Wafra InvestmentFX – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Wafra InvestmentFX - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://wafrainvestmentfx.com
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Debit Cards, Credit Cards, Crypto Wallets, Skrill
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Commodities, Indices, Shares, Energies, Cryptocurrencies
Trading Accounts and Conditions
Wafra InvestmentFX offers their clients the following trading accounts:
- Standart: The initial deposit requirement is $100. The spreads start from 1.2 pips. Order volume is 0.01. The leverage is up to 1:200. There are no commissions,
- Gold: The initial deposit requirement is $500. The spreads start from 0.8 pips. Order volume is 0.01. The leverage is up to 1:200. There is no commission charged.
- Platinum: The initial deposit requirement is $1,000. The spreads start from 0.8 pips. The order volume is 0.01. The leverage is 1:200.
- VIP: The initial deposit requirement is $5,000. The spreads are from 0.6 pips, the order volume is 0.01. The leverage is up to 1:200. There are no commissions.
Wafra InvestmentFX – Advantages
There are no advantages to trading with Wafra InvestmentFX.
Wafra InvestmentFX – Disadvantages
Listed here are all the reasons why we have marked Wafra InvestmentFX a scam operation:
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Lack of Regulation
Wafter InvestmentFX does not clearly state who their parent company is. The broker keeps referring to Wafra Investment, but does not really specify if that is their parent company or themselves.
The broker claims to be regulated by the Financial Conduct Authority (FCA). But then, in the next line, the broker claims that Wafra Investment is authorized and regulated by the Finansal Conduct Authority Limited Company. The broker also provides a license number: 833816.
The broker also provides us with multiple contact numbers: a number in Turkey, one in New York, and finally one in Londra (the number provided is a UK number).
Now, the red flags are so clear that we don’t even really need to point them out. There is no financial authority by the name of Finansal Conduct Authority Limited Company! And that license number is fake – we checked. And we also know that this broker is not listed with the FCA – we checked that too!
As for providing us with phone numbers from the US and Turkey, the broker implies that they are authorized to operate in those two countries too. Which is also a lie. To operate in the US, a broker needs to be a member with the NFA (Nation Futures Association) and the CFTC (Commodity Futures Trading Commission); the US market is so difficult to get into that most forex brokers don’t even try! And to operate out of Turkey, a broker needs to be registered with the SPK (Sermaye Piyasasi Kurulu).
This broker is not listed with any of the above authorities.
And there is no address provided either.
We are dealing with a liar – an anonymous broker that could be operating out of anywhere in the world. A scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Legal Documents
Another clear sign is the fact that Wafra InvestmentFX does not have any legal documents. Legal documents are the contract between traders and brokers, so they are necessary. They detail the services a broker provides and the terms of those services being provided. You also get to know the policies under which that broker operates. Without this information, you are vulnerable to being scammed.
A lack of legal documents is, therefore, a clear indication of a broker’s scam.
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Non-Functional Trading Platform
Wafra Investment FX claims to offer their clients the MetaTrader 5 trading platform. Considering the fact that the MT5 platform is the best in the world, this would have been a huge advantage for this broker. However, while this broker does have the MT5 platform, it is not the licensed software. This is the demo platform that MetaQuotes, the parent company, has on display on their website. It is a non-functional platform – for demo purposes only!
This means that this broker has not only lied about the kind of platform they have, but also that they don’t have any working platform at all!
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Issues with Trading Conditions
The trading conditions mentioned by this broker are also an issue. Since we could not check their trading conditions on a working platform, we can only go by the information on their website.
There are excellent brokers that offer lower initial investment options. The spreads seem attractive, and there are no commissions – which means the cost of trading with this broker would be extremely low. Until, of course, you realize that these costs would actually bankrupt the broker! They are not realistic numbers.
And the leverage offered is not only too high, but also illegal in the UK, the US and even Turkey.
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Lies About Payments
Wafra InvestmentFX claims to offer their clients 10 different types of payment methods. However, when we checked, there were a few cryptocurrency options, debit card and credit options and a Skrill option. This is all a lie once again.
There are also no details about this broker’s withdrawal policy. We do not know how much you will have to pay if you wish to withdraw your funds – or even what the conditions for withdrawals are. There is absolutely no information on this subject, something that is extremely common with scammers.
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Sloppy Website
This broker’s website is so sloppy that most people – even novices – will be able to make out that there is something wrong. Spelling and grammar mistakes, poor web design where content is not even correctly aligned, inaccurate information on basic trading, and so on.
All of these details tell us that we are dealing with a low-end scammer that could not even make the effort to create a believable scam.
Conclusion
Wafra InvestmentFX is a scammer and it would dangerous for any trader to invest with them.
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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