Adraba FX

The name of the broker that goes under the domain name of adrabafx.com is “Forex”. It’s obvious that any company with such a name will be plagued with issues, for the only broker that allows to call itself Forex(.com) is the US based brokerage firm, that is ranked as one of the top broker globally.

Furthermore, Forex claims to be owned by two separate parent companies. In the footer Forex is said to be operated by FOREX Limited that is allegedly regulated by CySEC.

The CySEC registry shows no results of such a holding company. One quick Google search of FOREX Limited lead us a to a half-functioning New Zealand broker, that seemed barren and forgotten.

In the Regulation & Authorization section of the website, the claim is totally different. There it is said that the broker is operated by Leverate Financial Services Ltd that is also regulated by CySEC and the FCA, and a whole array of other European license issuers.

This time the regulators check out.

However, one little detail is the CySEC/FCA approved domains that we have underline in the snaps. As you can clearly see there is no adrabafx.com.

In addition, all the legal documents are property of Leverate Financial Services Limited. This is yet one more broker that unlawfully borrows content from a legit company that acts as a facade for its illicit activities. Another good example is 247BtcClub.

There is no doubt that Forex is UNREGULATED, and a risk to those that invest in it.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The fact that the legal documents are not property of the broker we are currently reviewing puts us in an awkward situation. All the content of these documents was not written by the broker, and so we are unsure if it applies to it, but we will nevertheless mention them when need be.

Additionally, we were met with an Error page when trying to register a real and demo account. So accessing a personal dashboard is out of the question.

The maximum leverage is 1:200, immediately ruling out any valid European regulation, because in the EU all leverage are limited by ESMA to 1:30.

The EUR/USD spread is 2.1 pips for the Gold Variable account.

Both leverage and spread were taken from the Sirix Spreads document found in the Trading Conditions part of the website.

The same document gives us the following assets to work with are Forex Pairs, Commodities, Indexes, Precious Metals, and Stocks.

The languages that are made available are English and Russian.

ADRABA FX LOGIN

The broker promises on delivering the Sirix platform, yet fails completely to deliver. Each time we tried to open one of the links from the Trading Platforms page, it led to nowhere. Add to that the inability to register and the results speak for themselves.

ADRABA FX MINIMUM DEPOSIT

According to the T/Cs, the minimum deposit is $100.

The deposit methods according to the T/Cs are Credit/Debit Cards, Wire Transfer, E-wallet, Swift and “any other method of electronic money transfer“.

According to the website these methods are Visa, MasterCard, Bank Transfer and Skrill

On the website there are logos of certain payment methods. These are Visa, MasterCard, Maestro, Skrill, Neteller, Barclays and SafeCharge.

This unregulated broker should not be trusted with you deposit, hence our vote against making any investments in it. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so. And even if TitanPro500 does briefly warns to cover the CVV code, we are still prone to advice you to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

This broker has a very noticeable Share Screen icon on the left of the page, which once clicked on leads to the TeamViewer website.

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

ADRABA FX WITHDRAWAL TIME AND FEES

There is no mention of a minimum withdrawal.

The Terms and Conditions are claiming that withdrawals are payable within 2 days.

There are no fees attached to withdrawals, as laid out in the T/Cs.

Aside form the T/Cs, the website offers no details on withdrawals. And why should they? Any deposit made will surely never be seen again.

ADDITIONAL FEES AND TAXES

The dormant account fee mention in the terms and conditions is activated after a year of inactivity. The amount of this fee has not been disclosed

Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception, the most popular one being the denial of your withdrawal request. The most common excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a chargeback. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.

HOW TO RECOVER

Filing for a chargeback is the best adviцe we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you choose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Adraba FX is a scam. The website is not fully functioning, and there is no actual regulation applied to the broker. This one is arrogant enough to use others’ for its own gains. Don’t bother with this one.