Khwezi Trade brokerage review, avoid or start trading with?
Among the dozens of Forex brokers online, you will sometimes come upon one that brings a smile to your face. Not the type of smile you get when you see something nice, but the type of ironic smile you get when you see something to be such an obnoxious scam, you can’t even help yourself from getting a sardonic smile. Khwezi trade Forex broker is one of such sketchy companies. So much so that our team will enjoy using them as an example of what a scam broker looks like. You will be able to use this knowledge some day in the future and realize that hey, maybe it is not worth making a deposit with these guys.
Khwezi trade has a lot of local reviewers providing it with positive reviews. Though all of these reviewers seem to local, relatively popular review websites that do a lot of reviews on the many different Forex brokers in the region but fail to give a negative review to one. The same goes for their Khwezi Trade review. But we will get into the details in a second. First, let us take a closer look at the overall shape of the website.
The Khwezi trade FX brokerage page seems a little sketchy to us. I mean, going to the page, you can see that it is a cheaply made, cheaply designed landing page, with not much going on it. The grey colours, the obvious, large letters, and the strangely 90s inspired design inspire no confidence in us. While it might be the case that there are legitimate brokers out there who do not have advanced design, the usual trait is that these websites still look modern and presentable. When doing the Khwezitrade.co.za review, we found ourselves encountering a website with terrible design. It seems to be an attempt to copy the designs of other Forex brokers, but without the required knowledge that comes with advanced website design. You will see this pretty often with scammers. They choose not to invest any money into their website, instead of investing energy into making big promises to attract potential clients and victims.
The navigation on the page is rather simplistic, but travelling to different pages might make it impossible to travel to others. For example, when you go to the blog page presented by the navigation bar, the option to go to the Video Tutorials page simply disappears. Another sign of a poorly constructed and planned website. Overall a 0 out of 0 for the website. Speaking of the blog…
The blog on the website is bad. It is true that not a lot of Forex brokers offer any kind of blog to their clients, so having one is a leg up against the others, but one this limited is usually a bad sign. The Khwezi trade fraud has only several posts dating from 2017 on their blog, each one of them being bad in their educational quality. There seem to have been no updates to the website in years. What is another interesting thing is how actually limited the educational pages for the Khwezi trade scam are. The blog posts (the whole 8 of them) act as supplements for education regarding the general ideas of Forex trading. The video tutorials that they offer are almost funny in their obviousness. The lot of them seem to only be there to teach the users how to register, install, use the basic MT4 and then make deposits onto their account. Finally, there is also the research page, which gives a general explanation of the two Forex concepts: dynamic outcomes and Flexi analysis. They also have a very general and basic introduction of the Forex trading basics for those who might have heard about the concept for the first time.
There are no other educational sources present on the website, which should make your scam alarm lights go on. Scammers do not want their users to be educated about Forex, as an educated and knowledgeable trader would be able to recognize the lie almost immediately. The Khwezi trade scam has invested very little time and energy into their educational pages.
It is, according to the website, possible to either get a call back from the Khwizi trade representatives or to start chatting with them. We opted to try the live chat, but the moment we asked the bot (which, by the way, pushed us to start depositing money) the chat requested that we request a call back from the company. Scam brokers often use this strategy to get numbers of people interested in trading and then use the said numbers for cold calls and to push products onto them. So we decided to opt out of the call.
The good news is that the company has a social media page. They seem to be relatively active, posting updates on the market and different updates for their users, a possible redeeming quality of the Khwezi trading rating. Though it seems the use the website mostly for promoting their events and “win prizes” chances. The social media website has 16 reviews with all of them being five stars, without a comment, which seems only a little suspicious – even the best companies in the world tend to receive negative comments from time to time.
If you still believe that the company is trustworthy, let us take a look at when the company had been founded, what it claims about itself and other details, such as the operation area and the financial regulatory body they are registered with. Though first let us talk about the reviews available about the service: the company does not have any, other than by those local websites who do serial reviews of Forex brokers. These websites also fail, over and over again, to give out a truly negative review. It is possible that Khwezi simply paid these reviewers for their good grades. Judging by how there are seemingly no user-provided reviews online, we are growing more and more suspicious by the second. A lack of user-provided reviews may mean that either the users are not aware that they are able to create them, or that these are being suppressed by the company itself. After all, Facebook gives you the ability to filter through your reviews. There is also no South Africa specific for dedicated to reviewing Forex brokers, which further contributes to the problem. If you are a user who has interacted with these guys, please go on ahead and tell us more about them in the comments! So far in our Khwezi trade opinion, the company is a scam that you should never go back to.
It seems like the company has been registered with the FSB of South Africa since 2013, which legitimizes their position a little bit. Though we still are not sure how trustworthy the South African FSB actually is. Any other company we have spoken about previously have been registered with other financial authorities as well, while Khwezi seems to be registered exclusively with them. While this is not inherently bad, this information combined with a somewhat untrustworthy background of the FSB gives us grounds to believe that Khwezi trade fraud is possible under the radar of the FSB, or through payments made to the FSB.
Is Khwezi trade trustworthy? Let’s see: the company claims to have been founded by a team of financial investors who have 30 years of financial background. Looking up one of the partners claiming to have 30 years of experience, we find that the man had been working at JSE since 1987 as a dealer, then worked in the sales departments of several companies before starting the Khwezi trade Managing Director position. What is listed, while experience in finance, is not direct financial management of 30 years, as claimed by the website? A direct lie that we have found the company engaging in. What else could they be lying about? Everything is what we believe.
Trading platform and other details
So what about the product they offer? The company seems to work with the MT4, which is a trustworthy enough platform with most brokers. We do not have anything against the platform they use, so the Khwezi trade rating does not drop any further because of that. Though what we do have a problem with is the fact that some brokers edit the software to produce some sketchy results and it seems like the Khwezi Trade MT4 has been worked on. What worries us more, though, are the details, or lack thereof, regarding some of the most important aspects of trading in the Forex industry.
Missing: spreads, withdrawals, fees, account types…
The trader fails to describe what kind of terms they offer to their clients. There are no spreads listed and no withdrawal or deposit fees mentioned. There are also no account types mentioned anywhere. What is mentioned is the fact that you can deposit and withdraw simply through wire transfer or preferably, with a debit or credit card. The ease of making a deposit is even showcased in a video on the video tutorial page. The lack of such information either shows that these guys either barely know what they are talking about, or they just don’t want to spend the time and resource needed to create these lists.
This is one of the most interesting things on the website: the website offers several different types of rewards for registering with them. They offer a watch as a reward or a possibility of winning five thousand Rands. Either way, these rewards strategies are often used by scammers to draw in new victims with the promise of a Khwezi trade bonus.
Is Khwezi trade legit?
So, the final verdict our team has to offer for this situation: this broker is a scam. Do not work with them, because you will end up losing all of the money you deposit and then regretting every decision you have made in relation to them. Stay safe and stay away from them, but if it is too late, leave us some Khwezi Trade reviews.