New Knight Group Limited – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
New Knight Group Limited - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
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.
Website URL: https://nknight.live
Founded: 2021
Regulations: Unregulated
Languages: English
Deposit Methods: Cryptocurrencies (Ethereum, Tether, Bitcoin, etc)
Minimum Deposit: $1,000
Free Demo Account: Available
Number of Assets: N/A
Types of Assets: Foreign Currency, Metals, Indices, Commodities
Trading Accounts and Conditions
New Knight Group Limited seems to offer its clients only one single trading account. When you go to the Account page, all you see are instructions on how to create an account; the images cannot be downloaded, so the instructions are difficult to follow.
What we were able to find out is that the minimum opening deposit requirement is $1,000. The maximum leverage is 1:500 and the spreads for the EURUSD pair is at 3 pips.
New Knight Group Limited – Advantages
New Knight Group Limited is a scammer and you will find that there are no advantages to trading with this broker.
New Knight Group Limited – Disadvantages
Here are all the reasons why this broker is nothing more than a scam:
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Lack of Regulation
The first thing that gave away the fact that New Knight Group Limited is a scammer is its anonymity and lack of regulation. We noticed that there is no contact information provided anywhere on this broker’s website – no physical address, no contact number and not even an email address. The only way that you can contact this broker is by using their live chat button.
New Knight Group Limited claims to be based in Australia, with branches in the US, Vanuatu and Hong Kong. However, in the same paragraph, the broker also claims to have 8 branches which include Abu Dhabi, London, Hong Kong (a repeat), Moscow, Bangkok and Jakarta. If you notice, that actually is only 6 branches.
With regard to its licensing and regulation status, the broker only gives it a passing mention in its Q&A section. There, it mentions that the Australian Financial Instruments Market Regulations has secured the safety of their funds. This is another lie.
For a broker’s funds to be secured, they need to be registered with the financial regulator, which in this country is the Australian Securities and Investments Commission. We checked the ASIC’s online registry to see if this broker was registered with them. There is no broker by the name of New Knight Group Limited.
We also checked the registers of a couple of the other jurisdictions – Hong Kong and Vanuatu – with the same results. There is no broker by this name registered with any of regulators we checked.
All of this tells us that this broker has lied about being regulated and having those branch offices across the globe. Which means that we are dealing with a scammer.
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.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Cannot Access Trading Software Without ID Proof
We noticed something rather strange with this broker. We were not allowed to access their MetaTrader 5 trading software without first presenting ID proof. We were able to access their demo account, but there was no way for us to ascertain that the trading conditions shown there were the real ones or not.
Had we not had issues accessing their trading platform, we would have put the availability of the MetaTrader 5 platform as an advantage. This is the world’s number one software for forex trading and it comes loaded with a massive range of features that make trading much more efficient and easier.
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Very High Minimum Deposit Requirement
New Knight Group Limited requires you to make a $1,000 deposit to open an account with them. This amount is much too high, especially when you consider that the industry average ranges from $100 to $250. Furthermore, there are a large number of very reputed – and regulated – brokers who allow you to open an account with them for as little as $5.
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Very High Leverage
Yet another sign of this broker’s dishonesty is the amount of leverage it offers. In its Q&A section, the broker states that its maximum leverage is at 1:500. However, when we checked the demo account, the leverage ranged from 1:100 to 1:200.
Besides the fact that these inconsistencies point to a shabby scam, these leverage ratios are just too high. High leverages do offer traders the chance to make massive profits. Unfortunately, they also can lead to losses that can lead to bankruptcy. In fact, most of the time, traders end up losing their money while speculating on the market. Because of these dangers, most regulated jurisdictions have placed strong limits on what kind of leverage ratios brokers can offer their clients.
In the UK, Europe and Australia (everywhere that this broker claims to have branches), that ratio stands at 1:30. Therefore, the kind of leverage this broker offers is simply illegal.
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Limited Payment Options
The only way that you can make payments is via cryptocurrencies. This is yet another indication of this broker’s duplicity. Most scammers will only offer cryptocurrencies as a payment option because crypto transactions are completely anonymous and irreversible. Therefore, if you find out that you have been scammed, there is no possibility of you ever getting your money back.
Reputed brokers ensure that their clients have multiple payment options – debit and credit cards, bank transfers, wire transfers, e-wallets and so on.
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No Legal Documentation
Besides the fact that this broker is not regulated, the biggest red flag of a scam is the lack of legal documentation, i.e., the Terms and Conditions. These documents are what define the relationship between the trader and the broker; it tells us the trading conditions, fees, commissions, terms of service, and policies the broker has in place.
If you sign up with a broker without have these in place, the broker can do what they like with your money – basically scam you – and you will not be able to do anything about being taken advantage of.
Conclusion
New Knight Group is a scam operation and it would be best to find a regulated and reputed broker instead.
WalFlo
Pros
- None
Cons
- Lack of Regulation
- Cannot Access Trading Software Without ID Proof
- Very High Minimum Deposit Requirement
- Limited Payment Options
- No Legal Documentation
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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