Beware! Wafrainvestmentllc.com 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.
Wafrainvestmentllc.com, or Wafra Investment LLC, is something we encounter often – a new reincarnation of a scam we’ve reviewed in the past. But even without being familiar with previous versions, you can easily determine that Wafrainvestmentllc.com is undoubtedly a scam.
Wafrainvestmentllc.com Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
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.
Wafrainvestmentllc.com does not provide a contact address. Registering an account requires agreeing to the Terms and Conditions, but the link to the document is blank. We have no evidence that the company Wafra Investment LLC actually exists.
If you don’t know exactly who you are dealing with and what terms you are agreeing to, it would be very unwise to put your money on the line.
Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.
As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.
Wafrainvestmentllc.com Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
Wafrainvestmentllc.com claims to offer the industry-standard MetaTrader 5 (MT5) platform. But the software available on the website is a generic version of the platform that is not configured for a specific broker. Wafrainvestmentllc.com does not provide credentials for logging into a trading server.
Wafrainvestmentllc.com Trading instruments
Wafrainvestmentllc.com claims to offer trading in forex, commodities, indices, shares, energy and cryptocurrencies. But given the lack of a licence and of functioning software, there is no reason to believe that Wafrainvestmentllc.com offers real trading.
Wafrainvestmentllc.com Spreads and cost of trading
The descriptions of the different trading account types promise competitive spread levels of 1.2 pips. But as stated, this trading is not real. It would be wise to approach a legitimate broker.
Wafrainvestmentllc.com Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
Leverage for all account types reaches 1:200. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders.
Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.
If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
Wafrainvestmentllc.com Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Crypto||24 hours||24 hours||Fee depends on crypto|
We weren’t at all surprised that the only payment method accepted by Wafrainvestmentllc.com is cryptocurrency.
Cryptocurrencies are the payment method of choice for most financial scammers. The reason for this is that on the one hand cryptocurrencies provide a degree of anonymity and on the other hand they do not allow the defrauded person to ask for a refund.
If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.
Wafrainvestmentllc.com Minimum deposit
The required minimum deposit of 100 USD will be much more safely invested with a regulated broker. Leading brands offer Micro and Cent accounts with a much lower entry threshold.
Wafrainvestmentllc.com Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Wafrainvestmentllc.com||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
Since Wafrainvestmentllc.com 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-fulfil traded volume conditions.