Kitco Markets Review: Avoid Like the Plague!

Kitco Markets is a forex broker that claims to be the best in the market. The company claims to have over 200,000 active customers on the platform. Additionally, it claims to have a trading volume of over $1.3 Billion. You can already tell that this is a lie. Kitcomarkets.com only launched in 2020. It is impossible to develop such notoriety in under a year.

A company like this is not ideal to invest in. You will end up losing your money to criminals who have no morals. Even worse, we can assure you that this is not the only thing that this company lies about. As a matter of fact, nothing on the website is genuine. These people are only interested in stealing people’s funds.

You are better off investing in companies that have been in the market for a longer time. Such companies have the trust of many seasoned traders. Moreover, they operate with full transparency. 

Do yourself a favor and only invest in the top legitimate forex brokers in the market. Only such companies can offer you the services you are looking for. In the meantime, here is our review of Kitco Markets.

Kitcomarkets.com Review

Kitcomarkets.com is a nice-looking website and smooth-running website. At first sight, it does not look like a scam operation. But at a closer look, you start to notice a lot of inconsistencies. For example, the company gives its statistics for the year 2019. However, we know that the website launched in 2020. 

This is public information, and you can confirm it for yourself on Whois.com. Therefore, we do not know who this company is trying to fool. No legitimate operation would ever lie about their year of formation.

Further, this company is trying to convince you that they care about your success. For example, they offer educational programs to their clients. While this may be helpful, it does not come without risks. The company does not introduce us to any of its educators. We have no idea who they are or the experience they have in the markets.

You should never take investment advice from unknown people on the Internet. There is no telling what their trading results look like. You may be taking financial advice from novice traders who know nothing about the market.

In terms of customer support, there are two main ways to reach the company. You can give the support team a call on their London line, +44 20 304 85201, or their New York line, +1 3 472 638 483. Additionally, you can email the team at support@kitcomarkets.com. But there is no guarantee that they will respond to you.

Deposit and Withdrawal

The payment options that Kitco Markets supports are mostly secure. They support E-wallets, bank transfers, and debit and credit cards. Most of these methods allow you to track your funds and make chargebacks. Still, this is no guarantee that you will not lose your money to these scammers.

Further, the company promises fast processing times. Kitco Markets promises to process deposits within 15 minutes for some payment options. For bank transfers, the company asks for three to five business days to process the deposit.

To make a withdrawal, you have to submit a withdrawal request. Kitco Markets then asks for up to 24 hours to process payments.

Pricing and Features

In terms of pricing, Kitco Markets claims that they do not have any hidden fees. The company claims that it takes profits from the spreads used in trading. Additionally, the company charges a currency conversion fee of 0.5% on the trades’ profits.

In terms of trading features, the company promises ultra-tight spreads and high leverage. The spreads that this company offers starting from as low as 0.0 pips. We do not understand why the spreads would be this low when the company earns from the trades’ spreads. Clearly, this company does not care about that because they will steal your money either way. The leverage goes up to 1:500. 

However, we did not find a link to download the trading platform. Additionally, the company does not provide a link to a web-based platform. This is very suspicious. It is common for fraudulent operations not to have real-platforms.

Founders and Physical Address

We always insist that you should never invest in mysterious people on the Internet. Always confirm the identities of the team members before investing your hard-earned cash. That is the best way to avoid sending your money to criminals.

Unsurprisingly, Kitcomarkets.com does not introduce us to any of the team members. There are no faces or names on the website. Additionally, the company does not have a social media presence.

This is common with fraudulent operations. Founders of such companies conceal their identities to ensure they do not face the law. They do not want to face justice for their actions. Do not trust such individuals with your money.

In terms of physical location, this company claims to have offices in several countries. The company claims to have offices in New York, London, Sydney, and Hong Kong. The company’s address in New York is 99 Wall Street (Suite 5006), New York, NY 10005, United States.

In London, the company gives its address as 120 Regent Street Soho, London W1B5FE, UK. However, the company operates from Level 8 Cambridge House, Taikoo Place, 979 King’s Road, Quarry Bay, in Hong Kong.

Regulation and Fund Safety

The most important thing to look at in a company is its regulatory status. You should never invest in any company that is operating without a regulatory license. Such companies are illegal in the eyes of the law. 

This company claims to have regulations from various jurisdictions. The only problem with that is none of this is true. We searched on the various regulatory bodies and found no results matching Kitco markets. 

Therefore, these people are willing to lie just to attract customers. Moreover, this shows that these people are running an illegal operation, and they know it. There is nothing that can stop such people from stealing from their clients.

Even worse, at the very bottom of the homepage, you can see that the company is a registered business in SVG. SVG stands for St Vincent and the Grenadines. This is an offshore jurisdiction with very loose laws. These people are operating from this location for a reason.

Furthermore, such a company cannot assure you of your funds’ safety. There is no telling the kind of banking setup this company has. The founders may be storing your money in their own personal accounts.

Final Verdict

As you can see, this is a criminal operation in disguise. These people are offering financial services without regulations. This is a recipe for disaster. Such a company cannot assure you of your funds’ safety. They do not even have systems’ protection in place. There are just too many ways to lose your money here.

Additionally, this company does not operate with full transparency. The founders of Kitco Markets are hiding their identities for a reason. 

Do yourself a favor and avoid this company like the plague. It has nothing good to offer you. You are better off investing in the top forex legitimate forex brokers in the market. Only such companies can help you protect your funds.

 

Tags: Kitco Markets Scam Review, Kitcomarkets.com Review