Several updates have been made to the KontoFX platform in 2019. An important update was the inclusion of new software for the brokerage. A KontoFX review here details the application of their personal WebTrader and how it affects their efficiency in the grand theme of things. The rest of the features remain unchanged.
KontoFX is a new cryptocurrency brokerage that has entered the market only in 2018. The broker claims they position themselves as a reliable broker that delivers unique trading experience, they state that they aim to built satisfy the needs of every kind of a customer and to build a partnership with the clients that ensure them that KontoFX is a way to their success. However, some of the KontoFX reviews suggest that the broker is spam. In our review we will look deeper in the features of the broker to answer the main question – can investors trust this broker or is KontoFX fraud?
KontoFX Forex Broker overview
KontoFX brokerage firm was established in 2018 by its parent company NTMT Transformatic Markets OU. The owner company is registered in Estonia, but it has its headquarter in Budapest, Hungary. KontoFX Forex broker is not regulated by any financial regulator, however, they have good validity and trust since they have a parent company that is taking care of its reputation and name very seriously. With being unregulated KontoFX is able to bypass new regulation of ESMA that restricts high leverage caps. Many of the brokers in EU had to set their leverages on a very low point and since with the new leverage caps the benefits of the traders are getting lower many traders turned to the offshore companies. Without the regulator, KontoFX has the ability to offer high leverage and at the same time good and reliable service.
KontoFX.com review gave us a good impression from the very beginning. It is secure, well designed, fast, operates without errors and is filled with updated content. One can navigate on the website without much hassle and find the information they are seeking for about the trading, KontoFX products, and features. Besides that, the website visitors have access to the educational content and financial news the broker is providing. The overall features of the website can tell us many things about the broker as usually, scam brokers do not put much of the effort and money in it, however as an experienced trader or our longtime reader you might know that one cannot make 100 percent accurate assumptions based on the website, so let us see the features of the KontoFX now.
KontoFX benefits and advantages
The broker truly has some of the benefits and advantages that are worth mentioning and knowing. First things first, KontoFX brokerage offers a big variety of different cryptocurrencies one can trade with. Traders have access to exotic cryptocurrencies alongside the ones that are the most popular such as Bitcoin and ripple. Overall crypto traders have a choice between 50 cryptocurrencies. The new customers that will open the trading account with KontoFX can get the 15 percent KontoFX bonus.
KontoFX makes sure that traders are well educated in terms of cryptocurrencies, trading process and the market. This is why they have designed guides and educational sources that are only available for its customers. All of the users of KontoFX accounts have access to the resource center, daily market analysis, and an analyst manager. In addition to this, every trader has access to the live webinars and one on one training. These trainings are designed in a way that they are suitable for the traders that are well experienced, as well as for those who are making the first steps in the industry.
While we talk about the benefits we should definitely mention KontoFX customer service. The broker support team makes sure that all the issues and questions are answered with great care and on a time basis. The customer service is available five days a week from Monday to Friday from 05:00 – 22:00 GMT. KontoFX Forex broker customers can contact the support team via the live chat Email address or the phone number, all three of them are available on the KontoFX website.
Account types with KontoFX
KontoFX gives the ability to its customers to choose the account which is most suitable for their experience, needs, and requirements. KontoFX account types are Self-trading account, Auto-trading account, and Social trading account. As the name suggests the Self-trading accounts are for those traders who trade by themselves. Who predicts the market and based on their assumptions make the decisions about the traders. An auto-trading account on the contrary offers customers to let the artificial intelligence make the prediction and decisions instead of them. The trading process goes automatically and the trader does not have to put a lot of effort into it. Traders that use the social trading account are able to follow the best traders and simply do the same – copy their position. This account is best used by the beginner traders.
Signing up with KontoFX
KontoFX has made the registration procedure very easy for the traders. An “Open an account” button is displayed on the very first page of the website. The button redirects users on the registration window, where they need to fill only the basic personal information: First name, last name, Email address and phone number. After filling the information the only step left is setting a password. Once the registration is over customer can choose their account and start trading with KontoFX Forex broker.
KontoFX uses its own web-based digital trading platform for trading. WebTrader has some of the best features that are equally appreciated by the beginner and experienced traders. It has built-in about 50 indicators and possess advanced analytical tools, which is a great help for many traders. Besides that KontoFX WebTrader features competitive spreads and 3 types of order execution.
Since KontoFX WebTrader is web-based platform customers do not need to download and install it. The digital trading platform is available on the KontoFX broker website, it is not complicated and is easy to navigate. You can also have access to the trading platform from other devices as well since the WebTrader does not require Flash to run.
For the new customers who have not had any experience with KontoFX and it’s platform the broker is suggesting free learning guide.
Minimum deposit, leverage, and withdrawal
Whatever the broker might offer, in general, it always goes down to these three: What is the minimum deposit with the broker, what is the leverage and the procedure of withdrawal.
The minimum deposit that is offered by KontoFX Forex broker is 250 EUR/GBP – while the trader opens an account with the broker they need to choose the account currency between these two and put a deposit accordingly. Although if the customer decides that they want to change the currency, they have to open a new account. Any trader can have one or more accounts depending on their own preferences. The deposit can be made via using Visa, MasterCard, Maestro or Wire transfer payment methods.
The leverage that the broker is offering is really high and is 1:200. Although, if the customer decides they want to have different leverage for some reason they can contact their account manager. KontoFX withdrawal is an easy procedure, the only thing that it takes is to submit the withdrawal requesting form to the broker.
KontoFX scam or not?
As you could see from our KontoFX review the broker takes the customer satisfaction very seriously. They have customized trading platform that makes trading easier and more profitable for the traders, they offer the account types that are designed for the traders with different experience in Forex trading and with a various trading style. KontoFX offers a big variety of the cryptocurrencies to fulfill the need of crypto traders and suggest bonuses. At the same time, KontoFX Forex brokerage tries to provide up to date information to it traders and designs the learning path for them so that they perfect their skills and master the Forex trading. The only reason that can raise questions about the broker is regulation but as Forex industry including the brokers and traders as well had to make big and painful changes staying unregulated can be perceived more like a strategy rather than the problem for the broker that is otherwise providing the quality service. In the end, considering all above we can surely say that KontoFX scam is not real and the broker is reliable.