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Kridex Review - is it scam or safe?

Kridex review - Is kridex.com scam or good forex broker?

RATING: 1.8 / 0 REVIEWS Kridex
Kridex is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Kridex is an offshore broker offering three account types with a leverage as high as 1:500 and the MetaTrader4 platform. And although their trading conditions might seem attractive on first sight, we have some issues with their regulatory status and and background, which we will discuss in detail in our review.

 

Account type Min. deposit Max. leverage Spreads
Classic Account $50 1:500 1,4 pips
Pro Account $100 1:500 0,7 pips
VIP Account $15 000 1:200 0,5 pips

 

Kridex Advantages:

 

Good selection of forex pairs and other CFDs

 

Kridex says to be offering a nice selection of forex pairs well over 50, many of which exotic or minor like USDRUB, USDZAR, USDMXN, USDHUF, USDILS, USDNOK, USDPLN, USDSEK, USDHKD, USDDKK, USDTRY and USDSGD. And they say to be offering CFDs on gold, silver indices and oil. And yet, as we miss the option to trade crypto asset, here you may check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:500

 

Currently the only brokers offering leverage above 1:75 are either registered offshore or are regulated in Australia – the only major regulatory hub, where higher leverage is still allowed, after the European Securities and Markets Authority (ESMA), along the regulators in Canada, Japan and the USA restricted the maximum leverage with forex and CFD instruments in an effort to curb retail investment risks. Beside, here you may check our list of brokers regulated in Australia:

 

>>Brokers regulated in Australia<<

 

A variety of payment options

 

Kridex accepts payments in various ways including VISA, MasterCard, JCB, QIWI, WebMoney, FasaPay, Neteller and Skrill. Of course they accept bank wire transfers as well, but as we do not see the option to pay with bitcoins here you may also check our list of brokers accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

You can open a trading account with just 50 USD

 

With Kridex you can open a trading account with 50 USD and that is great. Still, take a note that some big properly regulated and well respected brokers like FBS and IG offer trading accounts with no minimum deposit requirement at all. 

 

Kridex Disadvantages:

 

Inadequate regulation

 

Kridex is owned and operated by Quantix FS Ltd, an offshore company based on the Seychelles. And they says to be regulated by the Financial Services Authority of Seychelles (FSA), which is true, but is not impressive. 

 

The main problem with “regulatory authorities” such as the Commission on the  Seychelles or the one on Vanuatu (probably you hear that name for the first time -  it is a South Pacific island) is that they simply lack the capacity to regulated internationally operating brokers. 

 

So basically if you chose to trade with an offshore broker you will not have much protection, while with brokers, regulated by respectable institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) you can truly feel safe.

 

And besides among other benefits you r funds will be protected with client compensation funds, that will guarantee your money, even if your broker files for bankruptcy. Thus for example with a CySEC broker your insurance will cover 20 000 EUR of your funds, while with a FCA broker the insurance goes up to 50 000 GBP. Besides, here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

MetaTrader4  provided by a third party

 

This might not be so unusual, because sometimes brokers partner with other companies and use their trading platforms. The problem here is that  Kridex MT4 is provided by Maxwell Global Trading Company Ltd., which is not regulated and is associated with previous scam scandals.

 

Otherwise MetaTrader4 is one of the best trading solutions on the market, featuring numerous market indicators, an excellent charting package and even customizable trading bots with which one can run automated trading sessions. Besides, here you may also check our list of brokers offering MetaTrader4:

 

 >>MT4 Brokers<<

 

Trading bonuses with unacceptable conditions

 

The practice of offering trading bonuses has always been highly controversial and is actually banned throughout Europe and many other regulated markets. The reason is simple – trading bonuses are always linked to additional withdraw conditions. In the case of Kridex, if you accept a trading bonus you will have to trade at least 300 000 USD for every 10 USD accepted as a bonus, and that you should be able to do within 60 days. Also, you will never be allowed to withdraw the bonus itself, but just profits that you have made. And if you fail, you will lose all profits that you have accumulated on your trading account. See for your self:

 

 

No demo account available

 

Unfortunately we were not able to open a demo account with Kridex although we filled a somewhat lengthy registration form. That is why we can not verify the spreads, which the broker advertises to start form 1,4 pips with their opening account. Here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

Kridex is an offshore broker with an inadequate regulation that is partnering with shady brokers like  Maxwell Global Trading Company. That is why we can not recommend you to trade with them, but rather with brokers holding proper licenses, issued by institutions like the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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Traders` reviews for Kridex

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