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Is KODIMAX a scam broker?
KODIMAX offers six different account types with a web-based trading platform. The KOMIMAX is situated in Bulgaria and has offices in three different countries like Switzerland, the Czech Republic, and the UK. Surprisingly, KODIMAX is not registered in any of the above countries. The company named Personal Group Activity LTD owns the KODIMAX that is not regulated by any authority. Make sure you must read this review before trading with this broker.
About the Broker:
KODIMAX offers Basic, Silver, Gold, Platinum, Diamond, and Millionaire Accounts with Minimum Deposits of 500 EUR, 10000 EUR, 100,000 EUR, 250,000 EUR, 500,000 EUR, and 1,000,000 EUR respectively. With very little or no information about the Maximum Leverage and Spreads. Offerings from KODIMAX includes trading gears like Forex pairs, CFDs on stocks, commodities and indices, cryptocurrencies, and Cannabis Stocks.
It is evident that KODIMAX is an unregulated broker and that is a red flag. This firm provides its clients with negative balance protection. KODIMAX officially says that traders have to withdraw their profit with a fee of 25 EUR. Also, an Inactivity fee of 50 EUR for the inactivity of 90 days. No legit broker has these conditions. KODIMAX provides several bonuses as we have researched that these bonuses are barred from the trading environment. Not to mention these are the standard practices with the scam brokers. The demo account is not available and makes the situation worse. The information about spreads and leverage is intentionally missing from the website. The main drawback of the KODIMAX is with the payment and withdrawal methods. KODIMAX features endorsements of variety of payment gateways like QIWI Wallet, WebMoney, and Yandex. But the fact is, it approves payments only through credit cards and wire transfers. and credit cards like Visa and Mastercard. On signing up with one of the accounts we can see that the minimum trading volume is not mentioned anywhere. Popular platforms like e-wallet and Skrill are also missing. The most trusted and widely used platform MetaTrader is also missing giving traders the benefit of doubt not to trade with KODIMAX.
Considering all the information provided by the broker on the spreads, leverage, and withdrawal one can conclude that the broker KODIMAX is not trustworthy. It is unregulated and has confusing withdrawal terms and conditions. Concerning the safety and security of the trader’s funds, It is advised that traders should trade with licensed brokers.