- 1 Wafrainvestmentfx.com Review
Wafra InvestmentFx Review
Wafra InvestmentFx offers no legal documents. You shouldn’t tolerate this deliberate omission because how can you enter into such a complicated contract without all the facts? It is also important to note that having such documentation does not mean a broker is clean.
Wafra InvestmentFX is an unregulated forex broker posing as legit. The broker claims to be the top fund manager globally thanks to this commitment to work ethic. The broker also claims to have long-standing expertise in risk-averse portfolios, money management, and private wealth through conventional and unconventional routes. Wafra Investment has a professional team offering one-on-one expert assistance and short-term guidance toward leveraged deals. However, it did not take us long to discover the broker was not genuine. The broker makes it easy for us, especially after realizing it’s a clone website.
Even though it might not always be simple to spot a questionable broker, you can start somewhere. For instance, a simple online search can reveal information about the standing or legality of a broker. You can also check with the Financial Industry Regulatory Authority (FINRA) to see if active proceedings are against a broker. As investors, it is advisable always to compare brokers’ data, particularly that related to credentials or regulation, with the data of respective oversight agencies.
The importance of dealing only with reputable forex brokers cannot be overstated. In this review, we share some inconsistencies on the broker’s website. If you are contemplating investing with this broker, go through this review to judge whether this is the broker you need. If you are at a loss about what to look for in a broker, this review is also for you.
Wafra InvestmentFX LLC owns and operates this broker. The broker purportedly offers real assets, real estate, private equity, and consulting services. The broker also promises traders access to instruments, including indices, shares, commodities, forex, cryptocurrencies, and energy.
Likewise, the broker alleges that it was incepted in 2004. However, according to the whois database, the broker registered its domain on 21 April 2022. The broker is thus new in that market and not recommendable due to a lack of track record of experience and reputation.
Traders on this platform can benefit from an economic calendar and market news. Moreover, the broker allegedly allows hedging to protect traders against an unanticipated global crisis.
Wafra InvestmentFx claims to have a base in Turkey, Londra, and New York. However, since no corporate addresses are given, such information may be inaccurate. The broker has given telephone and email addresses for traders to use for inquiries.
A broker capable of cloning to deceive investors is downright shady. Therefore we do not recommend reaching out to them. If the broker lays its hand on your details, there is no telling what it can use them for. Moreover, we suspect the broker may start contacting you to manipulate you into making a deposit. If you want your investments solid, you should not contact this broker.
Deposit & Withdrawal Rules
Wafra Investment Fx allegedly accepts debit/credit cards, Bitcoin, USD Tether, Ethereum, and Skrill. Availing of these options enables the trader to choose which method is most convenient for them. In particular, credit card deposits are ideal since you can trace the recipient or make a reversal.
Even with the broker allowing digital payments alongside conventional methods, that doesn’t make it any more legit. In any case, it would not be surprising to find the only active option is that of cryptos.
Also, the broker seems inclined to deposit cryptocurrencies, which raises eyebrows. But when it comes to lawless brokers like Wafra InvestmentFX, paying via crypto is a recipe for frustrations. While crypto wallets are legal, you should only use such channels on regulated brokers. Any other information regarding applicable charges is missing.
Wafra InvestmentFX Investment Plan
Wafra InvestmentFX provides four investment plans suited to traders’ varying needs. The standard account’s first plan has a minimum deposit requirement of $100. Next, the gold account has a funding threshold of $500. Likewise, traders interested in the platinum account must deposit at least $1000. Platinum traders access swap-free accounts. Finally, the VIP account requires traders to pay a minimum of $5000.
The broker’s minimum deposit requirement, though not very high, is not ideal. Probably, it wants to packet as much before you discover it is a con and not return. Remember, you can open an account with a legit broker for less than the amount charged for the broker’s standard account.
Wafra InvestmentFX Trading Platform
The forex business recommends the MT4 and MT5 software since they adhere to industry standards and include cutting-edge capabilities. The complex infrastructure of the software allows for flexibility, including automated trading and insufficient backtesting. Additionally, investors can place several pending orders on the two platforms, which also feature more periods and other built-in indicators.
Although Wafra InvestmenFX claims to offer MT4 and MT5 platforms. Instead, it avails a simplistic, non-branded trial version of the MT5 platform taken directly from the MetaQuotes website. Even if the platform were functional, it could still be unwise to trust the broker. Unscrupulous brokers like Wafra InvestmentFX have a reputation for platform manipulation through cloning. You will be under the impression that your money is being invested, which will not be the case.
Wafra InvestmentFx offers no legal documents. You shouldn’t tolerate this deliberate omission because how can you enter into such a complicated contract without all the facts? It is also important to note that having such documentation does not mean a broker is clean. You must still ensure you comprehend all the outcomes and contingencies required in such engagements.
Another indicator of whether a broker is regulated or not is the trading conditions. The leverage of 1:200 that the broker offers indicates it is independent of any regulatory body. This is because all brokers regulated by financial watchdogs adhere to the 1:30 or 1:50 leverage limit.
Also, note that Wafra InvestmentFX’s leverage puts you at risk of enormous losses during erratic markets. The broker’s 1.2 pips spreads are reasonable and competitive. They should, however, not stop you from exploring genuine brokers with tighter spreads.
Regulation Status of Wafra InvestmentFX
The link to Wafra InvestmentFX’s licensing credentials is redirected to Tickmill, a (legitimate broker licensed in the UK, Cyprus, and South Africa) licensing and regulation page. Note that the broker is unrelated to the shady broker we are dealing with.
Wafra InvestmentFX further claims that the Financial Conduct Authority regulates it. Upon checking the register, we noticed that the alleged reference number belongs to Wafra Europe Limited and not Wafra InvestmentFX LLC, which operates this dubious broker. Moreover, the broker is unlikely to be authorized by the US’s CFTC or Turkey’s SPK.
To clear any doubts, Wafra InvestmentFX is an unregulated offshore broker. Subsequently, the broker is not answerable to any oversight agency, which emboldens it to steal even more. In addition, the broker does whatever pleases with your money.
Pros of Regulated Brokers
For many reasons, we urge investors to work with brokers regulated by the financial watchdog. First, investing with licensed brokers is secure since you are guarded against zero balance. Additionally, if such brokers go insolvent, you are entitled to compensation.
The obligatory guarantee funds to which these brokers contribute make this feasible. Likewise, you can file a lawsuit against such a broker if you disagree with it. Finally, your funds are safe because your money is kept separate in different accounts with a regulated broker.
Wafra InvestmentFX perfectly fits the description of a scam broker. Besides impersonating a legit broker, the broker has no proof of regulation, which is the most crucial element. Additionally, the broker omits material information and lacks a functional trading platform.
Despite scamming threats, forex trading remains a profitable venture. However, you must invest with reputable forex brokers to realize reasonable returns. Therefore look for regulated brokers who can help protect and boost your investment.