KENFORD Scam: Induced Deposit & Malicious Losses
Broker exposed: KENFORD
Trading product: Gold
Inducing orders by: giving signals in the group & providing advice one-on-one
Reasons for exposure: induced deposits & malicious losses
Scam details described by the victim:
In October 2020, a forex trading adviser on WhatsApp recommended the KENFORD to me. Although we were acquainted with each other for just a few months ago, he had been teaching me trading techniques warmly and frequently showed me the screenshots of his profits gained from the KENFORD. At his instigation, I deposited a few hundred dollars to try it out and surprisingly earned a lot of profit, which made me a great believer in him.
He revealed that the KENFORD was doing a bonus activity which gave 10% on a deposit of $10,000-$50,000, 20% on a deposit of $50,001-$100,000, and 30% on a deposit over $100,000. As a result, I invested an additional $10,000, and my account balance reached as high as $13,747 at the time.
Advisement of the bonus activity on KENFORDs website
However, I never expected the huge losses following the order I placed for XAU/USD at 8 p.m. on October 23. At that time, I placed the orders according to the signals given by the adviser (to sell 30 lots at 1,912.49). But the platform automatically closed my position soon after I noticed that the candles suddenly rose to 1,919.06. I was surprised and had a vague feeling that there was something wrong with the platform's data, which seemed like being manipulated.
XAU/USD on the KENFORD reached a high of 1,919.06
Therefore I compared it with the highs on other platforms in the same period and found that the later ones only ranged between 1,913 and 1,914. The KENFORD responded that “the reason for difference in the price vs other platforms is that there is a huge inflow of trade at that period.” This explanation, however, doesnt make sense at all as high liquidity will only keep prices stable rather than volatile.
XAU/USD on other platforms saw highs between 1,913 and 1,914
When I turned to the adviser and asked for a withdrawal, he disappeared together with his group that shared trading signals. That's when I was completely convinced that I had been deceived!
As the forex market becomes increasingly dynamic, more and more forex brokers are springing up. But some of these platforms, which are not qualified, may swindle investors with massive advertising campaigns, bonus activities, and various trading advice.
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