KontoFx is an Estonia-based company that offers CFD and crypto trading to its wide audience of customers. We should mention it straight away that the company is not regulated by the regulators, but it is a child company of the NTMT Transformatic Markets OU. Being a child brokerage of the big company definitely adds more trust to a Forex broker as a big corporation would not put their reputation under the risk. Being not regulated broker allows KontoFX to provide with the services that are not suppressed by the ESMA regulations.
The Broker offers the leverage as high as 1:200 that is impossible to get from any regulated broker in EU. KontoFX broker also offers specially designed Webtrader that can be used without the installation or Flash and is easy to be used by the experienced and the beginner traders as well. The minimum deposit to start trading with KontoFX is standard for today’s FX industry and is 250 EUR/GBP, the transactions can be made via Visa, Mastercard, Maestro and Wire transfer. While searching for this broker you might have seen information about KontoFX scam but with our investigation, we came to the conclusion that the broker is definitely not a fraud. You can see the detailed information about the broker and its services in this KontoFX review.
The overview of KontoFX website has given us a very good first impression. The website looks welcoming and uncomplicated so it is very easy for every trader experienced or non-experienced to navigate there and find the needed information. The website is secure and has the choice of three languages – English, Spanish and German, which are amongst one of the most spoken languages in the world. It has a mobile version that allows new members to register and gives the possibility to already registered users to trade via mobile. It seems like the company has put lots of efforts on the website, it has several categories and the landing time from one to another is fast and comfortable. In terms of the content, it is broad and updated.
The website has a news category where you can find up to date pieces of information about the economy and finances. Also, KontoFX brokers offer a financial calendar, real-time chart and the pieces of technical and fundamental analysis on their website. In addition to that on the website, you can find the information about CFD trading, crypto trading, Forex glossaries, and more, that can be well used by somebody who is interested in learning. KontoFX displays the information about their all-in-one trading platform, competitive spreads, a variety of available cryptos you can trade with the broker and financal coaching and education. KontoFX.com review showed us that the broker is offering an innovative approach and provides a good experience for its customers in a new age of online trading. While there is a question is KontoFX scam or not, we think that the company that puts a lot of efforts in education and customer service cannot be considered as a fraud. Now let us see what the broker has to offer in terms of the service and products.
Signing up with the KontoFX
For those who want to sign up with the broker, it is very easy. The open account button is displayed on the very first page of the website. Ones you push the button the KontoFX sign in window will be opened. The registration process is very easy and takes one minute only. The new user is required to fill the details such as First name, last name, e-mail address and a phone number. Once this information is filled you can set a password, sign up and start trading. On the registration window, KontoFX displays the risk disclosure statement that CFD and Forex trading involves substantial risk and may result in the loss of the invested capital. Of course, it is not allowed for the people who are younger than 18 years old to hold an account with the broker.
KontoFX trading Software
KontoFX allows its users to trade on specially designed platform KontoFX WebTrader. It is designed especially for the broker’s customers and is promising the best possible trading experience and a good variety of tools and features. It has a very simple interface, has a fast loading time and is easy to navigate. One of the best parts of the software is that it does not require downloading or installation and can be accessed via the page “trade now” on KontoFX website.
In addition to that, the WebTrader does not need Flash to run, unlike many platforms that are web-based. It means that it can be run on almost every device that is making it even more comfortable to use. The other benefits and advantages of the WebTrader include advanced analytical tools, about 50 indicators, and tools that are built in and are used to determine trends, eight timeframes available for each cryptocurrency, competitive spreads and three types of order execution. Even though the WebTrader is easy to use, KontoFX still suggests users the free trading guide to learn the basics of their platform.
KontoFX review: Trading accounts
KontoFX offers its clients to open three types of trading accounts depending on the position and experience of the traders. The trading accounts include Self-trading account, Auto-Trading account, and Social Trading account. The self-trading account offers the basic set of necessary trading options. It is suitable for both, experienced and beginner traders. With the Self-trading account, the traders have a good opportunity to try out and adjust own strategy. This account offers spreads from 0.6 pips.
Auto-Trading account, as the name suggests offers the users to let the robot trade for them. It is designed in a way that the artificial intelligence tech makes the analysis of the market and predicts the next movements. Based on this information AI trades instead of the customer. The Auto-trading accounts are very easy to set up and run.
The third account KontoFX Forex Broker offers is a Social trading account where the user has the possibility to copy the positions of the most successful traders and have a higher chance of the successful trades. For this kind of accounts, there is no experience required.
For all account types, the currency is EUR, GBP. Also, all the customers are offered analyst manager, flexible deposit methods, resource center access, live webinars, daily market analysis and one on one training that can be a great help for the beginner traders.
Trading conditions with KontoFX
The fact that KontoFX is not regulated give them the possibility to offer high leverage, that is not possible to get from the regulated brokers since ESMA regulations set the leverage caps for the brokerages to be 1:30. Due to this, you can see that nearly all the best Forex brokers in most of the countries in the Europian Union had to restrict leverage and trade benefits. With KontoFX you can have leverage as high as 1:200, also, if you want to change it you can do it by contacting your account manager.
With KontoFX you have access to a big variety of digital currencies. Currently, you can choose among 50 cryptocurrencies that include Bitcoin, Ethereum, Ripple, Cardano, Dashcoin and many more.
In addition to that, you can get KontoFX bonus once you open an account with them. Currently, the broker is offering a 15 percent bonus for those who are trading exotic cryptocurrencies. The broker offers various exotic cryptos including Neo, Stellar, Tether, Monero and more.
Deposit and Withdrawal
The minimum deposit with KontoFX is nothing special and is in accordance with the average minimum deposit in the Forex trading Industry. You will be able to start trading with 250 EUR or 250 GBP that is not that low as some brokers might suggest, but is not high as well and considering the 1:200 leverage is a very good offer. You can deposit your money through one of the most secure transactions such as via Visa, Mastercard, Maestro, and Wire Transfer. As for the KontoFX withdrawal you need to submit the withdrawal request form and receive the money according to the conditions the transaction methods offer.
KontoFX Opinions: Customer Support
Customer support is one of the most important things to be considered while making the choice about the broker. Konto FX offers customer support in three languages that is available from Monday to Friday, 05:00 – 22:00 GMT. The customer care team is reachable via two email addresses and what’s most comfortable – if you do not want to wait for the reply you can reach them directly via phone. KontoFX customer service ensures that the customer is getting the best service and they have a smooth trading experience with the broker.
Can KontoFX be trusted?
Is KontoFX legit? although the broker company is not regulated, after examining the company features and offers we can answer the question with the confidence that it is. Moreover, the broker has the possibility to offer the benefits that can no more be obtained from the other EU brokers. It creates a good opportunity for the traders that are no longer satisfied with the EU brokers after the regulations. With KontoFX broker you can enjoy smooth trading on their own WebTrader, use the educational webinars that they are offering and of course you can benefit from the high leverage while being sure that your funds are secure.