KontoFX Review

Is KontoFX Scam or Legit Broker?

KontoFX is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes. This results in a very high-risk trading opportunity, despite its alluring proposal.

What is KontoFX?

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 a contact phone number with a 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.

KontoFX Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.

KontoFX Update

Our research showed that KontoFX is no longer active. The broker’s website is unavailable to reach. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.