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Arktecmarkets claims to be regulated by the FCA. However, they had flagged the company when we checked the financial watchdog’s website. The FCA noted that the company operated without legal authorization and that investors should avoid them.
Arktecmarkets is a fraudulent forex and shares trading broker in the United Kingdom. The broker claims to have a solid investment plan for its customers, but all these are lies. The true purpose of the firm is to steal your money. Avoid this bogus company and instead work with honest and trustworthy forex and shares trading brokers.
One of the most common scams in the online trading industry is the “boiler room” scam. This involves individuals who cold-call potential investors and persuade them to invest in a worthless stock or currency. They often promise high returns and urge them to invest quickly.
Afterwards, investors may receive regular updates on their investment’s performance, which will appear to be doing well. However, in reality, the updates are fake, and the brokers are simply manipulating the data. Eventually, the brokers will disappear with the investors’ money.
To protect themselves from scammers, investors should take several precautions. First, they should always research a broker before investing. They should check if the broker is registered with a regulatory authority in the UK, such as the Financial Conduct Authority (FCA). Also, they should read reviews and check for any complaints about the broker online.
Investors should also be wary of any broker that promises high returns with little risk. No investment is entirely risk-free, and investors should always be prepared to lose some or all of their investment. Additionally, you should never invest money you cannot afford to lose. Any legit broker should tell you that.
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We went through the company website and gathered vital information about the shady company. One is that they claim to be an award-winning platform. Some awards they claim to have bagged included Best CFD Broker during the TradeOn Summit in 2020, Best Trading Experience at the 2015 Jordan Forex Expo, Best Execution Broker at the 2017 Forex EXPO in Dubai and Best Trading Platform in London in 2016.
We researched and found that all the accolades were false. On whois.com, we checked the website domain. We noted that they created the domain on 3rd Oct. 2022, updated it on 9th April 2023 and will expire on 3rd Oct. 2023. Therefore, the broker was not operational in 2015 and 2016, when they claimed to have won awards. They also claim to have 30 years of experience, which is false.
Their spreads range from 0.2 pips for forex and 0.4 pips for CFDs. Stock commissions are from $3 and $1.25 for commodities per lot. The broker has different account types, with minimum deposits ranging from $5,000 for the Classic account and $100,000 for the VVIP account.
When you deposit $100,000, you get $5,000 for free. This is one of their ways of attracting traders. Also, they claim that you can make more trades and win, irrespective of the results. This means even if you lose a trade, there are other ways of making money. This is, however, not guaranteed, and the broker could be using this as a marketing gimmick.
Arktecmarkets Founders and Current Team
The broker has not given any information about their founders or current executive. This is a red flag. For a company that claims to have helped many traders, they ought to have information regarding their founders. One of the importance of knowing company founders is that it establishes the firm’s reputation.
Knowing who created a company can tell if they are trustworthy. You will likely not trust a founder with a history of fraud. Also, if they have a positive history, you will be confident. It is also essential to know the founders to understand their vision. The founders establish even the company culture, which is critical when choosing an investment firm.
Forex and shares trading is a precarious business. You need to be sure that the people you are dealing with are knowledgeable and experienced. You can only know this by looking at the current executive. This broker has, however, concealed the identities of current leaders. Therefore, you cannot scrutinize the CEO.
Arktecmarkets Contact Details
The broker has given an email, telephone number and physical address in Southampton. However, it’s worth noting that these firms may provide incorrect contact details. They may also change their contact details over time. Sometimes, they even give you details about another person or business to make the information appear genuine.
Since this broker is a scam, we strongly believe the contact details they gave are misleading. They have also provided a link via WhatsApp and Telegram. These communication channels are not official. Telegram is notorious for harboring scammers since it is not very secure.
Without contact details, there is nobody to address any technical issues you may have. As a novice trader, you will have many questions about the account or the trading platform. Without proper customer support, it will be very frustrating. That’s why it is essential to have good communication channels and 24/7 customer support.
Although this broker claims to have award-winning customer support, they’re lying. Scammers are only responsive when you are sending them money. Once they are done, they don’t communicate again. Beware of their schemes.
Arktecmarkets Regulation Status
The main regulatory body responsible for overseeing forex and shares trading in the UK is the Financial Conduct Authority (FCA). This independent organisation operates under the auspices of the UK government. Their task is ensuring financial markets and firms operate fairly and transparently.
To operate legally in the UK, forex and shares trading brokers must be authorized by the FCA and adhere to its strict regulatory requirements. These requirements include but are not limited to ensuring that client funds are held in separate accounts, providing transparent pricing and trading terms, and maintaining adequate capital reserves to protect against market volatility and other risks.
Forex and shares trading brokers are also required to undergo regular audits and inspections to ensure that they are complying with FCA regulations. Failure to comply can result in fines, sanctions, and revocation of the broker’s license.
The FCA also operates a Financial Services Register, which provides a public record of authorized forex and shares trading brokers in the UK. This register allows investors to verify the status of a broker and ensure that they are authorized to operate in the UK.
Arktecmarkets claims to be regulated by the FCA. However, when we checked the financial watchdog’s website, they had flagged the company. The FCA noted that the company operated without legal authorization and that investors should avoid them.
We found three customer reviews on the website. However, these are not enough to convince anybody. Furthermore, they were all positive. Customer reviews can provide valuable insight into the reputation and trustworthiness of brokers. They can alert potential investors to scams and help them make informed decisions.
Customers who have had negative experiences with brokers can leave reviews detailing their experiences. The reviews allow investors to compare different brokers and their reputations. Investors can use this information to choose the best broker for their needs and avoid scammers.
When looking at customer reviews, investors should look for reviews that are specific, detailed, and credible. They must also consider the source of the review and look for those reputable sources such as financial news outlets or independent review websites.
Arktecmarkets is a fraudulent firm. You should not believe any of their claims because they are all false. If you want to invest, trade only with honest and trustworthy shares and forex trading brokers. There are so many red flags about this broker. The fact that the FCA has flagged them shows you should not trust them either.
As a trader, you must do your research thoroughly. Always visit their website and read multiple reviews from reputable sources. It is not worth investing if the company has a questionable reputation. When you work with a legit broker, you will get value for your money and trade without fear. They will also offer you education on how you can manage your risk properly.