KontoFX is an Estonia-based company that offers traders to trade with different CFDs and a big variety of cryptocurrencies. The brokerage was established by NTMT Transformatic Market OU, the company is registered in Estonia but operates from the headquarters in the capital city of Hungary – Budapest. The company first appeared on the Forex trading market only in 2018. Many KontoFX reviews suggest that the company is a scam since they are not regulated. However, the services the broker proposes for its customers seem to indicate otherwise. Therefore, in this review, determining the authenticity of the KontoFX scam will be the primary goal.
Is KontoFX legit?
Although it’s true that noticing a lack of license is an immediate red flag for most, we need to still look at the detailed services and benefits that the company offers to its customers. This is simply due to the fact that KontoFX is owned by a large corporation that wouldn’t risk its reputation.
Another circumstance to take into consideration is that the situation on the European Forex market is changing due to the regulations ESMA has imposed on EU brokers. The new regulations force brokers to cut their leverages, for the traders it means that the profit they make is much lower than it used to be. This situation may be one of the reasons as to why KontoFX decided to skip on the license and ensure a 1:200 leverage for its customers.
KontoFX.com detailed review
The best place to find out what the company offers is surely the website. Let’s start from the technical side; the KontoFX broker website has a nice looking simple design. The navigation on the website is easy, you can easily find the information you are looking for without much hassle. Landing from one page on another is fast and there are no errors. The website is available in three languages – English, Spanish, and German.
Contentwise, the website is tuned and up to date. It proves that KontoFX Forex broker is determined to provide a good product and service to its customers but also quality educational content to make users more aware of the CFD products, cryptocurrencies and Forex trading in general. KontoFX broker suggests financial charts, financial calendar and daily economic news to the website visitors.
Alongside the KontoFX.com review, we should mention the web trading platform that is accessible on the website. KontoFX WebTrader is specially designed for the broker’s customers. An individual can trade directly on the site, there is no need to download and install any additional software. The web-based platform is also accessible from most of the devices as it does not require Flash to run.
The WebTrader has some of the most needed features to help the customers trade more successfully. Features include the competitive spreads, 3 types of order execution, advanced analytical tools and more importantly 50 indicators and tools that are built-in in the digital trading platform. If you think that it is hard to understand how the platform works KontoFX Forex broker suggests the free guide to learn the basics of trading on the WebTrader.
The customers of KontoFX can have one or several accounts with them. There are three account types available. For all of them, the currency is either EUR or GBP depending on the wish of the customer. KontoFX accounts are designed in a way that it can be suitable for traders with different level of experience. The self-trading account the broker offers is a standard account where the users are trading on their own. It is suitable for experienced traders as well as beginners. The self-trading account is where the users let the robot with advanced artificial intelligence trade instead of them. As for the Social trading account, it allows users to copy the top traders and take the same positions as them.
Deposit and withdrawal
Those who want to start trading with KontoFX need to deposit a minimum of 250 EUR or GBS depending on what kind of currency they have chosen for their account type. The minimum deposit that this broker offers isn’t necessarily the most advantageous though.
There are dozens of regulated brokers that have a lower minimum, or no minimum at all. The KontoFX withdrawals are also nothing too beneficial considering the options that one is given. For example, traders can use Visa/Mastercard and Wire Transfer, which sometimes takes a whole week to process.
A slightly better variety in terms of options would have been more than welcome.
KontoFX offers a wide selection of the cryptocurrencies. Currently, customers have access to over 50 cryptocurrencies that include common digital currencies and exotic ones as well. For the traders interested in exotic cryptocurrency trading there is a KontoFX bonus available and once the user makes an account for exotic crypto trading they receive a 15 percent bonus.
We have mentioned above that KontoFX has the ability to provide high leverage to its customers which is 1:200. In addition to that, the KontoFX Forex broker provides trading conditions that are very useful for every trader. With opening an account with KontoFX all customers get access to tools and features as analyst manager, daily market analysis, flexible deposit methods, and resource center. In addition, the broker is holding live webinars for the users and provides even with one on one pieces of training that are especially helpful for the beginner traders.
A professional customer support team is an essential part of every good Forex broker, but we can’t necessarily say that KontoFX left a good impression. Customer service is available for anyone in three languages and is reachable during working days – from Monday to Friday. The support team is available on hours when the market is open – from 05:00 – 22:00 GMT. An individual can get needed information and support for any kind of issue via an Email address, phone number or live chat.
Unfortunately, though, the email and chat options take way too long to respond, and calling the broker directly is never the first choice of any trader.
Compiling all of the information we’ve gathered about the company, it’s relevant to believe that it leaves a good impression from its leverage, spread options and the diversity in account types.
However, the clear lack of regulation and a professional customer support team is a large hit to the KontoFX rating in the end.
As enticing as trading conditions may be with this broker, we simply cannot recommend them to regular traders.