Thinking of getting into business with Arakkal Markets? Here is what you must know about this broker. Carefully read this review to find out if arakkalmarkets.com is the trading platform you will want to trade with.
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About Arakkal Markets Broker
Arakkal Markets is an offshore brokerage company with a lot of promises for traders. The broker is owned by Arakkal Markets Limited with an incorporation in St. Vincent & the Grenadines.
There are different account types Arakkal Markets offers. See below.
In spite the trading instruments Arakkal Markets claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
arakkalmarkets.com: Reasons to Avoid This Broker
Firstly, arakkalmarkets.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because local financial authority, SVGFSA does not monitors or give license to forex brokers.
Secondly, we noticed arakkalmarkets.com has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with a scam broker.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Arakkal Markets does not specify what fee forex traders will be charged for any withdrawal and deposit.
Minimum Deposit
Arakkal Markets minimum deposit is said to be $500 according to the account type.
As for the payment methods, the broker does not provide anything on that. In fact, you should not consider making any payment with this broker because it is a risk and a scam. So beware!
Arakkal Markets Platform
Arakkal Markets offers MT5 (Industry standard trading platform), however, that doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get up to 1:300. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Arakkal Markets Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
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Conclusion: Is arakkalmarkets.com a Reliable Broker?
No, arakkalmarkets.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.