KSG Markets review – 5 things you should know about ksgmarkets.com

KSG Markets review – 5 things you should know about ksgmarkets.com

Rating: 1

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

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KSG Markets a.k.a Knight Service Group Limited is certainly a scammer – this much is evident from the fact that the New Zealand Financial Markets Authority (FMA) has issued the following warning against them:

What is more worrying is that the broker has re-branded from Business Choice Partners Group after a warning had been published by another regulatory agency – the British Financial Conduct Authority (FCA). The warning states the following:

For us the re-branding is a clear sign that the broker is acting in bad faith – if they were legitimate they wouldn’t have a warning against them, but if the FCA had somehow made a mistake, Business Choice Partners Group would certainly have tried to defend its brand instead giving up on it and changing it.

Even if there were no warnings against the broker, the fact that it is illegitimate is really obvious – take a look, for example, at their contact information:

Mentioning your country of operations is laughably insufficient as an address – if it even is their country of operations. It is incredibly vague and unhelpful. There is also no mention whatsoever of who runs the company, or even a phone number. The only way to contact the company seems to be an email address. About how quick they respond, if at all, your guess is as good as ours.

As a little side-note, in the account making process we were prompted to send in a picture of our credit card – back and front. Now, there are cases where a company needs to verify that you are indeed the card holder to process a request – however, legitimate brokers give instructions to cover all the credit card details they do not need – as a rule of thumb they need the card holder’s name and the last 4 digits on the front. Anything more is grounds for suspicion. These instructions are not something Knight Service Group Limited has bothered to put out whatsoever.

Please do not give scammers like them access to your credit card

KSG Markets regulation and safety of funds

As we established, the company has a warning issued against it by the FCA stating that it is operating on British territory without a license. The risks in investing with unlicensed brokers are quite a few and restrictions are placed for a reason. For example, it is not uncommon for companies to start up with little capital in an offshore location, which lacks regulation, offer extreme leverages and then go bankrupt in under a month, taking all of their investors’ capital with them. The regulatory agency has put forth rules that make it impossible for this scenario to happen in Britain or to a licensed company – there is a minimum capital requirement of 730 000 pounds and brokers are made to participate in guarantee funds, which recover up to 85 000 pounds of losses per trader in the case of bankruptcy. There are additional requirements – the keeping of client funds in segregated accounts and for brokers to report daily to the agency on their activity.

For these reasons it is advised to stick with a trusted company and minimize the inherent risks of Forex Trade.

KSG Markets trading software

KSG Markets provides its traders with a downloadable distribution of Metatrader 5 – the powerhouse trading platform that has turned into the industry standard for its many convenient, yet sophisticated features. One of them is the automatic trading option for example – the trader can employ specifically programmed algorithms to trade instead of them – the so- called “expert advisers” These bots are developed by community members and distributed on a market that the platform hosts.

The broker’s version of the platform has all the features of MT5 – the aforementioned automatic capability and the plethora of graphical options like drawing trend lines and making use of indicators. The spread is really tight as well – it goes as low as 0.1 pips. The leverage the broker offers is 1:100.

What is curious, however, is that we were presented with a demo account once we downloaded the platform and were unable to switch to a live one. What’s more is that there was no indication that the account was a demo one. It seems like the broker wants to pretend to be providing a live account when it is not.

KSG Markets deposit/withdrawal and fees

There is no way to discover any of KSG Markets’ deposit and withdrawal policy. First off, the site offers no links to any Terms of Service, Client Agreement or other such document that outlines what the terms of using their service are. In fact, the only policy they have a link to on the home page is a fairly basic Privacy Policy, which we had to translate from Mandarin.

Furthermore, there is no link to any of the mentioned document present anywhere in the account making process. It is incredibly unprofessional to withhold such important information from your customers – especially for a company that claims to have been operational from 2016.

So, we cannot know what means of payment the broker accepts, the amount of time it takes them to process a withdrawal request or if there are any fees associated with the process.

How does the scam work?

KSG Markets is undeniably not a legitimate broker – so much is clear from the multiple warnings issued against them and the shocking amount of suspicious or lacking details on their website. So how and why do such fraudulent brokers operate? Most of them follow a well-established scheme to extract as much money from their victims as they can get away with.

The scam starts when the potential victim stumbles upon an ad on a social media platform – be it Instagram or Facebook, or any other one – the ad will promise one and the same thing every time – quick and easy profits. How the company achieves that is via a miraculous and new discovery about the industry, or some sort of insider information. The wording can be quite varied and creative.

These ads lead to sites much similar to KSG Markets’ own. If their visitor decides to make an account they must give their phone number and email away. When that is done a bombardment of emails and calls will begin, all wanting one and the same – a deposit. If you fall for it and actually go with it, depositing money with the broker, you will most certainly see your account balance plummet or soar – in the first case the scammers will try to get you to recover your losses by depositing more money, which they will then proceed to blow away as well. In the second you will start getting calls demanding you “upgrade your account” by paying a fee. The scammers care little about the actual trades they perform and only want to steal your deposits

What to do when scammed?

When scammed, you have little options to recover your money – you can file a chargeback if you have used a credit card or a reputable e-wallet – in the case of Mastercard or Vista you can do so within 540 days of the transaction.

There are three things you must do to avoid increasing your losses – first off, you have to change all credit card the scammers had access to. Secondly you must delete any desktop sharing software they had you put on your PC. These people will often make you use TeamViewer or AnyDesk to access your PC without your consent once you catch on to the scam.

Finally, you must beware of further scams – if you are contacted by any “recovery agency representatives” that promise to repay you some of your lost money at the cost of an advance fee do not trust them – they are simply a part of the scam. Often times when you realize you are being scammed and stop depositing money your information will be passed on to a different scammer that will make claims like these. Needless to say, they are only after your fee, and once you transfer it you won’t hear from the agency anymore.

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7 Comments

  1. Hey there.
    There’s a individual posing as a single rich Chinese mum ( remain nameless) who will try to hook you up from social media platforms like Hi5 , weChat or Tinder.
    The person who was trying to fool me is from Hong Kong, And the Ph # provided seems discouraged. They’ll refer Ksgmarketsworld. Com as their base of operations. The address for this business is in New Zealand, I investigated, but there’s no “ official office” at all only, only a shopping centre, and a accounting office. Nothing related to a brokerage.
    The photos She sent to me were TGTBT. ( to good to be true) Plus after 2 texts she started trying to get my money to fill forms and “Walla’ “… start investing in stuff I barely understood. RED FLAGS from the start.
    Called couple of friends, who are professional investors in Germany , and they told me to stay away From this scheme, and Trust me, I did!

    Please, Don’t get fooled, avoid headaches, use common sense , and don’t invest money online with strangers.

    1. Hi Arthur Hest,
      Thanks for your warning. I met the likely your scenario

  2. Two Chinese women are insisting on me that they recommend me to invest in that company, which they teach me, they tell me that I must deposit $ 1,000 as an initial investment to be able to invest and have great profits since they are going to teach me … I prefer to open an account in one of the brokers recommended by this page where the amount is more reasonable to start investing from Latin America
    ———————————–
    A mi me andan insistiendo dos chinas que me recomiendan invertir en esa empresa, que ellas me enseñan, me indican que debo depositar 1.000 $ como inversión inicial para poder invertir y tener grandes ganancias ya que ellas me van a enseñar… prefiero abrir una cuenta en unos de los broker que recomienda esta página en donde el monto es más razonable para comenzar invertir desde América Latina

  3. A lady fro the Knight group company fooled me and took 18000 dollars and she wants more.

  4. Please stay away from this broker. They are scammers. And I am one of the victims.

    I will share my experience here. And I am sharing the feedback from other victims as well.

    How they approach victims? They will approach the victims through social platforms (e.g. Tinder, China Cupid, Facebook Messenger). For my case, the scammer approached me through FB Messenger. I joined a group for stock investment in FB, and the scammer was also one of the members in that same group (means the scammer will join any potential FB groups and scam the other group members).

    How they start the scam? They will start to message you and chat like a friend. They will present themselves as rich businessman / woman, or very successful in their career. And this normal chit chat will take for 1-2 months. Within these 1-2 months they don’t talk about investment, but just talk about life. They are very friendly and very concern for your daily work and healthcare activities. When you started to trust them, they will indirectly inform you about forex /spot gold. They will mention that they have a relative / friend who has retired and came back from Wall Street / UK, a good economic analyst and able to give good trading direction in forex. They will show you they earned good profit by showing their trading records, usually they traded 20 lots or more, and earned profits of USD 20K and above in one trade. They will pretend they are your good friend and subsequently seduce you to make deposit into their broker company.

    What are the common statements they used?
    “This is the good time, I want to help you to earn more money to achieve your life goal”;
    “Trust me, we are using MT4/MT5 platforms, means our company has strong financial background”;
    “We don’t want to spend much money on regulatory matters, since we are just starting our business, and we are dealing with regional clients only” (the scammers usually claimed that they are from China / Hong Kong;
    “The website is upgrading, so we will give you the customer service through Whatsapp / WeChat”.

    What are the things need to be careful?
    In their website, they only have email, but no other contact methods. Sadly, the KSG email was actually not reachable (means if they deleted you from the Whatsapp / WeChat, you have no way to contact them.
    During account opening, they will ask you to upload your bank card (front and back), this is very dangerous! Usually legal brokers will request utility bill or bank statement to verify your address, but not uploading the whole card (be careful: they can do illegal transaction with your card!)
    They have no official bank account, all deposits through their “local partner” 3rd party bank account.

    What will happen next?
    They will let you profit for few trades and then seduce you to trade larger lots, after that give you a wrong direction so you will loss all your money in the trades; OR
    They will say they will help you to trade (because you are busy with your works) by asking for your password, then they will do wrong trades and loss all your money: OR
    When you request for withdrawal, they will all disappear. Your MT5 account still there, money still there, but no way to withdraw (all the Whatsapp / WeChat deleted, email not working, website personal area not functioning). And this was what happening to me!

    I hope this sharing helpful to prevent you from get scammed by them.
    There is a new website with different logo (https://www.ksgmarketsworld.com/) which I suspect from the same group to scam new victims. Another suspicious broker Evast Prime shares the almost similar website too, be careful.

  5. Sadly I also fell for the scam and lost everything. with the current COVID19 situation I also lost my job and cannot pay rent anymore in a few weeks.
    I would like to one if there is any legal way to go after them? surely collectively with all the victims that got scammed it must be possibly to do something. I’m desperate at this point and also hate myself for having fallen for it.
    my case went on for months, I had joined when it was still BCP LTD ASIA, then KSG market world and now they changed to clearingfalcon.com
    I have a lot of contact numbers (china and Hong Kong) that are still active

  6. I got scammed US$3000. WeChat they used to scam me:
    Zhangjiaxin199008
    zny662288
    kingbort8066

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