Keller Finance review 2023: 5 things you should know about kellerfin.com

"To all traders who are about to invest with Keller Finance: beware that this broker is a scam clone of a reputable firm and uses its legal details just to look credible. In fact Keller Finance doesn’t have a legit forex license and is offering financial services against the law. There’s even a warning set by the local regulator of the UK – the Financial Conduct Authority, which exposes this broker as a clone of an FCA authorized firm.

To make things even worse, this broker doesn’t provide any useful information about its trading conditions, leaving you no other chance but to register in order to find out what leverage and spread it offers. Doesn’t sound right, huh? So if you consider investing in commodities, indices or forex pairs with Keller Finance, better read the following lines before getting scammed.

Regulation and safety of funds

To start off, Keller Finance claims to be a secure and reliable financial services provider, as well as “one of the world’s top-level virtual trading brokers”. Unfortunately none of this is actually true and you’ll see why in a couple of seconds.

This broker also claims to be based in London, the UK. It takes just a few minutes to open the registers of the Financial Conduct Authority of the UK and check if Keller Finance is licensed or not. Apparently, it turned out not only that this broker isn’t regulated but there is a warning against it set by FCA, which exposes Keller Finance as a clone of an FCA authorized firm. See for yourself:

FCA also explains that a clone firm may claim to be an authorized firm and may quote the real firm’s Firm Reference Number (FRN) and address or even copy its whole website making subtle changes. Do not trust such suspicious companies and always make sure to check them before putting your money on the line. Remember that such bogus brokers aim only to scam unwitting traders out of their money.

We strongly suggest you choose a legitimate broker with a proven reputation and forex license. This way you can be sure that your money is in safe hands, as the chance to be deceived is one in a million. Regulated brokers in the UK strive to meet numerous requirements in order to be granted a license, the most prominent one being the minimum capital requirement – 730 000 EUR to be precise. Genuine brokers also are obligated to keep their customers’ funds in segregated accounts apart from the company’s own capital. Lastly, one of the perks of trading with a UK licensed broker is the possibility to get compensation if the broker happens to be insolvent – up to 85 000 GBP, paid by the local Financial Services Compensation Scheme (FSCS).

Trading software

Keller Finance claims to offer its own trading software, that is “award-winning”, as they say. We managed to register really quickly and got access to their web trader. Take a look at it:

As you see, this is a simple web-based platform, which gives you the possibility to trade forex pairs, commodities and other assets. There are custom indicators and basic tools – nothing more, nothing less. All in all this software can’t stand out with anything in particular and certainly can’t compete with more advanced platforms like MetaTrader 4 or MetaTrader 5.

MT4 and MT5 are appropriate even for both advanced traders and beginners. You can be assured that the safety of your funds and personal information is granted as all transactions are encrypted as well as your IP address.

You can also choose between a wide range of educational resources, forex news and technical analysis tools. Most of the customers consider the trading bots to be the best part however. These bots, also called Expert Advisors, analyze the forex market in a search of certain conditions and then perform trading operations once they find them.

MT5 and MT4 can be easily downloaded on PCs, smartphones and tablets and have regular updates. Unfortunately, since Apple removed both MetaTrader 4 and 5 from its AppStore, these platforms can’t be downloaded any more from iPhone/ iPad users. All of you that have already installed the apps can continue using them, but without the above-mentioned updates. On the contrary you can still download MT4 and MT5 from Google Play Store.

Trading conditions

Keller Finance displays a chart of its trading accounts with some general information about each, which, as you’ll see shortly, doesn’t serve any purpose other than distracting potential customers. Apparently this broker tries to look credible and posts a bunch of useless data. Take a look:

Here you can see that Keller Finance asks for 250 USD of minimum deposit for its Newcomer Portfolio. This is a rather standard amount, as most reputable brokers usually request for the same amount. Sometimes you can even open a micro account with 10 USD for example. So nothing extraordinary here that can compensate for the fact that this broker is unauthorized.

However, there is no information about the leverage that Keller Finance offers – not only on the chart, but on the whole website. So just be careful, as higher leverage means higher risk, so always look for leverage of 1:30 or below – in fact this is the limit for the UK. Still, if you want to trade with higher leverage better look for some of the offshore subsidiaries of legitimate forex brokers.

As for the spread, there is no data on the website as well. After we opened an account however, there was a spread of 0.6 pips, which is in fact fine for trading. Nevertheless, we don’t recommend investing with this broker – don’t forget it was exposed by FCA as an unreliable firm. Better choose a genuine broker who offers tight spreads for real.

Keller Finance also claims to offer a welcome bonus, however this practice is absolutely forbidden in the UK – one more reason to avoid this company. Yet, if you want to benefit from a promotion there are plenty of international brokers who offer welcome bonuses legally.

Deposit/Withdrawal methods and fees

On its website Keller Finance displays some controversial information about its payment methods. First, it points out that it accepts deposits with Visa, Mastercard and wire transfer. Right after that the broker displays some logos of popular payment methods like PayPal, Skrill and more. Take a look:

So, which options can you actually use? The truth came to light after we registered and tried to add funds to our account. Apparently, Keller Finance accepts only credit/debit cards and bank transfer, but after you send your payment request, the customer support should contact you in order to go further. All in all, you better stay away from this shady firm.

How does the scam work

Be very careful to whom you provide your personal information like email or phone number. The moment scammers have your number they will start calling you in an attempt to make you invest right away.

They will most certainly assure you that trading with them is risk-free, which is highly doubtful at least to say. Also be prepared to hear that you can get a fast and incredibly high return on investment – this is also a shameless lie of course. Scammers tend to sweet-talk traders into making a deposit and then vanish like thin air.

Before that however they might try to manipulate their trading software so it looks as if your money is being invested. They might also fool you into believing that your results are very profitable. This is done with one specific purpose – to make you invest even more before you find out that everything is a lie.

Expect all kinds of hidden fees the moment you try to withdraw even a cent and what is the worst part – to find out that a withdrawal is declined no matter what you do.

What to do when scammed

If you have been scammed, the first thing you can do is to turn to the bank that issued your credit or debit card and ask for a chargeback. If you have paid with your Visa/ Mastercard, a chargeback is eligible within 540 days.

Wire transfers are more difficult to return, and the best thing you can do in this situation is to change your online banking username and password as soon as l or Skrill also gives you the opportunity to open a dispute in case of online scam.

Unfortunately crypto transactions are irreversible as we already stated and therefore your money can not be returned. All in all we advise you not to trust brokers that use only crypto coins such as Bitcoin or Ethereum.

Last but not least, certainly don’t trust people on the internet offering to return your funds only after you pay a certain fee. They might also be scammers so don’t risk losing more money than you already have!"possible.

Using payment methods like Neteller, Payp