Kraemfx Trading Co Ltd is running an illegal Forex and CFDs brokerage at Karewoldfx.com. Traders who have been using these trading products for a long time are encouraged not to use the services of this suspicious brokerage.
Karewoldfx is claiming that they’re headquartered in Hong Kong but have offices in United States, Vanuatu, Sydney and Australia.
We doubt some of these addresses because a country like the US cannot allow an unregulated broker to do business for a long time in their territory.
Worth noting is the fact that Karewoldfx.com is a very new Forex broker as they launched in January 2022. We’ve stated in this Londonex review that a new broker does not have credibility and is not worth trying out as the risks are too big since money is also involved.
Meanwhile, Karewoldfx is luring traders by telling them that the company is committed to meeting their clients’ global asset trading and investment needs.
Furthermore, the broker says that they are globally-renowned in over 100 countries and that they are fair and transparent.
Nevertheless, this fairness and transparency has not been demonstrated in any shape or form.
That said, we urge you not to trust the broker with your money. Here are more reasons and red flags that you should take very seriously before you throw away your money.
Karewoldfx review: the allure of the scam
They offer a variety of tradeable instruments on the world renowned MT5 trading platform.
Not only are currency pairs included, but also Crypto, stocks, Crude oil and Hong Kong indices are provided.
With this range of trading products, one cannot possibly miss out on ripe trading opportunities on a weekly basis.
However, all of this is ruined by the fact that Karewoldfx lacks a valid Forex broker’s license, and this is for a very good reason.
They do not have a license (Be warned)
It’s very risky to trust these offshore Forex brokers with a huge amount of deposit especially when they are not properly licensed.
In the case of this broker, we see that they lack a valid broker’s license but are still providing their financial services to members of the public nonetheless.
This is the first red flag you should consider when you come accross their website.
Karewoldfx does not have any reputation just yet
The broker lacks customer feedback yet their website boasts about how well they are committed to treating their clients.
Because they are quite new, we don’t expect a lot of reviews but keep in mind that these reviews have also helped us ascertain whether a broker is genuine or not.
How to recover lost money from a broker like Karewoldfx
Do you see the red box which I included in the beginning and end of this review?
You need to click it and fill in your relevant details so that the chargeback process can begin.
Because these offshore brokers are out to steal and not to return your money, the only way to recover what you lost is to utilize a professional chargeback agency that follows the scammers until money is recovered.
99% of the time we’ve had success with this process, which is why we sympathize with victims who may not have claimed back their lost funds up to now.
We do not feel that this broker is transparent as they claim. We also don’t trust them because if we did, we would have included them in our list of recommended Forex brokers.
That said, we urge you not to risk your hard-earned money on unregulated Forex platforms as they are mostly cheats who use sweet language to lure you.