Learn About Forex, CFD & Indices Trading In The UK From This Kerford Review
Kerford Investments is a financial service provider that launched its Forex brokerage services in 1997. Kerford offers different types of financial instruments such as CFDs, FX currency pairs, and Indices, which is considered to be a culmination of the numerous years of Kerford’s market experience and its subsequent interaction with various types of investors. Kerford Investments (UK) Limited is a UK-based Forex broker that is supervised and monitored by the Financial Conduct Authority (FCA) of the UK.
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The company has also set up another brokerage in the British Virgin Islands, where the Kerford regulation is carried out by the BVIFSC. The broker also seems to have its location in other parts of Africa, Asia, and the Middle East through their representative offices in regions such as Dubai and Egypt. Kerford is highly intent on advertising its credit-worthiness to investors across the world and is committed to reassuring customers about the safety and security of their trading capital. FCA regulation imposes stringent conditions on its regulated members to ensure compliance according to UK’s financial requirements and the European MiFID guidelines. Kerford Investments should hold all client funds in segregated accounts at tier-1 banks in the UK, and the broker must submit a detailed report of all financial transactions to the FCA to ensure that the company adheres to all guidelines outlined by the FCA. In the case of broker insolvency or liquidation, investors are promised £50,000 as compensation under the Financial Services Compensation Scheme. FCA is widely acknowledged for its effectiveness in countering broker scams and financial malpractices, as any regulated firm that is found to indulge in fraudulent activities are slapped with substantial monetary penalties and cancellation of their financial licenses. The FCA has a strict responsibility towards maintaining the integrity of the UK’s financial markets, which is one of the main reasons why FCA is considered to be a top regulator in the Forex trading industry. Next in this Kerford Investments review is the account information, along with some other insights to help you trade responsibly.
Kerford Investments Account Details
The first thing that caught our eye in this Kerford review is that the broker has a poorly maintained website that does not impart useful information to their traders. Several pages are devoid of any content, while some pages have confusing information that is not helpful in any manner. There is the availability of a single trading account, which can be opened with a minimum deposit of $1000, which can be deposited only through credit/debit card of bank wire transfer. Unlike other UK brokers, Kerford does not offer any e-payment options, which is a terrible disappointment, especially for smaller retail traders who make up a significant majority of the Forex markets. The maximum Kerford leverage is 1:100 for most assets, but the leverage is dropped to 1:50 or even 1:10 for several assets, according to market conditions. For the amount of minimum deposit, Kerford does not provide an ECN account, which is a huge surprise, considering that traders can open an ECN account at other brokers for as little as $1. We are not sure about Kerford’s strategy about offering an account for a larger deposit, but the broker is dedicated to serving wealthy clients from the Middle East and North Africa. Affluent customers are indeed at the top of the priority list for most Forex brokers, as they tend to spend more money on Forex trading due to the incredible potential for profits offered by the markets. Kerford Investments offers the standard MT4 terminal as the primary trading interface, but traders can also download the AX1 Trader for accessing the financial markets. Both Kerford platforms are available for mobile and desktop devices, which have the respective apps developed for Windows, Mac, iOS, and Android operating systems. The MT4 platform is indeed the better option here, but the broker has offered the AX1 Trader to cover a market that specifically requests for a proprietary trading platform. As far as the cost of trading is concerned, Kerford charges more than what the traditional brokers charge for the same services. Even the Kerford spreads are considered as strictly ordinary, with most major currency pairs quoting around 3 pips during regular trading hours. There are even SWAP rates for overnight trades, and the broker has a dedicated page for analyzing the cost of overnight trades on specific currency pairs, CFDs, and indices. The broker offers customer support in only two different languages, English and Arabic. The broker’s affinity towards serving rich clients may somewhat contribute to the downfall of the company, but the broker does have a responsible customer service department that takes care of customer issues promptly. Under the FCA rules, every regulated Forex broker should offer the best customer service experience, failing which, investors can approach the financial ombudsman services or the court regarding their complaints. For live support, customers can send in an email or contact them through the contact us page, but immediate support such as a live chat feature or a phone number is glaringly absent. The website also promises a host of educational resources, but most of these pages do not have content. The lack of a professional touch is evident in the way the company does its business, and it does not look good for traders who are offered better alternatives in the FX market. Since Kerford is a market maker, there is also a significant conflict of interest between the broker and the trader, which can make matters worse for potential future clients. You should never choose Kerford at face value. Spend some time researching other options in the market, and only choose Kerford if you are comfortable with their services. In effect, if you have a larger trading capital, you can choose from other reliable and genuine options in the market that can not only offer excellent security for your funds but can also provide you a better trading experience.