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Is KEY MARKETS a scam broker?
The offshore forex broker KEY MARKETS provides four account types to its clients. It also features world-leading and most popular the MetaTrader trading platform. However, this broker provides all the trading conditions according to the current market status but we have several concerns about it. In this review, we will consider all the pros and cons of this broker to evaluate its worth. Please don’t forget to read the full review.
About KEY MARKETS:
The accounts provided are Bronze, Silver, Gold, and Platinum. With the minimum deposits of $250, 2000, 10000, and 50000 respectively. As mentioned earlier this brokes offers traders the access to MetaTrader platform. This is a good sign. MetaTrader provides a series of customizable options to minimize the risk and to achieve high profit to the traders. Some of them are EAs, auto bots, charting and etc. When we look at the trading instruments KEY MARKETS provides, it gives a feeling of completeness. The instruments are FX, CFDs, more than fifty currency pairs, cryptocurrencies, several commodities, shares, and many indexes. Also, the clients of KEY MARKETS are offered with a high leverage ratio of 1:300. Such a high ratio has its own profit and loss.
The organization called Key Markets LTD is the owner of KEY MARKETS and is situated in the Marshall Islands. We have talked about the nature of Marshall Islands-based companies and how the trader’s investment poses several risks. We have managed to red flag several brokers from these islands. Moreover, many financial regulatory bodies around the globe have warned against such brokers. Trading with such a broker never provided significant assurance of the trader’s investments. Being a genuine scam broker reviewer we have always encouraged our readers to always keep engagements with onshore regulated brokers.
The trading cost associated with KEY MARKETS is not at all competitive. The spreads offered on most of the accounts are in between 1.5 pips to 2.8 pips. The only reasonable spread we can find in the last most expensive trading account called the Platinum account with a minimum deposit of $50000.
Is KEY MARKETS scam or legit?
When we look at KEY MARKETS’ offers, they are not new and are in accordance with many offshore scam brokers. Such a trading environment is designed to attract several traders. Once traders enrolled in such a Ponzi scheme, scammers start spinning a web around it to drain out every bit of funds available with the trader. Readers must recoil their engagements or future plan of engagement with this potential scam broker.