ARKcoin review – 5 things you should know about arkcoin.cc

ARKcoin review – 5 things you should know about arkcoin.cc

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Beware! ARKcoin is an offshore broker! Your investment may be at risk.

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ARKcoin wants us to believe that it is a professional brokerage devoted to providing traders with a superior trading experience. But it would be a big and unjustified mistake to believe these claims and put our money on the line. In the best case scenario, ARKcoin is a shady offshore broker offering vague and unfavorable terms. Much more likely, we are dealing with a typical scam, of which ARKcoin exhibits all the basic symptoms.

ARKCOIN REGULATION AND SAFETY OF FUNDS

According to the information on the homepage of the website, the company that owns and operates ARKcoin is called Flack Consulting LL and is based offshore in the Saint Vincent and the Grenadines (SVG).

There is a company with this name among those registered with the SVG, but we cannot be sure that it is really behind this website. ARKcoin lacks Terms and Conditions or any legal documentation. At the same time, however, you are required to accept the Terms and Conditions when registering an account. This means we are neither sure who we are dealing with, nor do we know exactly what the terms of the deal are.

In addition to this, registration with the SVG provides absolutely no guarantees to the customer. The local Financial Services Authority  specifically warns that it does not license brokers or regulate companies that claim to engage in such activity.

If you intend to start trading on the financial markets, you should trust only duly licensed companies. Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

ARKCOIN TRADING SOFTWARE

ARKcoin offers only a rudimentary webtrader, which is a far cry from the software used by genuine brokers.

While the platform has the basic features for placing orders, customizing charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

It should be noted that the presence of some kind of trading software is no guarantee that this is a genuine broker. Financial scammers often use trading platforms to fool their victims that their money is actually being invested.

ARKCOIN TRADING CONDITIONS

On the ARKcoin  website we find a description of three types of trading accounts with a minimum deposit starting from 250 EUR. This is quite a high level, considering that many leading brands in the industry allow you to start trading with amounts as low as 50 EUR or even lower.

The website promises “ultra-tight spreads”, but in the trading platform we see a spread of 3 pips. This is at least double the usual industry levels and extremely unprofitable for the trader.

The leverage offered is between 1:200 and 1:600 for different account types. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.

We also see claims of “low fee rates” on the home page, but due to the lack of legal documentation we do not have specific information on fees and commissions.

ARKCOIN DEPOSIT/WITHDRAW METHODS AND FEES

The homepage wants to give the impression that ARKcoin uses conventional payment methods.

But after registering an account we find that the only way to deposit money is through cryptocurrencies:

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Sofort and GiroPay.

Since ARKcoin  does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfill traded volume conditions.

HOW DOES THE SCAM WORK

Trading in financial instruments is a risky business even for experienced investors using the services of reliable brokers. For newcomers, there is also the risk of being deceived by the many scam websites posing as brokerages. These websites are operated by skilled and cunning scammers who lure you with promises of easy profits. Usually these scammers promise to take care of all the bits and pieces of investment for you, but many even use real trading platforms to fool you that your money is really being invested. After investing an initial low amount, they will convince you that you are already making incredible profits and urge you to invest more.

But your money is not invested and you will never see the promised returns. When you ask to withdraw even a portion of your money, you will be surprised by impossible to meet minimum trading volume requirements and hidden fees that amount to tens of percentages of your funds. Scammers hide behind fake names and offshore companies that are uncontrolled and unregulated, so it will be impossible to hold them accountable.

WHAT TO DO WHEN SCAMMED

If you find yourself in a similar situation, you can request a chargeback. However, this option is only possible if you have used a credit or debit card for the transactions. Visa and MasterCard allow this to be done within 540 days. But if you have provided the scammers with proof of identity, such as an ID or proof of address, these claims can be disputed. Bank wire transfer or cryptocurrency transactions are non-refundable.

In any case, you should inform the relevant authorities in your country about the activities of the scammers and warn other potential victims online. You should not trust offers to return your money for an upfront fee. This is also a known scam and all testimonials from satisfied customers are fake.

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10 Comments

  1. http://Www.arkcoin.cc is SCAM

  2. Psalms! Unfortunately, I also took a bath with them. Let’s get in touch somehow to see if we can be smarter.
    ————–
    Zsolt! Sajna én is befürödtem velük. Valahogy vegyük fel a kapcsolatot, hátha okosabbak leszünk.

    1. Hi, I repoeted them. I reported them to the police. F… yourselves. I write to them every day to return my money.
      ================
      Hi, I repoeted them. Feljelentettem öket a rendőrségen. Basszák meg magukat. Minden nap írok nekik, hogy adják vissza a pénzem.

  3. Zsolt, please let’s get in touch somehow. I am also damaged.

    1. I was deceived, I had no money and they gave me a loan, now it’s my turn to pay it and so they registered 250 of mine that I sent and 250 that they lent me later I had to pay them, of which I already had to pay moneyman 143 euros and they did not answer me again only Ben my messages and they do not answer
      ——————
      Fui engañanada no tenia Dinero y ellos me isieron un prestamo ahora me Toca ami pagarlo y asi me registraron 250 mios que envie y 250 que me prestaron luego me Toca pagarlos de Los cuales ya me toco pagar a moneyman 143 euros y no me volibieron a contestar solo Ben mis mensajes y no responden

  4. http://www.arkcoin.cc is a scam web site with scam people. People Invest money in BTC and when you want to withdraw the money it is pending for ages and they dont send the money. The customer service is the worth ever. Stay away from this people and site.

  5. ARKCOIN.CC SCAM
    They are a bunch of unscrupulous criminals. Unfortunately, ARkcoin.cc also disadvantaged me for a lot of money. In total for 52,500 euros, not including the so-called profit of 63,000 euros. Because I could find little data from arkcoin, I had research done via T.and.H-consult. They were able to trace the traces of the money and with that information I reported it to the police. Unfortunately, due to undercapacity, our police is taking even longer than Arkcoin. I tried my best. Indictment is clear, Perpetrator is known, the offense is also known, location of the stolen property is known! For the time being, despite thorough research, I still have no idea of the money. Next step RADAR and the CONSUMER Confederation?.
    ————————-
    ARKCOIN.CC SCAM
    Het zijn een stel gewetenloze criminelen. Helaas ben ik door ARkcoin.cc ook voor veel geld benadeeld. In totaal voor 52.500 euro, waarbij ik de zogenaamde winst van 63.000 euro niet mee reken. Omdat ik weinig gegevens van arkcoin kon achterhalen heb ik onderzoek laten doen via T.and.H-consult. Die hebben de sporen van het geld kunnen achterhalen en met die gegevens heb ik aangifte gedaan bij de politie. Helaas laat onze politie door ondercapaciteit nog langer op zich wachten dan Arkcoin. Ik heb mijn best gedaan. Aanklacht is helder, Dader is bekend, het vergrijp ook, plaatst van het gestolen goed is bekend! Voorlopig heb ik ondanks gedegen onderzoek nog geen zicht op het geld. Volgende stap RADAR en de CONSUMENTENBOND?.

  6. I also ran into them! I won’t see the money anymore, I have to come to terms with it.
    —————–
    Tiež som im naletela! Peniaze už neuvidím,treba sa s tým zmieriť.

  7. hey are professional scammers. They took the deposit, then after when I tried to withdraw, at first they have asked for bitcoin wallet address which I have given. Then an ‘agent’,- I’d say a coward lowlife has rang me and said that money was gonna b sent back to bank account (I surely believe). So, I have given an empty,unused card details and on call details have been taken. Things gone out of control when the bastard realised that there was no money on the account…then he was talking to me like I was a rotten b**ch, aggressive, threatening and abusive. And he said he had the right to talk like this because he is my account manager. Wow. I said, mate, you’ve just tried to take another money from my card, he said no, lol. Anyway,I have evidence, call is recorded, I’ll be after them on national and International levels, and been successful so far will post all story on social media. If we stop feeding them, they will die, peeps!

  8. Arkcoin – I would like to inform you that is cheaters and liars.. I sent the money directly to their account – EUR 250, and also through binance.com, when, like a fool, I allowed “my friend” named Tom Brown, tel. +44 7818 101545, transfer money – EUR 1610 from Binance to Arkcoin through the heplp board. Now when I want to get them to sleep, he says it can’t be done.

    Milan

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