KLMFX Review 2024
Awards
- Best Broker for Experience and Technology 2015
- Best Broker for Customer Service 2015
- Best Broker for Analysis and Reports 2014
KLMFX Review
KLMFX is a forex and financial markets broker registered to OG Group LP. This review will reveal whether the brokerage is a safe and reliable service for your trading needs. We’ll discuss the platform and markets on offer as well the deal and account options available.
KLMFX Company Details
KLMFX was established in 2015 and claims to be one of the largest brokers out there, with over 1,200 employees and trusty liquidity providers including Barclays, HSBC and Citi Bank.
The firm is registered in Edinburgh, Scotland but has its head office in Bahrain. It therefore markets itself to Middle Eastern traders and the site includes language functionality in Arabic and the option to open Islamic trading accounts.
MetaTrader 5
KLMFX offers the MetaTrader 5 (MT5) platform. The advanced terminal offers 44 price indicators, multiple timeframes, trading signals and expert advisors. The MetaTrader market also provides an excellent library of additional extras, from customisable charting tools to automated trading functionality. For seasoned traders, the MT5 platform is an excellent option, promising superb analysis tools in a user-friendly interface.
Windows users can download the platform from the broker’s website. Mac users will need to login to the webtrader.
KLMFX Markets
Products available at KLMFX include:
- Energies such as oil and gas
- Metals like gold, silver and platinum
- Agricultural products including coffee, corn and wheat
- Forex including majors, minors and exotics
- Leading European and Asian indices
- Stocks such as Amazon and Fiat
Note, cryptocurrencies are not offered.
Spreads
KLMFX offers fixed spreads starting at 1.5 pips on liquid pairs such as EUR/USD, ranging all the way up to 650 pips on the EUR/HUF. Commodity spreads are variable depending on the asset. Gold comes in at a fixed spread of 0.45 while crude oil is 0.03 and corn is 0.32. Again, stock and index spreads vary, but full details can be found on the broker’s asset page.
KLMFX is less transparent about additional charges, such as inactivity fees so we would recommend some caution.
Leverage
KLMFX promises leverages of up to 1:800 which can be accessed through its Platinum account. If you’re not willing to invest the $20,000 that affords you this benefit, leverage on most forex pairs is 1:500. If you’re looking to trade in commodities or indices, you’ll be looking at leverage of 1:100. And if stock trading is where you’re keen to invest, KLMFX offers this at 1:10.
Mobile Apps
KLMFX claims to offer a mobile trading app, though we weren’t able to locate and download it from respective app stores. In addition, the link to register for a mobile account just takes you through the same process as opening a normal trading account. As a result, we weren’t able to verify and test the KLMFX mobile offering, which is disappointing as mobile functionality is an important consideration for many traders.
Payment Methods
KLM accepts payments via:
- Visa
- Mastercard
- Diners Club
- Neteller
- Cash U
- Skrill
You can also deposit via YuuCollect and SolidPayments, both systems that enable you to make transactions online without a bank account.
The minimum deposits and withdrawals are $250 and payments are processed promptly on the broker’s side.
Demo Account
There is a demo account available at KLMFX. Follow the quick and easy sign-up instructions on the website to get access to simulated trading markets with a virtual bankroll. The demo account is a great place to start if you’re undecided about investing real money.
Bonuses
KLMFX offers sign up bonuses of up to 100% of your deposit depending on your account type. A generous offering – however you’ll have to deposit a minimum of $20,000 to benefit from this. Silver account holders are eligible for a 40% welcome bonus and Gold members get a 60% reward on their first deposit.
Regulation & Licensing
KLMFX claims to be regulated with the CYSEC, a reputable regulator. However, there are no further licence details provided and no record of the company on the regulator’s register. This would lead us to conclude that the brokerage is actually unregulated.
We would always suggest that you trade with regulated brokers. That KLMFX attempts to appear regulated but is not verifiable as such, suggests that they could be running a scam. Traders should be careful if considering depositing funds.
Additional Features
At first glance, the broker appears to have a wealth of resources available to prospective traders, including an economic calendar with global market news and analysis, daily market reviews and even an KLMFX Ebook. We tried to review the Ebook but were unable to download it. Similarly, the education centre was also inaccessible.
The website does provide fibonacci, pivot and deal size calculators, which are helpful for carving out your trading strategy. But we experienced an error message when trying to use the pip calculator. A solid effort from KLMFX, but unfortunately, poorly executed.
Account Types
There are three different account types available – Silver, Gold or Platinum.
All accounts benefit from:
- 24/7 support
- Daily market analysis
- A minimum order size of 0.01
- Dedicated account manager
- Training courses
As you progress through the tiers, the welcome bonuses increase and you’ll also be able to access higher leverage thresholds as well as other features such as contact with the trading rooms and webinar lessons.
Benefits
Reasons to open a KLMFX trading account include:
- Forex, stocks and commodities
- 100% deposit bonus
- leverage up to 1:800
- MT5 platform
Drawbacks
We suspect that this broker could be a scam due to the vast number of unverifiable claims KLMFX makes. In particular, having no record of being regulated with either of the financial regulatory bodies it claims to be. Our review was also disappointed by the lack of mobile trading and multiple features that do not appear to work on the KLMFX website.
Trading Hours
Like most brokers, KLMFX is available for business as soon as the markets open.
The currency market opens Sundays 22:00 GMT and you can trade 24 hours a day until Friday 21:00 GMT. For commodities, goods or other assets, trading hours vary. Details of times can be found on the broker’s Asset Index page.
Customer Support
The KLMFX website suggests that live chat, Zoom and email are all channels available for customer support. However, since opening an account we’ve been unable to access the live chat function. If you experience the same, you can submit a form on their Contact Us page. Alternatively, you can email support@klmfx.com.
Trader Safety
The KLMFX website is HTTPS secure, meaning your personal data should be relatively safe from potential hackers. However, this does not necessarily mean that the site itself is safe and will not use your data maliciously.
KLMFX makes numerous inflammatory claims throughout its website, none of which we have been able to verify, including its regulatory status and staff size. Therefore we would be cautious about providing your personal data and depositing funds as these clues suggest the brokerage could be a scam.
KLMFX Verdict
At first glance, KLMFX appears to have everything that we would look for in a good broker. However, once you dig into the details, you find that in reality it’s a company based on false claims and weak functionality. We would suggest that you trade with a verifiable regulated broker, which KLMFX is, unfortunately, not.
Top 3 Alternatives to KLMFX
Compare KLMFX with the top 3 similar brokers that accept traders from your location.
- IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
- Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
KLMFX Comparison Table
| KLMFX | IG | World Forex | Interactive Brokers | |
|---|---|---|---|---|
| Rating | 0.8 | 4.4 | 4 | 4.3 |
| Markets | Forex, stocks, indices, commodities | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $250 | $0 | $1 | $0 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | 0.01 Lots | $100 |
| Regulators | – | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB | SVGFSA | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA |
| Bonus | 100% deposit bonus | – | 100% Deposit Bonus | – |
| Education | No | Yes | No | Yes |
| Platforms | MT5 | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | MT4, MT5 | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral |
| Leverage | 1:800 | 1:30 (Retail), 1:250 (Pro) | 1:1000 | 1:50 |
| Payment Methods | 4 | 6 | 10 | 6 |
| Visit | Visit | Visit | Visit | Visit |
| Review | – | IG Review |
World Forex Review |
Interactive Brokers Review |
Compare Trading Instruments
Compare the markets and instruments offered by KLMFX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| KLMFX | IG | World Forex | Interactive Brokers | |
|---|---|---|---|---|
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | No | Yes | Yes | No |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | Yes | No | No |
| Silver | Yes | Yes | Yes | No |
| Corn | No | No | No | No |
| Crypto | No | Yes | Yes | Yes |
| Futures | No | Yes | No | Yes |
| Options | No | Yes | No | Yes |
| ETFs | No | Yes | No | Yes |
| Bonds | No | Yes | No | Yes |
| Warrants | No | Yes | No | Yes |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | No | No |
KLMFX vs Other Brokers
Compare KLMFX with any other broker by selecting the other broker below.
FAQ
Where is KLMFX regulated?
Despite claims that KLMFX is regulated with the Cyprus Securities and Exchange Commission (CYSEC) and the Australian Securities and Investments Commission (ASIC), we’ve been unable to verify this and therefore have concluded that KLMFX is unregulated.
Does KLMFX offer a demo account?
KLMFX does offer a demo account. If you’re not sure whether to trade real money or want to test the broker’s MT5 platform, we’d recommend registering for a demo account.
How much capital do I need to trade with KLMFX?
The minimum accepted deposit is $250 and the maximum payment limit per transaction is $250. The same limits apply to withdrawals.
Is KLMFX a good broker?
The KLMFX website functionality is poor. We’ve been unable to access a number of the resources on offer or verify the broker’s regulatory status. For these reasons, KLMFX lacks the hallmarks of a good, reliable broker.
Is KLMFX a trustworthy broker?
KLMFX is not a safe broker to trade with. In the course of this review, we’ve encountered a number of false claims on the company’s website that have led us to believe that it could be a scam.
Customer Reviews
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