KontoFX is an unregulated Forex Broker, that opened in June 2018. If you have a complaints or problem making a withdrawal, read this.
KontoFX is NOT Licensed by FCA or ASIC
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KontoFX Broker Review
Crypto Currency investors at KontoFX have access to the classic MetaTrader4 trading platform. This broker is offering investors a white label webtrader software that is made by Panda, as you can see in the screenshot below.
At this broker you will only find about 30 underlying assets for CFD trading, on digital coins like; Bitcoin, Ethereum, Dash, Cardano, Tether and Steller. The spread on BTCUSD is $180 wide, and it seems that margin trading / leverage is not offered. You can find brokers with much tighter spreads and more assets, look here.
Their website and customer support is available in English, German and Spanish. Mobile trading apps have been listed as coming soon since June. Account types at KontoFX show that smallest account requires a minimum deposit of $250.
Software claiming to be featured on Dragons Den are all fake.
For Real Automated Trading Software, look here.
Is KontoFX a Regulated Broker?
When the Scam Broker Investigator reviews a new Crypto Currency broker, we check for a valid licensed to know if they are another scam or a legitimate broker. All brokers that operate in England must be licensed and authorised by the FCA. And all brokers in Australia, must hold a license from ASIC.
Konto FX is owned by NTMT Transformatic Markets OU, located at: Harju maakond, Tallinn, Kesklinna linnaosa, Parda tn 4, 10151 Estonia. They are operated by: Northside Business Centres, 2nd and 4th floor, BC91 Office building, Váci út 91, Budapest 1139, Hungary. Contact phone number in United Kingdom is: +441217263858, and customer support email is: email@example.com. Official website is: https://www.KontoFX.com/.
According to the brokers website, all withdrawal requests must be made in writing. So make sure you send an email to all their email addresses.
There is no automated withdrawal mechanism on their website, and all requests are manually processed. Officially, your account needs to be verified, and your source of funds needs to be verified also. This is the cause for many headaches, as it seems that the verification requests are never ending.
If you verified your account, and still have not received your money in 10 business days, then speak with MyChargeback.com.
Compare KontoFX Brokers
Smart investors should first compare their choices of online Forex brokers, and check the latest list of popular brokers.
ForTrade is a legitimate broker, since they are regulated by the FCA and ASIC, read more.
*80.6% of retail CFD accounts lose money
Are you currently investing with this broker? We would like to hear about your experience! Please share your thoughts in the comments section.