Is KontoFX a scam or a 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, 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.
|🗺️ Registered in||Estonia|
|🗺️ Type of License||No License|
|🛡️ Is KontoFX safe to trade||No|
|🗺️ Recommended Licenses||FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺|
|🖥 Alternative Broker||FP Markets - licensed by ASIC in Australia|
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.
We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and 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 AvaTrade and XM.com.
Yet, it is always great to hear your personal opinion about KontoFX. So you may share your experience or thoughts or discuss them below or ask us for additional information.
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