Kryptoknights Review – 5 things you should know kryptoknights.io

Kryptoknights Review – 5 things you should know kryptoknights.io

Beware! Kryptoknights is an offshore broker! Your investment may be at risk.

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The following broker is inappropriately named Kryptoknights, as crypto coins are not the exclusive asset here. There are also forex pairs, commodities, stocks, and indices. The EUR/USD spread is 0.3 pips, an excellent value, while the leverage is 1:100.

KRYPTOKNIGHTS REGULATION AND SAFETY OF FUNDS

The terms and conditions claim the parent company of the broker, Duo Holdings Ltd, is regitered under the laws of the Commonwealth of Dominica. The Commonwealth of Dominica is certainly not a destination that is associated with license issuers for brokers, or any other financial institutions. Furthermore, the country, even though regulating the banking sector and some non-banking institutions, does not do the same for forex and CFD brokers. So, the broker may be registered there and bound by the local laws, but it needs a regulation a proper one, in order to function as a legitimate forex broker. Furthermore, the website offer no other info on any other location, and most importantly, there is no actual mention that the broker is regulated. We have to conclude that Kryptoknights is UNREGULATED, and as such is an unsafe environment for investments.

With that out of the way, traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA  or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.

KRYPTOKNIGHTS TRADING SOFTWARE

Kryptoknights’ Frontrader was almost able to trick us, yet we quickly noticed that the charts provided in the platform are actually 3rd party charts provided by a separate company that specializes in such charts. Thus we cannot be sure that the trading terms are actual, or if they’re copied. Nevertheless, the trading software, aside form the charts, is rather decent, yet it cannot be used too much without compromising itself.

KRYPTOKNIGHTS DEPOSIT/WITHDRAWAL METHODS AND FEES

The users portal reveals the depositing methods: Visa, bitcoin, xPate, MasterPay. The minimum deposit is $250.

We found no real withdrawal button on the client dashboard. We can only assume that the same payment methods are applied here. However, there is a 5 %fee upon withdrawing.

Furthermore, there is a very confusing clause that, as we read it, claims that users mst complete a trading volume, otherwise they will be charged some hefty fees. Here is the entire clause for users to interpret:

We strongly advise traders to only deposit the minimum deposit, or better yet- not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.

How does the scam work?

The most common type of scamming is in fact a very simple scheme that involves multiple level of commitment from both the victim and the fraudulent broker. In the following section we will dive into the individual elements that make up this scenario.

Users of the net will be lured or intrigued by the countless ads that float around the internet, mostly on popular websites such as social media hubs. These ads promise fast money, and are accompanied either by images of luxury or made up testimonials. Clicking on them redirects users to a so called robo-scam website such as Profit Revolution or Bitcoin Revival, where a simple registration process will require from you a telephone number and email address. We assure traders, that once these details have been shared, they will shortly get a call from the broker or brokers, on whose ad you just “stumbled”; this is when the game begins. The voice on the other end of the line will urge you to deposit in their broker some $250 (approximately), by reassuring you of the possibilities of profit, and the like.

Should you deposit, the initial scammer has just earned a hefty commission from this deposit. Now it’s time for the senior scammer to talk you into depositing more, by claiming that the only way to increase profits is to deposit more and larger sums. These second level frauds are great talkers, charismatic and influential, twisting their lies to sound like the absolute truth.

At some point or another, the trader will inevitably start suspecting something, and will want to withdrawal his/her funds. At this point, the con artists will delay the withdrawal process by persuading you to wait, or by referring to their legal documents that cover specific withdrawal clauses- excuses vary from broker to broker. This delaying process is crucial to them, for trader have a limited time to file for a chargeback with their respective bank. Once the chargeback time frame runs out, traders will have lost their money for ever.

What to do if scammed?

VISA and MasterCard users will be happy to know that have extended their charge back request period to 540 days for when online scams occur. In case a chargeback is unavailable for some reason, the next immediate route is to cancel your credit card ASAP.

Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.

If any bank details have been shared, like banking pass or security code, traders should be aware that scammer will most certainly attempt to drain your account. In such a case, immediately block the account or change the password.

We also urge users to be very careful with the so called “recovery agents” that promise to recover lost money from unlicensed broker. They charge a fee for their alleged services, and will unquestionably not recover any previous deposit, basically scamming you a second time.

Rich Snippet Data
Review Date
Reviewed Broker
Kryptoknights
Broker Rating
11stargraygraygraygray

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14 Comments

  1. Omg I just about transferred £9000 . My bank sent a passcode by txt & that blocked the transfer. But…… krypto person kept asking me for the code.
    The txt msg from bank stated do.not give this code to anyone.
    He insisted on me giving him it.
    Well luckily my bank is smarter than me & I was adamant I was going to do what bank stated dont give code to anyone that includes krypto!

    1. Hello Liz
      I have activated my account with kryptoknights 2 weeks ago with 7852 Pounds and i got code verification from bank it’s called OTP :One Time Password which you receive from bank the bank always will mention to not share the code with someone but it’s just about the 3D secure-but better to ask them that you do this from your side if you don’t want to give them the code from bank ofc if you good with computer-sad to hear that they just didn’t know how to explain to you about the code you got via sms because their work as a broker is nice

      1. the OTP code is simply shows that the visa or mastercard is activated internationally,with the same card you can do some payments online but the bank will never send you otp and this is the problem -i mean that’s good when you get otp this is mean that this company has contract with Visa/MasterCard

      2. Michelle Louise Collett

        Hi Michelle,
        It’s nice to see a positive review about this company! I hope you don’t mind me messaging you. I’ve been with them since February and my experience has been up and down. Would it be possible to ask you a few things about your experience so far? Which account manager are you dealing with?
        Michelle

      3. Are you facing any issues with them at the moment ??

        1. hey
          yes i did but the issue is with their system but at the end all is good

        2. Michelle Louise Collett

          Hello Fares ,
          I did yes and was an awful situation but 2 days ago they fixed my situation

          1. Hi Michellle,

            How did they fix your situation?

  2. Cont.
    He based the whole thing on saying money to be made in crude oil.
    So I was buying barrels with the money.
    He was so convincing it was really weird. He had a dog he was 25 he plans to retire before 40 doesn’t want billions just a few million. He gets paid by company and also gets slice of profit.
    He showed me many different graphs etc it all looked & sounded above board.
    I must have been on phone for 3 hrs.
    He has since called me back and tried again to explain it all that it was ok to give him the passcode when I had bank telling me nooooooooooo he kept on at me and has said he will call tmoz.
    He is going to hound me now I know it.

    1. Michelle Louise Collett

      Hi Liz,
      Do you know the name of the person at Kryptoknights you were speaking to? I have an account with them and have just been passed on to a recovery guy called Amir who also says that crude oil is a way to get my account back on track. Was it Amir you spoke to? He sounds older than 25 though so maybe its someone else
      Have you lost some money with them?
      Michelle

  3. Kryptoknights This is a scam company. They are duing fraud with peopels. On 7 September, i received call from David Ross and he convinaced me for deposit 500$ and start with it.
    After our discussion on 5 September i deposited 500$ in my account that time he told me i can start trading with 500$ and our account manager will trade on your behalf.
    That time he told me after making a deposit our financial analyst will call you and guide you more about it and he will take care of
    everything. After believing his words I had made a deposit in my account.

    Then on 2nd day I had received a call from your financial analyst and he said you can’t start trading with 500$ . It’s a very small account.
    You have to start at least with 2000$ but after this we will do manual trade for you.. after long discussion with a financial analyst i
    analise Mr David Ross misguide me just for his commission and now financial analyst telling me different thing and he is not agree to start work on it.

    After that i decide to withdrawal of my orignal money. i put the request for widthdrwal but request is still pending. now no one is replying me on email and not

    whatsapp. This is fake company and just make money from peoples they are not doing Good.

    Kryptoknights need to be stopped.

  4. Unfortunately, I got scammed by Kryptoknights !!!

    My payments were done by Cryptocurrency through Rain Application (TAP, Kuwait, KW) and exchangepro.

    I have started with them in May 2020 with 3000$, and my account manager Malek Abbas, kept on asking to increase my capital gradually until my capital reach 14000$. I have done my first withdrawal of 4000$ in June 2020. However, the agreement was to be able to withdraw on the 20th of each month. Then i had a call with Malek and he asked me not to withdraw in July 2020, but rather to pay 3500$ more ( where my capital will reach 14000$ approx.), and to withdraw 17000$ in August 2020. I was happy with that, as i will end up getting all the capital i invested, and to continue with the profits ( my profits reach to around 150K $, which is a very huge amount to reach within 3 months only from trading.

    1 months after they have taken the last payment of money from Rain to the account in Kryptoknights ( to be more specific, i had a discussion with Malek on Monday 16/08/2020, and everything was great, and we have agreed on the 17000$ to be withdrawn on Wednesday). The next day (Tuesday 17/8/2020), they said that their system got hacked and the money was blocked and transferred back to Kuwait (as a so-called emergency action).

    4 weeks ago, I was informed that I cannot get my money back (capital + profits) without paying another 6000 USD as VAT. They have sent me a wallet number and told me I have to pay the money to that wallet in order to send me back my money.

    I requested them to give me back my capital only and nothing else. But again the answer was negative and the request was for me to pay more money.

    I have requested them to take the VAT out of the amount, but Mouna (an employee in the support team) said its impossible and I have to pay the VAT in advance because only the total amount can be transferred (Kuwait government requirement).

    After all of that, I paid the VAT two weeks ago. 2 days after receiving the money, Mouna vanished and all the numbers where we used to interact are put out of service. Just 3 days ago, i started seeing Mouna online on whatsapp without opening my messages and totally ignoring my texts and requests.

    Now their system is back in place (no more so called ‘piracy’). Don’t fall the same way i got tricked.

    By not paying me back my money, Kryptoknights proved that they are nothing but a scam. And probably the names Mouna Saleh, Malek Abbas and murad are fake names. And probably there was no trading and no winnings, and what they showed me as winnings is nothing but fake trading positions and manipulation of the trading system.

    I am ready to discuss over the phone with anyone who is seeing this review whether he got scammed or is thinking of paying money to those people. Trust me and dont do it..

    I have all the whats app conversations and copies of the transfers done. And even ready to send you a copy of my ID (something they will never do)..

  5. What happened with Fares happened exactly with me.. the only difference is the date i entered and the amount of money deposited. I opened an account with Kryptoknights end of July and the amount I lost is 22000 USD.

    If you didn’t deposit any money then don’t and if you did deposite then try to get your money back (you wont be able to).

    Gents they are a big big SCAM.. please don’t fall for it! Malek, Mouna, Amir, any other name is fake and all the trading they will show you is fake as well. Unfortunately, I learnt it the hard way..

    All the chat history is available with me and I am more than ready to share with everyone who is having any doubt and wanting clarifications.

  6. Kryptoknights This is a scam company
    Kryptoknights This is a scam company. They are duing fraud with peopels. On 7 September, i received call from David Ross and he convinaced me for deposit 500$ and start with it.
    After our discussion on 5 September i deposited 500$ in my account that time he told me i can start trading with 500$ and our account manager will trade on your behalf.
    That time he told me after making a deposit our financial analyst will call you and guide you more about it and he will take care of
    everything. After believing his words I had made a deposit in my account.

    Then on 2nd day I had received a call from your financial analyst and he said you can’t start trading with 500$ . It’s a very small account.
    You have to start at least with 2000$ but after this we will do manual trade for you.. after long discussion with a financial analyst i
    analise Mr David Ross misguide me just for his commission and now financial analyst telling me different thing and he is not agree to start work on it.

    After that i decide to withdrawal of my orignal money. i put the request for widthdrwal but request is still pending. now no one is replying me on email and not

    whatsapp. This is fake company and just make money from peoples they are not doing Good.

    Kryptoknights need to be stopped.

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