Reason to avoid: No license
Listed Date: September 28, 2018
Top 3 Regulated Forex Brokers
- Company name: NTMT Transformatic Markets OU
- Registration/license: None
- Registration/license requirement: –
KontoFX is a Forex and CFD broker, owned by NTMT Transformatic Markets OU based in Tallin, Estonia and operated by Northside Business Centres – a company based in Hungary. KontoFX doesn’t provide much information about its location, there’s only contact phone number with British country code, which means the company has been targeting UK residents without being authorized in the country. Moreover, the company has been blacklisted by UK’s Financial Conduct Authority (FCA).
Some of such entities run investment scams, and clients of such brokers don’t have any protection. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts. The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. The regulator also protects customers when authorized financial services firms fail.