Beware! Kirik Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Kirik Markets is an offshore broker offering three account types with a leverage of up to 500:1 and the MetaTrader4 platform.
Trading instruments include 51 forex pairs with a number of exotic currencies like Singapore Dollar, Norwegian Krone, Polish Zloty, Swedish Krona, Turkish Lira, South African Rand, Chinese Yuan and Hong Kong Dollar, as well as CFDs on silver, gold, oil and natural gas.
And although the broker advertises more favorable trading conditions, as tested with a demo account the benchmark EURUSD spread floated about 1,8 pips, which is somewhat above the levels traders consider competitive with a standard account.
Have in mind that spreads are deemed attractive only when starting below 1.5 pips.
Kirik Markets regulation & safety of funds
Kirik Markets is owned and operated by Kirik Markets Ltd, a company based in St. Vincent & the Grenadines, which does not have a legal license to provide financial services on regulated markets like the European Union, USA, Australia or Japan.
Besides, proper regulation is the only way you can feel secure about your investment on the retail forex market.
Brokers, with legit licenses, issued by reputable institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) do guarantee the security of your investment, as they are obliged to file regular reports, to allow external audits, to provide a negative balance protection to all traders, to keep their funds in a segregated, protected form creditors account, to maintain a certain minimum capital adequacy ratio and in certain cases even to insure traders money.
Thus, if you trade with a FCA broker, for example, you do not have to worry about the first 50 000 GBP in your account as they are insured and covered by a client compensation scheme. Similarly you do not have to worry about your first 20 000 euro, if you are trading with a CySEC regulated broker.
Kirik Markets deposit/withdrawal methods and fees
Most brokers accept credit or debit cards like VISA and MasterCard, bank wire as well as popular e-wallets like Neteller and Skrill. Unfortunately there is no information about the payment methods on the Kirik Markets website so we can not comment on them.
Have in mind that recently Skrill adopted a new anti scam policy and now requires all brokers, using its services, to provide a legit license.
Also be aware of any trading bonuses that Kirik Markets might offer you. Actually we just saw a 100 USD welcoming bonus on their website. The general problem with the trading bonuses is that they go with some minimum trade volume requirement, which quite often is unrealistic to be fulfilled.
The minimum deposit requirement to start trading with Kirik Markets is 100 USD.
How does the scam work?
The most common forex scam scheme in past months goes more or less like this: You will stumble upon a video add, probably published on one of those robo scam website like Crypto Revolt and Bitcoin Evolution, where you will be hooked by the promise of easy and risk free money with a minimum investment – actually all you will be asked for in the beginning will be your e-mail address and phone.
And if you do register, you will be instantly transferred to the web page of a unregulated, offshore broker where you will be asked for an initial investment of about 250 USD.
And do not be surprised that your first trades will be so successful. That is a usual technique – scammers will manipulate your trading account so that they can trick you to invest a more substantial amount.
And that is also, when you will receive a phone call as well. It will be from “your senior account manager”, who will professionally advise you, that if you want to make some real cash, you will simply have to invest more – at least 10 000 USD.
And chances are you will invest those money as well and will continue to trade, without realizing you have been scammed until the moment you decide to withdraw some of your funds. That is when it will suddenly turn out this is not possible, because of some minimum trade volume requirement, possibly linked to the welcoming bonus you have so carelessly accepted when you have opened your account in the first place. Certainly, it could be something else, but the bottom line will be the same – you will not receive a single penny back.
What to do if scammed?
Unfortunately, there are just a few things you can do in case you have lost money to scammers and the first one is to file for a charge back with your credit card provider. Fortunately, now both VISA and MasterCard accept such request within 540 days after the deposit was made. Basically, that new policy was enforced especially to combat scam.
Also, if by any chance you have told scammers your online banking password or credit card number, immediately change your password and block you credit card.
Finally, in case you have been scammed and have lost money, do not contact the so called recovery agencies. They will just collect an upfront payment, leaving you even deeper in to the red.