Beware! Actuary Forex 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.
Actuary Forex is trying to pass as ”a globally recognized retail and institutional economic company composed of professional traders’. However, they are surely a scam broker but one that does not even provide you with a registration form or any means of accessing their client area. This means is virtually impossible to deposit with the broker at the present moment. Which is great because, despite all of their claims and promises, Actuary Forex is simply one of those companies that will rob you blind the moment you deposit. The broker’s website is currently unfinished so we did not have a lot to go by when doing research for this review but we stand behind our word – you cannot make money with Actuary Forex and you would do yourself a favor if you stood as far away from them as possible.
Actuary Forex REGULATION AND SAFETY OF FUNDS
Actuary Forex did not provide any address or phone number on the website so we had to check the company information in their MetaTrader 5. Turns out, Actuary Forex is based in the UK.
We checked the UK Companies House register where any company registered in the UK would show up as well as the FCA register that contains all brokers that have the right to operate on UK ground. We found out that a company with the name Actuary Forex Global Limited is actually registered at the London address seen above less than 3 months prior to us writing these review. It is not, however, enough for a company to be registered for it to be allowed to offer financial services, it also has to be licensed by the local regulator. This means that the broker is following rules and has met certain requirements to obtain a license. Turns out, Actuary Forex is not in any way regulated by the FCA.
Investing with someone unlicensed is extremely dangerous as this means the broker is practically anonymous – there is no way to know who is behind the website or how they will handle your deposits. Choose a licensed UK broker instead – this way you could be sure everything is being done by the book as the FCA is one of the strictest financial regulators in the world. UK brokers are obligated to maintain the capital of at least €730 000 to ensure that they have long-term plans of offering services and would not be strongly affected by any unexpected events. In case of your broker goes bankrupt, you could get compensation of up to £85 000 because all UK-regulated companies provide funds for the Financial Services Compensation Scheme (FSCS). The so-called negative balance protection is a big plus – your losses cannot exceed the sum you have invested with the broker. All deposits must be kept in segregated accounts – this way, your broker has limited access to your investment and cannot use it for other activities.
Trading with a licensed broker should be your only option when choosing who to open an account with. Scammers might try to tempt you with different ambitious promises but you should not trust one word – the guarantee of super-fast profits sounds too good to be true for a reason.
Actuary Forex TRADING SOFTWARE
Considering the unfinished website, we were surprised to see that Actuary Forex actually has a functioning MetaTrader 5 up their sleeve.
MT5 is currently the most popular platform in the industry and for a good reason – it offers far more possibilities and functions than any other software we have encountered. But we would advise you to turn to a regulated broker offering the platform – no matter how good the software is, it still does not change the fact that you would not be able to make money if you are working with a scam broker like Actuary Forex. With MT5, you could use Expert Advisors, buy VPSs that keep trading bots operating even when your computer is not on, or set up alerts for prices going above or below a certain predetermined value. You can easily develop your own trading bots and indicators and share your strategies with a vast trading community – or give other people’s strategies a try.
Actuary Forex TRADING CONDITIONS
We did not learn that much about the broker’s trading condition without the possibility to open an account. No Terms and Conditions were available on the website – a huge red flag as you should always know what you are agreeing to, especially when investing.
No initial deposit was mentioned but since legitimate brokers these days would sometimes ask for as little as $10 to open an account, you should not be considering investing with scammers.
The spreads we got on the MT5 were around 0.1-0.2 pips – which is incredibly impressive since we would call something around 1-1.5 pips a normal spread. However, it is not hard for malicious brokers like Actuary Forex to manipulate platforms and make you think that they are offering something incredible. You would probably be able to make a decent profit pretty soon with a spread like that – but it would all be a trick of the broker tempting you to invest more. You would most certainly have big trouble withdrawing anything afterward.
The leverage offered was also not mentioned – but keep in mind that the UK has strict leverage restrictions and no broker could legally offer anything higher than 1:30 to retail clients.
Actuary Forex DEPOSIT/WITHDRAWAL METHODS AND FEES
There is no information on the website on which payment methods the broker accepts. We would generally advise you to deposit with a credit or debit card as it would be the easiest to ask for a chargeback if you figure out something wrong is going on at a later point.
HOW DOES THE SCAM WORK?
Scams like the one Actuary Forex is running have become an industry and it is quite surprising how well they work. They rely on people’s psychology and the constant desire for a quick and easy profit.
It all starts with a seemingly harmless ad you see on the Internet – some brokers claiming they can make you rich in a matter of days or weeks. Sometimes such websites look far from legitimate and you would be able to detect the scam but sometimes the scammers put a lot of effort into presenting themselves as a trustworthy, reliable enterprise. So it is no wonder many people are quick to provide their contact details when faced with the promises of immense profits. Once you do that though, scammers would not leave you alone before you deposit. Such people are well-versed in the art of smooth-talking and deceptions and will demand bigger and bigger deposits of you.
Problems arise once you wish to withdraw whatever supposed profits you have turned. As soon as you want to get access to your money, reasons why that is impossible will show up – clauses related to bonuses, crazy withdrawal conditions, and fees. Sooner or later, the scammers will just stop answering your calls and emails and you will be left empty-handed.
WHAT TO DO IF SCAMMED?
Even though the chances of retrieving your deposits are not big, there are a few things you could do. Never deposit in cryptocurrencies if you are not sure the broker is reliable – such payments are irreversible. Opt for a card payment instead – with such transactions, you could file for chargeback within 540 days so ask your credit or credit card provider for help if you have established something is wrong. Notify the responsible financial authorities and share your story with others – this way, they would know to stay away from such tempting schemes. Never trust any so-called ‘recovery agents’ promising to retrieve your money for a small fee – this is just another type of scam meant to rob you additionally, sometimes even by the people that ran off with your money in the first place.
The best thing you could do is to not work with scammers in the first place. That is why you should turn to renowned brokers with a good reputation in the industry and check the register of the regulator in the country where the broker claims to be based – if such is available. Always read the Terms and Conditions carefully and if you spot promises too good to be true, know that they probably are.