Beware! Artemis 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.
The Artemis Forex website does not at all resemble that of an established forex broker with over 20 years of experience as it claims to be. The reason is that it isn’t – it’s yet another example of online fraud, and a low-effort one at that. Let’s look at what the clues are that it is in your best interest to stay away from Artemis Forex.
ARTEMIS FOREX REGULATION AND SAFETY OF FUNDS
If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.
The name of the owning company is listed – Artemis Software and Consultancy Limited – but it is not specified where this company is based or what licences it holds.
The registration information of the trading software used by Artemis Forex states that this company is based in the United Kingdom.
But a check of the UK Financial Conduct Authority (FCA) database shows that the company is not listed among the authorised forex brokers.
In the general register of UK companies, we find that this company was dissolved back in 2011 and has never been an authorised financial services provider.
At this point there is no doubt that the purpose of this website is to scam inexperienced people out of their money.
If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the FCA.
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.
ARTEMIS FOREX TRADING SOFTWARE
Although the Artemis Forex website is rather unconvincing, this scammer employs advanced trading software – MetaTrader 5 (MT5). But the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers have trading software to fool their victims that their money is being invested.
Another sign that Artemis Forex is a scam is that it doesn’t even allow Demo Account registration. Because of this, we were not able to examine the functionality of the platform and the parameters set in it.
To create an account with Artemis Forex , you need to send a request to the email provided. The genuine brokers allow easy creation of a Demo account. Many scammers on the other hand prefer to select their potential victims by spamming social networks and online forums. Apparently this is exactly the case with Artemis Forex .
ARTEMIS FOREX TRADING CONDITIONS
The lack of information on the Artemis Forex website also affects the terms of trade that are allegedly being offered. The websites of legitimate brokers offer detailed information about the trading conditions they offer. Brokers usually offer different types of accounts tailored to the needs of traders with different experience and capital. Many leading companies in the industry allow you to start trading with a very low initial deposit, often under 100 USD.
The only trading parameter mentioned on the Artemis Forex website is leverage up to 1:400. This in itself is proof that we are dealing with a scam and not a licensed forex broker based in the UK.
High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.
ARTEMIS FOREX DEPOSIT/WITHDRAW METHODS AND FEES
Due to the inability to register an account we can only guess what payment methods Artemis Forex uses. Experience has shown that fraudsters of this type use opaque payment methods that do not allow the defrauded to request a refund. In the most frequent case, cryptocurrencies are involved.
While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Skrill, Neteller or Sofort.
The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet withdrawal terms.
How does the scam works
Many people have a desire to invest in the financial markets but lack the necessary knowledge and experience. This makes them a potential victim of the many internet scammers posing as brokers and investment intermediaries. These types of scams have exploded alongside the cryptocurrency boom.
If you trust such a website and give them your personal information, you will be contacted by experienced scammers who will entice you with promises of easy profits. The scammers usually offer to take over all aspects of investing for you, sometimes even prompting you to install remote access software on your personal computer. After investing an initial low amount, they will convince you that you are already making incredible profits and urge you to invest more.
But you will never get the promised profits, nor will you be able to get your money back. If you want to withdraw funds from your account, you will find that you have suddenly lost everything in the market, or that you have to meet impossibly high traded volume requirements, or that you have to pay huge fees. It is also possible that fraudsters simply disappear because they hide behind fake names and shell companies in offshore areas that are not subject to any control and regulation.
What to do when scammed
One of the few options to get at least some of your money back in such a situation is to ask for a chargeback. But this is only possible if you have used a credit or debit card for the transaction. Scammers typically use cryptocurrencies or dubious e-wallets that make it impossible to get your money back.
Under no circumstances should you trust people and websites that promise to magically refund your lost money for an upfront fee. This is also a well established scam. You may even fall victim to the same scammers again.