
First of all, we have the United States, which is perhaps the heaviest regulated FX environment in the world, a local markets industry overseen by the NFA and the CFTC, two very severe institution. So austere in fact, that only a dozen of broker operate fully in he US today! There is no way that an insignificant broker such is Narsq can be found in among these.
Next, we have the FCA address, which is, in the best scenario, just an address. But that would mean that Narsq is operating in the UK without a license from the FCA, which is actually a fact! Thus if really located within the US or UK, Narsq is operating without legitimacy.
And moreover, The Securities and Futures Commission of Hong Kong has officially black listed this broker. This is perhaps the biggest sign that the company is UNREGULATED, because Hong Kong is one the major financial centers of the world.
To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
NARSQ TRADING SOFTWARE
The broker comes with an MT5 trading platform, but since we had no way to access an account, we were thusly blocked form accessing it. Yet, we do confirm the presence of this superb trading software.
Nevertheless, the presence of an MT5 is not enough to redeem Narsq!
NARSQ DEPOSIT/WITHDRAW METHODS AND FEES
According to the website, the minimum deposit is…whatever a user thinks it is. The firm has not revealed anything. The payment methods are allegedly: crypto wallet, bank transfer, and ChinaUnionPay.
The minimum withdrawal is $100, and it takes form 1 to 5 days to process a request. There may be fees connected to both deposits and withdrawals.
Overall, very typical scammer broker payment conditions. There is absolutely no reason to trust this broker, neither with your money, nor your time!
How does the scam work?
The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.
Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.
In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.
The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.
Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.
The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!
What to do if scammed?
The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.
Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.
As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!
And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!