Read KontoFX review to know if the broker is legit or a scam
KontoFX is a relatively new broker in the Forex Industry, it was established in Estonia in 2018. As for the most brokerages that are new, there are a lot of different opinions about this broker as well, if you search for it you will find a lot of information about KontoFX scam alongside with the positive opinions. The main point of calling the broker scam is the fact that Konto FX is not regulated. Therefore many traders that want to start trading with them ask is KontoFX legit or is it fraud. In this broker review, we will overview the services and products that the broker offers to its customers and answer the main question is KontoFX scam or is it a legitimate brokerage.
It is true that the broker is not regulated however, KontoFX is a child brokerage firm of the bigger company NTMT Transformatic Markets OU. It definitely gives us the idea that the big company establishing the broker company under their name would be very careful with the quality of their services not to damage their overall reputation. The case is the same for NTMT Transformatic Markets OU and KontoFX. Besides that, staying unregulated on the European Forex market allows KontoFX to offer services to the customers that regulated companies cannot provide. One good example of it is the high leverage, due to the ESMA regulations many of EU brokers had to cut the leverage to 1:30 and the profit of the traders with it, KontoFX is able to offer 1:200 leverage to its customers. Let’s start KontoFX review with the quick overview of the broker’s features.
KontoFX offers its clients trading with CFDs and numerous cryptocurrencies which is definitely a big plus, besides that the broker has designed a trading platform KontoFX WebTrader that makes trading easier for the traders. The platform can be used without installation and does not require Flash, making it comfortable to trade with every device. As most of the brokers nowadays, KontoFX brokerage also has an average minimum deposit which is 250 EUR/GBP. Deposit and withdrawal can be made via Mastercard, Visa, Maestro, and Wire transfer. Analyzing the Forex broker and the products they are offering we can confidently say that the KontoFX scam is not real and the company is offering legitimate services. In this KontoFX review, we will talk about the broker and the products they have in details.
KontoFX website overview
A website is the first thing that gives us an impression about the broker. If the company has the ambition to stay in the competitive market of Forex industry for a long time, they should indeed put a lot of effort into it. KontoFX.com review gave us a very good impression about the broker. The website is nicely designed, it has displayed information in a way that it is easy to navigate, the landings are fast and overall gives a good experience. The website has several different sections about the products of KontoFX and generally about the trading. As it seems from the website the broker gives a lot of attention to financial education as it has several educational sections and provides information about the CFD and crypto tradings, glossary and etc. Based on the first impression KontoFX scam does not seem real. In addition to that, the broker also offers technical and fundamental analyses that can be well used by the new traders as well as the financial calendar and real-time chart that comes handy for every trader. KontoFX also has the news section on its website where the user can find up to date news about the financial and economic industries. The fact that the Forex broker is also trying to provide valuable information and educational guidance to its customers definitely adds up scores to KontoFX rating.
KontoFX trading accounts
Another advantage of KontoFX Forex brokerage is the trading accounts it offers to the customers. The broker has designed three main types of trading account and the user can choose for themselves depending on how experienced they are and what kind of trading skills they possess. For every trading account, the users get the same
tools such as analyst manager, flexible deposit methods, live webinars, daily market analysis, access to the resource center and even one on one training that must be appreciated by the new traders. For all account types, the currency is EUR and GBP.
All three types of KontoFX accounts can be used by the experienced traders and the beginners as well. The first account is the self-trading account that is suitable for traders with various levels of experience and skills. The main advantage of Self-trading account is that one can try and adjust their own strategies. For those who are more into the auto trading, KontoFX offers an auto-trading account. The advanced artificial intelligence is analyzing and predicting the market, hence the trading is made automatically without users interference. Last but not least, for those who are yet not sure about their skills and strategies, the broker offers a social trading account. With this account, users are able to follow the steps of the successful traders and copy their positions.
Trading conditions with KontoFX
KontoFX is able to provide one of the most attractive trading conditions to its customers. The first thing to be mentioned here is the 1:200 leverage which is very hight considering the offerings of the other EU brokers that are regulated. KontoFX also enables you to change the leverage via your account manager once you have an account.KontoFX also differentiates among other brokerages with the various digital currencies that you can trade with. They have over 50 cryptocurrencies available for trading including the common cryptos such as Bitcoin, Ethereum, Dashcoin, Ripple and etc.
Alongside with them, the broker is also offering to trade with the exotic cryptocurrencies including but not limited to Tether, Monero, Neo, Stellar and etc. KontoFX also offers bonuses for those who trade with exotic crypto, if you open an account for trading you can get KontoFX bonus – 15 percent bonus for exotic crypto trading.
KontoFX deposit & Withdrawal
The minimum deposit you can start trading with KontoFX broker is 250 EUR/GBP. As mentioned above this is the average minimum deposit that Forex brokers request, of course, some of them have a lower deposit and some of the brokers request way bigger amount as a minimum. We can say that the KontoFX minimum deposit is an average but considering the high leverage, it can be attractive for many traders. KontoFX withdrawal is available once you submit the withdrawal request. The deposit and withdrawal can be done via Visa, Mastercard, Wire transfer and Maestro.
KontoFX customer service
Users can approach the KontoFX customer service from Monday to Friday 05:00 – 22:00 GMT. The customer support is reachable via two email addresses and via phone, both – the email addresses and phone number are displayed in the contact section of the website. Not many Forex brokers have the service of the support via phone, for Konto FX users it is a great advantage as they can get the support directly without any delay. While making KontoFX review our team members have tested how the customer support works and were happy to receive quick and professional service. Both the website and customer support are available in three languages – English, German and Spanish. Every trader knows how important the customer service is, especially when you are the beginner in Forex trading industry and/or when you are starting trading with the new broker. KontoFX customer service is available from anywhere and ensures that the issues traders might have when starting are solved smoothly and without any delay.
The trading software
The software that the broker offers is another very important aspect of the trading. KontoFX offers its own trading platform to its customers. KontoFX WebTrader is specially designed to ensure that the users have the best trading experience. It has various tools and features that are helpful for beginner and experienced traders. The main advantage of the platform is that it does not require downloading or installation, in addition to that it also does not need Flash, meaning that you can use it on almost every device. The WebTrader can be accessed directly on the KontoFX website on the “Trade now” page.
Webtrader has advanced analytical tools, over 50 indicators that are built in and that helps users determine trends. The platform also includes eight timeframes for each cryptocurrency, thee types of execution and competitive spreads. Even though the WebTrader has so many features it is still very easy to understand and use, but for those who still need some guidance KontoFX broker offers a free trading guide that will help traders to learn and understand the basics of the platform.
Signing up with KontoFX
The simple registration process is one of the advantages that KontoFX has. Users who want to open an account with the broker have to go through the one minute only registration process. Once you go to the KontoFX website you will see the button “Open Account” which directs you to the registration form. The only information you need to fill up is your First and Last name, Email address and your phone number. The only requirement to register is the age, only those who are 18 years old or more can open an account with KontoFx.
Can KontoFX be trusted?
After all, this is the main and most important question can we trust the broker or is KontoFX scam? After analyzing the broker website, its products, and quality of the service, as well as KontoFX opinions by its customers we can say that the broker is not a scam or a fraud. The only reason why someone can consider it to be a fraud is that broker does not have a regulator, however as mentioned above, the fact that the brokerage is established under the name of the big company puts this conclusion under the question mark. Moreover, it is unusual from the scam brokers to put much effort into education and customer service. With the KontoFX Forex brokerage being interested in providing the education and quality service we can surely say that KontoFX can really be trusted.