At first glance, you might think this broker is top-notch, with offices worldwide, including in the UK, the United States, and Hong Kong. However, once you start going through the KitcoMarket website, you will recognize numerous discrepancies, primarily with grammar and spelling issues.
But also, there are some technical issues that don’t add up and could make you lose all of your funds. Therefore, keep reading this KitcoMarket review if you want to keep your money safe.
| Regulated By: | No Regulations |
| Is This Company Safe? | No |
| Known Websites: | kitcomarkets.com |
| Have Warnings From: | CNMV, IOSCO |
| Registered In: | Saint Vincent and the Grenadines |
| Operating Since: | 2020 |
| Trading Platforms: | MT4 |
| Maximum Leverage: | 1:500 |
| Minimum Deposit: | $200 |
| Deposit Bonus: | Available |
| Trading Assets: | Cryptos, forex, indices, shares, commodities |
| Free Demo Account: | Available |
| How To Withdraw From This Company? | Since warnings are published before negative reviews, you know what’s the time with this broker. Unless you want to lose all of your funds, we suggest you request a withdrawal immediately. And if the broker makes nonsense excuses not to approve it, contact our refund specialists for next steps advice. |
Legal Info: Is KitcoMarket Legit Or A Scam?
As can be seen, the company presents itself as a worldwide broker. Yet, their headquarters are in Saint Vincent and the Grenadines. On top of that, the company claims to be regulated by the FSA (SVG). But that simply can’t be true since FSA is not issuing licenses to Forex brokers anymore.
Another reason they are an absolute scam is that they don’t have a license from HKMA (Hong Kong), FCA (UK), and CFTC/NFA (United States). Not to mention the warnings that came out. The first one was from Spanish CNMV but also from IOSCO. With this in mind, you can forget about funds protection measures like guaranteed stop-loss and negative balance protection.
Who Are KitcoMarket’s Victims?
In addition to the mentioned issues, there are many more you can recognize before a warning. For instance, the company claims to have 200k active users in 2019. And yet, their domain was registered in August 2020.
Also, the lack of KitcoMarket reviews is something that adds up to that false story. Nevertheless, mostly targeted countries by this scam broker are:
- United States
- Canada
- Poland
If you know more details about this brokerage, feel free to share them in the comments below. But in case you need a refund immediately, contact our refund experts for advice.
Traders Reviews
In general, if the company had 200k customers, there would be many more reviews available. Yet, there are only two on Trustpilot, and most probably fake ones.
In any case, we invite you to share your experience with this broker with our team. Ultimately, we can advise you on the next step and, most importantly, assist you with chargeback and other refund methods.
Leverage, Commissions, Spreads, Fees and Taxes
Apparently, KitcoMarket broker offers services with zero commissions and spreads starting from 0 pips. So, how do they make money? Obviously, from your deposits. In any case, other trading-related and non-trading-related fees are not disclosed.
But what’s disclosed is the leverage of 1:500. If they were operating legitimately in Europe and the US, they would offer a maximum of 1:30 or 1:50, respectively. To understand why such big leverage is the problem, read our CoinexMax review.
Bonuses
Another problem with this company is that after completing the KitcoMarket deposit procedure, they might offer you additional bonuses. Thus, the bonus deal brings bonus obligations. Most importantly, the ones that can easily prevent you from withdrawing your money, if you are not reading the policy.
All in all, we suggest you not accept any bonus deals from unregulated brokerages.
KitcoMarket Trading Features
With a wide range of advanced features, this firm could compete with some top-notch companies. Some of the options are PAMM accounts, EAs, scalping, hedging, and much more. This is mostly due to the alleged MT4 availability.
In any case, without regulations, such platforms are completely meaningless.
Trading Platforms Available
When it comes to trading software presentations, there will be many funny things. Firstly, the company presents Window 10 Trader. Whatever that means. However, the presentation of the software doesn’t even look like MT4.
Unfortunately, it looks like the registration with the company doesn’t work unless you are a referred client. So, we won’t be able to test it out.
Available Trading Assets
As can be seen, the company promotes more than 200 tradeable assets. Even though it might sound fantastic, without a license, none of that matters. Anyways, their offer consists of:
- Forex – USD/JPY, CHF/AUD
- Cryptos – BNB, ETH
- Commodities – gold, natural gas
- Shares – General Motors, Boeing
- Indices – CAC40, FTSE100
Account Types
To understand you will have KitcoMarket withdrawal issues, you just have to check the company’s account types offer. There are Raw and ECN accounts available.
It appears the company’s spreads are incorporated already in quotes. So you won’t be charged anything for trading with them. Keep in mind if it sounds too good… You know the rest!
Mobile Trading App
Another irregularity found with this broker is its mobile app. Yes, they claim to offer iOS and Android apps. However, the link to MT4 software doesn’t lead anywhere. Especially not to PlayStore or AppStore.
This is another sign you should avoid this shady offer. To get some more advice on choosing the right broker, read our Blanc Invest review.
Demo Account
Indeed, the company claims to offer a demo account. However, due to the missing KitcoMarket regulation, they can say anything they want. But if they will provide the advertised service, it’s always a mystery. Anyway, it looks like you can’t register for a demo.
Education
If the KitcoMarket MT4 platform was available, traders would need adequate education for it. But without it, it really doesn’t matter. Currently, the company offers webinars, 1-on-1 coaching, and mentorship programs. Yet, without a license, it’s all a trap designed to extort more money from customers and create strong bonds.
KitcoMarket Withdrawal
Whether you are using KitcoMarket ECN or Raw account, the company won’t charge you any withdrawal fees. At least, that’s what they say. In any case, the brokerage advertises fast withdrawals on the same day through various methods, such as card transfers, Skrill, bank transfers, Neteller, and other e-payment options.
However, with all the misleading details, we highly doubt you will have a smooth payout experience. If you get a request to provide additional documentation or pay extra fees or taxes, please talk to professionals.
Customer Support
The company presents itself as trusted and reliable and still they have quite poor customer support options. Yes, they are allegedly available 24/7. But only via e-mail. This gives them enough time to make an excuse not to reply to something that goes in your favor.
Key Information To Consider About KitcoMarket
Due to limited access to the KitcoMarket demo account, shady costs, and missing regulations, you should simply avoid this broker from a wide angle. At first sight of withdrawal problems, you should report them to your local authorities. But also, leave a review anywhere possible to help other traders avoid the same problems. That will definitely happen.
Lastly and most importantly, we know you might be frustrated if any broker got your money. Now you know some tricks to avoid traps in the future. Still, we have to deal with the past and recover the money. Our refund specialists are offering the first consultation completely for free. So, if you are interested in recovering your money, send us a message and find out what your next steps are.
FAQ Section
What is KitcoMarket?
KitcoMarket is a fake brokerage presenting itself as a worldwide present brokerage since 2019, while the company operates mainly from SVG.
Is KitcoMarket Legit?
No. The company’s license doesn’t exist and they have been found on a warning list of CNMV and IOSCO. But even without a warning, there are many red flags.
How to Get Money Back From a Scam Broker?
Whether you were sending money via card transfer, crypto, or e-payment, we suggest you talk to our refund team for advice. Don’t make a mistake and lose money forever!
Source:
https%3A%2F%2Fscambrokersreviews.com%2Fcrypto-scams%2Fkitcomarket-review%2F
