One of the newest con artists to use a clone business plan is Adar Capital. This type of fraud depends on an unreliable business stealing the license number, the logo, or even the entire landing page, of another, legitimate, regulated broker. Because the company in this specific fraud took the money from a wealth management fund, the British authorities warned the public about the swindle.
Is Adar Capital a Licensed Broker?
Sonorous Group LLC filed the trademark Adar Capital in Saint Vincent and the Grenadines in March 2022. Since SVG lacks a regulatory body in charge of regulating Forex and CFD trading companies, this raises an immediate red flag.
Brokers seldom follow the FSA mandate and get regulations in the service nation. The majority of them disobey the laws and remain undetected by the authorities.
We have looked up Adar Capital and its owner in the FCA, ASIC, BaFin, CNMV, and other registries just in case. Instead of a license, we discovered a notice that Adar Capital represents itself as a company subject to FCA regulation.
Why Should Not You Trust an Unlicensed Broker?
The main objective of offshore brokers’ operations is often to cheat you. That is conceivable because such businesses, which are not regulated, are free to accept your money and misappropriate them, often taking all they can. However, even in the absence of fraud, an offshore broker poses a risk to the client’s money since these businesses lack the resources and executive strength to survive in a market as cutthroat as the forex one.
Warnings From Financial Regulators
After realizing that Adar Capital promotes itself as a legal company, the UK FCA officially issued a warning. The brokerage utilizes the information from Sky Blue Management Ltd., a legitimate business.
After receiving multiple complaints, the FCA made the decision to stop fraud. Additionally, they advised clients that they would not be eligible for help from the FSCS compensation fund or the Financial Ombudsman Service.
Leverage and conditions
There are very few favorable trading situations at Adar Capital. Its spreads begin at 3 pips for key FX instruments, which is no longer acceptable. The topic of our review has set its leverage at 1:100. Despite how appealing it is, that is too much for retail customers to securely access.
Minimum Deposit and Withdrawal Terms of Adar Capital
The minimum deposit required by Adar Capital is 250 EUR, which is a sizable sum to stake on a phony website. We have the following condition about withdrawal fees: “Withdrawals are subject to withdrawal processing and handling costs. The transferred or withdrawn money will have these fees subtracted from it. The fee schedule is accessible at Adar.capital. However, there is no mention of costs.
Platform Offered by Adar Capital
They use a basic online trading platform. There are some basic TA functions, an in-built news panel, and the ability to open pending trades, but more sophisticated capabilities, like automatic trading in Metatrader 5, are not included.
Victim of Adar Capital Scam? Report Your Story To Us.
If you are a victim of the Adar Capital Scam, submit a report to us. We will provide you with a free consultation on how to recover the lost money.
Ways to Make a Deposit
Credit cards and various cryptocurrencies can both be used to successfully fund your account here.
Country Serving by Adar Capital
This company is currently operating in Spain, the US, Germany, and Switzerland.
What Do Traders Think Of Adar Capital?
Like regulators, traders have only negative things to say about Adar Capital. Reviews claim that this fraudulent company is forcing people into investing while pretending to be a legitimate company.
Final thoughts
You should be aware that you are not alone if you become a victim of an Adar Capital scam. To assist you with the refund, we are here.
FAQ:
Is Adar Capital trusted?
No, Adar Capital is not trusted. We already showed that this company is totally unregulated and unlicensed. Also, this company got several warnings from FCA, CMN, and Russian Central Bank.
What is the problem with an unregulated broker?
Unlicensed brokers have no requirements, in contrast to true FCA-licensed brokers who are required to retain client assets in segregated accounts and contribute up to 85,000 GBP per client to the FSCS compensation fund. In order to prevent insolvency, the FCA requires brokerage firms to maintain a minimum capital of 730,000 GBP.
Is it possible to recover my scammed money?
Yes, with a trusted hand like us, it is possible to recover scammed money.
Can MT4 trades be faked?
It is not advisable but not impossible. Traders can do the fake trade or make some misconfiguration to show the fake trade.
How do I know if a forex broker is real?
A real broker holds a license, always be under regulation, and shows their all information.
