de | cn | ru

Khwezi Trade Review - is it scam or safe?

Khwezi Trade Review - is khwezitrade.co.za scam or good forex broker?

RATING: 2 / 2 REVIEWS Khwezi Trade
Khwezi Trade is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account type/Platform Minimum deposit  Minimum trade size Maximum leverage Average spreads  
MT4 R5000  0.01 1:200 1.8 pips

 

A South African broker, Khwezi Trade offers a single Rand-based account with variable spreads, leverage up to 1:200, as well as micro tradeable lots on the MetaTrader 4 platform.

 

Furthermore, there are Mirror accounts available with this broker with a minimum investment of R10000. These accounts allow their holders to select a trading strategy and to automatically "mirror" the trades executed by the selected strategies in another trader's account.

 

The Company. Security of Funds

 

Company

Country

Regulation

Khwezi Financial Services (PTY) Ltd.

South Africa

FSB

 

Khwezi Trade offers online trading in currency pairs, as well as commodities and indices CFDs on MT4 platform. The brand is operated by Khwezi Financial Services (PTY) Ltd., a company which is licensed to provide investment and brokerage services by the Financial Services Board (FSB).

 

The FSB is in charge of the licensing process of forex brokers in South Africa and oversees the non-banking financial services industry in the country. Brokerages licensed in South Africa must keep all client funds in segregated trust accounts in a recognized bank in the country.

 

Additionally, the FSB has enforcement powers to deal with violations of the relevant legislation through the enforcement committee. The regulator also runs a customer complaints service, the Office of the Ombud for Financial Services Providers.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with Khwezi Trade, traders have to invest a minimum of R5 000 (currently around $377), which is average for the local forex market. Yet, global brokers that also hold a license from FSB, require less. For example, FXTM, demands just $5 as a start.

 

Spreads & Commissions

Khwezi Trade offers commission-free trading, but unfortunately its typical variable spreads are above average, floating around 1.8 pips on EUR/USD.

 

For purposes of comparison, major forex broker FXCM (which also has a license from FSB) offers averaged spreads of 0.4 pips on the EUR/USD with a commission of $4 per lot.  For more information, you may check out the real-time spreads of more than 10 leading brokers here.

 

Leverage

The maximum leverage level offered by Khwezi Trade is 1:200, which is average. If you need higher leverage ratios, a number of brokers offer leverage equal to or exceeding 1:500. FXTM, for instance, offers leverage up to 1:1000.

 

Keep in mind, however, that margin trading is not for everyone, and the higher the leverage you use, the greater the risk of losses.

 

Trading Platforms

 

As we have already mentioned, Khwezi Trade uses the MetaTrader 4 (MT4),available as desktop download and mobile apps.

 

 

Khwezi Trade’s web MT4. Click to enlarge.

 

Although the platform’s developer MetQuotes has released a newer version (MT5), most brokers and traders still prefer the good old MT4. This is probably due to the thousands of custom technical indicators and automated trading systems, which are available for it, as well as the advanced charting package the platform offers.

 

Methods of Payment

 

Clients of Khwezi Trade are able to use only bank wire transfers and credit/debit card payments.

 

Conclusion

 

Khwezi Trade is a licensed South African forex and CFD brokers that supports the good old MT4. Its main disadvantage is that the spreads it offers are above the average, otherwise its trading conditions appear standard. To sum up the above:

 

Pros Cons
Regulated in South Africa Spreads above the average
Commission-free trading No ECN environment
MT4 available  

Latest news about Khwezi Trade
No news about Khwezi Trade . Check back later.
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Hong Kong SFC MarketSpeed FX,
Trading Station
$1 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website

Traders` reviews for Khwezi Trade

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

False selling point

A consultant Freedom Ngwenya from khwezi Trade,sold Market Trade to me as a stock/commodity trading platform and not a fired trading platform.
Basically he lied to me.
He sold me bananas and delivered apples.

Katleho Mangisa 06/06/2018

Locatoin

Good morning Khwezi has been good to me so far however my problem is the new location for Johannesburg offices

Michael Phahla 04/23/2018
de | cn | ru