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K2 Wall Street Review - is it scam or safe?

K2 Wall Street (K2WS) Review - is k2wallstreet.com scam or good forex broker?

RATING: 1 / 0 REVIEWS K2 Wall Street
K2 Wall Street is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Basic  $250 1:1000 1 pips
Standard  $500 N/A N/A
Premium  $1 000 N/A N/A
Ultra   $10 000 N/A N/A
Platinum  $25 000 N/A N/A
VIP  $50 000 N/A N/A

 

K2 Wall Street (K2WS) is a UK-based forex and CFD broker offering wide range of account types and tradeable instruments. Apart from their account types and trading conditions, we have serious concerns about this broker highlighted below.

 

Nonetheless, we will start off with a few possible benefits of K2WS, as we always strive to be objective.

 

 

K2 Wall Street Advantages

 

Seemingly good trading conditions

K2WS has not announced its cost of trading on the website, but when we tried out the demo account, the benchmark EUR/USD spread floating around 1 pips. This is a pretty good offer.

 

 

K2WS’s UTIP platform. Click on the image to zoom-in.

 

Furthermore, clients of this broker are extended an extremely generous leverage of up to 1:1000. The downside of using high leverage is that it can be risky and if you are not experienced in trading, you can lose your entire investment in a matter of seconds.

In spite of the seemingly good trading conditions, we cannot recommend K2WS, because it does not hold a valid forex broker license. Keep in mind that the trading costs of a forex broker are not as important, as its legitimacy.

 

 

>> Check out the spreads of 10 top forex brokers <<

 

 

 

Huge selection of assets

Another supposed benefit of using K2WS is the broker’s extensive product portfolio. Its clients are offered currency pairs from all over the world and a wide variety of CFDs, including indies, stocks, commodities and the most popular cryptocurrencies. This allows investors to diversify their portfolios and helps for risk management.

 

 

K2 Wall Street Disadvantages

 

Not licensed, blacklisted by the FCA

K2 Wall Street is allegedly owned and operated by K2 Wall Street Co Limited, a company based and registered in the UK. The website of the broker also features an address in the US.

 

All forex and CFD providers in the UK should be licensed by the Financial Conduct Authority (FCA) or another governmental agency of a EU Member State. Although K2WS claims that its activities are “regulated and authorized by the UK jurisdiction”, this is not true. Actually, the FCA has even issued a warning against K2 Wall Street in February, 2019.

 

 

Click to view full size.

 

Such false claims of regulation are clear-cut signs of trouble. Most brokers presenting misleading information about the legitimacy of their operation are зкие scammers. And the FCA warning  issuead against K2 Wall Street is yet another major red flag.

 

MetaTrader4 not supported

Unlike most brokers, K2 Wall Street does not support the popular MetaTrader 4 platform. Instead, it offers its clients access to the UTIP platform.

 

Developed by Russian company UTIP Technologies Ltd., the UTIP platform supports multiple chart types and is equipped with the basic trading features, including a number of indicators. Unfortunately, it does not support automated trading, such as MT4’s EAs, nor is as easily customizable, as the MetaTrader4.

 

 

>> Browse our list of MT4 brokers <<

 

 

Trading conditions not fully disclosed

This shouldn’t come as surprise, as many unregulated brokers do not present clearly their trading conditions. K2WS does not differ from the pack – its website contains no information whatsoever on spreads. Such lack of transparency additionally lowers the credibility of this broker.

 

Managed accounts offered

Have in mind that K2WS is most probably a Market Maker, although it mentions ECN execution. Market Makers basically win when you lose and vice versa. In that sense, as the accounts are managed by K2WS, this by definition is a conflict of interest. To put it simply, if you deposit money in a managed account with a Market Maker, you can be sure that your account will be managed in a way that you lose. 

 

 

Conclusion

 

K2 Wall Street’s offer seems to have certain strong sides, however, they are definitely outweighed by the broker’s disadvantages. Despite K2WS’ claims, the broker is not licensed to operate in the UK, nor on any other regulated market, and this is the most serious argument against doing business with it. Besides, the broker is blacklisted by one of the most reputable financial watchdogs, the UK’s FCA.

 

Financial regulation is crucial in the world of trading, which is unfortunately plagued with con-artists. The only way to stay safe and diminish the risk of foul play is to invest only in properly licensed brokers.

 


>> A list of FCA-regulated forex brokers <<

 

 

To sum up our review on K2 Wall Street:

 

Pros Cons
Seemingly good trading conditions Nor licensed, blacklisted by the FCA
Wide selection of CFDs MT4 not supported
  Trading conditions not fully disclosed
  Managed account offered

 

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Traders` reviews for K2 Wall Street

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Slippage

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