In today’s world of online trading, there are numerous brokers that claim to offer freedom and flexibility to traders at their fingertips. However, not all of these brokers can be trusted. One such broker is Klips, which claims to be a leading online trading platform that provides its users with everything they need to succeed. In this review, we will see if it lives up to its promises.
- Klips General Information
- Registration and Client Portal Review
- Klips Trading Conditions
- Account Types Review
- Trading Platform
- Klips — Deposit and Withdrawal of Funds
- Additional Options
- Is Klips a Scam?
- Legal Information and License
- Klips.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Klips General Information
|Address||Sovereign Quay, Suite 0213, Corner of Lindley & Somerset Roads, Green Point, Cape Town 8005, South Africa|
|License||FSCA license number 47742|
|Leverage||Depends on specific instrument|
|Trading Platform||Klips App, Klips Live Trading platform|
Registration and Client Portal Review
Klips has a concise and uncluttered website. It looks quite simple and attractive with a plain white background, a plethora of small images, and only a few pages in the menu. Despite its simplicity, the website is executed wisely. Each menu tab opens a broad view of the respective area of the broker’s activity. Overall, Clips provided a lot of information and a beginner can travel a long way to get acquainted with the world of trading. It is important to note that the website does have a disclaimer and legal information, which is an undoubtful positive sign.
The registration process with this broker is quite interesting. They offer clients to join a waiting list, which suggests that Klips may not even be launched yet. After filling out the form, we were informed that to complete the registration, we needed to verify our email. However, we never received an email from Klips, even in the spam folder.
Nevertheless, we were lucky enough to bypass this step and find a much simpler sign-up form on the Klips website. All you need to do is enter your email address and create a password. Then you should confirm the email using the sent code.
Next, you will be taken to a both concise and functional personal account. It is integrated with a trading platform, which we will touch on later. As for the Klips cabinet, full access to all its functions will be open after account verification.
Without verification, you can change personal data, notification settings, as well as contact support via online chat. You can also switch to a demo account and try the signals from the Autochartist service.
Klips Trading Conditions
Describing a broker who provides very clear information about their trading conditions is an easy task. Therefore, let’s dive into the following section.
Account Types Review
Klips rejected the line of accounts that are customary for CFD brokers. Easier, faster! Trading conditions can be listed here as follows:
- Deposit from €10
- Negative balance protection
- Tight spreads
- 5 groups of assets, from stocks to crypto
- Withdrawal from €1
- Demo with 100,000 virtual euros
- More options like free signals, fund insurance, etc.
If you find these Klips statements too general, vague, and marketing-oriented, don’t be in a hurry to close the tab. The broker gives detailed specifications for each instrument presented for trading.
For example, in the screenshot above, you will find out a brief summary of Tesla stocks. It also shows market trading hours, leverage, margin, high and low daily rates, and much more. Klips even offers an asset price chart at different time intervals, from 24 hours to 1 year. We repeat that these data are available for each instrument.
Apparently, the trading platform here is represented by a web terminal and a mobile app. Klips allows its clients to do is to download the app using the QR code on the main page or receiving a download link via SMS. So, the app “Klips: Trading and Derivatives” is available on Google Play and App Store.
As we found out, the desktop trading platform is represented by a web terminal. It is similar to the TradingView terminal, but we can definitely conclude that this is an aoriginal product. In the screenshot below, you can see the platinum price chart. By the way, there are not so many assets in the terminal, about 5-6 in each group. Well, Klips offers traders a sufficient number of timeframes, indicators, and technical tools such as oscillators and more.
Klips — Deposit and Withdrawal of Funds
Tthe deposit and withdrawal methods are presented on the main page. You can deposit funds using Visa and Mastercard credit cards, Skrill and Neteller e-wallets, as well as bank transfers. For detailed information about the fees charged, please refer to the User Agreement.
In the Klips user agreement, it is noted that they are a legal entity with a license. This means that they follow AML and KYC Policy, so all clients will have to go through the verification procedure. As usual in the brokerage industry, it is a procedure during which you will only need to provide copies of standard documents. They include Proof of Identity and Proof of Address.
You can pass verification in your personal account. To start, include your name, date of birth, address, and telephone number. Then you have to answer the questionnaire and upload the required documents.
The Klips website places a lot of emphasis on education. You will find educational articles on trading and basic investment terminology. There is also a FAQ section. It is commendable that the broker pays attention to educating and mentoring its customers.
Is Klips a Scam?
Well, it’s definitely clear that this broker worked hard on its trade offers. And what about the legality of its work?
Legal Information and License
Let’s move on to checking the license. In the footer, it is stated that Klips is regulated by the South African Financial Sector Conduct Authority (FSCA). Also, we see a scan of the license that was issued on February 7, 2017. The permission allows Klips SA (Pty) Ltd to act as an adviser and intermediary in transactions with various financial instruments.
Unfortunately, in the previous version of this article, we were confused by a very unusual working scheme. The fact is that the client agreement declares the presence of another legal entity. Check out the screenshot below.
So, Gstaad Brokers Ltd acts as a principal for your trades. Its registered address is in the Seychelles, and Gstaad Brokers Ltd has also obtained a license from the local regulator. According to clauses 10.3, 11.5, 14.5 of the User Agreement, Klips acts as an intermediary and receives its income as a commission from Gstaad.
Please do not forget that the Seychelles is an offshore zone, despite the local FSA regulator.
Klips.com Domain Info
We have checked the domain registration date of Klips.com and found out that it was registered as early as 2001. However, don’t be deceived by these dates. The WebArchive service shows the completely opposite data. The website only started filling in July 2022. Before that, it was on free sale, which everyone can check.
The ways to contact the company are various. You can leave your request in the feedback form, write to the online chat, or go to the broker’s social media. Klips also provides an email address.
Pros and Cons
- Licensed company.
- Clear trading conditions.
- Confusing workflow.
- Principal from offshore.
- Short real lifespan.
- Registration troubles.
Frequently Asked Questions (FAQ)
It offers the CFD trading and a plenty of additional services like education or trading signals.
According to the broker’s website, you can start from 10 euros.
Klips is a regulated broker, but it does have some downsides.