Kaspitrade does not specify what should be done to accounts that are dormant. Nevertheless, they collect a fee from inactive accounts from different periods. The amount charged is not defined, meaning they decide on the amount to charge from time to time.
Kaspitrade is yet another scamming broker with an unknown location. This company has an address listing that says the company is on the outskirts of London. It masks itself as a company with a perfect reputation. However, from this review, we will uncover its irregularities and paint a perfect picture of this entity.
We will begin with its regulation and licensing. The company claims regulation from a financial authority that we later found out does not exist (in fewer words, a fake financial authority).
More so, from the phone number provided on their website, we can clearly tell that it is registered within the British area code, yet the company is not regulated by the regulatory body in charge of that area that is the FCA.
The entity does not hide the fact that they are not regulated by the FCA. In their defense, they claim they that they fail to meet some requirement imposed by FCA such as the minimum leverage that can be awarded to traders of their platform. In continuation of its licensing, they claim to be licensed by Finacial Service. Such a financial regulator does not exist in the United Kingdom.
With that in mind, it actually does not make sense that the company offers leverage that all the British brokers are not allowed to offer to their clients. This alone should help us put Kaspitrade on our list of scammers to watch out for. This is actually reason enough for us to say without fear that Kaspitrade does not have an office in the United Kingdom.
On to their trading software, it is a web-based application that the brokers built by themselves. This software’s shortcomings are that it is actually difficult to use, lucks functionalities, and is also unreliable, just like all its other scamming counterparts.
From their dashboard, you can clearly see that the massiveness of the EUR/USD spread. It is actually four times the standard spread that is regulated to 1 pip and below in the jurisdiction, apparently. For Kaspitrade, the pip might shoot from 4pip to 8 pip in which this a huge disadvantage to the trader as it makes Kaspitrade a very expensive platform to trade with.
Without a license and no known regulator, what we can tell you for free is that Kaspitrade will not guarantee you the safety of your funds. We would actually encourage you to trade more with reputable forex trading brokers who can guarantee the safety of your funds. No matter what they promise, you can be sure that you will end up losing in the long run, so stay safe and avoid trading with Kaspitrade.
Trading and Conditions
You know there is no trading on this platform. You will be making more deposits than withdrawals of your own funds leave alone making a profit from your deposited funds.
Let us talk about how the withdrawal process will go down. Surprisingly you will be prevented from funds withdrawal through their bonus policies. From a clause in their policy, the policy clearly states that for funds to be withdrawn from an account with a bonus accreditation, the trader is required to have met a trading volume that is 25 times the sum of the deposit and the bonus amount.
With that, if your account has been accredited with a trading bonus, you as the trader can neither withdraw your profit nor your bonus, and again you will also be prevented from withdrawing your own funds.
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Achieving the target set by the policy is relatively next to impossible, even for the most experienced traders, leave alone the ones who are just starting up. And of course, this goes without saying that all the client of Kaspitrade is assigned a bonus on signup and therefore the policy will apply to every single client trading with this particular entity.
Withdrawals and Deposit
The initial amount a Kaspitrade trader is supposed to pay to join the platform is 500 dollars. However, this is a fairly high amount considering that the regulated amount for licensed brokers is 100 dollars. They actually do not rest their deposits after the initial payment onwards are supposed to be at least 250 dollars. This makes Kaspitrade an expensive and demanding broker of all times.
Funding to a Kaspitrade account can be made in the following methods: Credit and Debit cards, WebMoney, and Wire transfers. Again caution should be taken while dealing with wire transfers. This is because with wire transfers, once payment is executed, it can not be reversed, and henceforth payments are non-refundable.
Kaspitrade has a minimum withdrawal amount of 100 dollars, but there is a catch. The 100 dollar is the withdrawal minimum for Credit and Debit cards for wire transfers. The minimum withdrawal amount is set to 500 dollars. This is relatively unfair because most of the regulated and licensed traders do not actually impose such conditions on the minimum amount that can be withdrawn.
However, Kaspitrade does not charge any fee on withdrawals made by its client. This could actually be because clients will not be withdrawing anything in the first place because all their funds will be subjected to a policy that ensures the funds remain in their accounts.
Just like most of the other scamming brokers, Kaspitarde offers bonuses to its clients. As we have seen earlier, these bonuses end up tying the client’s funds and preventing them from withdrawing the funds. For this reason, we can actually see that this broker has nothing to do with the United Kingdom since brokers in this region do not offer bonuses because it is not allowed by the FCA.
The platform also has a fixed leverage of 1:200. For this ratio, the Kaspitrade traders do not have a say in the review or even in changing it. This is quite remarkable since all regulated brokers in the United Kingdom are limited to a leverage cap of 1:30. This once again shows that this company has nothing to do with either the FCA or the UK.
Regulation and Registration
As discussed in the previous section, the Kaspitrade address is registered in the outskirts of London. The company claims that it is regulated by the Financial Service Board. In London and the United Kingdom jurisdiction, the Finacial Conduct Authority (FCA) is the body responsible for the regulation of brokers and other financial service providers. Therefore, there is no Financial Service Board in The United Kingdom.
Kaspitrade is not a regulated broker and does not hold any licensing from any regulatory authority whatsoever. Neither is the company registered by the Finacial Conduct Authority.
Our urge to all our readers is simply staying away from brokers such as Kaspitrade is the right choice. Anyone trying to trade with such entities should be aware and be ready to lose all their funds to a scheme.
Kaspitrade Contact Details
Address 51 Havant Rd London, as discussed, the physical address is London’s outskirts, whereas the phone number provided on their website is Russian. The combination just does not add up.
Based on our research, we can comfortably say that the physical address provided is fake since the company goes against almost all FCA guidelines. This body regulates all the brokers in the united kingdom.
Kaspitrade is a scamming scheme. All our readers should shun away from this broker because they are up to no good. Using this forum for knowledge, traders are advised to trade with the best forex trading brokers that are genuine and are after their greater good.