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Keyonetrade.com Broker Review: KeyOneTrade is an Unreliable Broker
After doing some research, we found out that a lot of traders are reporting KeyoneTrade and writting bad reviews about it.
It seems like they are not happy about it and they warn others not to trade with them.
It’s always important to know what other traders are thinking about a broker before using it and we can say that they are not saying good things about KeyoneTrade.
What do regulators say about KeyoneTrade ?
This is the most important thing you need to know about a broker before using it. Is KeyoneTrade regulated ? Is it an offshore company ?
Most brokers are unregulated or regulated by an offshore regulation authority which won’t help you in case of problem. Keep in mind that if a broker steal your funds, you won’t be able to complaint about it unless they are licensed by a serious regulator such as the CySEC (Cyprus Securities and Exchange Commission).
An unregulated broker is clearly not authorized to operate in any regulated country and you should definitely not put any money into it.
KeyoneTrade is an unregulated broker owned by Keyone Limited and located at 90 Victoria Rd,Tipton DY4 8SW, UK.
They can be contacted by phone at this number : +442080898049 or you can send an email to [email protected]
You should definitely avoid any unregulated or offshore broker and KeyoneTrade is one of them.
Have you been Scammed by KeyoneTrade ?
Have you been victim of this company ? Did you lose money with them ? Everyone does mistakes. Don’t worry, you are not alone, and we are here to help you.
Our team of experts is available 24/7 in order to help you recovering your hard-earned money.
After asking you some questions, they will be able to build a chargeback case to fight the broker and get your money back as soon as possible.
Chargeback is the solution
As we said before, the good news is that there is a solution and it’s called a Chargeback.
But what is a Chargeback ?
A Chargeback is the retroactive cancellation and refund of a charge made using your credit card.
Not a lot of people know that, but there is a high probability of getting your money back when you build a Chargeback case as long as it is built correctly from the beginning to the end.
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KeyOneTrade Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading Accounts & Conditions
|Trading account||Min. deposit||Max. leverage||Spread|
KeyOneTrade is a UK-based forex broker offering the three account types listed above. We actually spotted a lot of worrisome signs regarding this broker, and you may find them in our detailed review below, along with some possible benefits (in case it is not a fraudster).
In an attempt to be objective, we always strive to point out some (possible) benefits of any forex or binary options broker we review. However, in the case of KeyOneTrade, we cannot find any, other than the solid leverage levels it provides, ranging from 1:200 to 1:400 by account type. We consider the availability of leverage levels that high as an advantage, because they will suffice the needs of all traders. Yet, such ratios are not suitable for beginners, as they involve greater risk of loss.
No name, no number, no license
KeyOneTrade’s website does not feature any corporate information, other than an address in London. UK. There is no company name, no contact number, and no mention whatsoever of regulation. As our check in the register of the UK’s Financial Conduct Authority (UK) returned no results, we can safely conclude that this broker is not regulated, which a major red flag.
Most unregulated brokers are involved in some sort of investment scam, and those operating anonymously are 99.99% fraudsters. The worst part in such cases is that clients that have fallen victim to such anonymous scams have no legal options afterwards.
To make matters worse, in its terms and conditions KeyOneTrade claims to be abiding by the laws of some organization named the Asian Exchange and Securities Commission, which even does not exist.
MetaTrader not supported, no demo accounts
We signed up for a live account with KeyOneTrade, as demo ones are not available, and we wanted to sneak peek into its platform. We did not deposit any money, of course. Here is the web trading interface we got access to:
Click to zoom in.
As you can see, there are some quotes from major forex brokers, and the charting is supposedly powered by TradingView. However, the whole thing feels like a cardboard cutout, instead of a real trading platform, and obviously trading is not enabled. This additionally lowers the credibility level of this broker.
That being said, most forex traders prefer using the MetaTrader4 or MetaTrader5 platform. Both of them have superior charting, support automated trading via Expert Advisors and are easily customizable.
Spreads not specified, high initial deposit
This is not surprising, given the fact that KeyOneTrade has not even disclosed which is the company behind the operation. Although the trading costs are not as important, as the security of the clients’ funds (which can be guaranteed by a valid forex broker license), spreads are still an important part of any brokerage’s offer.
That being said, most forex brokers offer spread within the range of 1.0 – 1.5 pips on the most liquid forex pair, EUR/USD. For further information and comparison on spreads, check out our dedicated page.
Furthermore, KeyOneTrade requires an initial deposit of at least $500 for its most basic account type, which is a bit too high, especially given the broker’s missing regulation. Most CFD providers, including major forex brokers, require something in the range of $100- $250 as a start.
We believe we have highlighted enough negative sides of KeyOneTrade and can safely conclude that this is most likely a scam brokerage. So, you’d better not avoid this broker, as well as any other unregulated & anonymous player in the world of online trading. There are plenty of forex brokers that are licensed by reputable authorities, and have pretty good trading conditions too. You can choose some from our list below.
And finally, let’s sum up the strong and weak sides of this broker in a few words:
|No name, no number, no license|
|MetaTrader not supported, no demo accounts|
|Spreads not specified|
|High initial deposit required|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Keyonetrade review – 5 things you should know about Keyonetrade.com
Beware! Keyonetrade is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Keyonetrade is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides the MT4 trading platform and a generous leverage of up to 1:400. The required minimum deposit is a bit lower than the industry standard at $200, however, we weren’t able to discern the spread.
Keyonetrade regulation & safety of funds
On the brokers website we read that the broker brand is owned and operated by a SVG-based company with the name Keyone Limited. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage.
We even read it is “regulated” by the local Financial Services Authority, however, this is quite misleading. We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients. However, putting all this aside – the brokerage does provide the MetaTrader 4 trading platform which we always consider an advantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex. However, we weren’t able to register for a demo account. Here is a screenshot:
Without a demo account we could not see the spread which is certainly unfavorable for traders since the trading conditions are perhaps the most crucial aspect in Forex trading. We also weren’t able to download the platform. Furthermore, it is beyond doubt that the brokerage is registered in Saint Vincent and the Grenadines as we have seen countless other similar brokerages registered there. However, we do come upon an UK contact address. Here is a screenshot:
Such discrepancies in the contact and corporate information are another sign that the brokerage is shady and should not be trusted. The registry of the Financial Conduct Authority has no mention of such a company and overall, the lack of regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
Keyonetrade deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via credit cards and wire transfer, as well as the e-wallet Skrill and Neteller
Going through the terms and conditions of the brokerage we did not find any information regarding potential fees.
Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:
Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.
It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Traderia – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
Keyone trade review ; Don’t invest in this scam, else you will regret it.
July 21, 2020
Table of Contents
The estimated reading time for this post is 258 seconds
Keyone trade review : Keyone Trade is allegedly a Forex and CFD trading broker. This broker promise to minimize cost in other to maximize your profits. Meanwhile, this Keyone trade promise to give you 50% bonus on all your deposits. These are just absolutely unrealistic promises from a scammer. You really have to be very careful with this so called Keyone trade. Except you are ready to loose your money.
Moreover, Keyone trade claim to be registered in St. Vincent and Grenadines. Therefore, you can be certain that this company is a scam. This area they mentioned had warned the public severally against such broker.
In addition, this broker claim to provide services for 99% of contaries all over the world. Therefore, the expectation is that Keyone trade should be registered with several financial regulatory bodies. Unfortunately this is not the case. If you really want to trade and make profits, then you should choose from any of these legit brokers.
Keyone trade review
Keyone trade pride themselves in their excellent customer service. Therefore, their no1 priority is good customer service. Meanwhile, this company is not licensed. They claim to operate from St Vincent and Grenadines. Unfortunately, this simply means this is an offshore broker. Moreover, St Vincent and Grenadines no longer issue license to brokers. Therefore, there is no way this Keyone trade will have a license. We searched FSA register but this broker is not registered. Therefore, they claim to have license just to defraud clients.
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At the moment, Keyone trade is not willing to disclose their identity. There’s no legit broker that doesn’t disclose their identity. Why will this scammer refuse to disclose their identity. That’s simply because they are scammers. Moreover, the domain with which they operate was only registered on 4th of April, 2020. Therefore, they don’t even have experience in forex trading.
In addition, their is no evidence that these people engage in any form of trading. If they really want to convince us, they should provide verifiable trading history. Therefore, they should provide an active myfxbook account with a link. This way, we can go through their trading history and find out how profitable their plartform is.
What are their trading plartforms.
According to this keyone trade review; This broker claims to use MT4 trading platform as their preferred tool of trade. In order to test how well this platform works, we decided to download it. A well-built platform must be compatible to all devices. Meanwhile, their plartform is not compatible with desktop and mobile devices. Moreover, the download could not complete. It stopped at 43%. Therefore, it means we are dealing with an unstable platform. Anyone who signs up with an unstable platform is in serious jeopardy.
An unstable platform has proved to be the downfall for most newbie traders. If hackers want to get credit card details, they go for unstable platforms. Hackers will take over unstable platforms and steal personal information such as your identity and bank details. Therefore, we strongly you to Stay away from any broker whose platform is unstable; And is slow to download.
Keyone trade review on account types.
There are four different account types available in Keyone trade. These account types include Basic, Classic, Premium, and VIP. In addition, Keyone trade also offers an Islamic account to the Muslim faithful. The minimum deposits acceptable by Keyone trade depends on the account type. These minimum deposits ranges from $200, $1,000, $5,000, and $10,000. Moreover, you can only trade cryptocurrency using premium. This is actually suspicious. We believe it is just a way to make traders deposit more money. Otherwise, why would you not allow crypto currency trading using other account types?
Another disturbing detail we found with these accounts is the personal manager feature. When you are about to open an account, you will receive calls from an account manager. After making your deposits, this personal account manager will cease to exist. KeyOneTrade is openly stealing from anyone who sends them money.
Keyone trade review conclusion.
Don’t invest your money in Keyone trade. There are many unanswered questions here. They are hiding their identity and lack transparency. In addition there license is fake. If you really want to trade forex, do it in a regulated broker that is profitable. Therefore, you can choose from any of these ones we recommend.
In this review, we will describe why KeyOneTrade is a scam that you should avoid at all cost !
Scammed By KeyOneTrade ? Start the process to get your funds back TODAY !
KeyOneTrade Scam Review
Have You Been Scammed By KeyOneTrade ?
KeyOneTrade is an unregulated broker to avoid at all cost. If you have been scammed by them, check out our ChargeBack process here or get a Free Consultation by a team of expert by clicking here.
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