Beware! Knightwas 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.
Knightwas is a highly obscure Forex broker which should be avoided and in this review we are going to show you why. First of all, their website does redirect to a website called bcptrade.com, which is a major cause for concern. Also the website itself has nothing to do with a web page of a true Forex broker, it is ugly, broken and built in a truly amateur manner. Looks like a student’s homework, not like a website which belongs to a renowned company in the retail Forex industry.
We found too many signs suggesting that Knightwas is being operated by an infamous group of scammers, who has also been running other Forex brokers such as KSGMarkets, Axe Markets Group, Vow Markets, BCP, Temporalexchange, Ksgmarketsworld and probably many more, which we haven’t found yet. Stay away from this entity, it’s a highly suspicious Forex broker, for more details read the full Knightwas review.
Knightwas REGULATION AND SAFETY OF FUNDS
Knightwas doesn’t provide the customers with any piece of legal information about themselves, whatsoever. There aren’t T&Cs, User Agreement, Client Agreement or any other similar documents which arrange the ways that they conduct their business, also there isn’t an address or a contact number listed. In their Company Profile page, however, they claim to be supervised by the Financial Market Behavior Regulatory Agency of the United States and registered with all EU jurisdictions where the company operates. It’s a total nonsense, there isn’t such a regulatory body in the US, or anywhere else in the world, that is a brutal lie aiming to deceive the traders. In EU, or UK, however, no authorization was found by any financial body regulating the retail Forex trading in Europe.
In fact, there is only a hint about a company called Audley Pty, which is allegedly linked to Knightwas.
Very disturbing facts emerged on the surface during the research, the company is indeed registered in UK, with an address linked to many of the brokers operated by Business Choice Partners and Knight Services Group! Both companies are proven scam, FCA and FMA in New Zealand issued official warnings against them! Audley Pty itself is not authorized to operate as a Forex broker!
Your funds are not safe if you deposit with Knightwas, it is an unlicensed, unauthorized and unregulated Forex broker, blatantly lying the public about it’s regulation. Avoid them and find a broker which is legit, transparent and regulated in EU or UK, because these jurisdictions provide the safest environment for your funds. The European Forex brokers 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 throughout Europe 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. USA and Australia are still trying to catch up with the Europeans in terms of customer protection, but there are certain steps taken in that direction.
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.
Knightwas TRADING SOFTWARE
Knightwas offers only MT5 accounts, MT4 or web-based trading platform is unavailable. Their software, however, brought us the biggest surprise. We downloaded the vowgroup5setup.exe, which is an execution file we first saw when we were doing the Vow Markets review. It was, actually, the very same one, because we ended up with a platform already installed, but with the MT5 license expired. It is a irrefutable proof that Knightwas and Vow Markets are being operated by the same group of scammers! Avoid Knightwas, it’s a scam!
The demo account was a default one, not assigned to a certain Forex broker. We searched the MT5 broker database but neither Knightwas, nor VowGroup produced any results. This entity has nothing to do with a true Forex broker, it’s a scam, you should avoid it and report immediately if they contact you. There is no information about their real trading conditions, however, the spread, the leverage levels and the margin requirements are unknown.
Knightwas DEPOSIT/WITHDRAW METHODS AND FEES
As already mentioned, Knightwas does not bother to provide the customers with any legal document, except for some vague AML and Privacy Policy explanation which doesn’t actually correspond accordingly. They are blabbering about some manufacturers, lands, so on, and do mention some Australian and Mauritius legislation acts, such as FIAMLA, but it certainly doesn’t make any sense, just another big red flag to note!
As a result, no minimum deposit known, no funding methods listed, no minimum withdrawal, no fees specified in size and scope, no bonuses or other trading incentives offered. There is no dormant account policy, of course or other fees or charges presented. No partnership programs introduced, as well. Stay away from this broker, and we have to repeat, report immediately if they contact you! The suspected scammers are known to operate primarily in the social media, including Facebook, Instagram, even Tinder. If they approach you do not hesitate to report and do not ever deposit money with them!
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.
We suspect that the group standing behind Knightwas is the same that runs Business Choice Partners and Knight Services Group. The group is being reported to deploy young and attractive Asian ladies who will randomly approach targets in Facebook or Tinder! While the scam usually follows a simple model, targeting investors who are looking for lightning quick profits, here we have a mix in action, a complex scam model which is exploiting personal characteristics such as greed, lust, credulity and naivety, at the same time. It makes their victims much more vulnerable and the record shows that the losses caused by these scammers are greater than usual. They have already defrauded 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 Knightwas, it’s a scam!
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!
