Beware! Keyfunders 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.
Keyfunders is not a worthwhile broker – and here is why:
Keyfunders regulation and safety of funds:
Keyfunders is not regulated in the least – in fact, the company operates from one of the most notorious offshore havens out there – the islands of St. Vincent and the Grenadines – a fact it displays on its own website, as you can see below
The problem with St. Vincent is that it does not regulate its markets whatsoever – that means that scammers run rampant there. Compare that to the UK if you will – the kingdom’s financial oversight body, the FCA, demands that brokers report on a daily basis so that scammers are weeded out. There are a lot more rules that FCA licensees have to abide by, but the point is that trading with one of them is going to be infinitely more profitable for you.
Keyfunders trading software
Keyfunders provides a bare-boned web trading platform, which you can see below:
It lacks a lot of Metatrader 4‘s features that we have come to expect from trading software – automated trading is nowhere to be seen, for example. Furthermore, the spreads that Keyfunders has are simply unacceptable – major currency pairs like EURUSD should move within one pip – and here they are fluctuating around the three pip mark! Keyfunders also offers an illegal amount of leverage – the majority of regulatory institutions have banned amounts over 1:100 for retail traders, as they are seen as too risky. But as an unlicensed broker, Keyfunders offers a leverage of 1:400 in a bid to attract more clients. In general, you should be cautious around brokers with high leverage – nine out of ten of them are either unlicensed, or running a scam.
Keyfunders deposit and withdrawal methods and fees
Keyfunders accepts deposits through credit cards and Bitcoin – the latter form of payment is not eligible for any refund so be careful with it. The minimum deposit with the broker, $250 is also too much, when legitimate brokers out there can open an account for as little as $10.
There are a number of unacceptable clauses within Keyfunders’ Terms, detailing fees that are too hefty – let’s start with the inactivity fee the broker charges:
While that kind of fee is nothing uncommon nowadays, know that no legitimate broker would charge you as much. Here are the withdrawal fees that Keyfunders has in place:
The minimum you will pay to withdraw your money is $35 – and that is provided you manage to achieve an impossible turnover. But do not expect to be able to withdraw your profits whatsoever – consider the following clause:
It states that bonuses and profits made by trading with them are to be considered non-deposited funds, which are not eligible for withdrawals. The problem with that clause is that there is no way to distinguish between deposited and non-deposited funds – leading to the broker claiming all of your profits as its own. The bonus can be withdrawn, should you execute another impossible turnover – 25 times the bonus plus your deposit.
In short, with Keyfunders you will only be able to withdraw your deposit – none of your profits – and your withdrawal will be subject to heavy fees – this can only lead to the conclusion that Keyfunders is running a scam.
How does the scam work?
So, it seems that Keyfunders is nothing but a scam broker – and furthermore, we believe it to be one that is running a very efficient and merciless scheme. Here is how it plays out:
First off, a person stumbles upon an ad that promises them incredible returns on investments – if they follow it they are taken to a website, much similar to Keyfunders’ – on it, they can register, leaving a phone number in the process. The scammers will then use the number to constantly hound their victim for deposits – more and more money will be demanded by the masterful manipulators, until their victim realizes they are being conned. And once the money ceases to flow, the scammers simply cut off their victim and disappear, leaving them high and dry.
What to do when scammed?
If you have been scammed do not despair – here is what you need to do to ensure you don’t incur further losses:
First off, restore your privacy – delete all software the scammers had you install on your PC. They will sometimes use programs like TeamViewer to snoop around on it without your consent. Then you will want get new documents issued – change anything the scammers had access to, because your ID being used against your will is quite possible with these criminals.
Secondly, you need to think about restoring your losses – your best best to do that is contacting your bank and explaining your situation to them. What you should watch out for, however, are recovery agencies – if contacted by one with promises of your money being restored and demands of an advance payment to do so, know it is nothing but another scam.
Finally, know that there is nothing to be ashamed of if you have been the victim of a scam – instead, you should speak up about your experience. Only by raising the general awareness of the scam can we hope to stop it from taking more victims!