RECOMMENDED FOREX BROKERS
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KITFinance Brokers is newly established forex and CFD broker, based in Cyprus and regulated by the local Cyprus Securities and Exchange Commission (CySEC). They have obtained their license in the end of July, but still do not register trading accounts. However, their services are expected to be up and running soon so you may revisit our review for updates.
KITFinance Brokers trading conditions
Unfortunately we still do not have the opportunity to test KITFinance Brokers trading platform and conditions first hand, as their website is not yet fully operational.
And yet, since the European Securities and Markets Authority (ESMA) capped the maximum leverage allowed with forex transactions in early August, forex brokers in Europe are allowed to offer their clients leverage not higher than 30:1. The measure is part of a larger effort to curb investment risks.
As a broker, regulated in Cyprus, KITFinance Brokers will have to abide by the new rules, although higher leverage might be available for professional traders.
Concerning spreads, we should note that starting spreads should not exceed 1,5 pips with a standard account in order to be considered competitive.
KITFinance Brokers trading platforms
We still do not know whether KITFinance Brokers will offer a proprietary trading platform, or a classic trading solution like the MetaTrader4 – the best known trading platform, with excellent charting package, numerous market indicators and the option to run automated trading sessions with the help of specially designed trading robots or Expert Advisors, which, by the way, can be easily modified to better suite your trading strategy.
KITFinance Brokers regulation & safety of funds
KITFinance Brokers is owned and operated by Kit Finance Brokers Ltd – a company registered and authorized by the Cyprus Securities and Exchange Commission (CySEC), which along the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) is one of the most respected and preferred financial regulators in the industry.
The regulatory regime, enforced by CySEC, is strict and yet balanced. The watchdog requires all brokers to report regularly, to allow external audits, to maintain at least 730 000 EUR of operational capital and to keep all clients money in a segregated, protected form creditors account.
On top of that, in accordance with the CySEC requirements, KITFinance Brokers is also a member of the Investor Compensation Fund for Customers of Cyprus Investment Firms – an insurance scheme that guarantees traders up to 20 000 EUR of their capital in case their broker happens to be insolvent.
CySEC was established in 2001 and its primary function is to supervise and control Licensed Investment Services Companies, Collective Investment funds, investment consultants and mutual fund management companies.
Because Cyprus is an EU member country, CySEC regulations also comply with the European MiFID financial harmonization law.
KITFinance Brokers deposit/withdrawal methods and fees
Although we still do not know, what the minimum deposit requirement with KITFinance Brokers will be, we should note that with most brokers you can open a trading account with about 250 USD.
Also, the usual payment methods include major credit and debit cards like VISA and MasterCard, popular e-wallets like Neteller, Skrill and PayPal and of course bank wire.