Kiplar Review: Avoid this Malicious Offshore Broker
Kiplar Broker is another one with a fancy-designed website. But it has disastrous service. As the offshore broker registered in St. Vincent and Grenadines, it’s not promising.
They provide FX and CFD trading services since 2021. But if they do that with proper authorization and legitimately, read in this latest Kiplar review.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||AMF, CONSOB, FSMA|
|Owned by:||Kiplar Ltd|
|Headquarters Country:||St. Vincent and Grenadines|
|Supported Platforms:||Proprietary web trader|
|Cryptocurrencies:||Yes – BTC, BNB, DOT|
|Types of Assets:||Forex, Commodities, Indices, Shares, Cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
Kiplar Is a Scam Broker Without License?
Important to realize first is that St. Vincent and Grenadines (SVG) doesn’t have regulations in the trading world. Since this country is known as a hub for swindlers, they decided not to be involved in fraudulent activities. Therefore, companies should opt for licenses in the countries where they operate.
With this in mind, we will first take a look at the register of the most trusted Tier 1 regulators. To name some, FCA (Financial Conduct Authority), BaFin, and ASIC. As expected from an offshore entity, they are not in any of these databases.
Generally speaking, that means that all funds deposited here are at risk, if not in their pockets directly. So, traders don’t have any backup option if they get scammed. Not to mention the compensation fund that Tier 1 regulated brokers are entitled to.
Kiplar enables trading without licenses and has multiple warnings against them. Untrusted trading platforms and dangerous trading conditions.
Financial Regulators’ Notices of Risk
Another key step in recognizing a scam company is warnings. In fact, this broker didn’t earn much credit among regulators.
For instance, AMF, FSMA, and CONSOB are among the first that issued a public warning against this broker. Check it out.
What Traders Are Saying About Kiplar
With already 14 comments on Trustpilot and all negative ones, this is not a good start. Some traders even got scammed for more than 300.000 EUR.
This is someone’s life savings. Therefore, it’s important to raise awareness about these scams.
Kiplar Software – Platform Comparison
As the key point in choosing a broker, trading platforms are quite important. However, Kiplar Broker doesn’t offer any trusted platforms. For example, cTrader or MetaTrader.
On the contrary, its proprietary platform is nothing but a trading view with very few trading tools. Their main advertised advantages are innovative executions and advanced charting tools. Important to mention is that once you try to download the desktop version, you are redirected to a login screen. This leads to the conclusion that it’s all web-based platforms.
Is The Platform Available On Mobile Devices? – Mobile Trading
Same as with a desktop version, the broker advertises a designated application. However, once you try to download it, you get redirected to the login page.
As expected from an offshore scam, they are misleading in every possible way. Very often scam brokers like Kiplar manipulate such platforms.
Kiplar’s Trading Assets and Instruments
Even though there are all 5 major classes available, they are not authorized for such service. Everything presented on their website is questionable.
Anyway, a wide range of instruments is available. More than 10.000 as the broker advertises. Some of those are:
- Forex – USD/HKD, CAD/USD, AUD/NZD
- Commodities – gold, coffee, cotton
- Indices – UK 100, ITA 45, SPA 35
- Shares – Tesla, Pfizer, Google
- Cryptocurrencies – BTC, XRP, ETH
Kiplar Countries Of Service
Unfortunately, only a few traders shared their experience with this broker. We encourage anyone with a similar experience to share it online.
That way you can warn other people about this scam. As we can see from some Kiplar reviews, they are scamming traders from:
What Are The Different Kiplar Account Types?
Kiplar account types are divided into 5 groups. None of them brings significant trading benefits or knowledge.
You can expect research tools, an educational center, price alerts, and similar services. And of course, leverage that violates all regulations and even ESMA rules. Your options are:
- Starter – $250
- Basic – $2.500
- Advanced – $25.000
- Professional – $100.000
- VIP – On request
Can a Trader Use a Demo Account?
In general, trusted brokers that don’t hide anything often offer a demo account. This is not the case with the Kiplar investment scam.
They are trying to avoid exposing their platform or anything compromising. Therefore, better look for a trusted broker on time.
The Importance of Negative Balance Protection For Traders
Many Tier 1 regulated brokers are required to provide negative balance protection. Some scam brokers use that as a marketing strategy and advertise such services.
However, due to a lack of regulations, they are not obligated to comply with those conditions. So, be careful with such companies because you can get into debt. To sum it up, Kiplar Broker doesn’t provide negative balance protection.
Terms of Service for Kiplar
The company reserves the right to cancel the withdrawal request if there is no proper documentation provided. Moreover, they can even cancel the request if the trader requires a full amount of their trading balance. Not to mention a malicious bonus clause that prevents you from making any withdrawals.
Available funding methods are:
- Credit/debit cards
- Wire transfers
Leverage, Spreads, and Fees
Leverage of up to 1:400 is not according to any regulation. Spreads and trading costs are not revealed with this broker.
Therefore, the only solution is to make a deposit and risk money. Which is not something we would suggest.
Scammed by a Kiplar Broker? – We Want To Hear Your Story.
As mentioned above, let us hear your story. Don’t feel ashamed if you did get scammed. But you will feel bad if you let it go like it never happened. You can start a chargeback process already today.
What Is the Chargeback Procedure?
You can use a chargeback only on debit/credit card transactions. Very often cardholder requires such a process, but the merchant can do it as well.
Luckily our special fund recovery team is there to advise you on further steps. Don’t wait too long because you are time-limited for that. Get in touch now.
What Is Kiplar?
Kiplar is an offshore trading company that scams inexperienced traders worldwide since 2021.
Is Kiplar a Scam Broker?
Yes. They don’t have any authorization to provide trading services anywhere in the world.
Is Kiplar Available in the United States or the UK?
No. They don’t provide services here due to strict regulations and laws.
Does Kiplar Offer a Demo Account?
No. The broker only offers live trading accounts, with a minimum deposit of $250.