Beware! Arzik Financial 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.
Arzik Financial is nothing short of painfully conventional and quite useless at that. The broker’s service reflects that, and what we end up with is another illicit broker for the pile.
The account creation page, a pop-up window, was incredibly easy to complete, and in less than a minute we were given access to a user area. The client portal is actually a web trader that is also the main home page of the client dashboard. This approach, although undetectable by many, is actually a popular way of doing things by scammer brokers.
The terminal disclosed the following available assets: forex currency pairs, commodities, stocks, indices, and cryptocurrencies. The users can apply a maximum leverage value of 1:200.
We were unable to get a read on the cost of trade on any of the assets because the web trader only reveals one of the prices, either the bid or the sell, we weren’t sure which one. The website does not reveal any spread values, either.
There is a supposed spread commission, but we cannot be entirely sure that it is applicable since there is no way to verify the claim. But we still urger users to be aware.
The website of Arzik Financial is available in English only.
ARZIK FINANCIAL REGULATION AND SAFETY OF FUNDS
We are to believe that Arzik Financial is regulated by the SFC in Hong Kong, yet the official contact address of the site locates the firm in the UK. Moreover, the terms and conditions claim that the client-broker agreement is abiding by the laws of the UK and Hong Kong.
The SFC does not hold any information that Arzik Financial is regulated by it, meaning that it isn’t. While Hong Kong, being a global financial hub, cannot and does not allow for entities such as Arzik Financial to flourish after a certain point. We believe that Arzik Financial has stepped over that boundary. Yes, there is an outdated and false certificate from the Securities and Futures Commission, but this only showcases the document forging skill of the broker and nothing more.
As for the UK address, consider this- the FCA has issued an official warning against the broker, rendering Arzik Financial unregulated in the UK.
In fact, Arzik Financial is not regulated anywhere. It is a scam and a risk to all!
If one were to find a reason for investing in unlicensed brokers it would create a seismic shift in the market industry. But until then, your money will be wasted with unlicensed entities. Their only purpose is to steal money and use it for their own benefits. Not unlike regulated brokers, whose goal is to provide a stable, safe, and fair trading environment. We say go for any UK, EU, US, or Aussie-regulated brokers, although there are many other great licensors out there. Financial watchdogs are responsible for sustaining the market industry as a whole, and they are what keeps everything in place. Without them scammers would be rampant. Put your trust in them, for we have!
ARZIK FINANCIAL TRADING SOFTWARE
Although not a very popular trading software per se, the web trader used here is a clear reminder that we are dealing with an illegitimate broker.
We found some useful features, like charts indicators, a lot of room for customizing, and time frames, yet these are less than half a percent of what other, legit, platforms offer, telling us that this web trader really isn’t worth it.
ARZIK FINANCIAL DEPOSIT/WITHDRAW METHODS AND FEES
This is the message that we got in the payment area of the client dashboard: “there are no payment systems available. Please contact your account manager”. We think it needs no comment.
The website remains our sole source of payment information, and it is the last resort for these details, one that we are very skeptical of.
According to the site, the minimum deposit is €1,000. There are no payment methods detailed anywhere.
The only way to withdrawal is through a Withdrawal Form that is sent directly to the broker via email. This form reveals that the user can receive her money either by bank account or by credit card; these may also be the methods used for depositing.
The Refund policy speaks of fees but never expands on them. It keeps on mentioning them, yet by the end of the document we are as uninformed as though he hadn’t read anything.
All payment details are proof of the broker’s lack of a license. Do not waste your energy on this scam!
HOW DOES THE SCAM WORK
The way the scam works is the same way it has been since the begining. Very few changes have been made since its inception.
First, the user is attracted to one of many online ads that promise wealth and prizes, or he can be triggered via an email received from the broker.
If these sound too good to be true, then the user, out of curiosity, will scout the website of the broker and either be fooled by the offers there or will immediately understand the fraudulent nature of things.
The broker will require some sort of contact method from the user, so that the scammers can keep a tab on the user. The client will then be pushed into investing as many times as possible, but the general rule is that once an initial deposit is made the user will be more willing to invest more.
At some point – it’s inevitable – the user will feel like he wants to see some of that promised money, and will ask for a withdrawal. At this point, the broker has lied his way through a couple of investments. Once the withdrawal request hits, the broker will do everything in its way to stall it or cancel it. One way or another, the user will have a very hard time receiving his money back.
WHAT TO DO WHEN SCAMMED
VISA and MasterCard have extended their chargeback periods to 540 days, meaning that user has more than enough time to file for one. This is the safest bet for your money back.
If the money invested was made through a bank, then we urge victimized users to change their bank account pass and user name ASAP. And then they should contact the bank support team and explain their situation.
Crypto investments are the riskiest of all because they are untraceable. Only the broker can repay you if it wishes to do so.
Do not put your money with recovery agents no matter how tempting it may sound. It’s the temptation that got you in this mess in the first place! Recovery agents will promise to reimburse users for an exchange fee that will be also stolen!