KontoFX is a Forex broker that offers to trade with CFDs and cryptocurrencies to their customers. KontoFX brokerage firm is relatively new, it was established in 2018 in Estonia. The brokerage is a subsidiary company of NTMT Transformatic Markets OU. Since the broker appeared on the market it managed to create a wide audience of the customers. However, as most of the new brokerages, KontoFX is also accused to be a scam. Is KontoFX scam? Or do they have legit products and trustworthy service? This question is asked often by many trades who want to start trading with KontoFX but does not have full information about the broker.
In this KontoFX review, we will overview the company, the products they are providing, their offers and what kind of service do they have. Let us start straight away about the main reason people might find KontoFX to be a fraud. The broker is not regulated by any regulator or financial authority. Form one side it might sound very suspicious, but being unregulated gives the broker opportunity pass by the new ESMA regulations and provide EU citizens the service that other brokers cannot. Because of the ESMA regulations, brokers in European Union that are regulated had to cut their leverages that resulted in the decrease of customer profit and many people had to turn to the offshore brokers and brokerages that can still work with the previous conditions. Moreover, as KontoFX Forex broker is not an independent company and is a child firm of the big company it puts KontoFX scam under the question since the big companies are always careful not to damage their name and reputation.
One of the first things that creates the first impression on generally every business, including the Forex brokerage is a website. Thus we will start with KontoFX.com review. Once you go there you will see a nicely designed website with several different categories and pages. The website looks professionally made, it is secure and has a fast loading time. The website can also be reached by the mobile phone. KontoFX has three languages available on the website – English, German and Spanish, all the content that is placed there is available in these languages. KontoFX has given much effort to the education on their website, there you can find different guides and information about CFD and cryptocurrency trading, financial charts and calendars and many more. They also have daily news about the finances available that are updated daily.
KontoFX accounts review
An individual who wants to start trading with KontoFX has a choice of three different account types that the broker is offering – Self-trading account, Auto-trading account, and Social trading account. The names of the accounts are self-descriptional. The self-trading account allows the users to trade by themselves – it is a general account that many brokers offer. The trader should make an assumption and adjust strategy by himself. The Self-trading account is designed in a way that it is useful and easy to use for the new traders and of course for the well-experienced ones. Auto-Trading account offers automotive trading, trades are made by the artificial intelligence that is advanced to make predictions about the market and make based on them. On Auto-trading account the trader does not really have to do anything, as the AI is taking its place. Hence, it is not time-consuming and is very easy to set up and run. The third type of the account is Social trading account, with it you are able to copy the positions of some of the most successful traders. With this, you can increase the chance of making successful trades.
To ensure the good trading experience and the results of the traders KontoFX accounts provide access to all digital currencies, 24/5 live support, flexible deposit methods, resource center access, analyst manager, live webinars, one to one pieces of training, daily market analysis, and exclusive events. The accounts that the broker offers and the package that comes with it is very thoughtful and well designed for all kind of the brokers and definitely adds points to KontoFX ratings.
Deposit and Withdrawal
KontoFX minimum deposit is a standard amount that is very common amongst the brokers in the Forex industry today. To start trading with KontoFX you need to make a deposit of 250 EUR/GBP. The money can be transferred via the most common payment methods such as Visa, MasterCard, Maestro and Wire transfer. KontoFX withdrawal is nothing complicated, individual who wants to withdraw the money has to submit the withdrawal requesting form.
KontoFX leverage and other offerings
KontoFX is able to offer high leverage to its customers, it is 1:200 which is far higher than any regulated broker can offer to the trader. Besides high leverage, the broker provides the trader gets some of the other benefits. For example, traders can trade with over 50 cryptocurrencies that are divided into general exotic and mini trading pairs. Exotic crypto traders can receive 15 percents KontoFX bonus. The traders can hold several account types according to their needs and requirements. KontoFX provides a large variety of tools and educational guides designed for traders with different experiences, tight spreads and fast execution for the best results.
KontoFX trading platform
KontoFX has also designed their own trading platform – Webtrader. The users of the WebTrader have access to various tools that can be used for the trading to make it more successful and more profitable. The platform has advanced analytical tools, competitive spreads, over 50 built-in indicators and tools for determining the trends. WebTrader suggests three types of order execution and ensures that they will be made fast.
KontoFX customers do not have to download and install any software to gain access to the WebTrader. It is web-based and does not even require Flash, the WebTrader is accessible from almost every device meaning that customer can access their KontoFX account anytime and everywhere.
The customer support
Last but not least- customer support, it is a very important part of working with a broker, you need to be sure that everytime you have an issue there are people who will help and support you to solve it. KontoFX customer service does provide needed support to the customers. The support team is available every day except Saturday and Sunday, you can reach the support team via the email or phone number that is indicated on the website. You can also leave a message directly on the website and have an online chat with your support. The company provides all the means of the connections to the support team to ensure that all the needs of their customers are supported and fulfilled.
Is kontoFX scam or reliable broker?
After all the investigation and detailed of the broker and what they are offering tot he customers we could not find anything that supports the idea that KontoFX scam is real. Today when there are hundreds of brokers regulated or unregulated that are scamming or misleading the customers it with no surprise that many people can directly put the stamp of the scam on the new broker especially unregulated one. But as we could see that the only reason the broker is not regulated is to bypass the restrictions of ESMA that results in the decrease in the customer profits. The products that the company is suggesting are well designed and satisfies the needs of every kind of trader, the service KontoFX Forex broker is providing is smooth and fast, therefore we can say that even without regulation KontoFX is a reliable broker.