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KronosInvest Review - i it scam or safe?

KronosInvest Review - is kronosinvest.co scam or good forex broker?

RATING: 1.2 / 1 REVIEWS KronosInvest
KronosInvest is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Standard  $250 1:500  2 pips
Premium  $1 000 N/A N/A
VIP  $2 500 N/A N/A
Super VIP $50 000 N/A N/A

 

Forex and CFD broker KronosInvest says it offers four account types, but has not disclosed any trading conditions, other than the minimum investment required for each of them. Here are our impressions of this broker, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with KronosInvest.

 

 

KronosInvest Advantages

 

MT4 and Status Web Trader

KronosInvest supports the ever-popular MetaTrader4 (MT4), as well as a web-based platform called Status.

 

The MT4 is a platform most traders know well and enjoy using. The reason for this is that this trading terminal has proved to be reliable, user-friendly, and equipped with all functionalities a trader needs. The MT4 is easily customizable, has great charting options, and is especially popular for its automated trading bots (Expert Advisors).

 

If you are one of the many preferring to use the MT4 platform, you’d better select another broker that supports it, as KronosInvest is not licensed and not to be trusted.

 

 

>> Check out some of the best MT4 brokers <<

 

 

 

Up to 1:500 in leverage, decent spreads

Another possible advantage of KronosInvest is the high leverage levels this broker extends to clients, reaching 1:500. Leverage ratios that high will be enough even for the most aggressive traders, however, keep in mind that this is not suitable for all users. High leverage brings along greater risk of losses, so make sure you fully understand the principles of margin trading prior to using such.

 

 

Click on the image to zoom in.

 

Although KronosInvest has not mentioned any trading costs on its website, we managed to test its web MT4 in demo mode and found the benchmark EUR/USD spread fixed at 2 pips, and this is pretty much the average in the industry. That being said, brokers with variable spreads usually offer better pricing, and below you may check out some of the best.

 

 

>> Compare the spreads of top forex brokers <<

 

 

KronosInvest Disadvantages

 

No address, no number, no regulation

KronosInvest says to be owned and operated by KronosInvest Limited, however, it remains unclear where is the company based or registered – there is no address, nor contact or registration number.

 

The broker’s terms and conditions mention Estonian Governing laws, so we suspect that the company might be registered there. We checked in the online registry of the Finantsinspektsioon (the Estonian Financial Supervision and Resolution Authority), but didn’t find KronosInvest there, so we can safely conclude that this broker is not regulated.

 

With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients. Therefore, we advise our readers to avoid offshore and/or unregulated brokers as a general rule.

 

Trading conditions not fully disclosed

As we mentioned in the beginning, KronosInvest leaves a lot of questions on its trading offer unanswered. A lack of information or clarity on essential trading conditions such as the spreads, the maximum leverage provided, the difference between various account types, etc., is also a very worrisome sign. This is a typical “tell” of a scam broker.

 

Urges clients to install AnyDesk

Another red flag regarding KronosInvest is that the broker obviously uses Anydesk.

 

 

Be warned that if an unregulated broker asks an investor to install AnyDesk (or TeamViewer), the latter is open to substantial risk. Simply put, if you provide a scammer with your log-in details, all your online accounts could be drained. AnyDesk allows anyone to access your PC from another station, essentially taking as another user, which can be devastating to your private information like bank account passwords, credit card information etc. 

 

Inactivity fee, trading volume requirements

‘Furthermore, the broker charges 10% monthly inactivity fee, if an account is dormant for 3 months. This is not uncommon in Forex since such fees force clients to add up to their trading volume. For the same reason, KronosInvest also applies trading volume requirements to bonus withdrawals. Yet, traders should be informed of all trading costs, fees and requirements applicable, so we always read brokers Terms and Conditions and in most cases there are such fees and some tricky clauses written in small print.

 

MT4 provided by a third party

This is not a serious drawback, when compared to previous ones, but it Pentacle Group Ltd., an offshore company which operates the shady brokerage brand ChronoFM 

 

 

Conclusion

 

Presumable an Estonian broker KronosInvest, is not regulated and not to be trusted. Most likely, this broker is one of the many scams on the forex markets, so you’d better avoid it.

 

Remember, don’t give away your card info with the CVV code, and don’t provide access to your computer and bank account via Anydesk or Teamviewer, without first making sure that the broker is licensed by a reputable financial authority. One of the most respected and reliable ones in Europe are UK’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission.

 

 

>> Looking for the best forex brokers in Europe? <<

 

 

To sum up the above:

 

Pros Cons
MT4 and Status Web Trader

No legit license

Up to 1:500 in leverage, decent spreads Trading conditions not fully disclosed
  Urges clients to install AnyDesk
  Inactivity fee, trading volume requirements
  MT4 provided by a third party

 

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Traders` reviews for KronosInvest

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Kronoinvest.co

Easy to deposit but a living hell to trying to make a withdraw
So if you got money there probably you loose them for sure.
I got a answer from support when i ask why my withdraw don't seems to work the answer i got
"It doesn't work that way"

Ronny Gylderud 09/03/2019
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