Is Kumo Markets a scam?

• Brand: Kumo Markets
• Legal entity: Kumo Markets Limited, company number 25875 BC 2020, a Saint Vincent and the Grenadines business company
• Registered: Euro House, Richmond Hill Road, Kingstown VC0120, Saint Vincent and the Grenadines
• Operations office: J. Jasinskio g. 16, 4th floor, office 2, Vilnius, Lithuania, LT-03163
• Support office: 65 London Wall, London EC2M 5TU, with a UK phone line on +44 20 8095 0469
• Website: kumomarkets.com, registered 8 February 2020
• Only licence: Mwali International Services Authority (Comoros) number T2023399, a tier 4 offshore registration, term recorded as ending 1 November 2025
• Offers: Forex, metals, energy, indices and crypto CFDs on MetaTrader 5, leverage to 1:500, minimum deposit 100 USD, copy and PAMM trading, an IB rebate programme
• Not accepted: residents of internationally sanctioned countries, per the company's own restricted regions notice
• Age claim: none advertised. The company publishes no founding year, and both the domain and the company number date the operation to 2020
• Size: the company's own professional profile lists 2 to 10 employees

We could not clear this broker, and we could not prove it a scam either. Three things drive the risk rating, and one thing holds it back from a scam verdict.

• The only licence has an end date that has passed. The Mwali International Services Authority lists Kumo Markets Limited at entry 120 of its brokerage register with licence T2023399, and its verification certificate matches the company number 25875 BC 2020 and the website kumomarkets.com exactly. That same certificate records the licence as issued 1 November 2023 and ending 1 November 2025. The list page still shows the status as Active, and the certificate itself was generated in October 2024, so the register contradicts itself. Nothing published by the authority shows a renewal.
• The route to client money is closed. my.kumomarkets.com redirects to ma.kumomarkets.com and returns a Service Unavailable page. The Create Live Account and Sign Up Free buttons on the home page point at an address that resolves to a graphic file rather than a registration form. The MT5 web terminal at trade.kumomarkets.com still loads, so a client can in principle still trade, but the area used to deposit, verify and request a withdrawal is not reachable.
• The company calls itself regulated without naming a regulator. The About page states that, as a licensed and regulated financial institution, it takes extra precautions to safeguard client funds. No authority is named anywhere on the site, no licence number is printed, and no verification link is offered. A reader is left to assume the Saint Vincent registration is a licence. It is not. Saint Vincent and the Grenadines does not license or supervise forex brokers, and 25875 BC 2020 is a company number.
• Client complaints are real but thin and spread out. Five people between September 2021 and December 2025 describe money not coming back: a 3,540 USD withdrawal held for two weeks after KYC was already approved, a withdrawal approved but never arriving in a crypto wallet, an account set to read only after a 4,000 USD profit, a withdrawal simply not approved, and an account frozen for a second time with support not replying. Three carry amounts, dates or instrument names. But they are spread roughly one a year rather than clustered, the mechanisms described differ from one to the next, and the only person who posted on two separate sites is the same complainant twice. That is two of the four tests we apply, so we record the pattern as unconfirmed rather than established.
• The positive reviews do not carry much weight. Trustpilot shows 38 reviews scoring 2.4 out of 5, with 76 percent five star, 16 percent one star and nothing at all in the middle. Four five star reviews landed on a single day in September 2024, mostly from accounts with one review each, and a large share of the positive reviewers are based in the same country as the company's operations office. Only two reviews have been posted in the last twelve months.
• What holds the verdict back from scam. The licence belongs to this company and no other, so there is no impersonation here. The MetaQuotes server KumoMarkets-Server is real and live, so the platform is not fabricated. No regulator has listed this firm or this domain on any warning list we swept. Nobody reports being asked for a tax, a fee or an insurance payment to release funds, which is the clearest marker of a withdrawal trap and it is absent. The company answers about half of its negative reviews, sometimes in detail, one deposit problem was found and fixed after a client complained, and a reviewer of several years standing reported withdrawals arriving quickly as recently as 2024.

Put together, this reads as a small offshore brokerage in decline rather than a fraud. The site content has not been refreshed since 2021, the legal documents are dated 2020, the review flow has dried up, the licence has run past its recorded term and the client money area is down. We assess the risk to anyone holding a balance there as high, and the risk of depositing new money as unjustifiable.

Note on operating history: the 6.6-year track record rests on domain registration alone. No company incorporation date could be established, so this is an upper bound rather than a confirmed age.