Kyolo Markets: Is It a Scam? The Truth Exposed (2023)
Kyolo Markets contains a number of warning signs. In this evaluation, you can determine whether or not the business is worth your money.
The worst statement to believe is that “trading is for everyone; simply begin with any firm.” First, trading entails research and calculation, and second, you can’t rely on any platform.
Numerous platforms carry a tremendous amount of risk, which needs to be handled. It is worthwhile to conduct a thorough examination of Kyolo Markets, one such dubious company.
The company Kyolo Markets Limited highlights itself as a reputable Australian forex broker with a track record of exceptional accomplishments. But as we dug deeper into their website, what we discovered was nothing short of alarming.
Despite their assertions that they offer great trading conditions, including competitive spreads and leverage of up to 500:1, we found contradictions and outright lies that suggest this broker is not on the up-and-up.
How can you tell whether a broker is defrauding you?
On their website, a trustworthy broker should prominently disclose their regulatory IDs. Visit the website or call the hotline of the regulatory organization to confirm the registration. Check the Website of the Regulator for Quality: To trick traders, dishonest brokers frequently produce shoddy websites.
We strongly advise you to stay away from Kyolo Markets Limited and not give them access to your hard-earned money. It is very evident that this broker is unreliable, and investing with them could result in substantial losses. Avoid Kyolo Markets Limited at all costs, don’t take any chances!
Kyolo Markets Limited Regulations
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|Kyolo Markets Limited||X||X||X|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulated brokers||Yes||Yes||No|
Kyolo Markets and its deceptive face
First off, it’s bizarre that Kyolo Markets Limited, a purportedly trustworthy company, doesn’t include any contact information on its website, such as an address, phone number, or social network links.
This is not typical of trustworthy brokers, who typically offer a variety of contact options and have a solid customer service department to guarantee that traders receive assistance as soon as possible.
Kyolo Markets Limited appears to be working under an appearance of mystery and suppressing any information that would hold them accountable for their shady actions, which is the standard script of a fraudulent website!
Remember that the Australian Securities and Investments Commission (ASIC) would regulate Kyolo Markets Limited if it were a genuine Australian broker. Further research, however, revealed that Kyolo Markets Limited was not listed on the ASIC registry.
This means that Kyolo Markets Limited is an unlicensed broker. You should avoid becoming involved in their risky game of doing business with them. To protect yourself from possible financial injury, we recommend you stay away from this swindling website.
Trading platform for Kyolo Markets Limited
|Advanced tools||Auto trading||Custom indicators||Mobile versions|
|Kyolo Markets Limited platform||X||X||X||X|
|MT4||30+ indicators||Yes||Yes||Android and iOS|
|MT5||50+ indicators||Yes||Yes||Android and iOS|
|cTrader||40+ indicators||Yes||Yes||Android and iOS|
To check out Kyolo Markets Limited’s platform, we attempted to sign up. However, it is quite worrying because Kyolo Markets Limited wants traders to upload copious amounts of personal data, IDs, and bank account information only to access their platform dashboard.
Your personal information may be at risk of theft or misuse if a broker uses a strategy that is not typical of legitimate brokers.
We strongly warn against downloading anything from unreliable sites like Kyolo Markets Limited’s website due to their dubious record for requesting sensitive information.
Protecting your financial assets and personal information against potential harm is always preferable to err on the side of caution.
Selecting a regulated broker that offers MetaTrader platforms is advised if you want a safe and dependable trading experience. Both MetaTrader4 and MetaTrader5 are well-known trading platforms for forex, CFDs, and cryptocurrencies.
They both come with a comprehensive toolbox that lets you customize your trading environment to suit your preferences and requirements.
Kyolo Markets Limited: Minimum down payment
Further concerns are raised by Kyolo Markets Limited’s reluctance to disclose important details regarding their trading terms, such as initial deposit restrictions and account kinds. This lack of transparency is frequently a warning symptom of dishonest brokers and is not a practice that respectable ones normally engage in.
|Kyolo Markets Limited||FXTM||FP Markets||XM|
|Minimum deposit||Not specified||$10||$100||$5|
Thank goodness, there are lots of trustworthy brokers on the market that provide trading accounts with a little deposit requirement of around $50.
You can locate brokers in the table above who can accommodate your trading requirements and objectives while still upholding transparency and reliability.
Kyolo Markets Limited: Payment options
|Deposit time||Withdrawal time||Price|
|Bank Wire||2-5 business days||2-5 business days||$25+|
|Credit card||Instant||24 hours||Free|
|Paypal||1 hour||24 hours||2%|
|Skrill||1 hour||24 hours||2%|
|Neteller||1 hour||24 hours||2%|
|Crypto||24 hours||24 hours||The fee depends on the crypto|
Similar to other companies, Kyolo Markets Limited is unclear about the payment options it accepts.
Keep in mind that trustworthy brokers often provide a variety of safe payment methods, such as credit and debit cards (Visa, Mastercard, etc.), bank wire transfers, and well-known e-wallet platforms like Skrill and Neteller. It’s crucial to pick a broker who provides a range of safe and practical payment methods for you.
Kyolo Markets Limited: Trading instruments
A constrained range of trading instruments, like foreign exchange, commodities, and precious metals, are what Kyolo Markets Limited offers to offer.
Therefore, it might be advantageous to take into account alternative brokers who provide a more varied variety of trading instruments if having a large range of possibilities is something that is important to you.
Kyolo Markets Limited Spread
Potential traders should be wary of Kyolo Markets Limited’s generalized claims that they offer extremely low spreads because they don’t provide any specific figures. Low spreads may be alluring, but it’s important to take other aspects like the broker’s standing with regulators, trading conditions, and reputation into account.
Keep in mind the possible risks of trading with an unlicensed and dubious broker instead of letting the promise of reduced spreads fool you.
Kyolo Markets Limited: Leverage Ratio
Also keep in mind that Kyolo Markets Limited’s assertion that it offers leverage up to 500:1 contravenes the rules established by reputable Australian brokers. To reduce the risks associated with trading with high leverage, these brokers must restrict leverage to a maximum of 30:1.
Kyolo Markets Limited: Withdrawal requirements
The fees, minimum withdrawal amounts, and trading volume limitations listed on Kyolo Markets Limited’s website are not made explicit. Since reputable brokers normally provide in-depth information on these aspects of their services, this lack of openness should be a warning sign for prospective traders.
Kyolo Markets Limited: Pros and Cons
The positives of this trading platform are actually nonexistent if we talk about them at all. However, I do have a few drawbacks and they are as follows:
- Lack of a valid Forex license
- No trustworthy trading platform
- Demands identification and sensitive information right away.
- Criteria for trade that is opaque
- Methods of payment that are opaque
Kyolo Markets Limited Reviews: Scam Exposed by Clients
#1. The trading platform of Kyolo Market is fraudulent
Here, a victim of the scam placed his review online. It appears that the whole thing got started when he met a woman who identified herself as being from Taiwan and based in the US on a dating app.
She progressively introduced him to the idea of trading and referenced her Wall Street-working uncle, who she said had inside information on trading XAU/USD (gold), as well as other trading strategies. She urged him to utilize the Kyolo app for trading, and at first, it appeared to be working out well because he made money on his first trade and was able to withdraw it.
The trouble started, though, when he made the decision to invest additional money, including some that the girl had lent him. The Kyolo platform turned out to be a scam, and the money he thought he was earning was probably just made-up numbers on the app that were meant to trick you.
Kyolo demanded that he deposit 80% of his entire funds when he attempted to withdraw the cash and threatened him by falsely accusing him of money laundering. This is a tried-and-true scam strategy used to fleece victims of their money before they realize they’ve been duped.
Fortunately, he noticed that it was a hoax and refrained from sending them the further funds they demanded, which limited his losses to the original few thousand dollars.
At last, I want to say that Kyolo Markets Limited highlights various concerns and demonstrates a number of cautionary indicators that suggest it is not a reputable or trustworthy forex broker.
The absence of contact details on their website, the lack of regulatory control by credible agencies like ASIC, and the disproportionate demand for personal data before allowing access to their trading platform are all signs of dubious and dishonest tactics.
You run the risk of losing a lot of money and having your personal information compromised if you invest with Kyolo Markets Limited. It is advised to steer clear of this business completely and to hold off on giving them any private information.