The brokerage company positions itself as one of the leading FX and CFD platforms in the world, used by “over 20 million” traders. Besides, the intermediary claims to “serve over 200 countries” and has offices in 13 jurisdictions, including the UK and France. As for licensing, the firm lists the names of 4 major regulatory bodies on its website but does not show a single copy of the license or a link to them.
Is this project, which supposedly has 20 years of experience, reliable? You will find out from our Kimonsage review, in which we investigate the veracity of all the loud claims of this broker.
How to Trade
The firm encourages clients to “trade together”, promising to provide tools to help “on the road to success”. Meanwhile, the site does not specify a basic pool of asset classes. You can take advantage of the following offerings:
- 7 trading plan options.
- Social trading.
- Islamic account.
The company guarantees an average execution time of 0.20 seconds. Apart from the statement about the desire to provide users with “the best trading conditions”, there are no specific trading parameters on the site.
Additional services include a cryptocurrency news overview, a quote ticker, and a Learn to Trade page. A feedback form is provided on the site, but online chat and social media accounts are missing.
Kimonsage Vital Info
While the intermediary boasts of its extensive experience and an average monthly trading volume of $133 billion, it does not provide an exact date of the company’s founding. Please note that the launch date of the platform can be easily deduced from the domain registration date. We can see that the domain was not created until May 03, 2024, which is quite recently. Is it worth misleading users with 20 years of experience if the project’s launch can be easily verified by each of the potential customers?
Another red flag that indicates questionable information about the organization itself is the lack of confirmation of the registration of a legal entity. We have not found Kimonsage Group on the UK or other registers. Also, this company is not on the lists of supervisory authorities KNF, FCA, CySEC, and FSC, which are indicated on the website of the hero of our review. By law, broker license information is publicly available and can be found in a couple of minutes.
A typical fraudelent site that cannot be relied upon to be honest. Do not believe what is written there, do not repeat my mistakes... I believed in the promises of the employees of this company, who told about huge earnings and guaranteed help in making profitable deals. Lies!!! All their recommendations lead to the loss of your deposit, and they refuse to take responsibility for this. So I was left without 0.31 BTC, alone with my financial difficulties.
I have been trading with this broker for a few weeks and I have had an unpleasant situation. The spread is usually 3-7 pips on currency pairs at kimonsage. But they stretch this spread in such a way as it be favorable for them to trigger a stop-loss and you find yourself in the broker's clutches, or to liquidate positions completely. I had such problems in both the first and second cases. For example, I opened positions on the EURAUD currency pair, the spread was 50-70 pips on this pair intraday. The trading session started at 00:00 hours, the spread was 150 pips and then decreased. The price stayed flat for one hour and then started to rise by 100 pips, at which point kimonsage stretched the spread to 150 pips and liquidated my positions at 1.69% margin, although the stated liquidation was at 20% margin.
The liquidation happened without any warning from the broker's system. Kimonsage took all the funds from my account and the balance was €18,344. The spread leveled off to 6-7 pips within 12 minutes after the account liquidation and I traded at these parameters for half of the session. The price is going in my direction and everything is stable. Margin was 180% before the spread increased. Then I contacted support@kimonsage-mail.com and was told that they could not help me. I realized that this is a scam and scammers are doing everything possible to take your funds. Fellow traders, be careful when trading with this broker! I had 3 such cases. First kimonsage raised the spread to 90 pips and triggered a stop loss and then the price went in my direction, but there is already a lock. Next time they raised the spread to 120 pips in the broker's castle and liquidated the account completely. Then I worked with another account at kimonsage, the spread increased to 140 or possibly more pips with open positions in sell and thus liquidated another account. The support team refuses to help, the administration does not solve anything. Colleagues, if you funded your account on kimonsage, you can already consider that you do not have this money, since the broker will do everything possible unilaterally to liquidate your positions. This is the situation I had... Be careful when choosing a partner!
I would like to note at once that the broker performs deposit and withdrawal of funds promptly - from 2 hours to three days, there are no problems with this. I have not withdrawn more than $3,000 (yet), but I think everything will be fine, since Kimonsage is regulated by many financial commissions, and it is very important for me to work in this area with a licensed partner. Verification here is not very complicated, but it is still better to pass the verification in close contact with technical support. Among the instruments available for trading, the terminal offers a huge number of currency pairs and crypto. Reporting on financial operations on your trading account can be sent to your e-mail. There are no problems with technical support. However, the platform slips from time to time, and order execution on kimonsage.com is not the best. All currency pair charts show jumps that are much higher than similar indicators at other brokers. There are standard spreads on currencies, as with many brokers, and I would certainly like to see more interesting spreads on crypto. I can't say anything about the analytics on this site, as I prefer to act on my own without being distracted by other people's forecasts. Meanwhile, various analytical and technical support is available in my cabinet, if you are interested in its quality, I can't say anything definite, as I haven't checked this service myself. But the fact that it exists is also an advantage.
Over $27,000 is my loss on this fraudulent site. Who is to blame for this? I think it's my fault too - I should have checked documents carefully and not agreed to the dubious terms that the managers offered me when I registered on this platform. I am now just a powerless creature 😢 I see no chance for a refund, as I traded crypto and transferred funds via crypto wallet, so I see no point in applying for a chargeback. I don't advise trading on kimonsage.com, as the broker is not regulated!!! It is a regular SCAM!!!
Don't trust the representatives of this company. They invited me here by phone and I trusted these guys, I don't understand why. They promised me a lot of money, and told me that with KIMONSAGE I would be able to learn successful trading faster, but in fact, they deprived me of even my personal savings. I transferred the minimum deposit amount of $10,000 and in a month I made only a few dollars. The managers asked me to install additional programs to increase my earnings. Later I found out that they used this software for selfish purposes. Since my earnings were not increasing, the company employees started to convince me to deposit up to $25k. I said that I didn't have such funds and applied for withdrawal of $3,500, which I urgently needed to solve my sudden financial problems. However, after that I couldn't log in to my account several times, then the security system let me through, but in my cabinet, I saw notifications that said that my account was frozen due to suspicious activity. Support kimonsage.com does not answer my appeals. How can they be so brazen and unscrupulous? They got to my account and bank card... This is how scammers make money on inexperienced traders. You will not be able to prove anywhere that this is a scam... I have already tried :( They have no registration and no license, it's a fake broker!
The broker platform does not fulfill its promises. The spread here is large. When I started trading 1 lot of 2,000 XRP, I started having problems - trades started opening for 35 seconds, and it was impossible to close them at all due to constant requotes. The technical support does not react in any way, but if you are persistent, they will send you a formal reply.