Beware! KSSecurities 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.
KSSecurities says to be an Austria based forex and CFD broker, offering a wide variety of trading instruments, from currency pairs to CFDs on commodities, stocks, indices, precious metals and even crypto coins like Bitcoin, Ethereum, Litecoin, Ripple, IOTA and Bitcoin Cash – all of that with a choice of four account types, an Islamic included, and the MetaTrader5 platform.
Unfortunately the broker is not regulated, and what is worse, there is a recent warning by the Financial Markets Authority (FMA) in Austria against KSSecurities, so if you are thinking about opening a trading account with them better read the following lines first.
KSSecurities regulation & safety of funds
KSSecurities says to be owned and operated by KS-Securities Vermögensverwaltung GmbH, supposedly based in Austria.
And from their presentation they leave the impression to be regulated not only by the local Financial Markets Authority, but also by BaFin in Germany and CONSOB in Italy.
All of that unfortunately turned out not to be true. In fact KSSecurities is in the focus of one of the latest warnings by FMA, which flags them the as potential scammers. See for yourself:
Our general advise in such cases is to trade only with licensed brokers, authorized by well known financial watchdogs like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).
KSSecurities deposit/withdrawal methods and fees
In its presentation KSSecurities does not elaborate what payment methods do they accept. Just bear in mind that most brokers accept major debit and credit cards like VISA and MasterCard, bank wire and popular e-wallets like Neteller, Skrill and PayPal. As for the 500 USD required by KSSecurities as a minimum investment, we should note that this is about twice the amount most other brokers would ask for.
Also, be ware of any trading bonuses KSSecurities might offer you, as such “promotions” always come with some minimum trade volume requirement, quite often used by scammers as a pretext to cancel your withdraw requests.
How does the scam work?
Scammers do not spare resource, when it comes to their clandestine operations. They run elaborate nets of scam websites and call centers, stationed in places like the Philippines and Eastern Europe. And if you have wondered, how so many people get scammed, we should mention the so called robo scam websites like Bitcoin Revival and Bitcoin Profit, where you may get hooked by some “irresistible offer” for fast and easy returns in exchange of a small investment, no risk whatsoever. And all you will be asked for in the beginning will be your e-mail and phone.
Note, that if you do register, instantly you will be transferred to the homepage of a unregulated scam broker and will be offered a trading account with a minimum deposit of about 250 USD.
And do not be carried away by the success of your initial trades. All of that will be just a part of the scam. Your trading results will be manipulated with the sole intention that later you will be more easily convinced to deposit more. And that is exactly what your senior “account manager” will be telling you – if you want to make some real cash you will surely have to invest more – like at least 10 000 USD.
As curious as it may sound, but most people do not realize they have been scammed until the very moment they decide to withdraw some of their cash. Than all of a sudden they are told they have no right to withdraw, because of some minimum trade volume requirement, they have not met, possibly linked to their welcoming bonus. The excuse of course might be different, but the end result will always be the same. Scammers will not give you a single penny back.
What to do if scammed?
Honestly, if you are a victim of a scam the chances to recover your funds will be pretty slim. And yet, you may have one viable option, if you have made your deposit with VISA or MasterCard. Presently both companies will allow you to file for a charge back within 540 days.
And if scammers have tricked you to reveal your banking details like your credit card number or online banking password, change you password immediately and cancel your credit card.
And do not be fooled by the so called recovery agencies. They will not recover you a single penny, but simply will charge you with some fees in advance, basically scamming you a second time.