KeyMarkets Review – 5 things you should know about

KeyMarkets Review – 5 things you should know about

Beware! KeyMarkets 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.


KeyMarkets is a Forex brokerage registered in the Marshall Islands. It provides the MT4 trading platform and an extremely generous leverage of up to 1:300. Furthermore, there is a wide range of trading products from which to choose and a required minimum deposit of $250 which is just about the industry average. The spread on EUR/USD comes at 1.5 pips which is nothing out of the ordinary in Forex trading.

KeyMarkets regulation & safety of funds

According to the website the company behind the brokerage is registered in the Marshall Islands by the name Key Markets Limited with a standard address we have seen with countless other brokerages. Here is a screenshot:

The Marshall Islands has become a top-destination for would-be scammers due to its very liberal laws regarding the registering of companies. The government does not even require for someone to be physically there in order to register a company. Such a loophole has surely been noticed by many ill-minded brokers and utilized. Nonetheless, it’s safe to assume that Key Markets Limited, irrespective of its legitimacy, does not fall under any regulatory oversight because the government of the Marshall Islands does not include Forex trading within its regulatory framework.

Putting that aside, the brokerage the MetaTrader 4 trading platform, including a web version which we got a look at through a demo account. Here is a screenshot:

We could see a spread of 1.5 pips on EUR/USD which is about the industry average in Forex trading and in favor for potential clients of the broker. The leverage extended to traders is 1:300 which is both generous and balanced. The required minimum deposit also isn’t excessive and quite normal at $250. However, the offshore location of the brokerage and the obvious lack of regulation highly 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 50 000 GBP, where as with CySEC it is up to 20 000 EUR per person

KeyMarkets deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via the standard Visa and MasterCard, as well as Sofort and cryptos such as Bitcoin and Ethereum.

In the terms and conditions of the brokerage we did find troubling withdrawal conditions. Here is a screenshot:

As you can see for yourself – the brokerage explicitly states that there is an administrative fee of $50 for accounts with low trading activity.” Furthermore, we encountered also another provision of interest. Here is a screenshot:

There is a minimum withdrawal amount of $50. Such provisions should not be present in the terms and conditions of a legitimate brokerage. This is why we always advise traders to 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?

Unfortunately, the possibility of a scam looms over almost every trade in forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:

Through clicking an ad with promises for fast money, you will be redirected to a website such as  Bitcoin Evolution or Crypto Cash 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 motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

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. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their rival Visa expected to follow suit in December.

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!

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Top Forex Brokers

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US 5/5 $50 Click for a special offerWebsite
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Australia 4.90/5 $100 Click for a special offerWebsite


    I have lost 36,000 GBP after legitimatley believing that it was a good honest company.
    It is not regulated and full of lies about profits, trades and need for capital.
    The agents even open and close trades without consent. This is illegal!

  2. I am frantically attempting to get my £260 off key-traders. Despite my continued complaints, they are still trying to get me to continue !! I appear to be going round in an endless circle, with nobody willing to address my complaint and sort out crediting the monies back to my account!
    When I originally expressed interest in the company, I did read up on key-traders and all appears to be legit – Seriously having second thoughts !!!

  3. Yes. I too have experienced bullshit. After doing research I believed it was legitimate but wanted to proceed with precaution. The broker was helping me to trade in small amounts but I complained that it was really a waste of time because the trades were small so he suggested that I trade NASDAQ and wanted me to invest a minimum of £7,000. I told him if I will invest after I withdraw (I wanted to see how easy it would be to withdraw, after all if I was going to Invest big i better be able to take out small money).

    Any way going round in circles to take out out the initial deposit. The support team keep saying that because I missed the call to verify the withdrawal I have to apply again. This is a lie! No one is calling I even had to submit another utility bill. Now they are not responding to my emails and the bogus contact number keeps going to an automated voice message.

    My broker says he no longer working with me lol because I have wasted enough of his time (meaning I am taking too long to part with a large amount of money on NASDAQ).

    Please, please do not INVEST – is a waste of your time, energy and a complete scam in my opinion. At this point in time all I can do is get a charge back.

    Hope you all recover your investments and i wish you all the best.

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