Beware! Wafra Investment Fx 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.
Wafra Investment Fx made it very simple for us to review it since it does not hide anything. All of the scammer elements are out there and Wafra Investment Fx seems perfectly fine with it. As you might expect, or not, either way, this so-called broker is a joke, but nevertheless a dangerous thing should you feel compelled to invest in it. So read the review for all the information you need to know about this shady platform.
There was an internal error when entering the registration error; we could not access this important part of the website. Therefore we could not open an account, which means that all the trading info is taken from the site. Consider that what is revealed on the site might not be true at all!
With that said, the available assets as per the site are forex currency pairs, commodities, indices, shares, and cryptocurrencies. The minimum cost of trade is 1.2 pips for standard account, and the leverage is capped at 1:200. But consider that rarely do scammer brokers apply account tiers. The reason they promote it is to seem more professional.
WAFRA INVESTMENT FX REGULATION AND SAFETY OF FUNDS
There isn’t really anything to talk about here, in terms of legal information. What we find are contact numbers in Turkey, US, and the UK. Normally, this would mean that the broker is regulated in all three nations. But this could not be further from the truth.
The UK and US addresses suggest licenses from two of the most regulated jurisdictions in the world. Especially the United States is considered the most notoriously difficult jurisdiction to break into in terms of forex trading, and we can definitely confirm this. All US brokers are some of the world’s top FX companies that abide by strict rules. UK firms, o the other hand, are Europe’s top brokers. So, there really is no reason to believe that Wafra Investment Fx is located nor regulated in either of the jurisdictions.
Even Turkey is not to be underrated, since there are brokers thee regulated by the Sermaye Piyasası Kurulu (SPK). Just as any regulator out there, it would never consider the likes of Wafra Investment Fx.
And anyway, the broker never actually says that it is regulated in any of these jurisdictions. In fact, it never claims to be regulated anywhere.
Add to that the fact that there are no legal documents, further increasing the risk for clients. The broker can easily do ass it wants. Wafra Investment Fx is utterly illegal and completely unlicensed.
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
WAFRA INVESTMENT FX TRADING SOFTWARE
There is in fact an available MT5, but with a huge twist that breaks the whole experience. The main issue to consider is that said MT5 is not one to belong to Wafra Investment Fx but is the original, or default, one offered by the MetaQuotes firm. Therefore, it does not contain any trading servers owned by Wafra Investment Fx. This means that it does not offer any trading software.
WAFRA INVESTMENT FX DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit requirement is indicated as being $100. There are supposedly no fees, as the broker vaguely indicates by stating that it is “commission free”.
On the footer of the website, it is revealed that the promoted payment methods are crypto wallets, Skrill, credit cards, and debit cards.
But this information is taken form the website of a proven scammer broker, meaning that there is no way to guarantee its legitimacy.
That’s all the information we have for you today. There are no withdrawal details, and as far as we know it there is no withdrawal area anywhere. Just another major reason why not to invest in this unlicensed broker.
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.
