Beware! Anand Koundal 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.
We are reviewing Anand Koundal, an utterly deficient and totally suspicious broker. For one thing, they fail to specify anything about their services and do not even present legal documentation. Anand Koundal is a business you should avoid, and we’ll explain why in the following paragraphs.
Anand Koundal REGULATION AND SAFETY OF FUNDS
Anand Koundal claims to be a brand name of a British company-Anand Koundal Investment Limited. In fact, there is such a company incorporated at the end of April 2021, but it has no license to sell Forex services to the public. Indeed, we can’t even link this shady brokerage to Anand Koundal Investment Limited, so it may as well be a clone firm. Anyway, the absence of regulation means that your funds won’t be safe if you deposit. We believe Anand Koundal is a scam scheme, and later we are going to show plenty of evidence to support our accusations.
As the broker is apparently fraudulent, you’d better see the EU brokers and British brokers topping both lists. We recommend those because the Europeans offer high-grade security and protection guaranteed by deposit insurance funds created to reimburse clients in case of insolvency or fraud. Thus, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. So if you are eligible to open an account with European FX companies, you can safely go for it.
Anand Koundal TRADING SOFTWARE
Anand Koundal delivers MetaTrader5, which is one of the best platforms on the market. The EUR/USD spread is also excellent- 0.8 pips, which is generally in line with the industry standards. Still, Anand Koundal is unregulated and a suspected scam, so don’t even think about it. Moreover, the seemingly favourable trading conditions mixed with such an inferior website doesn’t make any sense. There is something fishy going on.
That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are safe and deliver upper-class software. The MT distributions are packed with sophisticated tools such as Expert Advisors, many complex indicators, sophisticated charting tools and a marketplace featuring more than 10 000 apps. MT is definitely the best choice for traders.
The leverage is actually unknown. While creating the Demo account in the terminal, it was possible to get even 1:1000, but we can’t guarantee it’s relevant for Real accounts. Nevertheless, that’s an excessively risky ratio that will blow your account within seconds if you deploy it. At the same time, the broker claims that there is “Free choice of 100-200 times leverage“. Well, that’s a scrappy piece of information indeed! Moreover, 1:100 and 1:200 were long ago prohibited in Britain, which once again proves that Anand Koundal is unregulated.
In fact, leverage is an utterly important matter because it carries high risks, and most respected authorities even regulate it. For example, EU, British and Australian brokers‘ clients are limited to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. In addition, most of the high-leverage FX companies are unlicensed, and we urge traders to be cautious when it comes to leverage.
Anand Koundal DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Anand Koundal is unknown. The funding methods indicated on the website are UnionPay and USDT, but due to the scatterbrained pieces of information, we can’t validate anything whatsoever. In fact, we were willing to test their deposit system, but it was impossible. Anyway, you’d better be always sceptical about brokers that do not accept Credit/Debit cards, and Wire Transfers for those two methods are most common.
While talking about funding, we can offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred choice. The companies on top of both lists are adequately regulated, and you won’t face scammers.
Overall, Anand Koundal is a scam we exposed, so you should steer clear of it.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud that’s rather distinctive because it’s a process. In the typical scenario, the victim clicked on an ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich and would invent as many stories to get the craved deposits.
Unfortunately, the initial deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest repeatedly. For example, con artists may not allow people to trade themselves but would pretend to manage the trading accounts. Forged results would show victims massive profits, and scammers would ask for more money, promising to secure more gains.
However, the problem starts when people ask for withdrawals. Scammers would make excuses to refuse withdrawals and even require additional deposits to let people take their money out. Those criminals won’t stop asking for funds, no matter what. In the worst case, the victim would believe in the scammers’ falsehood and deposit again and again. However, sooner or later, the scam would become evident, the fraudsters would cut the communication and eventually disappear. They would drop the website, create a new one and carry on with their criminal business untouched, while people would be left with losses almost impossible to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened so that they can give you instructions and help, 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, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!