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KBLFinance is probably one heck of a well-designed scam. It may fool hundreds of investors due to their crafty presentation and claims of low spreads. KBL Finance is, however, failing in producing concrete evidence to support their legitimacy. Our efforts to reach out to the broker bore no fruits. It seems that this is another well-planned online brokerage scam targeting American and European investors. We must put an end to this by exposing them. Learn more in this KBLFINANCE Review.
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According to their about us page, the broker claims to know what it feels like to be a trader. We must point out that the website is probably an outfit of an ex-broker. The way they have branded the platform, it’s clear that there’s an expert behind it.
Although it’s hard for newbies to spot red flags, our duty is to reveal them. There’s a likelihood that most will sign up due to the appealing website aesthetics.
There’s no doubt that the website looks like a legit trading platform. Once you get to sign up, that’s when the platform reveals its true colors. Claims of having a superior trading platform are false, and there’s no way this is a legit platform.
Our investigation reveals that this is an offshore broker. Most offshore brokers prefer to remain anonymous, as is the case with KBL Finance. The safest way is to stay away and avoid any contact.
From their trading room, one can see that the broker offers five trading assets. These assets include commodities, crypto, forex, indices, and stocks. They claim to offer low spreads on their homepage even though they have an account with a leverage of 1:150.
Other notable claims include having 3500+ daily positions, 99 percent execution under one second, and 1.5 million orders executed. Their presentation does really indicate that this is the road to riches. Or so you might think.
Once you sign up with the platform, the broker offers a welcome bonus. It’s one of the first red flags we spotted with this platform. Regulators are warning investors from jumping into such alluring features.
Scam artists have, over the years, been using welcome bonuses to block withdrawals. KBL Finance is not different as complaints have been trickling in regarding blocking accounts.
The broker offers bonuses from 10 percent for the basic account to 100 percent for the diamond account. Once the bonus reflects on your account, you will have to deposit the same amount to clear it.
Even if your account balance can offset the bonus, the broker demands a fresh deposit. And this is the last straw, as once you make payment, the broker freezes your account for no reason.
From our findings, we notice that the website has some peculiar features. As of publishing this post, the website is 106 days old. Their IP history shows a different story as there have been 5 changes over 8 years.
As it turns out, this is a short-term website that will be later sold to other scam artists. We don’t have a clue about the history of this website for the past eight years. It goes to show the level of suspicion the broker works under.
KBLFinance has five different account plans. These plans include Basic, Silver, Gold, Platinum, and Diamond. The basic account holder can deposit $250 to $10,000 to start trading. Most of the accounts share the same features, such as having an account manager.
The Silver account is the only account that has acceptable leverage of 1:30. Daily market reviews are only for Platinum and Diamond account holders.
What makes the platform expose their true intentions are the account managers. These are call agents who act as account managers. Once you sign up, you are assigned an account manager who only calls for more money.
These account managers constantly harass members by calling at odd hours. Once you cave in, the account manager changes, and you get another manager. You can’t access the managers in case of an emergency.
Expect no support from these scam artists as the telephone number is a virtual dial. You can only leave a message and hope that the broker calls back. The contact page also shows how irresponsible the broker has become.
Once you send an email, there won’t be any response unless it’s about depositing funds. The broker is using one-way communication to ensure that they control communication. They can reach you at any time but, you have to try a million times to reach them.
There are four payment options available on the platform. These options include Bitcoin, MasterCard, Visa, and Wire transfer. The options are there so that anyone can deposit from any part of the world.
Withdrawing funds with KBL Finance is the problem most members face. Over the past three months, no member has made any withdrawals. The claim that the money reflects on your bank account after five days is false.
Their trading room has a bid/ask feature with a spread of 20.4 pips. This is the same broker who made a promise of offering low spreads. The leverage is also high, which indicates that the broker profits from losses made.
It’s the same reason why most members are losing their funds when trading with the platform. Since 70 percent of traders lose transactions, it’s clear that the broker walks away as the winner.
KBLFinance is not a legit trading platform despite what looks like a real trader’s website. We did contact the Financial Conduct Authority as their phone number has a UK code. The FCA does not have any broker licensed under this name.
And that makes it a complete waste of time for anyone interested in safe trading. Once you sign up with this platform, you wave your rights to enjoy the protection of regulators.
With the broker failing to inform members of their license status, it speaks volumes about their transparency. The broker would rather lose your money instead of protecting it using regulators. A legit broker will deposit an initial capital to regulators to act as insurance cover for deposits.
KBL Finance is not following protocol as we are sure they will soon close the shop. Stay away from such brokers who openly put your funds at risk.
As we now know that the broker does not comply with regulation, funds are far from safe. Stay away from this platform, or else risk losing your entire deposit. This broker does not participate in a compensation scheme.
KBLFinance is a scam that every sane investor should avoid. These are offshore brokers who will run off with your money with no way of recovering it.
We won’t recommend an offshore broker with no regulation from known regulators. Please stay away from this and any other broker that shares similar characteristics.
Stay safe and use expert-recommended brokers for a fair and transparent trading experience. It’s the only way to earn reasonable profit margins with online trading.
We wish you the very best in your investment venture.
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