Kana Capitals review
The Kana Capitals website greets us with a statement in broken English that it is “largest online forex trading platform with more security.“ The poor quality of the website is reason enough to suspect that this is one of many fake brokers targeting people without sufficient knowledge and experience in the financial markets. Fact-checking confirms these suspicions. Stay away from the Kana Capitals if you don’t want to end up scammed.To get more news about kana capitals review, you can visit wikifx.com official website.
The first clear signal that Kana Capitals is a scam is the fact nowhere is the name of the company that owns and operates this website listed. Kana Capitals also lacks any kind of legal documentation. These are all things completely unacceptable for any legitimate business, let alone for a broker who wants you to trust him with your money.
To offer financial services in this jurisdiction, a company must be authorised by the UK’s financial Conduct Authority (FCA). The absence of a name and registration number of a legal entity is sufficient evidence that the Kana Capitals does not have such authorisation. For the purpose of this review, we checked the FCA database and predictably found nothing regarding “Kana Capitals”.
Several places on the website and client area mention a brand other than Kana Capitals – VIPS FX. This is another fake broker we have reviewed. Most likely both websites are projects of the same scammers.
If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the FCA. They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.
Kana Capitals claims to offer one of the most advanced and widely used trading platforms in the industry, MetaTrader 5 (MT5). But all the links to download the software on the website and members area are not active. Therefore, we have to conclude that Kana Capitals does not have trading software.
You could always use the services of a regulated broker, the vast majority of which offer clients MT5 or the still very popular MT4. This will enable you to use the advanced features of these platforms without fear of being scammed. These platforms are preferred by the majority of brokers around the world because of their powerful automated trading capabilities, including Expert Advisor bots and customized scripts for backtesting trading strategies.
When registering with the Kana Capitals, you must choose between five types of trading accounts – ECN, Standard, Pro, Prime and Elite. But nowhere on the website is there a description of these accounts, so it’s not clear what the difference is between them.
It goes without saying, but legitimate brokers provide clear and detailed information about the different service packages they offer, as well as the associated trading terms. Kana Capitals does not even specify a minimum deposit. In any case, it would be a wiser choice to approach a licensed company, most of which allow you to start trading with low amounts of 100-200 USD.
The website promises “tight spreads” of 0.1 or 0.5 pips, as well as “small commissions” of unspecified size. These promises have no real meaning because the Kana Capitals obviously offer no real trading. However, the claims that Kana Capitals offers leverage of up to 1:500 may serve as further evidence that this could not be a legitimate broker operating in the UK. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.
Another such proof is the claim that the Kana Capitals offer a 20% bonus for every deposit. Regulated brokers are prohibited from using bonuses, promotions and prize games to attract clients. Scammers use bonuses to tie withdrawals to impossible-to-fulfill conditions or huge fees. Due to the lack of publicly available Terms and Conditions, it is unclear exactly what traps the scammers behind Kana Capitals have set.