Beware! Ksgmarketsworld 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.
Ksgmarketsworld is a Forex broker offering ECN RAW trading with spreads starting from 0.0 pips, executed on Metatrader 5 platform. They also claim to offer the most humanized trading platform which is a very unusual description of MT5, not sure what they do intend to say with this statement. In fact, they build their entire marketing strategy fully on the platform, provided by Metatrader, very few words are mentioned about their real trading conditions, funding methods or authorization. We also discovered that the guys standing behind Ksgmarketsworld have been in the markets, providing scam Forex products and services for a long time. Find out who they are, what will they be able to deliver and why you should avoid this Forex broker in the full Ksgmarketsworld review.
Ksgmarketsworld REGULATION AND SAFETY OF FUNDS
Ksgmarketsworld does not provide any legal documents with references, which will undoubtedly prove their legitimacy. In fact, they do not mention a word on the matter, the only information about themselves enlisted is their UK address. Their MT5 platform, however, fully convinced us that we are dealing with a well-known group of scammers, which is very dangerous, indeed.
Ksgmarketsworld is the newest name used by the infamous Knight Service Group Limited, actually a rebrand of the dodgy Business Choice Partners Group(BCP). Both companies have official warnings issued against them by numerous financial authorities around the world including UK, EU and New Zealand. Some of their most famous scam brokers are KSGMarkets, Axe Markets Group, Vow Markets and BCP! In fact, these are among the most dangerous Forex scammers to meet, due to their flexibility and the way that they conduct their business!
Your funds are not safe if you deposit money with Ksgmarketsworld, it is an unlicensed, unauthorized and unregulated Forex broker, run by a group of scammers, already blacklisted by FCA and FMA in New Zealand. Do not interact in any way with them and report immediately if they contact you! This group operates laboriously on the social media, you will find out more about their approach later in the review.
Your broker should be legit, transparent and regulated in EU or UK, because these jurisdiction provide the safest environment for your funds. The legit Forex brokers operating there put the customer protection on top of their priority list and will treat your funds with an utmost care, not because they want to, but because they have to. One of the rules agreed and implemented is the negative balance protection on a per account basis, meaning that the losses cannot exceed the total funds deposited. In other words, you cannot end up in debts, owing money to the Forex broker.
There are also money protection schemes in operation, such as ICF in Cyprus and FSCS in UK, which guarantee the deposits of the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Stay away from Ksgmarketsworld, it is a scam!
Ksgmarketsworld TRADING SOFTWARE
Ksgmarketsworld offers MT5 accounts, MT4 accounts or web trading platform are not available. In fact, we couldn’t register, because there was a verification code that they had to send to us by phone, but we haven’t received any, yet. We managed to download their platform, though, and open a demo account, but it was not fully functioning, no working chart appeared ever. The spread stayed at 0.1, however, and the leverage levels could be as high as 1:1000.
It is a financially suicidal level, no more than 15 pips in the wrong direction are enough to bring your account down to zero, or less, and it might happen in just a few seconds, even in a low volatility market. In EU and UK the leverage is capped at 1:30 for a reason, it became obvious that the increased leverage leads to greater losses among the traders and investors with little or no experience. In fact, no matter the experience, trading 1:1000 leverage is always a gambling, not a trading.
No information about their account types is available.
Ksgmarketsworld DEPOSIT/WITHDRAW METHODS AND FEES
Ksgmarketsworld didn’t bother to provide the customers with T&Cs, User Agreement, Client agreement or any other document including all the relevant information about their products and services in it. We have to remind you, the people behind this website are scammers, the expectations don’t have to be raised and you shouldn’t ever deposit with them, or collaborate in any possible way.
No minimum deposit known, no funding methods described, we weren’t allowed to register so there is no chance we can see their payment methods.
No minimum withdrawal known, no fees listed, no dormant account policy specified. No bonuses or other trading incentives are offered, no partnership programs introduced.
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
BCP, as we call the group standing behind Ksgmarketsworld, is known to deploy young and attractive, usually Asian ladies, who will approach male customers in the social media platforms. These fraudsters created a complex scam system which makes them extremely dangerous and lethal for you bank account. While the usual scam follows a simple model targeting investors looking for lightning quick profits, here we have a mix in operation, exploiting typical human characteristics such as greed, lust, credulity and naivety, at the same time. It makes their victims much more vulnerable in the first place and the record shows that the losses caused are greater than usual. BCP have already scammed a huge number of people and you should never ever interact with them. In case this happen, do not go a step further and deposit money with them, you are guaranteed to register losses by following their instructions or requests. Stay away from Ksgmarketsworld, it is a proven scam and report immediately if they contact you!
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!