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KeyOneTrade Review - is it scam or safe?

KeyOneTrade Review - is keyonetrade.com scam or good forex broker?

RATING: 1 / 0 REVIEWS KeyOneTrade
KeyOneTrade is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Trading account Min. deposit Max. leverage Spread 
Classic  $500 1:200  N/A
Premium  $3 000 1:300  N/A
VIP  $5 000 1:400  N/A

 

KeyOneTrade is a UK-based forex broker offering the three account types listed above. We actually spotted a lot of worrisome signs regarding this broker, and you may find them in our detailed review below, along with some possible benefits (in case it is not a fraudster).

 

 

KeyOneTrade Advantages

 

Solid leverage

In an attempt to be objective, we always strive to point out some (possible) benefits of any forex or binary options broker we review. However, in the case of KeyOneTrade, we cannot find any, other than the solid leverage levels it provides, ranging from 1:200 to 1:400 by account type. We consider the availability of leverage levels that high as an advantage, because they will suffice the needs of all traders. Yet, such ratios are not suitable for beginners, as they involve greater risk of loss.

 

 

KeyOneTrade Disadvantages

 

No name, no number, no license

KeyOneTrade’s website does not feature any corporate information, other than an address in London. UK. There is no company name, no contact number, and no mention whatsoever of regulation. As our check in the register of the UK’s Financial Conduct Authority (UK) returned no results, we can safely conclude that this broker is not regulated, which a major red flag.

 

Most unregulated brokers are involved in some sort of investment scam, and those operating anonymously are 99.99% fraudsters. The worst part in such cases is that clients that have fallen victim to such anonymous scams have no legal options afterwards. 

 

 

To make matters worse, in its terms and conditions KeyOneTrade claims to be abiding by the laws of some organization named the Asian Exchange and Securities Commission, which even does not exist. 

 

MetaTrader not supported, no demo accounts

We signed up for a live account with KeyOneTrade, as demo ones are not available, and we wanted to sneak peek into its platform. We did not deposit any money, of course. Here is the web trading interface we got access to:

 

Click to zoom in.

 

As you can see, there are some quotes from major forex brokers, and the charting is supposedly powered by TradingView. However, the whole thing feels like a cardboard cutout, instead of a real trading platform, and obviously trading is not enabled. This additionally lowers the credibility level of this broker.

 

That being said, most forex traders prefer using the MetaTrader4 or MetaTrader5 platform. Both of them have superior charting, support automated trading via Expert Advisors and are easily customizable.

 

 

>> A list of MT4 brokers <<

 

 

Spreads not specified, high initial deposit
This is not surprising, given the fact that KeyOneTrade has not even disclosed which is the company behind the operation. Although the trading costs are not as important, as the security of the clients’ funds (which can be guaranteed by a valid forex broker license), spreads are still an important part of any brokerage’s offer.

 

That being said, most forex brokers offer spread within the range of 1.0 – 1.5 pips on the most liquid forex pair, EUR/USD. For further information and comparison on spreads, check out our dedicated page.

 

 

>> Real-time spread comparison of some of the best forex brokers <<

 

Furthermore, KeyOneTrade requires an initial deposit of at least $500 for its most basic account type, which is a bit too high, especially given the broker’s missing regulation. Most CFD providers, including major forex brokers, require something in the range of $100- $250 as a start.

 

 

Conclusion

 

We believe we have highlighted enough negative sides of KeyOneTrade and can safely conclude that this is most likely a scam brokerage. So, you’d better not avoid this broker, as well as any other unregulated & anonymous player in the world of online trading. There are plenty of forex brokers that are licensed by reputable authorities, and have pretty good trading conditions too. You can choose some from our list below.

 

 

>> Wanna trade with a broker licensed in the UK? <<

 

 

And finally, let’s sum up the strong and weak sides of this broker in a few words:

 

Pros Cons

Solid leverage

No name, no number, no license
  MetaTrader not supported, no demo accounts
  Spreads not specified
  High initial deposit required

 

Latest news about KeyOneTrade
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Traders` reviews for KeyOneTrade

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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