A short glance at the Arkcoin website tells you that this firm cannot be licensed by any Tier1 regulator. Their slogan is “start trading with the highest leverage.” Since regulators have clear limits due to high risks, Arkcoin operates illegally. Read this review for more details.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Flack Consulting LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Minimum Deposit:||250 EUR|
|Types of Assets:||FX, commodities, indices, shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
What About Arkcoin Regulation?
Arkcoin is a brand of Flack Consulting LLC, registered in January this year in Saint Vincent and the Grenadines. Most companies in SVG are registered through shell firms whose main job is establishing offshore brands. Since the Financial Service Authority of this Caribbean island strictly specifies that it’s not in charge of FX and binary options brands, these firms should opt for a license in the country of service.
Our research has shown that Arkcoin is not registered anywhere, not with the FCA, ASIC, BaFin, or any other license provider.
Why Is It Important For A Broker To Be Licensed?
Brokers should be licensed to provide legal financial services under regulatory supervision. This supervision guarantees that the broker is legitimate and that it can reimburse potential victims if an issue occurs.
Since Arkcoin is not licensed, you have no such guarantees.
Traders Reviews About Arkcoin
Within six months, Arkcoin earned a negative reputation and bad reviews. Here’s just one example.
“I confirm what has already been written about this kind of company. It does not have a support service, it is useless to send emails to their support, because the email you see on the site does not receive mail and cannot receive mail. I don’t understand why some authority does not take this site offline, it can still deceive other poor users.”– Trustpilot Customer
What Platforms Does Arkcoin Offer? – Available Trade Software
Arkcoin says to offer a “cutting-edge web-based trading platform.”
ARKcoin Webtrader Platform
The only thing that’s true is that we’re talking about a WebTrader. There’s no cutting-edge technology nor anything advanced about this particular software. It’s a rather basic TradingView chart with several indicators.
What Platforms Provide Safe Brokers?
Legitimate firms usually offer advanced platforms, such as MT4 or MT5. They’re far more secure and refined, with a large number of trading tools.
All About Arkcoin Accounts
Clients can choose among 3 Arkcoin account types:
- Beginner – 250 EUR
- Intermediate – 2,500 EUR
- Expert – 25,000 EUR
From all we could see, there’s no difference between them, so we’re unsure why you would even invest more.
Arkcoin Broker – Countries Of Service
The company provides its unsolicited trading services mainly in:
Arkcoin Range of Trading Instruments & Markets
Clients are offered to trade with currency pairs, commodities, indices, and shares. As you can tell, cryptocurrencies are missing, which is a significant disadvantage considering their popularity in today’s market. Thus, no reason to waste your time with Arkcoin broker.
Arkcoin Minimum Deposit
Arkcoin requires a minimum deposit of 250 EUR. This is pretty much a standard and wouldn’t be that bad if a firm was licensed. However, legitimate brokers offer you to start with less than $10, so risking 250 EUR with a shady offshore firm is entirely unnecessary.
Scam Bonus Policy – As A Way To Keep Your Money
The broker has quite an odd Bonus Policy, stating, “All bonus funds fully belong to Arkcoin broker and considered as Non-Deposited (credited) Funds and can be cancelled at any time.” Therefore, the broker can give and take any money, but you cannot withdraw even your profit since it’s made from non-deposited funds belonging to the company. Besides, it’s not specified the rollover amount that you’ll have to reach before submitting a withdrawal request.
Arkcoin Unfavorable Trading Conditions
The company offers unregulated and pricy trading conditions.
High Leverage And Spreads
The leverage goes up to 1:600, while the EU and UK regulators have set a strict limit of up to 1:50 for the Forex market and lower for any other asset. At the same time, the spread starts at 3 pips for EUR/USD pair, while the average is double less.
Arkcoin Crypto Deposit, Withdrawal Methods, and Fees
There are only two accepted payment methods:
- Debit/credit cards
Crypto transactions are very dangerous as the funds are transferred through an encrypted wallet and are hard to track. Suppose you have been scammed; recovering the money deposited from the wallet can be pretty challenging. That’s why most unregulated brokers choose this as the preferred payment method.
Scammed by Arkcoin Broker? – Let Us Hear Your Story
If you’re scammed by the Arkcoin broker, it’s time to seek assistance. Our chargeback specialists have experience dealing with crypto scams and recovering funds.
But What Is A Chargeback?
This is a way for your bank to recover the stolen funds if you submit sufficient evidence. Contact us via online chat, and let’s book a free consultation. Let’s recover what’s rightfully yours before this firm vanishes like many similar.
What Is Arkcoin?
Arkcoin is an online Forex and CFD trading provider based offshore.
Is Arkcoin a Scam Broker?
Arkcoin provides unregulated financial services, meaning you have no refund guarantees.
Is Arkcoin Available in the United States or the UK?
The company operates in the UK but not in the US.
Does Arkcoin Offer a Demo Account?
No, Arkcoin doesn’t offer a Demo account, only Live types.