Beware! Kiexo 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.
There are certain brokers that we have to take in, for they posses an impressive website, that seem to have an unknown power to it that pulls you in, and makes you register. Kiexo is one such entity, with a superb visual style, and a website that is the envy of many others. However, even if Kiexo has the visual appeal and the interface of a worthy firm, its legitimacy quickly was quickly compromised, as there are far too many negatives to consider, all points which are expertly hidden behind the facade that is the website of Kiexo. Read the review to find out all there is to know about this broker.
To register one must go through a decent looking process which required from us all the usual credentials. However, we could not proceed the process without providing a real phone number. This is a brick wall, because when a broker requires a phone number and does not allow to continue with the registration, the firm at hand will most certainly contact the user. This is a sign that things might be illicit, for scammer brokers usually contact users and start a very popular scheme that we have described below, in the Scammer section of the review.
Without a registration we cannot give you any real trading terms, like a spread or leverage, nor any actual payment info. The leverage is capped at 1:400, according to the website, while the spread and assets have not been revealed.
The official languages are English and Portuguese.
KIEXO REGULATION AND SAFETY OF FUNDS
Here is the first big reveal: Kiexo is a broker that is located in Saint Vincent and the Grenadines, a location that we have talked enough about in hundreds of previous reviews.
Here’s the just of it all. Saint Vincent and the Grenadines does not regulate the forex market.. Of the hundreds, if not thousands, of registered brokers in the county, exactly zero have an FX license.
Seeing that Kiexo does not claim to be regulated by anything, we can very safely assume that this broker is UNLICENSED, and therefore a risk to all investors.
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.
Furthermore, the legal documents are limited only to a Terms and Conditions and a Complaints & Dispute document. There is an entire sub section on the website with legal documents, of which only the two aforementioned ones are able to be opened.
KIEXO TRADING SOFTWARE
The website reveals that the trading platform is the MT5, however we cannot confirm this to be 100% true.
Too bad, because the MT5 is by far the best platform in the market today, even if its previous version, the MT4, is still the most popular. The MT5 has so many features, that any type of forex trader can simply go on using this terminal for the rest of his or her career and be content for the rest of it.
Again, the MT5 would have helped Kiexo a lot, but not so much as to make it recommendable.
KIEXO DEPOSIT/WITHDRAW METHODS AND FEES
All the following payment info is taken from the website, and not from the user area, because we had no access to it.
According to the Terms and Conditions, the minimum deposit is $100. The FAQ indicates that the depositing methods are credit card or debit card, bank transfer, and cryptocurrencies.
Please be aware that the broker can close down an account if the user’s account money reaches the minimum deposit, i.e $100.
The minimum withdrawal is $50. The processing times have not been disclosed. The legal document claims, as is with many illicit brokers before, that there are fees for unrevealed activities. The below clause reveals that these undisclosed fees will accumulate an interest for every day that they remain unpaid!
In fact, the entire Fees and Commissions sub section of the Terms and Conditions constantly speak of fees, with only the following one being valued. These 4% taxed per year is applied because of the relationship between the broker and some undisclosed third parties.
Here is another example of a common fraudulent fee, that in our case has not been given a value.
If the withdrawal of a bonus has been issued, the client must have traded an unknown trading volume amount. If the client has not reached this turnover requirement, the withdrawal will be voided. Furthermore, these mysterious turn over prerequisites can be altered at any time without notice to the user.
Kiexo can change the Terms and Condition’s content without the consent of the user.
And last but not least, the indemnification clause that clearly gives us a excuse fro the broker to continue doing its scammer schemes. Essentially, the company is not to be held liable for any damages it causes to a user.
The presence of these clauses is a clear indication that Kiexo should neither be entrusted with your capital, nor your trust. This broker, we promise you, will not return your funds, and will either stall you withdrawal request, or will deny it altogether. Stay away!
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.