Attention to all traders intending to invest with Keller Finance: it is crucial to be aware that this broker is a fraudulent clone of a reputable company and is using its legal information solely to appear trustworthy. In reality, Keller Finance lacks a legitimate forex license and is illegally providing financial services. Additionally, the UK’s regulatory body, the Financial Conduct Authority, has issued a warning identifying this broker as a clone of an FCA authorized firm.
What’s more, Keller Finance fails to disclose any useful information about its trading conditions, forcing potential clients to register to learn about leverage and spreads. This lack of transparency raises serious concerns. If you’re considering investing in commodities, indices, or forex pairs with Keller Finance, it’s essential to read the following lines to avoid being scammed.
The safety of funds and regulatory compliance of Keller Finance
Keller Finance presents itself as a trustworthy provider of financial services and a top virtual trading broker. However, these claims are entirely false, as you’ll soon discover.
The broker asserts that it is located in London, UK, but a quick search in the Financial Conduct Authority’s registry reveals that Keller Finance is unlicensed. Furthermore, the FCA has issued a warning against this broker, exposing it as a clone of an FCA-authorized company.
The FCA warns that clone firms may masquerade as authorized companies, using the genuine firm’s Firm Reference Number (FRN) and address, or even replicating its entire website with minor changes. It’s essential not to trust such suspicious entities and always verify them before risking your money. These bogus brokers have only one goal: to defraud unsuspecting traders of their funds.
According to Keller Finance, they provide their own trading software, which they claim has won awards. We were able to register promptly and access their web trader.
The platform offered by Keller Finance is a simple web-based interface that allows you to trade various assets, including forex pairs and commodities, using basic tools and custom indicators. However, it lacks the advanced features of more sophisticated platforms like MetaTrader 4 or MetaTrader 5.
MT4 and MT5 are highly regarded by both novice and experienced traders. They provide robust security measures, such as encrypted transactions and IP addresses, to protect your funds and personal information. Moreover, you can access an extensive array of educational resources, forex news, and technical analysis tools. Many traders also appreciate the trading bots, known as Expert Advisors, that automatically execute trades based on specific market conditions.
MT4 and MT5 are available for download on PCs, smartphones, and tablets, with regular updates. However, Apple has removed both platforms from its App Store, meaning that iPhone and iPad users can no longer download them. Existing users can continue to use the apps without updates, but Android users can still download MT4 and MT5 from the Google Play Store.”
Keller Finance exhibits a trading account chart along with some basic details for each account. However, this information appears to be pointless and is only meant to divert the attention of potential clients, as we will explain in the following lines. It seems that this broker attempts to create a façade of credibility by displaying a multitude of irrelevant information.
The minimum deposit required by Keller Finance for its Newcomer Portfolio is 250 USD, which is a typical amount requested by many reputable brokers. However, this does not make up for the fact that Keller Finance is an unregulated broker. It is worth noting that there is no information available on the leverage offered by Keller Finance on their website, which is a cause for concern as higher leverage increases risk. Therefore, it is advisable to always look for leverage of 1:30 or below, which is the limit for the UK. If you prefer to trade with higher leverage, it is recommended to consider offshore subsidiaries of legitimate forex brokers.
Furthermore, there is no data about the spread on Keller Finance’s website. However, after opening an account, we discovered a spread of 0.6 pips, which is acceptable for trading. Nonetheless, investing with this broker is not recommended as it has been identified by the FCA as an untrustworthy firm. It is preferable to choose a legitimate broker who provides tight spreads.
Despite the fact that Keller Finance claims to offer a welcome bonus, this practice is strictly prohibited in the UK. This is yet another reason to avoid this company. However, if you are interested in taking advantage of a promotion, there are many international brokers who legally offer welcome bonuses.
Deposit/Withdrawal methods and fees
Keller Finance’s website shows contradictory payment information, stating it accepts Visa, Mastercard, and wire transfer, but also displaying logos of other payment methods such as PayPal and Skrill.
After registering with Keller Finance and attempting to add funds, we found out that the broker only accepts credit/debit cards and bank transfers. Customer support will need to be contacted to proceed with the payment request. It’s best to avoid this shady firm altogether.
How does the scam work
It is crucial to be cautious when sharing personal information such as email or phone number. Scammers can quickly begin calling you once they have your contact information, attempting to persuade you to invest immediately.
These scammers often claim that their trading is risk-free and can offer a high return on investment, but this claim is highly doubtful. They may use sweet talk to convince traders to deposit money and then disappear.
Furthermore, scammers might manipulate their trading software to make it appear as if your money is being invested, or deceive you into thinking your results are profitable, all with the goal of getting you to invest more before discovering the truth.
Expect to encounter various hidden fees if you attempt to withdraw even a small amount, and the worst part is that you may be unable to withdraw your money no matter what you do.
What to do when scammed
If you have fallen victim to a scam, the first step you should take is to contact the bank that issued your credit or debit card and request a chargeback. If you paid using Visa/Mastercard, you may be eligible for a chargeback within 540 days.
Returning wire transfers can be challenging, so it’s best to change your online banking login credentials as soon as possible in such situations.
If you use payment methods like Neteller, PayPal, or Skrill, you may have the option to open a dispute in case of an online scam.
Unfortunately, crypto transactions are irreversible, as previously mentioned, so it is not possible to recover your money. We advise against trusting brokers who solely use cryptocurrencies such as Bitcoin or Ethereum.
Finally, never trust people on the internet who claim they can return your funds in exchange for a fee. They may also be scammers, so avoid risking more money than you have already lost.
The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘Fox on Law,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
This article is syndicated automatically through a third-party agency from ForexIndustry.com.
To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/05/keller-finance-review-2023/.