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KONTOFX scam broker review
KontoFX is a CFD and cryptocurrency broker which helps traders to trade in different types of CFDs and cryptocurrencies available in the market. It is based in Estonia and the company’s official website which appeared in 2018 seems to be closed now. The company is not regulated and many reviews of KontoFX show that the broker is a scam.
KontoFX has a web trading platform through which a trader can trade directly from the website and there is no need to download the software. The minimum initial deposit required by KontoFX broker is 250 Euros/GBP which seems to be neither high nor low. The transaction is possible through Mastercard, Visa, Maestro and Wire Transfer. There are 3 types of accounts offered by the broker. It offers around 30 CFD underlying assets and the digital coins used are Bitcoins, Ethereum, Tether, Cardano, Stellar and the others.
The information on deposit and withdrawal methods is also not provided clearly by this broker. The trading account offered by KontoFX are self trading account, Social trading account and Auto trading account. In the automated trading account, the robots trade on behalf of traders through artificial intelligence theory. In the social trading type account, a user copies the position of successful traders.
KontoFX offers a high leverage facility which is 1:200. The broker offers a bonus of 15% to the traders who trader exotic cryptos.
IS KontoFx a legit or scam?
KontoFX is a part of a large corporation but there has been no proofs which show that the broker is regulated. They do not have a valid license from any of the known EU based regulating authorities. This fact makes us believe that KontoFX can be a scam broker. Due to regulations imposed by known regulating bodies, a broker can not easily run with the money of the traders.
The lack of a proper trading platform and a lack of trading conditions specified by KontoFx broker support the fact. We have also seen a number of trader complaints and negative reviews of this broker in the internet. Many traders have reported that their money was lost to KontoFX broker in an unfair manner and the broker is not a legitimate one. Therefore, we will not recommend trading with KontoFX broker. It is not worth the risk to trade with an unregulated broker like KontoFX and put your money at risk.