Is Wafra Investment LLC Legit or a Scam?
No, Wafra Investment LLC is not a legitimate broker platform. As they claim to be a UK-based broker, they were not able to show any regulation or registration confirmation from the relevant authority. Also, they have several other issues such as withdrawal issues, account freezing, etc. In this in-depth Wafra Investment LLC scan broker review, we will show all the dark sides of this scam broker.
What is Wafra Investment LLC?
Registered in SVG, a notorious offshore jurisdiction with a favorable tax system and low laws, is Wafra Investment LLC. The island has drawn a lot of internet con artists throughout the years. Even the regulation of Forex trading is not done by the local financial market authorities.
According to past Wafra Investment LLC evaluations, this con artist may have stolen the identity of a reputable UK company. This offshore brokerage firm is unlicensed, that much is clear. These platforms are typically scams, therefore you should try to stay away from them.
It is stated on wafrainvestmentllc.com that the industry-standard MetaTrader 5 (MT5) platform is available. However, the software that is accessible through the website is an unbranded version of the platform that isn’t set up for a particular broker. The website wafrainvestmentllc.com does not offer login passwords for trading servers.
Wafra Investment LLC’s maximum leverage is 1:200, which is substantially more than the legal maximum for retail clients in North America (1:50) and Europe & Australia (1:30). High leverage is rather dangerous since it might increase both possible gains and losses.
Depending on the kind of account, spreads can vary from 1.2 to 0.6 pip, which is reasonable considering that it is less than the industry standard of 1.5 pip.
Wafra Investment LLC Details
Regulated by: | Unregulated Offshore Broker |
Is This Company Safe? | No |
Known Websites: | |
Have Warnings from: | N/A |
Registered in: | SVG |
Operating since: | 2022-04-21 |
Trading Platforms: | MT5 (not configured) |
Maximum Leverage: | 1:200 |
Minimum Deposit: | 100 USD |
Deposit Bonus: | N/A |
Trading Assets: | Forex, Indices, Commodities, Stocks, Cryptocurrencies |
Free Demo Account: | Available |
How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank or financial regulator, or simply reach out to us for professional assistance in recovering your funds. |
Deposits and Withdrawals
The minimum deposit is $100. Payments with cards are free, wire transfers cost more than $25, and withdrawals from Skrill are 2%. Please think about filing a chargeback because there’s a good chance you won’t be able to withdraw money from this platform, even with the costs.
If you made a deposit using a credit or debit card issued by MasterCard or VISA, you have up to 540 days to reverse the transaction by requesting a chargeback with the issuing bank. Recalling wires can reverse them, however, this method is limited to unfinished transactions.
Account Types
Investors at Wafra Investment LLC have access to Standard, Gold, Platinum, and VIP account types. These accounts are said to accommodate varied investment tastes and have variable minimum deposit requirements. The Standard account requires a $100 deposit to open, while the Gold, Platinum, and VIP accounts require deposits of $1000, $5000, and $10,000, respectively.
Red Flags and Warning Signs
Wafra Investment LLC provides evidence of its authorization and regulation by the Financial Conduct Authority (FCA) by sharing its license number.
While investigating the company’s purported regulation, we found something troubling: the license number they gave us matched a totally other, similarly named business that runs its own website and is unrelated to this scam.
This is an all too typical approach used by many scammers to fool investors into believing they are dealing with a legitimate broker registered by the FCA. It’s critical to maintain vigilance and avoid falling for these kinds of scams. These con artists try to create a false sense of credibility and trust by posing as a regulated organization.
Customer Complaints and Negative Reviews
A multitude of online complaints and negative reviews paint a bleak picture of Wafra Investment LLC’s dealings. Accusations of manipulation, delayed withdrawals, unresponsive customer support, and hidden fees abound. These collective voices of frustrated victims serve as a stark warning to potential investors.
Got Scammed by Wafra Investment LLC? We Help Victims!
If you find yourself caught in the clutches of Wafra Investment LLC’s alleged scam, avenues for recourse exist. Contacting regulatory authorities in your jurisdiction, reporting the scam to platforms like WikiFX, and seeking legal counsel can empower you to fight for your lost funds. Remember, early action is crucial in such situations.
Our professionals are also ready to help you always with their guidance and recovery service recommendations to help you recover the lost funds.
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