Forex trading has made a place for itself in the financial business and people have been hooked into it for a long period which makes it an addiction for someone. Even earning money can be said to be an addiction and in this case, Forex trading is the new type of addiction that people are facing. KeyOneTrade is a prominent forex broker out there in the trading world. The broker comes with a total of three trading websites, starting from classic, premium and then going up to VIP account. The third one is basically for those people who can bring in a large amount of investment.
The spreads have not been specified by this broker, so this is still not one of the best options for most traders out there. The spreads need to be identified in the first place before trading can be started on a particular platform. The trading company is based in the United Kingdom but still, there is no financial regulation proof that can be found for this website. The reviews from previous traders are not too good regarding this company and we must get into a KeyOneTrade review to learn a few things about this broker.
- Decent leverage opportunities – There is a good amount of leverage that you will be getting from this broker. The broker is one of the finest ones when it comes to offering high gaps of leverage to new traders as well and it is one of the reasons that people stick to it. Based on the different account types, the leverage ratio varies from somewhere around 1:200 to 1:400. Alongside that, one will be getting trading facilities here as well with active sessions.
- No financial history – the website of this broker does not come with any sort of financial information which is quite strange for the company operating in the investment business. Furthermore, Forex trading websites need to provide specific financial information to traders for proper evaluation.
The site lacks any kind of corporate information as well. All you can find on this website is an address that links it to a place in London. Other than that, one will not find any kind of contact number or name of people that are operating this brokerage site. There is no trace of any kind of financial regulatory website approvals here as well. It will be safe to say that this company is not governed by a kind of Government or Financial regulation authority. Even though it claims that it is from the UK but still, there seems to be a major red flag when it comes to the disapproval status of the Financial Conduct Authority (FCA) regarding this company. In the investment business, several scams and financial frauds have been reported from time to time. It is quite important that you stay clear of the sites that are not governed by any kind of financial regulatory authority. There is almost 99.9% of fraudulent activities that have taken place with the companies that are not regulated by any kind of financial authority and it is recommended that one doesn’t fall into the traps of KeyOneTrade.
- No specified spreads – When there are low spreads, people usually gain interest in trading and investment. Again, when there is a lucrative trend going on in the market, there can be high gains.
However, with kyonetrading, you will not be able to understand anything as all information has been disclosed by this company. There is no information on spreads that you will find here, which is not professional at all for a trading website and that too when it operates in the Forex market.
In the Forex trading market, there is a high importance of details regarding spreads. All brokerages out there offer proper information regarding spreads, so people will move onto a different trading website quite easily. The standard spread of pips is 1.0-1.5 in a standard forex trading environment and this is for the EUR/USD pair which is the most popular one.
- Heavy initial deposit request – KeyOneTrade asks for a massive amount of initial deposit from traders. Not every trader can bring in a huge amount of money when they are starting their business in Forex trading. Some websites only ask for 250 EUR/USD as the primary investment. Then again some websites do not ask for that as well.
This brokerage website, however, asks for a deposit of almost 500$ which is too much for most people who are newcomers to the forex trading world. A broker that does not have a financial regulation of any kind is not supposed to ask for such massive deposit charges.
A website that is getting involved in that much amount of money must have some sort of financial regulation to support the authenticity of operational work that it is getting involved with. Still when a website can operate that way if it reduces the asking rate of the initial deposit, at least somewhere between 200-250 $.
- No demo accounts – There are no demo accounts that this website or broker offers. Demo accounts are important for getting work done before starting your trade with the live account. Trading is one of the most popular home-based money earning jobs these days and people are doing that daily.
It is quite important that if you’re getting involved in some kind of trading, you must have a demo account and start with that first and get the feel of what the broker has to offer you. Unfortunately, this one lacks that and it is something that will demotivate the newcomers to ignore this site.
- Same company with different names – There are some many different firms with different names in the present times, however, if you have a better look, you will be able to see what is happening. There are so many companies that operate in the same way and it sometimes feels like it is the same company functioning with different names. The operational background that KeyOneTrade has is quite similar to many other financial trading companies out there.
- No chargeback guarantee – There are times when traders’ accounts are linked to the websites and there is an amount debited from their account that was not initiated by them. One can always ask for chargeback but when you file for one, it will not be that easy. There are companies out there, who will allow you with easy chargeback options but not this one. There are a lot of things that it will ask for such as ID proof, address proof, etc and the whole procedure of getting a chargeback becomes quite difficult.
All forex trading websites are more or less the same but what separates one from the other, is proper regulatory agreement and licensing and since KeyOneTrade lacks that basic thing, it is advisable not to use it at all. You are at a huge risk when you will invest here.
The site has shown fraudulent features of many likely Forex trading tools that have been banned in the past. And people should not be considering this as an option to carry on their Forex trade.