Forex Trading Platform
Is ARKcoin Trading Fake or Real?
Why is ARKcoin Trading Fake?
ARKcoin Trading (arkcoin.live) is a website that claims to be a platform where users can make money from trading forex, indices, commodities and shares. Firstly, any platform that claims to let you engage in several different trades is bound to be a scam as each one is highly regulated and requires special licenses.
Secondly, the site’s name and logo appear to be copied from a cryptocurrency project called ARK (ark.io), but ARKcoin supposedly focuses on Forex trading. Such nonsense is common with scam sites as scammers don’t actually know what they’re talking about.
I was contacted by a victim of this scam asking me to confirm whether they have been defrauded. The platform showed enormous profits but the scammers demanded a whopping €5,000 fee when the user requested withdrawal. This shows that ARKcoin is an Advance Fee Scam.
A domain name lookup of the website shows that it was registered on 21st February 2022. However, upon further research, I found that ARKcoin.live has almost no online footprint. Therefore, I suspect that the site has gone live only in late 2022 even though the domain was registered earlier.
The registrant’s details such as name, location and contact details have been hidden using a privacy guard. Therefore, it is a new website that is being operated anonymously.
The footer of the website contains the following text:
This website is operated by Flack Consulting LLC with registration number: 1730 LLC 2022
All card transactions are processed by Flack Consulting LLC with registered address
at First floor, First St Vincent Bank Ltd Building, James Street Kingstown, St.Vincent and the Grenadines.
While ‘Flack Consulting LLC’ appears to be registered in January 2022 in in St. Vincent and the Grenadines, there is no evidence of its association with ARKcoin or of it being a genuine business. It could be a shell company created to make the scam appear legitimate or to launder money outside Europe. During my research, I came across a website called ScamBrokersReviews where the same company is listed as the owner of a website called ARKcoin.cc
ARKcoin.cc is no longer active, however, Internet Archive snapshots show that it is exactly the same as ARKcoin.live. There are several reviews for ARKcoin.cc on ScamAdviser and Trustpilot which say that it is a scam as they keep demanding fees and never allow users to withdraw their money. The reviews are in different European languages and therefore it appears that the scammers are targeting Europeans.
The website is poorly made and appears to be created using a cheap template, as with most fake trading platforms. Upon analyzing the website’s content, I found that all the text on the website has been copied and used on at least 3 other websites, all of which are likely to be scams. The list of sites is given at the end of the article.
ARKcoin does not have a social media presence. The only contact detail provided is the email ID ‘firstname.lastname@example.org’. No other contact information is given on the website, but the victim who contacted me shared the following information:
[Name] Kruger, Mary
[MOBILE] +44 7887 793061
[MOBILE] +44 20 7880 1887
[Name] Peterson, Bjorn
[MOBILE] +44 7823 424583
[MOBILE] +44 20 8089 5497
I could find only one review for ARKcoin.live which has been posted on ScamAdviser. This review is negative and once again confirms that ARKcoin is an advance fee scam.
It seems quite obvious that ARKcoin and the similar websites are advance fee scams. There are several signs suggesting it is not a genuine forex trading platform. The website is new and is being operated anonymously from an unknown country. The website states that it is run by ‘Flack Consulting LLC’ registered in St. Vincent and Grenadines but there is no evidence that it is a genuine business.
ARKcoin.live and ARKcoin.cc are two identical websites being used by scammers to defraud users. ARKcoin.cc has shut down but the scam is continuing via ARKcoin.live. There are several reviews online where users have stated that they were asked to pay endless fees and never received their money back.
ARKcoin has no social media presence and can only be contacted anonymously through email. The website has no official documentation and no company details are provided.
It is advisable to avoid trading on ARKcoin or the similar sites as there are no reasons to believe that they are genuine forex trading platforms. As a general rule, never send crypto to strangers as it cannot be recovered.
Remember: If something seems too good to be true, it probably is.
To read about other Investment Scams, click here.
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If you have been a victim of an investment scam, you can take the following steps:
- File a complaint with the payment portal. However, investment scammers mostly use methods such as Bitcoin, Western Union, MoneyGram and other untraceable methods which make refunds impossible.
- File a formal police complaint with the Cybercrime department.
- Leave a negative review on review portals such as ScamAdviser and TrustPilot.
- Report the website to Google using the Suspicious Site Reporter extension for Chrome
- Give a low rating to the website on Web of Trust. You can also install their extension for the same.
- If the company has a listing on Google My Business or Google Maps, file a complaint using the Business Redressal Complaint Form. Also, leave a negative review explaining what kind of experience you had.
- Report the scam site to web filtering companies.
List of websites using the same content as ARKcoin
Disclaimer: This review is intended for information only and should not be relied on when making financial or business decisions. If you are a website owner and would like to provide clarifications regarding your business and/or website, please get in touch using the Contact Form.