Dominican CFDs brokerage services provider KryptoKnights has five distinct trading accounts. As its name suggests KryptoKnights put much emphasis on the cryptocurrency trading. Sadly, almost every trading condition is missing from the official website. Nevertheless, no one can guaranty what services it offers and safety of investments as it is an unregulated cryptocurrency broker. Despite many negatives, this broker has some positives also. Therefore, we will start the KryptoKnights review with positives first.
Five trading accounts featured are Green, Premium, Platinum, Executive, and Presidential. However, apart from this, no information is shared. The leverage ratio ranging from 1:100 to 1:500 are offered on the five different accounts and they are quite interesting. Higher leverages equal a higher opening and that equals high profits. It can also cause major losses. The financial instruments at KryptoKnights are quite wide. It majorly includes CFDs on Crypto Coins as well as fx pairs, metals, commodities, stock, and indices. The great product portfolio is directly proportional to higher risk management.
Now it’s time to do an analysis of possible negatives of KryptoKnights. The company situated and operational in the Republic of Dominica called Duo Holding LTD is the owner of the attractive brand name KryptoKnights. Unfortunately, crypto and forex brokers operational from the Republic of Dominica are not regulated yet. And it is our major concern. Unregulated broker posses higher scam risk. On top of that, the broker does not disclose any trading condition like spreads, minimum deposits, and trade size. We wanted to see the trading conditions available at this broker and we opened offered trading platform. Here we saw only leverages available. Also, a poor performing and unproven web trader trading platform is offered. It could not be compared to the legendary trading terminal MetaTrader. Absence of MT is always a red flag. There are several issues we found in the term and conditions section. The inactive trading account for one month has to pay at least 100$ or 10% of the available amount. Obviously, whichever is greater. 5% withdrawal processing fee is applied to each withdrawal request. Such harsh terms and conditions coupled with an extra burden of charges are not acceptable. Also, it is a recipe of a potential cryptocurrency scammer to lure innocent traders.
Is KryptoKnights scam or legit?
The broker is situated on the offshore, precisely speaking, on the island of the Dominican Republic. It is an unregulated broker with banned leverage ratios. Hefty terms and conditions coupled with extra fees are applied on the traders. So, we call KryptoKnights a potential scam cryptocurrency broker.