FX Knights is one of those suspicious brokers operating from the offshore region of St. Vincent & the Grenadines.
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For that reason, such a broker cannot qualify for a spot in this coveted list of Forex brokers to trade with.
FX Knights is running its business from the web address fxknights.com and claiming to provide up to 400 different asset types.
As usual, tradeable assets include Forex, Commodities, Stocks and Indices.
Account types vary in terms of features and minimum deposit requirements.
In addition to this, the broker is claiming to provide training over the phone and all-round support.
They proclaim 8 years of experience in addition to having acquired 10,000 happy clients.
They allegedly won 25 awards and have helped traders execute 280 million trades.
Nevertheless, who.is can confirm that FX Knights is actually a new broker, created in September 2019.
Therefore, it seems this broker is lying about their achievements.
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FX Knights marketing materials are thus misleading.
FX Knights account features
There are 4 account types and what is striking is the gap between the minimum deposits.
For instance, their Micro account requires $10 while the next account after this requires $500.
Leverage is extremely high in these account types as FX Knights is allegedly providing a maximum of 1:500.
Professional Forex traders know that this kind of leverage is dangerous.
You can only use appropriate leverage if you don’t want to burn your account.
Typically offshore brokers offer higher leverage to attract clients and also due to the fact that regulations are either weak or non existent.
A personal account manager is provided in all the account types.
Cost of trading with FX Knights broker
The broker has not published their live spreads.
Instead, they use generic statements such as “premium spreads” or “pro spreads” to describe the cost of trading on their platform.
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Also, I have noticed that their Platinum account type, which requires at least 10K is charging commission on top of spreads.
This practice is unusual and shows that the broker is engaging in predatory behavior.
The broker is allegedly incorporated as FX Knights Ltd.
However, the local company registrar is not so transparent and finding such crucial information can be difficult.
Moreover, there is no strong regulatory framework for Forex brokers who operate out of St. Vincent & the Grenadines.
Let’s not forget that this broker (Just like LibertMark) is also not regulated by any financial oversight authority.
I have always warned against trading with such brokers.
The rate of their fraud is high and chances are that you could lose your money.
There are a lot of inconsistencies on the FXknights website.
For instance, they provide a London address when they’re stating that they are from St. Vincent & the Grenadines.
I don’t know what this is supposed to mean.
Generally, they don’t sound trustworthy. I’ve not even seen any feedback concerning their service.
This just confirms that the site is new but the anonymous owner is trying to fake popularity.
Nobody would ever feel safe putting money on this broker’s wallet.
The writings are on the wall.