Scarletiron review – 5 things you should know about

Scarletiron review – 5 things you should know about

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


Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


If the Scarletiron website is to be believed, this is a broker that offers “innovative and unique solutions” for forex trading and which has earned a leading position in the market thanks to “superb technical support and service quality “.

But Scarletiron gives us no good reason to believe these claims. Actually, fact checking reveals that this is yet another unauthorized website trying to scam inexperienced people out of their money. Let’s take a look at how you can spot this and similar scams.


From the domain of the Scarletiron it can be assumed that the company behind this website is called Scarletiron Ltd. But this cannot be confirmed – the website does not mention a legal entity name. Nor doesScarletiron provide Terms and Conditions or any other legal documentation. This in itself is a clear clue that we are not dealing with a genuine forex broker.

Despite this anonymity, Scarletiron claims to be “a leading online financial trader in the UK” – one of the leading global fintech hubs with strict regulations for financial services providers.

But for this to be true, Scarletiron must be licensed by the Financial Conduct Authority (FCA). However, we do not find an authorised company with a name like this on the regulator’s register.

Scarletiron also claims to hold a license from the National Futures Association (NFA, which suggests that it is authorized in the United States. The NFA does not issue licenses, but brokers operating in the United States must be members of the institution. The fact that the ID number listed is “123456” is a clear clue that no such license exists. The verification confirms that the Scarletiron does not figure among the authorised forex and CFD brokers in the US.

Scarletiron laso claims to have a “US Financial Enforcement Bureau certification”. This again is not true, besides such certification has nothing to do with the right to offer brokerage services.

When registering an account, we receive a confirmation email from another brand – Unocal. The trading software used by Scarletiron is registered in the name of Unocal Group Limited. This company is also said to be based in the UK. However, a check of the FCA’s records shows that it is also not an authorised financial services provider, if it exists at all. By all appearances, the two websites are the work of the same scammers.

If you intend to invest in financial instruments, first make sure that the intermediary you choose is indeed licensed and supervised by an institution such as the FCA. These brokers have to meet stringent requirements for financial stability and transparency of operations. They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.


As indicated, the trading software used by Scarletiron is registered in the name of another brand. It is the MetaTrader 5 (MT5) platform – the most widely used solution among traders and brokers around the world. Here’s what the platform looks like with a Demo account:

But the availability of a trading platform does not guarantee that the trading is not a sham. Fake brokers use real software to lend themselves credibility and fool their victims that their money is really being invested. While Scarletiron claims to offer forex and other cal assets, only a limited number of cryptocurrencies are included in the platform.

You could always use the services of a regulated broker, the vast majority of which offer clients MT5 or the still very popular MT4. This will enable you to use the advanced features of these platforms without fear of being scammed. These platforms are preferred by the majority of brokers around the world because of their powerful automated trading capabilities, including Expert Advisor bots and customized scripts for backtesting trading strategies.


When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters. Scarletiron, however, does not provide such information.

The website specifies only one parameter – leverage up to 1:500.

This alone could serve as evidence that Scarletiron could not be a licensed broker in the UK or the US. Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses. A maximum leverage of 1:30 is allowed in the European Union and the United Kingdom and 1:50 in the United States.


The deposit menu has two options – unspecified “digital currencies” and wire transfer. Scammers prefer cryptocurrencies because these transactions are not subject to refunds. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

Since Scarletiron 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.


There are many scammers lurking on the internet, luring people with promises of easy riches. These scammers arouse the curiosity of their potential victims through online ads, videos, comments and other content on social networks. Often the initial hook is get-rich-quick tips that link to websites and mobile apps of fake brokers or fake investment firms. After clicking on the ad or downloading the mobile app and having given their contact details, the victims are usually swiftly called by fraudsters presenting a concrete “investment proposal”.

These scammers are very aggressive and often even try to persuade the victims to allow them to take control of their computer remotely in order to make certain money transfers. The fraudsters also try to convince the victims to invest increasingly higher amounts of money. They also make promises of repayment in exchange for one last money transfer. This is a technique to collect even more money from their victims. When you try to withdraw your money, your request is blocked by hidden conditions and huge fees. Fraudsters can also simply disappear because they hide behind fake names and offshore companies.


First of all, it is important that you do not try to recover your money by trusting people who claim to offer such a service for an upfront fee. These are also 100% scammers. If you used a credit or debit card for the transactions to the scammers, you could ask for a chargeback. But such a claim could be disputed if you provided the scammers with a copy of an ID or proof of address. Scammers usually get their victims to use cryptocurrencies that don’t allow refunds. In any case, it is advisable to inform the relevant financial authorities in your country and spread the word online to warn others not to fall into the same trap.

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  1. I invest some money to this exchange. At the first time i only invested in small amount & following someone that always give me the data to trade with exact time. I always got profit, never loss. At first I tried to withdraw a small amount and it was succees without paid any other charge, but then he asked me to incrase my cpaital so that i can get more profit everyday. After I increased my capital and i’ve got loan, I got a lot of profit until now my balance is arround 228K usdt. Then, i tried to withdraw arround 45K to pay the loans & they said i can’t withdrawal my assetss before I repay the loans, the I re-inject to pay the loans. And I wanth withdrawal 228K but they said my withdrawal has been block by node blockchain because my wallet address is unknown then they asked me to pay deposits 13% from my assets to guarantee is that real my account and should transfer from my real bank account. Until now I havent paid that deposits fee because I think it not make sense. Usually verification fee or any surcharge fee can be deducted directly from our balance, but they said it can’t be done because they haven’t got any authority to deduct from my balance.



    I hope i can report this exchange and get at least my capital back.

    Thank you

  2. Have the same problem with this exchange. They charge many times & make excuses that they can’t directly deducted from my total assey because of they don’t have any authority of that. Usually, service fee for withrawal is directy deducted from our account. Also, the charge is very high more than 10%. Until now, I can’t withdraw my total asset because of their nonsense verification fee. Now, their website already gone, I tried to send email to them but never delivered. This exchange is scam!

    1. A Japanese guy contacted me via Instagram and tried to befriend me. His IG account was mr_takano87. Phone number +817026400238 first time he direct me to Later on, he told me he wanted to help me by investing in crypto using the MT5 platform under the after invest around 200K USDT and want to withdraw the websites gone then he told me the website change to the website under Unocal Global Limited. Since, we have been communicating for a while and thought he was trustworthy, I trusted him. I can see that there were profits from my trade where he will provide what time to invest, the currency and the SL and TP. After investing more than 150K USDT, I cannot withdraw the money at all even just my investment. They kept on asking for money. First it was the 10% service fee which I paid. And, then next is the verification fee, which is another 15%. Then, next is the security risk fee. The reasons for me to keep on paying is endless and I don’t think they will stop. This Japanese guy who told me that his name is brave / kimura / takano /fujiwara. He tells you it is legit and will show you evidence he invested in it and was able to withdraw. He has removed his IG where he probably used another person’s pictures and credentials. He even asked me for pictures of me naked. He will keep on forcing you to pay/deposit into ERC20 wallet address 0xE79a6a229D236081986a8AF8c3C836F77FA59995
      TRbhJ1c17wP7jMphRmqsmwnxbt8ZMtvyt3 He will also pretend that he is helping you by depositing to that wallet address also. But the screenshot he sent you was obviously a photoshopped image. Nothing was deposited and he is only interested to keep on scamming you for more money. I bet he is also the customer service answering your inquiries and it goes directly to his wallet address.

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