Moreover, the scheme can ask for additional fees that are not featured on the legal documentation. Selfkings is not reporting its trading activities to a financial watchdog. Manipulation of prices is a common thing with fraudsters.
Selfkings claims those that join the scheme will trade like professionals. The venture brags in honesty, openness, and transparency. We beg to differ as many things do not make sense. For starters, the broker is running its operations anonymously. There is no information about the people behind the scheme.
The regulatory bodies mandate investment platforms to reveal the parent company’s information, account managers, financial analysts, and the security team. The discreet brokers are dangerous.
Some of them are run by incompetent individuals that do not know how the market works. How can you trust people that you do not understand with the safety of your money? What assurance do you have that the venture is trading? If you ask yourself the hard questions, scammers will never get hold of your money.
The venture claims that investors are only going to get the best outcome. They, however, fail to provide the trading performance. We are not confident that the entity is trading. Do not blindly believe that the scheme is capable of changing your financial status overnight. It takes time to become a successful investor.
Selfkings states that everything that investors may need is accessible. The entity allegedly offers an award-winning platform. Hence, clients can easily navigate the profitable opportunities. You do not need any unique skills to join the company. They are accepting novice and expert traders. You will rarely find professional traders wasting their time in a straightforward scam.
The products that the entity is dealing with are highly volatile. However, the company does not disclose how it plans to deal with the volatility. They feature false information to lure in more victims. For instance, the firm claims it has an excellent reputation in the industry. However, the firm recently joined the market, and it is not doing well.
Selfkings praise its top-notch security. Let make it clear that trusting offshore schemes with your data is absurd. The venture could choose to do anything illegal it desires with your information. Moreover, it is only a handful of offshore schemes that are reliable. This is a company that does not feature its banking information. Who knows what will happen to the money of traders.
The company is also offering account management services. The platform would deliberately make clients lose for them to gain. Instead of risking losing everything with a broker with several red flags, we recommend sticking to some of the best forex trading companies in the market. These are schemes that provide the best trading conditions.
Trading Accounts and Conditions
Selfkings venture claims it has a proven history in providing the best winning strategies. The entity is only claiming it is going to make you rich. However, they never mention the risks. The firm embraces technology. Hence, it promises to revolutionize the lives of investors. If you choose them as your trading partner, they will assist you in creating a lasting legacy. Con artists only avail such statements,
Those that aim to get rich overnight will always fall for such ploys. We were disappointed to see the trading interface that the scheme speaks highly of is none other than the web trader. The MetaTrader is the leading software that multiple traders use. It has excellent EAs, charts, and indicators.
Selfkings provides a spread of 4 pips for the EURUSD pair. Investors are going to pay more to open trade. The average market standard is 1.5 pips, and there are legit schemes that offer 1 pip and below. The leverage of the entity is 1:200. This is pretty high and risk. Unless you have a high-risk appetite, stick to lower limits. Moreover, the regulatory bodies are against such dangerous limits.
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Selfkings Withdrawal and Deposits
Selfkings accepts funds via Wire transfers, credit and debit cards. The listed amount that you can deposit is $250. We cannot validate that this is what the scheme is accepting. Often Ponzi schemes will provide have methods that limit clients from issuing a chargeback.
The broker is discreet when it comes to the withdrawal requirements. The only information available is that the firm takes 25 EUR plus 1% of the total amount for the beginner account. Ponzi schemes tend to overcharge their clients. They start imposing hidden fees that were never revealed when signing up.
The company is availing bonuses to clients. However, the information about the trading volume that investors have to meet to cash out is not available. The financial watchdogs are against these lucrative. This is because the trading volume is higher than expected.
Customer Support and Contact Details
Selfkings appear to be operating from Marshall Island. The location is ideal for a con artist to run their murky business as they please. Clients can reach the support via email or phone. However, we highly doubt if the entity is going to respond to the queries of traders. Scammers tend to ignore customers.
They can even become unethical and rude if you keep nagging them about the whereabouts of your funds. You cannot go after the Ponzi scheme as there are hard to trace if you want to get a world-class experience. We recommend that you stick to reputable and legit brokers. They even have social media platforms where clients can engage with the team.
Regulation Status of Selfkings
The first thing that investors should check before depositing funds in a scheme is whether an entity is licensed. A genuine investment entity adheres to the jurisdiction set by the government of the countries they accept traders. Unfortunately, Selfkings is a Ponzi scheme that is operating as it pleases. Their terms and conditions can be deemed useless because you won’t be able to recover your capital.
Moreover, the scheme can ask for additional fees that are not featured on the legal documentation. Selfkings is not reporting its trading activities to a financial watchdog. Manipulation of prices is a common thing with fraudsters. Furthermore, the venture is not working with a bank. Who knows what your money is being used for?
Offshore brokers eventually leave the market. The funds of clients are trapped in the scheme. In case of a dispute between a client and Selfkings, nobody will resolve the issue. Stick to the best forex trading companies that have a license from recognized financial watchdogs in the market.
The Domain Insight
The year of experience that Selfkings is bragging about cannot be validated. The entity is presenting false data to confuse clients into thinking it is famous. The information we found on Whois.com indicates the broker was established in August 2020.
The scheme recently renewed its domain name. They expect to exit the industry in August 2022. The platform is doomed to fail. Their traffic score is 4,411,872. The trust score is also insufficient.
Selfkings is many things but not a legit trading venture. The entity is eying for innocent traders’ funds. They lack a trading history. Moreover, the company chooses to remain discreet. They are going to frustrate the ones that believe their sales pitch.
Choose these leading forex trading companies in the market. The withdrawal information is available to all. Additionally, the trading conditions are good. You will generate passive income while enjoying top-notch security. There is adequate information from both the broker and their existing clients.