Is Safari.com a Legitimate Trading Platform or a Scam?
In the ever-evolving world of online trading, it is crucial to discern between legitimate platforms and potential scams. This article evaluates Safari.com, focusing on its legitimacy and whether it poses risks to traders.
Company Overview
- Company Name: Safari.com
- Website: safari.com
- Registered Country: Unknown
- Regulation Status: Unregulated; claims of regulation are misleading.
- Operating Since: 2021
- Trading Platforms: WebTrader (no mention of MT4 or MT5)
- Leverage Offered: Up to 1:500
- Minimum Deposit/Deposit Bonus: Minimum deposit of $250; no deposit bonus mentioned.
- Available Assets to Trade: Forex, Crypto, Commodities, Indices
- Demo Account Availability: No demo account available.
- Customer Support Contact Methods: Email and live chat.
Red Flags Indicating It is a Scam
Unlicensed and Unregulated
Safari.com claims to be regulated but does not hold licenses from any reputable financial authority. This lack of regulation raises significant concerns about the platform’s legitimacy.
Misleading Information
The platform may falsely assert connections with legitimate regulated entities, which can mislead potential traders into believing they are dealing with a trustworthy broker.
Fake Reviews and Testimonials
There are indications that Safari.com utilizes paid or fabricated reviews to enhance its reputation online, creating an illusion of credibility.
Withdrawal Issues
Numerous user complaints highlight difficulties in withdrawing funds from the platform, suggesting potential fraudulent practices.
Lack of Demo Account
The absence of a free demo account is concerning for new traders who wish to practice before committing real funds.
Trading Platform and Conditions
Safari.com primarily offers its proprietary WebTrader platform. While high leverage (up to 1:500) may seem attractive, it also significantly increases risk exposure. Users have reported issues with spreads and commissions that are not clearly disclosed, raising questions about transparency and reliability.
License and Regulatory Issues
Evidence suggests that Safari.com is unlicensed. Regulatory bodies like the FCA have issued warnings against unregulated brokers like this one. Furthermore, there are reports indicating that Safari.com falsely claims affiliations with legitimate brokers, further undermining its credibility.
User Feedback
Common complaints from users include:
- Difficulty in withdrawing funds.
- Poor functionality of the trading platform.
These issues highlight significant risks associated with using this platform for trading activities.
Deposit and Withdrawal Methods
While specific deposit methods are not detailed on their website, users have reported problems when attempting withdrawals. Many traders express frustration over delayed or denied withdrawal requests, which is a common tactic used by scam platforms to retain user funds.
Why Unregulated Brokers Are Risky
Dealing with unlicensed brokers like Safari.com poses several risks:
- Loss of funds due to lack of regulatory oversight.
- No legal protection for traders in case of disputes.
- Increased risk of fraud as there are no governing bodies ensuring fair practices.
How to Get Help if You Are Scammed
If you suspect you have been scammed by Safari.com or any other broker, consider services like Reportscammedfunds.com for chargeback assistance and legal support in recovering your funds.
Conclusion
In conclusion, based on our evaluation, it is advisable for traders to avoid Safari.com due to its unregulated status and misleading practices. Opting for properly regulated brokers ensures better protection for your investments. If you’ve already been scammed by this platform, seek legal help immediately or report your experience through appropriate channels.
