Kangbo Trade is a forex and CFD broker that claims to offer a wide range of trading services to clients worldwide. However, there is a growing body of evidence that suggests that Kangbo Trade is a scam.
Company Overview
Kangbo Trade is registered in Saint Vincent and the Grenadines, a well-known offshore financial center. Kangbo Trade does not have any regulation from any significant financial regulator, such as the Financial Conduct Authority (FCA) in the UK or the Securities and Exchange Commission (SEC) in the US.
Team
The team behind Kangbo Trade is anonymous. There is no information available about the company’s management or trading staff. This lack of transparency is a red flag, as it makes it difficult to assess the legitimacy of the broker.
Services or Products
Kangbo Trade offers a variety of trading services, including forex, CFDs, and cryptocurrencies. The company also claims to offer a demo account, but this is not available on the website.
License and Regulations
Kangbo Trade is not regulated by any major financial regulator. This is a major red flag, as it means that the broker is not subject to any oversight or scrutiny. Unregulated brokers are more likely to engage in fraudulent activity, such as front-running, price manipulation, and withdrawal delays.
Why Dealing With An Unlicensed Broker Is Risky?
There are several reasons why it is risky to deal with an unlicensed broker. First, unlicensed brokers are not subject to any oversight or scrutiny. This means that they are more likely to engage in fraudulent activity, such as front-running, price manipulation, and withdrawal delays.
Second, unlicensed brokers are not required to keep client funds in segregated accounts. This means that your money is not protected in the event of the broker’s insolvency.
Third, unlicensed brokers are not required to comply with the Know Your Customer (KYC) regulations. This means that they may not be able to verify your identity or source of funds. This could make it difficult to recover your money if you lose it to fraud.
Legal Warning Against Kangbo Trade
The Financial Conduct Authority (FCA) in the UK has issued a warning against Kangbo Trade. The FCA states that Kangbo Trade is not authorized to provide financial services in the UK and that it is likely to be a scam.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Client Feedback
There are a number of complaints about Kangbo Trade online. Some clients have reported that they have been unable to withdraw their funds from the broker. Others have reported that they have been contacted by fake customer support representatives who have tried to scam them out of more money.
Feedback About Their Trading
The trading conditions offered by Kangbo Trade are not competitive. The spreads are high and the leverage is too high. This means that you are more likely to lose money when trading with Kangbo Trade.
Feedback About Their Customer Service
The customer service offered by Kangbo Trade is poor. Customers have reported that they have been unable to get in touch with customer support and that they have not received a response to their emails.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by Kangbo Trade, you can contact “Reviews Advice” for help. “Reviews Advice” is a company that specializes in helping people who have been scammed by forex and CFD brokers.
We will first evaluate your case and based on that we will provide you with a free consultation call. In this call, we will discuss the guidance you should follow and the recovery company recommendations to help you in recovering the money.
Final Thought
Kangbo Trade is a scam broker that should be avoided. The company is not regulated by any central financial regulator and there are a number of complaints about it online. If you are considering trading with Kangbo Trade, we urge you to reconsider. There are many other legitimate brokers that you can choose from.
