This company is a scam

By Clara, from Australia, January 22, 2023 at 11:03 PM

I am just reporting this as a scam. I am doing this on my other computer. Please see my review on this website under my name Clara (all images are there) They are not licensed. Wont take credit card, only crypto. Will become your best friend and wont let you withdraw then they ignore you and close your account without your permission. You can be in a profit of 80kUSB but will still give you excuses like (your account volume is too low to withdraw anything) and th eonly way is to trade more. They will control your account and close your trades without permission and put you into the minus and ask for more money. I have already gone to the police about this.

Answer: Hi Clara,

Thank you for sharing the information.

From our side, we want to add several important points.

Firstly, when starting forex trading, it is essential to sign in with a reliable broker with tight regulation (see our list of Regulated brokers). Coming back to KonohaFX, it is evident that the broker is not a regulated broker. On its website there is no mention of any type of regulation. Based on the contacts information provided on the website, the broker is located in Cyprus (36 Aigyptou Avenue, 6030 Larnaca, Cyprus). However, to be able to provide financial services, a broker from Cyprus should hold a CySEC regulation, which in this case is absent. This means, that the broker might be a complete scam, and the perfect trading conditions it promises might be false.

Secondly, the Internet is full of complaints from traders who report negative experiences with KonohaFX. More often, traders’ complaints are regarding withdrawals. The company won’t let them withdraw their profits.

In conclusion, there are many questions regarding the trust of KonohaFX services and the manner they do operate the online trading itself. We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and 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 HotForex, and BlackBull Markets.

One response to “This company is a scam”

  1. I have been scammed by this company. I have gone to the police in Cyprus and they have advised me they are operating out of a law firm and will take a look into this soon. They closed my account randomly and wouldn’t give me any deposit or my profit back. I have lost 40000 dollars.

    I love how they are trying to write fake reviews to cover the truth as well.

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