In the Kudotrade review, we inform traders about yet another Forex/CFD broker. The company promises its clients profitable trading with minimal costs, leverage up to 1:1000, professional support, and access to the most advanced trading terminal, MetaTrader 5. Additionally, users are assured that working with a licensed company is completely safe. Should you believe all the claims made by the project’s representatives? Find out in our detailed analysis below.
Key Features
- Company Name: Kudo Trade Ltd, Kudo Trade (Mauritius) Ltd
- Website: https://www.kudotrade.com/
- Available Contacts: [email protected]; +442080682740
- Foundation: 2024
- Services: Forex/CFD trading
- License: № GB24203599 by Financial Services Commission of Mauritius
- Initial Deposit: $50
From Sign-Up to Payout
Let’s be honest, the official Kudotrade website left us disappointed. No, this isn’t about the design — after all, they used one of the best templates that real licensed brokers rely on. But when it comes to the content, the broker’s specialists can only expect an unsatisfactory grade.
Judge for yourself:
- The very first details about the company’s offerings are, at the very least, surprising. For instance, the homepage states that traders can expect leverage up to 1:1000, yet the account type descriptions mention leverage of 1:500. Which information is accurate?
- We are used to seeing licensed companies publish all the essential details, such as contract specifications. However, Kudotrade decided to omit this, providing only symbols, current prices, price changes, and… market capitalization (of course, this is the most critical metric).
- The usefulness of their analytical information is questionable. Sure, weekly market analysis is a great feature — except they stopped publishing it on November 25, 2024. Apparently, the broker believes that markets have remained stagnant and dormant ever since.
- Surprisingly, after completing a simple registration form, the broker demanded full personal details and even conducted a survey to determine the planned income, deposit size, and trading experience. Filling out a couple of forms isn’t an issue, but on what grounds is this done if there’s no KYC policy among the broker’s documents?
- Their payment methods were also surprising. Besides card transfers, clients are only offered cryptocurrency transactions, which are processed through a third party.
In summary, Kudotrade makes every effort to appear as a legitimate licensed broker. In some ways, they succeeded, but there’s still much work to be done on the official website.
Our Trading Experience With Kudotrade
The broker didn’t try to reinvent the wheel and acquired a licensed version of one of the best trading terminals — MetaTrader 5. Traders are well aware of the pros, cons, and features of all versions of this platform (desktop, mobile, and web), so there’s no need for us to repeat this information.
What’s less clear is why Kudotrade decided to develop its own platform for copy-trading. MT5 already comes equipped with a full set of features for this purpose. It’s unlikely the broker managed to create something superior.
There are also questions about the presentation of trading conditions. As we mentioned, the company chose not to publish contract specifications. While this decision is debatable, the firm’s other practices don’t stand out in a positive way either.
They offer only two account types: Standard and Pro. With such a small selection, they could have provided more detailed terms for trading. Instead, the company limited itself to the following:
- Minimum deposit amounts.
- Spreads and commissions.
- Minimum trade volumes.
- Maximum leverage.
- Order execution technology.
At the same time, it’s unclear how the Standard accounts generate revenue for either the organization executing client orders or the broker itself. According to Kudotrade, STP technology is used here. However, the commission is listed as zero. Does this mean the company and the financial institution processing orders are splitting an already meager spread? This is hard to believe.
The use of ECN technology on Pro accounts also raises questions. While revenue seems more straightforward here, the trading commissions ($8 per lot one way, $16 round trip) are quite high. However, the broker doesn’t specify which ECN network it connects to, and it’s doubtful that a company operating for less than a year has been able to establish its own network.
In summary, while everything seems decent on the surface, we would advise against trading on this platform. The reason is simple — at least some of the published trading conditions appear dubious.
The Reality Check
The creators of Kudotrade know how to set users up with unconventional challenges. One of them relates to the broker’s official data. For example, they display:
- A support phone number with a UK code.
- An office address in Dubai (UAE), even though the company doesn’t serve traders from the UAE.
- Two registration addresses — in Saint Lucia and the Republic of Mauritius.
However, we are more interested in their registration and licensing. A check of business registries in both countries confirms that both Kudo Trade Ltd and Kudo Trade (Mauritius) Ltd are indeed officially registered, with registration taking place in 2024. The certificate for the second registration (in Mauritius) was issued only on December 9, 2024.
It’s worth noting that the Saint Lucia regulator does not issue licenses, as it has delegated this authority to the Eastern Caribbean Central Bank (ECCB). Kudo Trade Ltd is not listed among the licensed entities of this organization.
The license from the Financial Services Commission of Mauritius paints a slightly better picture. The company is licensed as an Investment Dealer and is authorized to provide Forex/CFD brokerage services.
There’s only one question: the license was obtained on December 31, 2024 (a nice New Year’s gift), but on what basis was the company providing broker services before that? Does this mean the brokerage services were being conducted illegally?
However, having an offshore license is far from being a guarantee of fair operations. Judging by the leverage offered, it’s clear that no strict restrictions are imposed. This allows the platform to appropriate a significant portion of client funds even without illegal operations, especially since the operational office is located far from the registration address.
How Long Has Kudotrade Been in the Game?
The broker chose not to disclose information about the company’s founding date. This decision is far from ideal, as it negatively impacts the platform’s reputation. Moreover, using the Whois service, one can easily determine when the domain kudotrade.com was registered.
The domain registration date is April 16, 2024. At the very least, this aligns with the registration information in Saint Lucia in 2024.
Another interesting point is that the company has been around for 9 months, with social media groups and channels appearing in the second half of May 2024. Why does Kudotrade treat social media so carelessly as a potential source of new clients? For example, on Twitter (X), there are only 16 posts, which have attracted a single follower. Over 8 months, their YouTube channel managed to upload just 35 videos, drawing in a grand total of 6 subscribers.
Extra Fraud Indicators
It seems that all the funds that could have been used for client acquisition through social media were instead spent on ordering and paying for posts online. For instance, on Trustpilot, there are 51 Kudotrade reviews. There are slightly fewer on other platforms like JustMarkets or RannForex, but everywhere the platform scores impressive ratings of 4.2–4.5 stars. That the majority of comments are paid for by the project owners is evident at a glance due to their generic and contentless nature.
However, among this mass, there are also honest posts where users point out serious issues with the broker. The most notable problem revolves around withdrawals: traders report waiting for their funds for 15 days, 3 weeks, or even 28 days. Such treatment of clients is, in our opinion, unacceptable.
Experts on thematic platforms also have mixed opinions. Some declare Kudotrade a scam, while others see it as a legitimate broker struggling to find its footing in today’s market. What’s unanimous across all reviews is that no one praises the company, and no one recommends opening and funding accounts there.
Is Kudotrade the Right Fit?
In our Kudotrade review, we’ve included only objective information about the company and its operations. Based on this, it’s not easy to draw definitive conclusions. The company is officially registered and operates under the license of the Financial Services Commission of Mauritius. This should ensure honest services for traders. However, the firm faces several issues: it does not disclose trading conditions, offers excessively high leverage, and uses paid reviews to boost its image. While it cannot be outright labeled a scam, we believe that opening and funding an account here is quite risky. We wouldn’t recommend it.
Kudotrade has its pros and cons. Their trading terminal runs smoothly, and I’ve never faced issues withdrawing profits. However, I dislike how their staff treats holders of the cheapest accounts. They aren’t outright rude, but their attitude feels slightly condescending. This is just my personal opinion, so don’t rely on it too much.
I want to share my terrible experience with Kudotrade! My time with them was a real ordeal! There were constant issues with withdrawals. The user agreement seems irrelevant – terms can change at any moment without notice, and only clients are expected to adhere to it. And customer support… They lack any professionalism. They’re consistently rude and incompetent in every matter. They hint at extra charges but provide no help or support. Who would’ve thought such behavior is possible in this day and age? I strongly advise against working with this broker!