Today, we would like to talk about another Forex/CFD broker who has made a lot of efforts to appear like a legitimate company. They claim to be under the supervision of one of the most authoritative regulators and have a 25-year history. They also promise absolute security and top-notch service. The creators of this project even went to the extent of providing copies of official documents supposedly confirming their claims. However, as is often the case, these claims did not stand up to even basic scrutiny, and it turned out that the platform was set up by scammers to defraud traders of their money. For more details, please read our review of Arab Wealth Management, which you can find below.
Key Features
- Company Name: The Wealth Management Partnership LLP
- Website: https://arabwealthmanagement.net/
- Available Contacts: [email protected]; +447418316563
- Foundation: 2024
- Services: Forex/CFD trading
- License: No
- Initial Deposit: $50
From Sign-Up to Payout
The first thing that caught our eye when we checked out Arab Wealth Management’s website was the design. To be honest, it wasn’t very impressive. The color scheme was just not great, and there were some other issues with the layout and content.
- For example, on the main page, there’s a section called “Profit Calculator” that sounds great, but there’s no actual calculator. We also don’t understand why there’s even a “Markets” section on the site. It just has a widget from TradingView that doesn’t seem to add any value for Arab Wealth Management clients.
- And while there are no problems with signing up for an account, when you create one, the country field gets filled in wrong. No matter what you choose, the same default value gets put in your profile.
- Account funding through the PayPort system might seem safe at first glance, but in reality, all transactions are done with USDT stablecoins (TRC-20).
- There are no documents on the website that explain the relationship between the broker and clients, like terms and conditions. The broker doesn’t offer to read them during registration, so we don’t know how customers send money and why the broker needs verification.
Those are just a few issues we noticed after 10 minutes on Arab Wealth Management’s website. This info is enough to know that this platform isn’t affiliated with licensed brokers. If it was, this weird thing called an “official” website wouldn’t be online.
Our Trading Experience With Arab Wealth Management
The broker has mentioned its trading platform on its website a few times, highlighting the innovative solutions it uses and the speed at which it executes client orders.
The terminal looks good and even allows users to work in multi-chart mode and execute transactions with a single click. However, from our perspective, there are more disadvantages than advantages:
- The spread is listed in the specification for each symbol, but there is a discrepancy between the actual Bid/Ask price and the indicated spread. We wonder if Arab Wealth Management uses a different concept for the spread?
- The terminal only offers 5 time frames, and some popular ones (such as the four-hour time frame) are not available.
- Users cannot control the symbol display in the market overview, which can lead to wasted time when selecting a trading instrument and, consequently, potential losses.
- The terminal is based on the widget from TradingView, but the main advantage of this platform is not utilized: it is not possible to add your own scripts for indicators and trading robots. This means that some users may need to revise their trading systems, while others may have to abandon auto-trading.
Naturally, fair trading is not a concern in this case, but it would be naive to expect it from a suspicious broker.
Additionally, we wanted to explore the trading conditions offered by the platform. However, Arab Wealth Management has its own perspective on this matter. The table of account types includes only their names, brief descriptions, and minimum deposit amounts.
Moreover, the names of the lowest tariff plans are noteworthy: Escrow and Islamic. According to the company representatives, the Escrow plan allows you to trade for the first 2 days using bank funds without using your own money. This is an excellent offer, but in reality, escrow accounts operate differently.
The Islamic plan stands out for its ability to trade without swap fees (fees charged for transferring positions). However, on the company’s main page, they claim that they do not use swap fees at all. If this is the case, what is the purpose of this account?
It is difficult to fully trust the statements made by this company. They claim to have close cooperation with Barclays Bank and have over 8 million clients worldwide. We believe this to be a myth and will provide evidence later.
We did not find any other trading conditions on the website at all. Arab Wealth Management does not offer any leverage, spreads, or volume limits. The scam artists have not come up with anything new: they are doing everything to make traders lose money in every transaction.
The Reality Check
Arab Wealth Management claims on its License page that it is a British company, The Wealth Management Partnership LLP, with registration number OC301740 and is authorized by the FCA, with reference number 220234. A check in the Companies House database confirms that such a company exists, was created in 2002, and is currently active.
The registration data matches what is published by the broker, and a check of the FCA license shows that this British company is licensed and operates under the supervision of the regulator. This information is enough to trust the broker and open an account with them, but only a novice trader would think so, as the platform has nothing to do with the British company mentioned.
However, the company’s stated assets of 131,000 pounds are not consistent with either the story provided by the broker or their ability to support trading for 8 million clients:
- Even if there were 3 people on the company staff, they would not be able to serve such a large number of traders.
- The real company has a license, but it is not for brokerage activities. The license allows for insurance, mortgage and consumer lending, investment advisory, and pension savings management.
- Brokerage/dealing activities are not mentioned in the license at all. Furthermore, the company is not authorized to accept or hold clients’ funds.
It appears that the broker has been using the name and license of an existing British company to make their actions appear legal. They are not registered anywhere and do not have any licenses, operating completely illegally. They also are not affiliated with Barclays Bank and users should not expect account insurance.
The project creators attempted to deceive users with a well-crafted story. However, the scammer’s efforts were futile.
How Long Has Arab Wealth Management Been in the Game?
The broker also made an error when creating the legend about its history. The actual company it refers to was founded in 2002 and received an FCA license in 2003. However, the owners of the website claim that it was founded in 1999 and has even received billions in investments from the US Treasury.
Information from the Whois service about the date of domain registration quickly puts everything in its proper place.
The domain arabwealthmanagement.net was registered in late October 2016, but has likely been operational since December 2024. The difference in dates should not be confusing, since back in September 2024, this site was still a news browser of sorts, according to publicly available Internet Archive snapshots.
Overall, it’s clear that the broker has only been operating since 2024 and not since 2002 or 1999 as claimed. Statistics such as 8+ million are also part of the legend and are obviously unrealistic.
Extra Fraud Indicators
Additional confirmation of the company’s short-term operations was the small number of Arab Wealth Management reviews online. For example, there were only 5 reviews on Trustpilot and 4 on reviews.io, all of which were positive. This gives the broker a brilliant reputation.
However, an analysis of the text of the comments suggests that they were likely written to order. The broker has chosen to create an image through paid posts rather than through honest work. It would be foolish to expect anything any different from a company that has resorted to such tactics.
Several thematic websites have also taken notice of this pseudo-company, and it was not difficult for their experts to debunk the fake information and reveal that the site was a scam.
Is Arab Wealth Management the Right Fit?
It is not difficult to draw conclusions from the materials that we have included in our review of Arab Wealth Management. The broker presents itself as a real British company that holds a license from the FCA, the local financial regulator. However, the company itself has only a website and is not registered with any authority, providing brokerage services illegally. Scammers hope to attract newcomers, who may not be able to uncover the well-developed scam. We recommend that you familiarize yourself with our materials and avoid this project.
Arab Wealth Management is an unlicensed broker, which means that it may not be safe to work with them. If they cheat, there is no one to turn to for help, as there is no financial regulator and any law firm would likely say that it was your fault for getting involved with an illegal company. Unfortunately, I was not aware of these subtleties beforehand and fell for the scammers’ tricks. There are few reviews available about this broker and they are likely written under the direction of the same scammers, so they cannot be trusted. As a result, my money disappeared and I urge others to research the information about brokers more carefully before working with them.
This pseudo-broker, Arab Wealth Management, has appropriated my entire deposit. The platform’s employees do everything they can to ensure that clients suffer losses, and the organizers of the pseudo-trades fill their pockets. They mislead people and give advice, after which the trader quickly loses everything they have. If you are contacted by these scammers, do not agree to cooperate under any circumstances, as you will be left without any money! They are looking for potential victims everywhere, luring them with very favorable offers. Be cautious – this is all a scam.