Konano.com is not the broker for you. It really is something, though. We always find it interesting when a broker present users and us with a website that is so typical of a scam that we wonder how it still exists? Unfortunately, we see novice users falling for this broker’s schemes easily, as there are multiple deceptive tactics being used here. The most promising one is the fake regulation claims or the deceptive trading grounds.
We try to get the best out of the broker through its user area, because only there do we get a glimpse of the real trading and payment conditions.
Too bad then that we never received the awaited confirmation mail. Either the broker judged us unworthy of its services- as is we were not easily corruptible by its schemes- or Konano.com is broken.
What ever it is, one thing is for sure. We will have to rely on the website for all the payment and trading information with no way to make sure that it actually is accurate.
The alleged trading instruments are sub-divided into the following categories: golds, metals, energies, forex currency pairs, and indices. We find no mention of a leverage value, although the broker gives us trading examples with a 1:30 leverage. The spread according to the home page is 0.5 pips for the EUR/USD pair. But we cannot be sure of this.
The website is available in English and Chinese. However, certain sections can only be accessed in Chinese, and thus we had to use Google translate.
KONANO.COM REGULATION AND SAFETY OF FUNDS
By far one of the biggest sins a broker can be guilty of is faking its regulatory status. This is what Konano.com has done. It gives misleading information that it’s licensed by the Malta Financial Services Authority. It gives all the appropriate details – licensing number, address- but completely fails to follow on them. Once we checked the Malta Financial Services Authority’s database of licnese entities, we found no result of one Konano.com.
Not only is it not regulated by the Maltese overseer, but it actually is blacklisted by the company. This is solid proof that Konano.com is not licensed by this overseer, but is also NOT REGULATED anywhere else!
The terms and conditions continue to prolong the claim that Konano.com is bound by Maltese legal frameworks. Don’t be fooled; these are pretenses.
Unregulated brokers are a risk to all investments and investors. Konano.com is a risk to all!
We cannot, for the life of us, recommend to our readers, or for that matter to anyone else, to register and invest in an unregulated broker. It would be like throwing money down the drain. It is imperative to check that the broker is regulated by the FCA or CySEC, or any other license issuer out of the hundreds. Regulatory agencies make sure that their brokers function with the user’s interest as their top priority. Moreover, certain agencies offer compensation schemes to all users of their overseen brokerages. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000. These funds are applied when the regulated broker cannot pay its dues.
KONANO.COM TRADING SOFTWARE
Konano.com claims to be offering the MT4 but delivers only on a web-based MT4, which does not hold any trading servers belonging to the broker. Thus, Konano.com offers a demo account for its traders, without offering any of its own trading conditions. This is typical of scammer brokers.
Since we could not get a hold of a user area, we had no other choice but to conclude that there is no trading software used here. Perhaps there is one, but without proof our hands are tied.
KONANO.COM DEPOSIT/WITHDRAW METHODS AND FEES
We always have loathed obscure payment details, but Konano.com gives us no other alternative.
There is no minimum deposit requirement revealed.
According to the terms and conditions, withdrawals can only be made through a wire transfer. However, the payment page on the website reveals that users can withdraw with the same methods used for depositing. Skrill and Neteller withdrawals are issued a 2.9% fee. Withdrawals are processed within 2 days.
Personally, we do not trust this payment details. Nor do we trust this broker with anything. It is unregulated, a risk to all, and a scam for sure. Do not waste your breath on it!
How does the scam work?
Users have entered the scam once they have registered or provided certain contact details to the broker or the investment schemes.
They get to this point once after being tempted by one of the thousands of alluring online ads that promise easy money and a chill lifestyle to go with it. Most of these ads lead to either the broker’s site or an intermediary website. Whichever one happens to be the source of the ad, either one will ask the client for contact details.
Through these contact details, the scammer will contact the user and solicit a first deposit in the scam. This is the most important step, for the first deposit is the initiating ritual, where the user gets to build an artificial trust with the reps of the scam.
After the first deposit, the broker/scammer is able to build on this relationship, lying to the user. As a result of this, more deposits will be demanded, and more fake promises will be wasted.
This is all a ticking time bomb, since the user will want, at some point, to withdraw his/her money. The scammer will deny this request and those that follow, making up excuses at it goes.
What to do if scammed?
Filling for a chargeback is the best solution. Credit and debit card companies allow for this service, The good news is that MasterCard and VISA have a chargeback period of 540 days.
Users should immediately change their bank account user name and password if they have lost money to an investment scam through a wire transfer. They should also contact their bank and try to find a solution with the institution.
Forget about being able to retrieve crypto funds. Crypto deposits are the surest way to lose money!
Moreover, do not trust recovery agents or agencies. These are either an extension of the investment scam or an independent fraud. They promise to return your lost investments but not before demanding a payment for their “services”. After the user pays them, they will disappear with the money!
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