Decided to open a trading account with a new Forex/CFD broker and deposit a significant amount? Be cautious, or you might soon find yourself among the victims of another scam project. After losing your money, unfortunately, it will be too late to post on the internet about how you believed the promises of better trading conditions and the stories about a next-generation trading platform. At KingstonGates review, we aim to prevent you from making a hasty decision and show you why you should avoid dealing with this scam platform.
Key Features
- Company Name: KingstonGates
- Website: https://kingstongates.com/
- Available Contacts: [email protected], [email protected]; +441277282822
- Foundation: 2024
- Services: Forex/CFD trading
- License: No
- Initial Deposit: $250
From Sign-Up to Payout
Unfortunately, it’s hard to say what’s worse on the official KingstonGates website: the design, the content, or the functionality. A pale banner, an asset table with incomprehensible columns, and reviews made up by the developers themselves — this is how the homepage looks. Its informational value is zero, and the designer deserves a firm unsatisfactory rating.
The same can be said about the majority of the other pages, not just the homepage. It’s unlikely that a potential client of the broker would find the glossary or the alphabetical list of traded assets with their operational times in the Tools section useful. It’s also odd to see the trading platform under the Investment Portfolio section, and the About Us and Contact Us pages in the Brokerage section. However, the terminology used by the broker isn’t the biggest issue — we hope the company will make the necessary corrections after reviewing its own glossary.
What’s much more concerning is the inability to register independently. After filling out and submitting the registration form, the user receives a message that the request has been accepted with the promise of “See you soon.” However, the promised “soon” never came, and subsequent attempts to log in have been unsuccessful.
It seems that without intervention from customer support, nothing can be done. Not surprising, as most scammers operate this way — they only work with potential clients who are willing to deposit money into open accounts. KingstonGates is no exception.
Our Trading Experience With KingstonGates
The broker hardly mentions anything about their trading platform, limiting themselves to saying that it is simple to use. Most likely, the company hopes users will see all its advantages on their own, as access to the platform (in limited functionality mode) is available even without registration.
This software is well known to us. So, we know for sure that it has few merits, but plenty of flaws. For instance:
- The multi-chart mode is not supported, which makes it difficult to trade multiple instruments effectively.
- There is no space in the terminal window to display open positions; they can only be seen on a separate page after accessing the corresponding function. This page has no price chart. As a result, adjusting parameters is quite difficult.
- The one-click trading mode is not implemented, and quickly connecting the needed chart from the market overview is also impossible. As a result, traders lose precious seconds on a dynamic market, and with them, their money.
- The terminal frequently disconnects, and the session hold time during idle periods does not exceed 10 minutes. In both cases, there’s a lengthy process of loading dynamic pages and refreshing data.
In short, comfortable trading is out of the question. We have no idea why they chose this web trader.
The trading conditions offered by KingstonGates seem acceptable for market beginners. Indeed, the company offers a choice from a list of six account types. The range of minimum deposits for them shows that the broker is aiming at clients with varying financial capabilities: for the lowest tier, you only need $250 to start trading, while the highest account requires at least a million. As the deposit amount increases, the spreads narrow — from 1.5 pips for the Basic account to 0 for VIP account holders and above.
However, those who think that KingstonGates is lowering costs for the sake of profitable trading for clients are deeply mistaken. This is a marketing tactic that allows the broker to bring in large sums from beginners. The “concern” for profitable trading is well demonstrated by the increase in leverage from 1:100 to 1:400 with a higher minimum deposit. This raises the trader’s risk level to an unacceptable level. Traders deciding to work with this scam broker should be prepared for this.
In addition to the six standard account types, KingstonGates offers three tariffs within its VIP program for wealthy traders. However, their conditions can only be obtained from a personal manager.
The Reality Check
When presenting information about itself, the broker only wrote two short paragraphs on the About Us page. On the official website, they failed to mention any company registration details. Where the company is based and what jurisdiction it operates in remains a mystery. The only place where we managed to find mention of this is in the Governing Law section of the Terms & Conditions. Here, we are told that the relationship between the parties is governed by the laws of saint vincent and the grenadines (preserving the syntax of the source).
We remind the creators of the document that it would be nice to know how to correctly spell the name of the country. What we see here is hard to call anything other than blatant illiteracy.
We, however, are left with no choice but to refer to the registry of this Caribbean nation. The information there is publicly available, so checking the accuracy of the data published by KingstonGates is easy.
There are no records of a company with this name (we checked all possible spellings) in the registry of the local financial regulator, SVGFSA. Although it does not regulate or license Forex/CFD brokers, it registers such financial services. In fact, this means that the broker has no registration in Saint Vincent and the Grenadines. It should be understood that it also has no registration in other jurisdictions.
Of course, just in case, we checked the database of the British Companies House (since a phone number with a UK country code appeared on the contact page) and even the Open Corporates service. But all these attempts were in vain.
The conclusion is simple — the broker operates without official registration, and all it represents is just a website. Naturally, in this case:
- There can be no talk of licenses, even offshore ones.
- The fake company has no corporate bank accounts or cards.
- It receives quotes from an unknown source.
- Liquidity providers do not work with the platform.
All of this indicates that trading here is just simulated, client funds cannot be secured, and the interests and rights of the clients are absolutely unprotected. What more proof is needed to show that the project was created by scammers?
How Long Has KingstonGates Been in the Game?
It’s not surprising that the broker provides no historical information. It only talks about the vast experience of its employees, but these claims are unsupported by any facts. However, we perfectly understand that talking about the founding date of a virtual company is nonsense. The only thing such a platform could have is the domain registration date. And this information is kindly provided by the Whois service.
It turns out that the working domain, kingstongates.com, was registered only in September 2024. However, this cannot even be considered the date of its launch. Activity started appearing only closer to the end of November 2024, after the last significant update in the domain data. In any case, the broker’s existence does not exceed three months. Even for a legitimate regulated company, this is an extremely short period to build a reputation in the community. However, scammers are not concerned with such formalities.
Extra Fraud Indicators
The owners of the project are well aware of what needs to be done to make the company appear reliable. Therefore, despite the broker’s short existence, it’s easy to find super-positive KingstonGates reviews on the internet. For example, on the portal reviews.io, 7 posts about this company appeared last week with ratings no lower than 4 out of 5. One can only be happy for a platform whose clients are so unanimous in sharing its advantages (which, by the way, they cannot even list).
Moreover, several publications about the company have appeared on various profile websites. You probably guessed that, according to their authors, the company is supposedly one of the best brokers in the world.
Obviously, the creators of the platform are not intending to save on image-building. It seems they’ve paid generously for all this material, but unfortunately, the integrity and skill of the authors leave much to be desired. We recommend that users check reviews of the broker on specialized websites. They are more honest and detailed. Of course, the rating of KingstonGates there is appropriately negative, with experts unanimously agreeing that it’s a scam.
Is KingstonGates the Right Fit?
Of course, in our KingstonGates review, we’ve provided a detailed analysis of the “red flags” that allow us to conclude that the broker is a scam. These include operating without registration and licensing, the very short existence of the virtual company, attempts to build a reputation by buying comments and publications on informational portals, etc. We hope our arguments are convincing, and that potential clients of the fake company will realize that cooperating with it is an enormous risk that will inevitably lead to the loss of all capital. We would advise traders not to send funds to accounts opened here and to find a real, licensed broker who is well-known in the community.
These scammers left me without money. I opened an account on their platform with the minimum deposit. At first, I was trading okay, but the problem was that the profit was very small. They told me I needed to deposit more money for better returns, and I was already excited, so I agreed. I never imagined that I was being manipulated!!! After depositing a large sum ($30,000), all I got were losing trades. In the end, I lost it all and didn’t make any profit. I’m sure this was the scammers’ plan all along. A real terminal cannot only provide results that benefit the company.