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Kruger Exchange Review - is it scam or safe?

Kruger Exchange Review - is krugerexchange.com scam or good crypto CFD broker?

RATING: 1 / 13 REVIEWS Kruger Exchange
Kruger Exchange is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Initial deposit Maximum leverage* Bitcoin Spread
Mini  Up to 2 BTC 1:200 ~$24 BTC/USDT
Silver  Up to 10 BTC 1:200 N/A
Gold  Up to 20 BTC 1:200 N/A
Diamond  Up to 45 BTC 1:300  N/A
VIP More than 45 BTC 1:400  N/A

 

*As announced on the broker’s website. The leverage levels available on the platform turned out to be significantly lower (up to 1:5).

 

Kruger Exchange is not a blockchain –based platform, but a CFD broker with a clear focus on cryptocurrencies. It offers the account types listed above and although its offer does not seem bad, investing with this broker is anything but safe. Check out the full review on Kruger Exchange to get all the details and understand why we gave it such a low rating.

 

 

Kruger Exchange Advantages

 

A lot of crypto CFDs offered, seemingly good spreads

Crypto-enthusiasts will probably enjoy Kruger Exchange’s rich product portfolio, which includes wide range of cryptocurrencies, which can be traded against each other, USDT, or various other CFDs – on indices, commodities, and shares. That being said, the broker does not offer any forex pairs for trade.

 

While Kruger Exchange has not disclosed any reference spreads on its website, when tested its platform, the BTC/USDT spread was around 24 USD on BTC/USDT. This is pretty tight, as usually traders would expect a spread of between 30 and 50 USD for this pair. 

 

 

Kruger Exchange Disadvantages

 

Not regulated, FCA warning

Kruger Exchange is allegedly a trademark of Marketing Essentials Ltd., a company with registered address in Sofia, Bulgaria. CFD providers in Bulgaria have to be licensed by the local Financial Supervision Commission (FSC) or by similar financial authority of any EU Member State. Unfortunately, this is not the case with Marketing Essentials Ltd. What is worse, Kruger Exchange was recently blacklisted by one of the most reputable financial authorities – the Financial Conduct Authority in the UK. This is a clear-cut warning sign that Kruger Exchange might be a con-artist and that its clients may be open to substantial risk.

 

Not clear about its service, nor trading conditions

It seems that Kruger Exchange tries to mislead investors that they are a blockchain-based platform.

 

 

Some inexperienced traders might indeed think that it provides exchange services, while in fact the broker offers CFD trades. Here is more information on the matter:

 

 

>> Bitcoin Brokers compared to Bitcoin Exchanges <<

 

 

Besides, Kruger Exchange’s website lacks information on the most important details of its offer, such as the spreads, and that is another negative, along with the fact that free testing service is also unavailable.

 

“Scamex” platform, no MetaTrader

Most CFD providers rely on the good old MetaTrader4 as a trading software, but No forex trading does not support this platform. Instead, it uses  a trading interface that is so common among shady cryptocurrency CFD brokers, that we have dubbed it “Scamex”. It is oversimplified and lacking many of MT4’s functionalities.

 

 

Click to zoom in.

 

One of our favorite platforms, mainly due to its charting, EAs and customization potential is MetaTrader4. 

 

 

>> A list of MT4 brokers <<

 

 

No forex trading

This is a minor flaw when compared to the previous disadvantages of this broker, but we will mention it anyway. One cannot trade forex with Kruger Exchange, not even popular pairs such as EUR/USD, or BTC/USD.

 

 

Conclusion

 

Kruger Exchange poses as a crypto exchange, but actually offers trading in cryptocurrencies, as well as other assets in the form of Contracts-for-Difference. There are a lot of things we don’t like about this broker, but our biggest concern is the lack of any regulation and financial oversight, as well as the warning the UK’s FCA issued against it. It Investing in unregulated brokers is far too risky, especially in the sphere of forex and cryptocurrencies, where there are too many fraudsters.

 

That is why it is best for investors to select among companies that are reliable and licensed, where there their money and coins will be safe.

 

 

>> Reliable forex brokers offering BTC trades <<

 

 

To sum up our impression of Kruger Exchange:

 

Pros Cons
A lot of crypto CFDs offered Not regulated, FCA warning

Seemingly good spreads

Not clear about its service, nor trading conditions
  No MetaTrader4
  No forex trading
   

 

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Traders` reviews for Kruger Exchange

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

 

 

Scammed by KrugerExchange

I am a victim of a scam. In the beginning of February I opened an account with Kruger Exchange and deposited £250 on their trading platform. I instantly received a call from one of their brokers called Michelle Suchi to introduce the company and say that I could not make any money with £250 but that if I opened a premium account she could trade with me and make big profits. I was not convinced but she kept calling me everyday until she managed to convince me to deposit £5000 GBP. I am not financially educated so unfortunately I believed her. Although I told her that I did not have the money she convinced me to use my credit card saying that before the next statement was due I would have doubled the money and be able to pay it back to the bank. Now I realised how stupid I was but at the time I believed her and made the payment. She arranged some Skype trading sessions with me to teach me how to trade and to trade with me. On the second session we made over £2000 GBP profit. Two weeks after I had a personal issue with my grandmother and she had to be hospitalised and I urgently needed money to pay for her medical assistance. I then massaged the broker at KrugerExchange explaining the situation and asking to withdraw my funds. (At the beginning I was told that I could withdraw funds at any time as long as my balance was sufficient). There is when the nightmare started. She was not calling me back and always saying that she was busy. At some point she called me and said that I could not withdraw my funds until the 15th of march but that the money would be in my account by that day and that she would transfer me to a different broker because as I was not interested in trading anymore she could not keep me. After I wrote a massive email complaining, a few days later a received a call from another broker called Jessica Smith saying that she was Michelle's (my original broker) supervisor. She then said that I could not withdraw my funds unless I traded with her stating that my account was under some sort of contract and that I had to generate liquidity before getting my funds back. I said that I did not want to trade any longer and she was really rude to me on the phone saying that she was losing money every second she was with me on the phone and that if I didn't want her help to get my money back she would have to call me back another day.
I then wrote another email complaining and I got a call from a guy called Adam claiming that he was from the financial department and saying that he understands my frustration however if I don't trade as they want, they can hold my funds for months. He said that I had to do only one trade that would be an assured trade and then I could withdraw my funds. So Jessica called me back and told me to place a trade on the platform and leave it open saying that by Friday the 15th I would get my money back. Friday came and I did not hear from them nor got my money back. So I went to check the platform online and the website was down, the URL no longer existed. I then emailed them and the emails bounced back as the server did not existed. The following day Jessica contacted me saying that they changed the domain to kruger-exchange.com instead of krugerexchnge.com and when I asked about my money she said that as I don't want to trade I can't take my money out until I generate liquidity and finish with the alleged contract that my money is on. She then added a USD3900 bonus to my account as an apology for the inconvenience. Which is nonsense since I can't withdraw the money. Now I owe £5000 GBP to Visa and HSBC and my grandmother is not getting the assistance needed. I am a full time student and having that huge debt is gonna ruin my finances. I reported to the Financial Conduct Authority, to HSBS (which is trying a charge back), to VISA and to Action Fraud whom has taken on the report and has logged it and has provided me with a Crime Reference Number. I uploaded pictures of emails and my personal trading platform on Forex Peace Army website. (I can't find a way to upload pictures here)

Sam 03/22/2019

Scammers

I suspected this was a scam site soon as I deposited.

I jumped through the many hoops to ensure I would be eligible for withdrawal then tried to cash it all off.

Radio silence and then after countless emails they said it was processed and that it's my banks fault...

I have been trying to process a chargeback ever since.

I hope to get my funds back still.

I also had Elijah as my account manager but again I never did any "trading". I was trying to get my money off soon as possible and explained I was doing this to affirm their legitimacy and how quickly they process cashouts.

My other pet peeve is I authorised £200 deposit but they still took £250.

They called me the other day saying don't need to do chargeback as they are able to process the cash out now. I don't believe them and continuing a case with my bank, particularly as I have plenty of email correspondence so they can be done for fraud by misrepresentation.

Neab 1987 03/21/2019

responses 20.3.19

Courtney,

You were in touch with our firm and logged into your account yesterday (19.3.29) at around 12:00 gmt.

If you need any assistance don't hesitate to contact us.

krugerexchange 03/20/2019

Scammers

The website can no longer accessible so my money has gone.This is so terrible and they should be not allowed to do business

Courtney Clarke 03/18/2019

responses 3.18.19

Liz- we saw that you were able to login today and open a withdrawal request.

Wesley - please email us so that we can look into the matter. No one can force you against your will to do anything. It is your responsibility to read terms and conditions.

Courtney, please make a withdrawal request - contact us on the contact us page and we will look into your concern.

krugerexchange 03/18/2019

Email bounced back

And surprise surprise the email to compliance has bounced back. Biggest scam ever you should be ashamed of yourself for taking innocent peoples money. David Rossu im so hlad i didnt let you talk me into giving you £1000 even though she pushed and pushed me to

Liz 03/16/2019

scam

they scammed me to and that david rosse dude is a thief he go to jail he force me to put my money on the line and then when i try to withdraw he force me to cancel when i told i aint had no computer he cancel it his self and i neverheard from him again $2599.00 they stole from me.i think google need investigate them thief

wesly 03/15/2019

Log in

Unfortunately i have not been able to log in to withdraw my balance the website no longer exists. I get contacted by phone but cant answer during my working ours as i work in a call centre. I have now sent an email to compliance as you have suggested to confirm i wish to withdraw my funds. I await your reply.

Liz 03/15/2019

Scammed by Kruger Exchange

I had an experience with David Rossi who after a long chat had me signed up and deposited £250 into my account.Mr Rossi made me a small profit on the same day then aggressively demanded £5000 to be put in the account to which I refused.He went on and on trying to get me to invest the money using my credit card.He then said that he will try and take £1000 but I need to tell the bank to release the money.I then cancelled the card so he could not complete the transaction.Mr Rossi then told me to use my wife’s card or use my debit card and he was very pushy but I refused.I did not hear from him for over a week then some other agent contacted me to take over from Mr Rossi and within 2 minutes all of $400 disappeared.He putback $250 and said I cannot withdraw this money so I would have to gradually make back my money that had disappeared.

Adam Banks then called me to help me make money on the $250 but then he somehow wanted me to log into my bank account so he can look into it to locate some form of number. I refused and he kept telling me that he will not help me if he cannot see my internet banking account then I just disconnected the call.It seems that I have lost that money.I did try to withdraw the original money when David Rossi started getting pushy but could not get my money.

Courtney Clarke 03/15/2019

Scam/No Scam?? Kruger Exchange website down 2nd day

I have (or had) one plus Bitcoin in Kruger. Elijah was my account manager who traded for me. The day before (on 13th) I was getting pressure to deposit £9,000. Previous to the website going down I had no concerns. It is down again and no communication from the company. Is this a sign?

Dorrell Wallace 03/15/2019

SCAM

I have 850 bitcoin sitting in an account with Kruger exchange and now I can't get onto the website to get it out, I feel I have been scammed and im not going to get my money back at all.

Elizabeth 03/14/2019

scammer

A david Rossi rang me supposedly from London. He spent 10 hours helping me to register. He asked for all my credit card and banking details.plus passport details. He was very pushy,and we did 5 trades. When I sent 6 emails stating I wanted to withdraw and get my money back, the emails were rejected.Then I read information on this company and realised they are a scammer.

knowles peter 03/14/2019

Kruger Exchange server upgrade

Responding to comments below 14/3/19

We had a server upgrade and were unable to notify you all of our clients. The site is back up and emails are working.

Christopher from what we can see you have been in touch with us just yesterday and we have been in touch with you daily over the past several weeks. Your emails bounced today because of a server upgrade. We will be in touch with you shortly.

Mr Peter, all you have to do in order to take your money out is make a withdrawal request - which you haven't done even once.

Elizabeth - please email [email protected] in order to assist. We have tried to reach you over a dozen times since you requested your withdrawal request (which was vocally cancelled by you also). And to clarify, you don't have 850 bitcoin (which is approximately $4,000,000) in your account. You have approximately $800.. Please feel free to login and make a withdrawal request again

krugerexchange 03/14/2019
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