Kurdistan Forex review – 5 things you should know about kurdistanforex.com

Kurdistan Forex review – 5 things you should know about kurdistanforex.com

Rating: 1

Beware! Kurdistan Forex is an offshore broker! Your investment may be at risk.

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The very name of Kurdistan Forex makes us doubt that this is a genuine broker based in the UK as it presents itself to be. And boasts that it is “the world’s number 1 forex and CFD broker” does not match the extremely low quality website which lacks basic information and functionality. Kurdistan Forex is very much an example of what a legitimate forex broker should not look like. In fact, at the time of writing this review, the Kurdistan Forex website looks like an unfinished work in progress, yet it has already attracted the attention of financial regulators. Kurdistan Forex is an obvious attempt to defraud and nothing more.

KURDISTAN FOREX REGULATION AND SAFETY OF FUNDS

When you visit the website of a legitimate broker you can expect to find clear and detailed information about the company that owns and operates it, where it is based and what regulatory regimes it is subject to. Licensed financial services providers are also required to provide a comprehensive set of legal documentation.

This is not the case with Kurdistan Forex. The only identification information is a UK address and email.

The UK is a jurisdiction with strict financial regulations. To operate as a broker there, a company must be licensed by the Financial Conduct Authority (FCA). However, checking the regulator’s database did not lead us to a licence, but to a warning that the Kurdistan Forex is not authorised:

If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority (FCA). They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

KURDISTAN FOREX TRADING SOFTWARE

On the website, we see the claim that Kurdistan Forex offers MetaTrader 5 (MT5) – software preferred by the majority of traders worldwide. However, there are no download links on the home page. Although the account registration feature is functional, the Kurdistan Forex client portal is completely blank. Registering an account does not give us access to either a trading platform or any functionality.

It is advisable to contact one of the many legitimate brokers that offer MT5 or the still very popular MT4. These platforms have established themselves as leaders because they offer a wide range of features, including a wide variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

KURDISTAN FOREX TRADING CONDITIONS

Kurdistan Forex claims to offer “40,000+ instruments across all asset classes”. But like everything else on this website, this claim is a lie. As we have seen, the Kurdistan Forex does not have the necessary software or license for this to be true. The website lacks any information about the terms of trade. Not even basic trading parameters are mentioned such as leverage, spread, commissions and minimum deposit.

Legitimate brokers offer different account types for trading, tailored to traders with different capital and investment intentions. Most leading brands in the industry allow you to start trading with low amounts of 200 USD, 100 USD or even less.

KURDISTAN FOREX DEPOSIT/WITHDRAW METHODS AND FEES

According to the website, Kurdistan Forex allows quick and secure deposit and withdrawal via debit card or bank transfer. As stated, the website lacks any functionality, including for depositing. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as Sofort, PayPal, Skrill or QIWI.

Since Kurdistan Forex does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfill traded volume conditions.

HOW DOES THE SCAM WORK

Stories of people getting rich from cryptocurrencies tempt many to try their luck in the financial markets. But you have to be very careful not to fall into the clutches of the many scammers lurking in the online space. These scammers only pose as brokers and lure you in with promises to take on the confusing aspects of investing for you.

If you make contact with such scammers they will first convince you to give them a small initial sum of a few hundred dollars. They may even fool you for a while that your investment is generating incredible profits to convince you to give them a larger amount. But your money won’t really be invested. And when you try to withdraw your supposed profits or even your deposit, you will find that it is impossible.

The scammers may tell you that all your investments have been lost by a sudden change in the market. Or they’ll point you to clauses hidden in their Terms and Conditions that say withdrawing your money is only possible after you meet impossibly high minimum trading volume requirements. And they can simply disappear because these scam sites hide behind fake names and offshore companies that are not subject to rules and regulations.

WHAT TO DO WHEN SCAMMED

If you find yourself a victim of scammers, you should inform the relevant authorities in your country and spread the word online to warn other potential victims. However, the chances of getting your money back are not high.

If you used a credit/debit card for the transactions, you could ask for a chargeback. However, such requests can be disputed if you have provided the fraudsters with proof of identity such as a copy of an ID. Under no circumstances should you trust people on the internet who claim they can recover your money for an upfront fee. These too are certainly scammers.

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