Arkcoin Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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The website of this company can no longer be opened. I think he's bankrupt or has run off with money. But I haven't seen the victim's statement yet, and I hope there are no victims.
Arkcoin has garnered significant attention in the forex trading community, but the overall sentiment surrounding this broker is overwhelmingly negative. Many reviews highlight its unregulated status, high-risk trading conditions, and lack of reliable customer support. Notably, Arkcoin operates under the brand of Flack Consulting LLC, registered in Saint Vincent and the Grenadines, which raises red flags about its legitimacy. This review aims to provide a comprehensive overview of Arkcoin, including user experiences, expert opinions, and crucial information for potential traders.
Note: It's important to emphasize that Arkcoin operates across various jurisdictions, and its unregulated status poses significant risks for traders. This review aims for fairness and accuracy by synthesizing information from multiple sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 2 |
| Customer Service and Support | 1 |
| Trading Setup (Experience) | 2 |
| Trustworthiness | 1 |
| User Experience | 2 |
How We Rate Brokers: Our ratings are based on user reviews, expert analysis, and factual data regarding the broker's offerings.
Founded in 2022, Arkcoin is an online forex and CFD trading broker that operates without any regulatory oversight. The broker claims to provide a web-based trading platform; however, it lacks the advanced features of industry-standard platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5). Arkcoin offers a limited range of trading instruments, including forex, commodities, indices, and shares, but notably excludes cryptocurrencies, which are increasingly popular among traders. The broker does not hold any licenses from major regulatory bodies, which is a significant concern for potential investors.
Regulated Geographic Areas/Regions:
Arkcoin operates without regulation, primarily targeting clients in regions such as Spain, Portugal, the Netherlands, and Turkey. The lack of a regulatory framework means that traders are exposed to high risks, including the potential loss of funds without any recourse.
Deposit/Withdrawal Currency/Cryptocurrency:
The minimum deposit required to open an account with Arkcoin is €250, which is relatively high compared to other brokers that often allow starting deposits as low as $10. Arkcoin accepts deposits via credit/debit cards and cryptocurrencies, but the latter poses significant risks as transactions are irreversible.
Minimum Deposit:
As mentioned, the minimum deposit is set at €250. This amount is considered steep, especially given the unregulated nature of the broker. Many traders express concerns regarding this requirement, indicating that it adds unnecessary risk to their investments.
Bonuses/Promotions:
Arkcoin has a questionable bonus policy that states that all bonus funds belong solely to the broker and can be canceled at any time. This means that traders may find it challenging to withdraw any profits generated from bonus funds, leading to further frustration among users.
Tradable Asset Classes:
Arkcoin offers a limited selection of trading instruments, including currency pairs, commodities, indices, and shares. However, the absence of cryptocurrencies is a notable disadvantage, especially given the growing interest in digital assets.
Costs (Spreads, Fees, Commissions):
The broker's spreads start at 3 pips for major currency pairs, which is higher than the average spreads offered by reputable brokers. Additionally, the lack of transparency regarding fees raises further concerns about the overall cost of trading with Arkcoin.
Leverage:
Arkcoin offers leverage up to 1:600, which is significantly higher than the limits set by regulators in the EU and UK (typically capped at 1:50). This high leverage can amplify both potential gains and losses, making it a risky proposition for inexperienced traders.
Allowed Trading Platforms:
The only trading platform offered by Arkcoin is a basic web trader, which lacks the advanced functionalities and tools provided by MT4 or MT5. This limitation can hinder traders' ability to execute effective trading strategies.
Restricted Regions:
While Arkcoin primarily serves clients in Europe, it does not accept clients from the United States. This restriction is likely due to the regulatory implications of operating in a highly regulated market.
Available Customer Service Languages:
Customer support is reportedly lacking, with many users citing difficulties in reaching out for assistance. The only available contact method appears to be email, which has led to complaints about unresponsive support.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 2 |
| Customer Service and Support | 1 |
| Trading Setup (Experience) | 2 |
| Trustworthiness | 1 |
| User Experience | 2 |
Account Conditions:
The account types offered by Arkcoin include beginner, intermediate, and expert accounts, but the differences between them are unclear. The high minimum deposit and lack of regulation make these conditions unfavorable for potential traders.
Tools and Resources:
The absence of advanced trading platforms and tools is a significant drawback. Users seeking sophisticated trading environments will find Arkcoin lacking in this regard.
Customer Service and Support:
Reports indicate that customer service is virtually nonexistent, with many users expressing frustration over unresponsive support channels.
Trading Setup (Experience):
The trading experience is hindered by the basic web trader offered by Arkcoin, which does not provide the necessary tools for effective trading.
Trustworthiness:
Arkcoin's unregulated status and negative reputation severely impact its trustworthiness, with multiple warnings issued by financial regulators highlighting its potential for fraudulent activity.
User Experience:
Overall user experience is marred by high costs, poor support, and a lack of transparency, leading many to advise against engaging with this broker.
In conclusion, the overwhelming sentiment surrounding Arkcoin is one of caution. With its unregulated status and numerous negative reviews, potential traders are strongly advised to seek more reputable and regulated alternatives. The findings from this Arkcoin review underscore the risks associated with trading with unlicensed brokers and highlight the importance of due diligence in the forex market.
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