Kryptoknights – Is It a Scam?

Website URL: https://kryptoknights.io/

Founded: N/A

Regulations: Unregulated

Languages: English, Arabic

Deposit Methods: Visa, Bitcoin, xPate, MasterPay

Minimum Deposit: Unknown

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Currency Pairs, CFDs – Commodities, Stocks, Indices, Precious Metals, Digital Assets

Trading Accounts and Conditions

Kryptoknights offers its clients 5 different trading accounts:

• Green: The broker offers a leverage of 1:100 for this kind of an account.
• Premium: For this kind of an account, you are offered a leverage level of 1:200.
• Platinum: For using the Platinum account, you are given a leverage of 1:300.
• Executive: For the Executive account, traders are offered a leverage of 1:400.
• Presidential: We do not have any information on the benefits of using a Presidential account.

Besides providing you with the leverage levels for 4 of the 5 trading accounts, Kryptoknights has not given any details of the other trading conditions. We do not know what the minimum deposit requirement is. We also could not find any information on the spread, commissions or other transaction fees.

Kryptoknights – Advantages

Here is a list of the advantages of trading with Kryptoknights:

• High Leverage Levels

Kryptoknights offers its clients leverage levels that range between 1:100 and 1:500 depending on the type of account you choose. This means that even traders that prefer higher-risk investments will want to use this broker.

However, we do need to add a word of caution here. While leverage is an important part of currency trading, it is a double-edged sword. While higher levels of leverage allow for bigger positions and higher profits, they also come with greater risks. Which is why many financial watchdogs have put a cap on how much of a leverage can a broker offer.

• Range of Financial Instruments on Offer

Kryptoknights offers its customers a wide range of financial instruments with which to trade, which is advantageous for traders.

This product portfolio that this broker has to offer you ranges from a large number of currency pairs, as well as CFDs on multiple indices, numerous stocks, precious metals, and even quite a few cryptocurrencies.

Kryptoknights – Disadvantages

Sadly enough, the number of disadvantages of trading with Kryptoknights far outweigh the few advantages that we were able to find.

• Lack of Regulation

Kryptoknights claims to be owned and operated by a company by the name of Duo Holdings Ltd. This company is registered in Dominica, where forex businesses are not bound by regulations as other international banking services are.

What this basically means is that this broker is not regulated in any way and therefore is offering its Forex and CFD services illegally.

We would like to highlight the dangers of dealing with unregulated brokers. Such brokers are not accountable for the manner in which your money is handled. So, if you were to suffer losses at the hands of an unregulated broker, there is no way you would be able to get your money back.

So, the best thing you can do is to stay away from a broker that is unregulated.

Plus500

$100

Minimum Deposit

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

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• Lack of Clarity on Trading Conditions

This broker has given almost no details about its trading conditions. Besides the leverage levels for the various types of accounts it offers, we do not know what Kryptoknight’s customers will face when they register with them.

There is no information on the spreads this broker offers, and neither do we know what the minimum deposits required.

• No Demo Account

We were hoping that we would be able to see the trading conditions for ourselves. Unfortunately, there were no demo account available by which we could do so. Because of this we were forced to register with Kryptoknights to understand what kind of trading conditions were offered on the broker’s live trading account.

• No Support for the MetaTrader 4 Platform

The MetaTrader 4 platform is used by over 80% of the Forex traders of the world. This software is easy to use – even for novices. And it comes loaded with extra features that make trading much easier. Users can employ trading bot for automated trading, access numerous charting options and market indicators to help make more informed decisions with regard to their trades.

So, when a broker does not offer this trading platforms to its customers, we consider it a negative.

Kryptoknights does offer you a decent web-based trading platform which looks quite user-friendly and has charting options that are powered by the third-party site, TradingView. Having said that, this platform definitely cannot compare to the MT4 platform.

• Disturbing Withdrawal Conditions

The first thing that caused us concern was that there didn’t seem to be any withdrawal button on the client dashboard.

And then, while going through Kryptoknights’ Terms and Conditions, we came across some even more disturbing points.

Clients would be charged a 5% fee for every withdrawal.

There was also a rather confusing clause where the broker stated that if a client did not meet the required minimum trading volume, he or she would be charged some rather high fees.

Added to that, those clients that leave their accounts inactive for more than one month will be charged a 10% handling fee.

Conclusion

After going through Kryptoknight’s website in great detail, we have come to the conclusion that this is not a safe broker to do business with. There are too many red flags present on this broker’s website that lead us to believe that this broker is a scammer.

If you do plan on trading with an online Forex broker, then we would recommend that you choose one that is strongly regulated and one that is reputed. This way, if you do experience losses due to either broker fraud or bankruptcy, then there is a possibility of you being compensated and justice being served.

Kryptoknights

2.6

User Experience

3.2/10

Payment Options

2.2/10

Security

2.7/10

Support

2.5/10

Reputation

2.3/10

Pros

• High Leverage Levels
• Range of Financial Instruments on Offer

Cons

• Lack of Regulation
• Lack of Clarity on Trading Conditions
• No Support for the MetaTrader 4 Platform
• Disturbing Withdrawal Conditions