Beware! Ar-Forex 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.
We have on our hands yet another unregulated that tries to pull the impossible and seem legit. Whereas at times there are some that are close to succeeding in hiding their scammer elements, there are also those that don’t care. Well, Ar-Forex is one of those, and thus we knew the moment we stepped into its website that Ar-Forex would be a scam. So, in the following review we try to take the major elements, scammer of course, that define this broker. Don’t expect to be surprised for Ar-Forex is nothing more than the typical scammer broker.
We were able to register with ease, however something interesting happened. After completing the registration, we were given a password for withdrawing, something that has not happened before, at least not that we remember. Anyway, we don’t really know what to think of this, perhaps because it’s irregular.
And moreover, we did not receive a confirmation mail, meaning that we had no access to a trading area, and thus had to take all the payment info from the website. Just be warned that what we are about to reveal may be untrue.
Anyway, it’s forex currency pairs, commodities, indices, cryptocurrencies, and stocks supposedly available as trading assets. The EUR/USD spread has been indicated as 1.2 pips, and there is no leverage.
AR-FOREX REGULATION AND SAFETY OF FUNDS
Two main point to make before we conclude the inevitable.
First of all, in the legs terms and conditions the broker tells that its services are “governed by laws”, What these laws are and what they entail, is a guess as good as ours. Those brokers that talk in such vague terms are almost always unregulated. Not to mention that this type of behavior is typical for scammers; being as ambiguous as possible is what fraudsters do and it’s what they do best. Moreover, this statement might work for some users who have no prior experience in trading. So, it’s a win-win situation for Ar-Forex.
The second point we wanted to make is concerned with the contact address in Qatar. However, there is no FX regulator in Qatar, and thus Ar-Forex should be licensed somewhere else, but as it turns out it isn’t. So, if Ar-Forex really is located in Qatar, it means that it is not regulated there.
And in fact, this broker is not licensed and is a scam, not to mention a risk!
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.
AR-FOREX TRADING SOFTWARE
There is no proof of a trading platform anywhere. We do not have any links, but the worst part is that Ar-Forex does not even talk about one, which to us is a very counterproductive move, and one that does not make any sense form all points of view.
Even if we had access to a software we still would not recommend using it. Not to mention that it would probably be a limited one.
AR-FOREX DEPOSIT/WITHDRAW METHODS AND FEES
According to the website, there are no payment details to ne seen or read anywhere. Why would Ar-Forex do itself a disservice? We don’t know how to answer that, expect by referring to a lazy part of Ar-Forex.
We have no minimum deposits, no payment methods, and no withdrawal fees, nor any other fees or further commissions. But with scammers it’s almost a law to include hidden commissions that can appear at any time. So beware.
There is nothing we can add to the following: the minimum deposit usually depends on the scammer, and the most popular payment method is a crypto-based. And that’s all.
We can end it here by saying that Ar-Forex is a scam and a risk to all! All invested capital will be lost!
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.