Beware! Arforextrading 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.
It only takes one look at Arforextrading to establish that this is not a legitimate broker you can trust. This is a fraudelent scheme – one with a warning issued on its name by a rputable financial regulator – that asks you to invest a small amount of money and just kick back, relax and see this money grow. However, the things Arforextrading are nowhere close to possible – the broker will make sure to disappear with your investment as soon as you transfer it.
Arforextrading REGULATION AND SAFETY OF FUNDS
Arforextrading claims to be a UK-based multi-regulated company. The broker has even added a UK certificate of incorporation on its website. However, if you just try and search Arforextrading name in Google, you can easily find the following warning issued by the UK financial regulatory body, the FCA.
You should take such warninngs seriously – not only do they mean that the broker is unauthorized to offer services and completely unlicensed but it usually means that they are running some sort of scam. An FCA warning is the biggest red flag there could be in such a situation – if you find such a document, avoid the broker in question at all costs.
Turn to one of these legitimate UK brokers. Companies licensed by the FCA are usually one of the most reliable choices there could be – they are obligated to meet many requirments and maintain a high standard of sesrvice after obtaining a license. Firstly, if a company wants to start operating as a forex broker, it has to prove their financial stability and long-term approach – the broker must hold a capital of at least €730 000 and potentially more if it has many clients. Client money must always be kept separate in segregated bank accounts – this speeds up withdrawals and proves that the broker would not be able to use them for its own activities. Negative balance protection is another perk of working with a licensed UK broker – you could never lose more money than you have in your account. Finally all UK brokers participate in the Financial Services Compensation Scheme (FSCS) – so in case one of them becomes insolvent, each of their clients is entitled to a compensation of up to £85 000.
Arforextrading TRADING SOFTWARE
We were eager to see what sort of trading software Arforextrading had to offer and tried to open an account with the broker – however, we could not log in to that account without verifying our email first. We never received such a verification email which might mean that Arforextrading, as many other scammers, might prefer to choose its clients itself. This means that the scam could remain hidden for a longer period of time as people who review scam brokers like us would not be able to open an account.
We have reasons to suspect that this broker does not offer any sort of trading platform – a bit more on that later. If this is the case, you would have no reason to open an account and invest with Arforextrading – after all, your whole reason for seeking out a broker in the first place is probably to be able to trade and this broker does not offer such a posibility.
Turn to a broker who can offer a leading trading platform like MetaTrader 5. This advanced platform is user-friendly and full of useful features – Expert Advisors that track markets and trade automatically, a multi-threaded Strategy Tester, the chance to set signals or subscribe to those set by others, a community chat, a market for additional trading apps, and much more. Discover what MT5 is fully capable of with a licensed broker.
Arforextrading TRADING CONDITIONS
Without an account, we cannot say anything certain about the trading conditions this broker offers. However, despite its claims, Arforextrading seems to have a quite diferent business model – one that is not related to leveraged trading at all.
The broker asks you to invest a small amount of money – as little as $50 would do. Then you can just wait and see your investment grow without having to do anything yourself.
Depending on the plan, the broker promises daily returns of between 40 and 60% – which, quite frankly, is completely impossible. Most retail investors would be more than happy to get 15% annual returns – it is only scammers who can promise such unrealisticly high number. Unfortunately, trading and investing take time and are certainly not an effortless endevour – you should always try to educate yourself before pursuing either. Do not fall for promises which sound too good to be true and be patient.
Check out these reliable brokers who can open an account for $50 or less.
Arforextrading DEPOSIT/WITHDRAWAL METHODS AND FEES
Arforextrading has not said anything about possible deposit methods and without an account we could not try and deposit ourselves. However, the broker asked us to provide a Bitcoin wallet address right away so we can only presume that this would be one possibilty. Never transfer money in crypto to brokers you are not sure you can trust – such payments are both annonymous and irreversable which means that you would not be able to track your money or get a chargeback. The best decision here would be to not deposit with scammers like Arforextrading as a whole.
HOW DOES THE SCAM WORK?
Scams of this sort have become quite popular and quite the problem – the best course of action would not be hunting down your lost money to unknown ends only after you have deposited it but learning how to avoid them.
The scheme usually starts with a flashy ad on the Internet promising to make great service and improbable profits. The best part is, that you would not have to do much – you just have to invest with this specific broker who of course claims to be very reliable.
The scam starts when you provide the scammers with your email and phone numbers – you open an account just to see what they have to offer. The moment they get access to your contact details, they won’t leave you alone before you deposit. After that, you will probably turn improbably amazing profits – often enough, scammers manipulate platforms to fabricate satisfactory results. However, they will keep asking you to make bigger and bigger deposits – and you will be glad to transfer money since you will think that you are doing great. Such people are familiar with the art of smooth-talking since that is what they do for a living – they will find a way to sound reasonable and persuasive and before you know it, they will have you depositing thousands of dollars.
Only when you try to withdraw some of those profits, you will run into trouble. Additional fees and taxes, clauses in the Terms and Conditions that prevent you from withdrawing, sudden changes to those Terms and Conditions – these are all instruments in the scammers’ arsenal. By this point, you will know something is wrong but the scammers will stop answering your calls and emails and disappear completely.
WHAT TO DO WHEN SCAMMED?
When it comes to staying safe from fraudulent brokers, prevention is key – don’t deposit with such enterprises in the first place. Always do your research on the broker carefully before investing, check registers, and read the Terms and Conditions carefully. If you have already invested, there are still a few things you could do.
Change all banking passwords to avoid additional losses of money. In case you have installed remote access software, remove make sure to remove it – the broker might have offered help with installing their platform or even trading advice but all they really wanted was access to your computer in order to be able to access your bank accounts later. Notify authorities and contact your bank or credit card provider to let them know you have been scammed. If you have used Visa or MasterCard to transfer money, ask for a chargeback as soon as possible – both providers have a policy that allows such chargebacks within 540 days.
Don’t trust anyone who calls themselves a “recovery agent” and offers to retrieve your money for a fee – this is just another type of scam targeting people who have lost money and are desperate to retrieve it.
Finally, sharing your story with others is important – consider posting about it online. This way, people will know how such scams work and how to avoid them.