SelfKings Broker Review
We decided to investigate why SelfKings is currently one of the most contentious new brokers on the market. What happened, and how can you earn such a bad reputation in just a few months after opening? To find out, read our SelfKings review.
Broker status: Unregulated Offshore Broker
Regulated by: Unlicensed brokerage
Blacklisted as a Scam by: No Info
Owned by: Xem Cloud Ltd
Headquarters Country: Marshall Islands
Foundation year: 2021
Supported Platforms: Web Trader
Minimum Deposit: 250 EUR
Cryptocurrencies: Available
Types of Assets: FX, commodities, indices, shares, cryptocurrencies
Maximum Leverage: 1:400
Free Demo Account: No
Accepts US clients: No
SelfKings Regulation
SelfKings seems to be a brand owned by the Marshall Islands-based Xem Cloud Ltd. Given GLOFSA’s reputation as a lenient regulator, it’s not surprising that we haven’t found SelfKings regulation in the Marshall Islands or anywhere else in the EU. The brand is allegedly linked to two other phony ones, TrustFina and Cryptansa, which are also run by fictitious businesses in the same offshore nation.
Avoid SelfKings trading scams by using a Tier-1 licensed brokerage.
In addition, we strongly advise you not to invest in fraudulent brokers such as Profit Markets CFD, HonorFX, and InvestAgrico. So don’t fall for these dishonest scam brokers!
Fund Withdrawal Issues
SelfKings is yet another market scam, suggesting it is superior to other brokers simply by using such a ridiculous name. Numerous SelfKings reviews claim that because the business does not permit withdrawals, customers have no way to get their money back. Even if you submit a request, you can anticipate having your account suspended and being unable to access it.
At first glance, it might appear to be a programming error or a system bug, but keep in mind that it’s just another tactic used by dishonest brokers to prevent you from getting access to your money.
Traders About SelfKings Scam
There aren’t many good SelfKings reviews to be found. Customers typically criticize withdrawals, but they also criticize trading software, high leverage, and other issues. SelfKings account managers allegedly make little to no effort to help you invest and are more interested in making a profit.
When they see that you aren’t willing to put any more money into it, they will just block you because you are worthless. Be ready for such an event to occur and report anything suspicious right away.
Additionally, before making an investment, always research the history of online trading companies!
Online trading-related scams are becoming more frequent. Unfortunately, several new businesses chose to capitalize on the worldwide epidemic and people’s desperation throughout 2020 and 2021, especially, and persuade them that they could provide something remarkable. Regulators struggle to keep track of all the new businesses and effectively regulate them in light of all that is occurring, particularly in nations like the Marshall Islands.
SelfKings also took advantage of this opportunity, established a name, and began defrauding customers in Russia and Europe. Make sure to check the rules and ask all the right questions to avoid becoming the next victim.
Are you having trouble successfully requesting a withdrawal from your broker? Tell us about it and add a comment.
