KeyOneTrade

There is nothing to say about KeyOneTrade; the realization that something is not right engulfed us from the start. Read on to find out what’s wrong.

The shadiness of this brokerage is probably best conveyed by the total lack of any regulation – the information is simply not there – and by the looks of the brokers, most notably the way some sections of the site are plain unappealing. The only hint that is given is an address:

…locating the firm somewhere in the outskirts of Birmingham. This means that the company should be licensed by the FCA if it wishes to provide legitimate trading conditions. It does not: the FCA public register does not include KeyOneTrade. Thus this broker is UNREGULATED and a risk to any user wishing to invest in it.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The leverage that is offered reached the maximum value of 1:400. We remind you that in the UK the leverage is limited to 1:30; another clear cut sign of the illegitimacy of KeyOneTrade.

After we provided all the necessary information needed for registering and getting a confirmation email with a password and username, we logged in to a trading platform, that had no properties of a real trading terminal. Read the next sub-section for more details.

The only language that we were given access to was English.

KEYONETRADE LOGIN

As mentioned, once we logged in we were redirected to a peculiar looking trader.

There is obviously nothing here to qualify this as a trading platform: no buy/sell buttons, no possible way to actually trade. Upon further inspection we discovered that this is a widget provided by TradinView. So there is no actual platform to trade with. What is an online broker without a trading terminal?

KeyOneTrade teases with the inclusion of an MT4 platform, plus a Xstation trader, both of which are unavailable.

All we are left with is the 1:400 leverage that is casually displayed, but not at all accounted for.

KEYONETRADE MINIMUM DEPOSIT

The minimum deposit is $500. This is double the industry standard. There’s the Premium Account with a minimum requirement of $3000, while the minimum deposit for the VIP Account is $5000.

Clients can fund an account via Credit/Debit Cards, Neteller, Skrill. We could not find mention of a Wire/Bank Transfer.

We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The KeyOneTrade T/C are extremely vague and light on details, and on top of that they are the only Legal document; there is no warning against covering your CVV code, meaning that the broker will probably casually ask you for it as some point or another. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

KEYONETRADE WITHDRAWAL TIME AND FEES

We didn’t know it to be possible but the withdrawal information is even more insufficient than the depositing one. There is no mention of a minimum withdrawal.

Processing times for withdrawals are up to 7 days.

There are no withdrawal fees, or at least we are not made aware of them.

ADDITIONAL FEES AND TAXES

There are no fees mentioned. Don’t let this soften you up. Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.

HOW TO RECOVER

The most sound advise we could give you is to immediately file for a charge back with you credit card company.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

The length of this review is due to the lackluster nature of this broker; the information provided is useless and minimal. If ever one needs a textbook example of a scam broker, one shouldn’t look further than KeyOneTrade.