WikiFX Review: Traders need to understand the current situation of KVB Global

About KVB Global

KVB Global has recently come under scrutiny. Located in Hong Kong but regulated in New Zealand, KVB Global claims to offer a wide range of financial services for Chinese individuals and enterprises worldwide. However, its questionable behavior and regulatory status have raised concerns within the industry. This review article will delve into the aspects of KVB Global, shedding light on its operations, complaints, and the associated risks.

Is it Legit？

One of the most alarming aspects of KVB Global is its regulatory status or rather the lack thereof. The broker operates under the regulatory umbrella of New Zealand, specifically the Financial Service Providers Register (FSPR), under a non-Forex license (license number: 1782). This means that it falls outside the standard regulations for forex trading. Additionally, KVB Global is not regulated by the Australian Securities and Investments Commission (ASIC), even though it exceeds the business scope regulated by ASIC.

Financial Transactions and Minimum Deposit

KVB Global operates with a unique approach to security deposits. Clients are required to place a 10% security deposit to lock down an order. This deposit remains in the client's account until the order is filled, at which point it becomes an open contract, obligating the customer to complete the transaction within spot days. This unconventional method raises questions about the broker's transparency and financial practices.

Leverage and Spreads

One of the concerning aspects of KVB Global is the lack of information regarding leverage and spreads on its website. The absence of such critical details leaves potential traders in the dark, making it impossible to assess the broker's competitiveness and suitability for their trading needs. This lack of transparency is a major red flag.

Trading Platforms

KVB Global offers multiple trading platforms, including eFX, GCFX, and APP software. While these platforms claim to provide access to the forex market, the low rating given by WikiFX (4.08/10) suggests that they may not live up to their promises. This further adds to the concerns regarding KVB Global's overall credibility.

Is it a scammer？

Perhaps the most troubling aspect of KVB Global is the growing number of complaints and allegations of fraudulent behavior. Several investors have come forward claiming that KVB Global is a scam, accusing the broker of not allowing users to withdraw their funds and wrongfully taking investors' money. These complaints raise serious concerns about the broker's integrity and reliability.

Complaints Against this broker on WikiFX

Conclusion

KVB Global's suspicious regulatory status, user complaints, unconventional financial practices, and lack of transparency in terms of leverage and spreads have raised significant concerns within the industry. The low rating from WikiFX only serves to underscore the red flags associated with this broker. Traders are strongly advised to exercise caution and explore more reputable and transparent alternatives in the market. The risks associated with trading through KVB Global appear to outweigh any potential benefits it may offer.