In the changing faces of the online trading world, it is imperative to identify a good broker whom one can trust with watchful eyes. Unfortunately, the industry is home to hundreds of such online platforms which run with poor oversight, and cause grievous risks for the investors. One among the platforms, coming under a lot of scrutiny recently, is perhaps called Kowela. This blog is going to give a free hands-on “Kowela review”, covering aspects such as history, regulatory status, feedback from users, and risk factors involved in putting funds with such a broker.
Overview of Kowela Background
Kowela claims itself as a global online trading platform that makes available Contracts for Difference (CFDs) across most asset classes, namely currencies, stocks, indices, commodities, and cryptocurrencies. Kowela claims that it is registered in Saint Vincent and the Grenadines under the name Kowela LTD. It may surprise many of you, however, that registration here does not mean regulatory oversight since the Financial Services Authority (SVG FSA) of Saint Vincent and the Grenadines does not regulate forex brokers or even issue forex licenses.
Website Server Error
As of writing, going to Kowela’s website (https://kowela.com/) returns a “500 Internal Server Error” page. That shows pretty severe technical issues. Often, such errors point to something more deeply operationally wrong within the company, further eroding trustworthiness in the reliability of the platform.
CNMV Warned Kowela
Multiple red flags regarding Kowela arose from the warning issued by the CNMV, the financial regulatory authority in Spain. Kowela has not been authorized to be providing any investment services in Spain,” the CNMV.
Warning Signs and Negative User Feedback
Thus far, the following signs and portions of negative user feedback emerged concerning Kowela.
Unregulated Operations: Without any major financial licenses, Kowela operates above the jurisdiction of a regulatory authority and thus puts the safety and reliability of its services in question.
User Complaints: Users assert that they had severe complaints, among those being cases of unauthorized access to their banking details and considerable financial losses. One of them exclaimed I was scammed out of my money.
High Minimum Deposit: The site requests a minimum deposit of $5,000, which is much more than the rest of the industry. Such enormous entry barriers could be a tactic of stripping huge amounts upfront from the investors.
Predatory Terms and Conditions: The terms put by Kowela give it the right to deny or cancel any “deemed necessary” financial transaction, an otherwise very unusual and flimsy clause for clients.
Conclusion
Given all the evidence presented in this Kowela review, it is evident that Kowela operates under unregulated jurisdictions, has been flagged down by various financial authorities, and has received a lot of negative reviews from users. These factors all point to one strong conclusion: Kowela is an illegitimate platform and unsafe for investment. Potential investors, therefore, are strongly cautioned and should consider working only with regulated and reputable brokers to secure their investments.
If you have already fallen victim to Kowela fraud, take quick steps to recover your money. While the process can be tough, patience and completing the proper steps can improve your chances of receiving your money back from Consolganx.
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