Kraem Forex Review: A High-risk Trading Platform
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Kraem Forex Review
Kraem Forex is only interested in your deposits. Unfortunately, several clients have lost funds with the platform. Here’s more in our vivid kraemforex.com review.
Another skewed forex trading platform is Kraem Forex. Over the past few weeks, the platform has failed to allow members to withdraw funds. As a result, those who have invested with the platform have no option but to concede the losses. In addition, KraemForex fails to notify investors of what the platform is all about. Here’s what you need to know regarding trading with the platform. Please read our detailed KRAEM FOREX REVIEW for more.
A Brief Analysis of Kraem Forex
Navigating through the website indicates a hastily brought-up plan. The platform created a website whose intent was to fool naïve investors. Kraem Forex fails to disclose what makes the platform a high-risk
We will help expose all the problems members face at kraemforex.com. The platform will likely not allow you to withdraw even a penny. Those who have signed up with the platform will also lose their bank documents.
The platform has been asking to verify accounts using such documents. The platform will likely sell your documents to third parties. That’s how your documents get used to create a new online persona.
Kraem Forex doesn’t have all the information you would see on a homepage. The platform fails to disclose several issues. These include available accounts and what deposit requirements needed to open these accounts.
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Without the information needed, the platform has no background and history. As a result, we can’t believe the platform’s words on the website. For example, it claims to have been around since 2002; that’s unrealistic.
If the platform were around for that long, there would be chatter. That brings us to the issue of credibility. A platform’s credibility is what makes or breaks it. Without one, it’s best to steer clear.
Accounts Kraem Forex
There are no accounts to look into despite the platform offering multiple accounts. As we said in the beginning, the platform seems to have an all-open session. Investors are to believe the platform provides several accounts.
Without the accounts, getting any information regarding account features is hard. There’s no distinction between accounts for naïve, skilled, or expert traders. It’s a shambolic website with no way of protecting investors.
You would expect the platform to quote features such as leverage and spreads. Sadly, the platform seems to change these features from one trade to another. For example, at some point, the leverage is 1:300 for forex assets.
Regulators have moved in to protect investors who go for such high leverage. For example, European forex regulators have agreed to maximum leverage of 1:100. In the United States, retail traders enjoy the leverage of 1:50.
High leverage means putting your trading position at risk. Once you make losses, you lose a large trading volume. The only party that profits from it is the platform itself. On rare occasions, we see high leverage as a feature only skilled traders take advantage of.
Account opening process
Opening an account with Kraem Forex seems to be an easy process. All you have to do is fill in your details, and you’re good to go. These details include your address, contacts, and documents. However, verifying these accounts is what made us suspicious of the platform’s intent.
Once you open an account, the platform opens your account and lists it as live. You can now deposit and start trading with conditions that change from time to time. When you click the withdrawal tab, that’s when the platform decides to verify the account.
The platform knows too well that you will do anything to get your funds. And that’s when they ask for crucial documents. These include a copy of your ID, bank statements, and credit card information.
We don’t understand why the platform would ask for such documents. Other platforms usually go for a two-factor authentication process. We are dealing with a platform with another hidden agenda.
Available trading instruments
There are five classes of trading instruments the platform claims to offer. These include commodities, cryptocurrencies, forex pairs, indices, and stocks. You get to trade commodities such as crude oil and natural gas.
Some of the available crypto assets include Bitcoin, DOGE, and Ethereum. Unfortunately, only a handful of crypto coins are paired against each other. Therefore, the platform should also pair crypto with major currencies such as BTC/USD, EUR/LTC, etc.
Forex trading happens to be the most extensive activity on the platform. Unfortunately, you only get to trade with less than 20 currency pairs. These include major and minor currency pairs. You don’t spread risks with exotic pairs, which is a shame.
There are also indices available that give day traders a perfect opportunity to earn profit. Some of the known indices include DAX, Dow Jones, and NASDAQ. In addition, you get to predict the prices of leading commodities globally.
Stocks are one of the most traded instruments in the markets. This is because you get to own a piece of a company for a short while before selling. Some of the most traded stocks include those from the manufacturing and tech industries.
There’s little information to point to who owns or runs the platform. And that means we are dealing with a completely anonymous platform. So please avoid such platforms in the future for safety reasons.
You can’t recover funds if an anonymous platform decides to part ways. Hiring recovery agents in such cases only makes you lose more in terms of fees. This is because these agents don’t know where the platform holds these funds, and it’s anonymous.
Compliance and License Kraem Forex
Kraem Forex does not hold any license to prove compliance with regulators. That means you don’t enjoy the protection of trading with such platforms. We recommend avoiding all unregulated platforms.
Check with leading regulators in your area to confirm a platform follows laid-out legal framework. Some of the most reputable regulators in the industry include ASIC, BaFIN, CONSOB, NFA, and the SEC.
Others include CFTC, CNMV, CySEC, FCA, FINMA, etc. These regulators work to ensure all users follow the strict trading guidelines. Without them, platforms can instill harsh trading conditions, as we see on this platform.
Contact and support
Don’t expect contact from staff members once you deposit funds with the platform. We have a platform that deals with only emails. Since 2002, the platform hasn’t heard of live chat or listing a phone number.
These are some features most clients fail to see or ignore. Now we have a platform that will likely block all communication with clients. That’s their play immediately you want to withdraw funds.
Deposit and fund safety with Kraem Forex
Your funds are far from safe with a platform that fails to protect clients’ interests. For example, the platform fails to segregate funds or offer insurance cover for deposits made. We also see a platform that doesn’t meet regulatory standards of opening a trading entity.
Final verdict on kraemforex.com
Please stay away from the platform.
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