KontoFX is the Estonia-based company that offers traders to trade with different CFDs and a big variety of cryptocurrencies. The brokerage was established by the company NTMT Transformatic Market OU, the company is registered in Estonia and operates from the headquarter 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 broker suggests quality product and service to the customers, that’s why we decided to analyze the company and see if KontoFX scam is true or not.
Is KontoFX legit?
It is true, that KontoFX Forex broker does not have a regulator and is working without regulation, commonly it would be perceived as a red flag and sign of a scam. However, if the company is providing quality products and a good service to the customer can it still be called a scam? As mentioned the broker is owned by the big company, it gives a good guarantee to the KontoFX customers that the brokerage firm is not a scam. As having a scam brokerage would have a very bad impact on the overall reputation of the company.
Another circumstance to take into the consideration is that the situation on the European Forex market is changing due to the regulations ESMA has imposed on EU brokers that are regulated. 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. In this situation KontoFX FX brokerage is in a good situation as they have the ability to provide with the leverage other cannot, and the customers can indeed benefit from it and work with European broker rather than an offshore company.
KontoFX.com detailed review
The best place to find out what the company offers is surely a website. Let’s start from the technical side; 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 tunned and up to date. It proves that KontoFX Forex broker is determined to provide a good product and service to its customers but also a quality educational content to make users more aware about 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. 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 the beginners. 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. KontoFX minimum deposit is not very low or very high compared to the other brokers as we have seen some of them offering much lower min. Deposits and we have seen broker requesting way more. Thus we can say that the minimum deposit that KontoFX requires is a standard one. KontoFX withdrawal is an easy procedure which requires from the trader to submit the withdrawal form to the broker. The payment system that can be used with KontoFX is Visa, MasterCard, Wire transfer and Maestro.
KontoFX offers a wide selection of the cryptocurrencies. Currently, customers have access to over 50 cryptocurrencies that includes the 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, KontoFX Forex broker provides the 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 trainings that are especially helpful for the beginner traders.
The professional support system is a must for every good broker and KontoFX is not an exception. KontoFX customer service is available for anyone in three languages and is reachable during the working days – from Monday to Friday. The support team is available on the 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 Email address, phone number or live chat.
KontoFX ensures that all the problems that might arise are solved effectively and in a timely manner.
Considering the services KontoFX offers to its customers, the quality of their service and reliability of the KontoFX customer service we can say that KontoFX scam is simply not true. The broker is not regulated but it ensures that customers get a very smooth and satisfactory trading experience with them while retaining the high leverage.