Beware! Kiplar 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.
Kiplar’s rather unique, or unconventional, approach to the forex broker website is a sight, but is not without its issues and delicate revealing aspects that uncover the true nature of Kiplar. And anyway, what kind of a name is Kiplar? Why would you name your brokerage firm as such? This nomenclature is the last name we wold give to a FX company. As you will see the name is the last of your issues if you decide to go firth with Kiplar. For the most crucial and important elements of this broker, we urge you to read the review.
The registration process was a simple thing, that nevertheless did not allow us to continue, because we had to give a legit phone number. As we have many times before stated, if the broker at hand is focused on getting your phone number, it will probably contact you with offers which will inevitably lead to yo depositing an initial sum. This is a total scheme, and we have described at the end of the review.
Without signing in, there is no way to get our hands on real and verified trading conditions, not to mention payment details. So we are left with the website with these crucial elements.
The leverage is capped at 1:400, which is a pretty standard value for offshore brokerages, while the spreads have not been included. The assets used for trading are currency pairs, commodities, and shares. The obvious missing one are cryptocurrencies, which have become a staple as of the last couple of years.
The website is in English and Russian.
KIPLAR REGULATION AND SAFETY OF FUNDS
The legal documents confirm our suspicions, and quickly change our entire viewpoint for Kiplar. The Terms and Conditions claim that the company is registered in the ever-popular Saint Vincent and the Grenadines.
This is the one place where you don’t want your broker to be based from. This location is the most popular harbour for illegal brokers in the world, and as such there is no way that we would recommend a broker from there to anyone. Saint Vincent and the Grenadines does not regulate the forex market, and its laws are more permitting… Thus any FX company registered there is most definitely UNREGULATED, and so is Kiplar.
Unregulated brokers are the last place where you should deposit your funds! They are known for not returning your calls or answering your emails when you, as a user, cannot withdraw your money.
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.
When we tried opening any of the legal documents, we were quickly redirected to the Home page of the website. The registration process has a box that we must tick in order to successfully register. The box contains broken links to the main legal documents, including the Terms and Conditions. So, there are no legal documents, their lack acting as yet another proof that this firm is illicit.
KIPLAR TRADING SOFTWARE
Kimplar’s website is proud to present to its users the MT5. As much as we want to give it praise for having included the MT5, there is no way that we can, because we cannot confirm its presence from a personal user dashboard. And given the fact that Kiplar is unlicensed, this level of trust is even lower.
Nevertheless, the MT5 is the sot powerful trading platform out there. There is no denying that. The MT5 is perfectly equipped to satisfy every user, even the picky ones. With one Click Trading, Level 2 Plugin, better time frames, an increased number of pending order types, an economic calendar, and Expert Advisors. And these are just the beginning. The amount of features is truly impressive!
KIPLAR DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250. This is the only payment information we can give you, because the entire website of the broker has nothing on deposit and withdrawals, except for the aforementioned.
Why would a broker, legit or illicit, hide this info, which is so crucial to attracting and keeping user, is a question with no clear answer.
What you must remember is that this lack of payment info is a clear sign that things at Kiplar are illegal!
The lack of legal documents means that we cannot include any fraudulent clauses in this review. Yet, that should not be taken lightheartedly. The lack of such clauses can be taken even more seriously that their inclusion. Be aware that illegal brokers are known for issuing scammer fees and restricitons that no legit broker will ever launch towards its investors. But here the broker at hand in unregulated, and as such can do what ever it pleases, because it is not bound by any overseer, no one to make sure that it follows a strict guideline.
What you have to remember, is that Kiplar is not a licensed brokerage company, and as such will not return your invested capital. Do not deposit here!
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.