FOREX COMPANIES/BROKERS TO AVOID: KEYTRENDING
FOREX COMPANIES/BROKERS TO AVOID: KEYTRENDING SCAM
KeyTrending is an offshore firm in the forex industry which makes it a fraudulent firm. KeyTrending is an unlicensed online broker which is not under any regulatory agency making your investment at risk. KeyTrending is a registered company in St. Vincent and the Grenadines– a country where the local financial authority doesn’t monitor or in any way control Forex brokers. So take note, all St.Vincent and the Grenadines(SVG) brokers are very risky to deal with as they are unaccountable and, as such, can do whatsoever with your money, with no consequences for their actions whatsoever. So whenever you see any forex broker registered in SVG, don’t invest in them. Do not invest with KeyTrending. All SVG brokers are very risky and most likely a scam, it is possible to recover your funds from such broker. This s used in the ongoing the KeyTrending scam
KeyTrending claims to have software for traders and investors which is the Meta5 trading platform that is available on both Pc and mobile devices. Despite making use of the MT5 trading platform, you will be notified that the timing on CFD Charts is not the same as the real charts you will find on the internet. Opening a Demo account is quite impossible on this platform. This itself is a total red flag as legitimate brokers have laws binding them that allow users to open a demo account for better experience and knowledge of the market. As you might have guessed, trading or investing in this company is a risk you should not take. Stay away from the KeyTrending scam
As you know, investments with unlicensed brokers are highly risky. It would simply mean losing money you won’t ever get back. The best still remains that you choose regulated brokers who have licenses from renowned agencies like FCA or CySEC who have strict prerequisites for forex brokers. Also, in the case of a broker becoming insolvent or suspicious, these regulators step up and provide traders with a reimbursement plan.
One thing I found out about this platform is that the minimum amount to deposit is $250 while the minimum to withdraw is $50, but here is the thing; conditions will worsen if clients accept trading incentives: a minimum trading volume of a quarter of the bonus in terms of lots will be executed for 60 days. In other words, for $200 inserted into your account, you should trade 50 lots (5 million USD in turnover) to become eligible for withdrawal. If you don’t meet the requirement for 60 days, the bonus and the profits generated will be taken out of your account- the trading incentives favor the broker, which doesn’t go right and it is a method to scam people of their money.
It is not easy to avoid scams in Forex companies. Forex traders are constantly searching for new Forex companies and brokers to join. But this is what you need to know: There are more Forex companies and brokers that are scam than there are legit ones. This is why you need to be careful when choosing a Forex company or broker. The best way to choose a legit Forex company or broker is to read reviews on MAFG RIA Service. MAFG RIA Service is a great place to discuss Forex related information with other traders. MAFG RIA Service is also a great place to read reviews on Forex companies and brokers. Most Forex forums have “Scam Watch” sections where traders can post reviews on Forex companies and brokers. There are a lot of Forex companies and brokers that are legit out there, but there are also a lot of Forex companies and brokers that are scams. This is why it is absolutely necessary to do your research before choosing a Forex company or