The broker KODIMAX is based offshore which specializes in providing services like FX and CFD. It provides traders a total of six different account types on an unrecognized web-based trading platform. The information on its website claims that this broker is based in Bulgarian territory. Also, it operates from Switzerland, the Czech Republic, and the UK. Surprisingly enough KODIMAX is unregulated by the Bulgarian financial body or by any other nation’s financial bodies above mentioned. If you want to trade with this broker, first read this review thoroughly provided by our experts.
The KODIMAX offers a wide array of trading instruments from FX pairs to CFDs on cryptos, shares, indices and several commodities and interestingly on Cannabis shares. The cryptos available at KODIMAX are all major present in the market.
As already mentioned the broker is unregulated and unlicensed it brings serious concerns on investor’s funds. The regulated brokers are bound to provide a minimum operational capital which can be treated as negative balance protection in case of trader’s loss. It also provides insurance on traders deposited money.
Personal Group Activity LTD based in Bulgaria is claimed to be the owner of the KODIMAX brand. The Bulgarian Financial Supervision Commission’s registers do not show any sign of this broker.
The trading with KODIMAX has associated with unprecedented terms and conditions. Trader’s first deposit cannot be withdrawn freely and charged $ or € 250.
Also, all the major trading markets have banned trading bonuses but KODIMAX provides it. These bonuses are provided with many unnecessary terms and conditions to avail of its benefits. Scam brokers lure innocent traders with such exclusive offers. Furthermore, traders are not provided with any demo account so no one can know about the real trading conditions such as leverages, spreads, trade size, etc.
This broker claims to have an association with several payment channels but in reality, it is false. It only offers only payment channel that is cards and this questions KODIMAX’s legitimacy. The beloved and mostly used MetaTrader platforms are absent while trading with this broker. This means the traders can not use chartings, experts advise provided by MT for profit.
The Basic account provided by KODIMAX requires a minimum deposit of $500 and the most advanced account named Milloner Club requires a minimum deposit of $1 million. These minimum deposits are twice high compared to the market average.
Is KODIMAX scam or legit?
At the end of this review, we can conclude that the KODIMAX is an unregulated broker. Its claim of being regulated by FCA, ASIC, and CySEC is false. The minimum deposit is very huge and trading conditions are missing. This suspects the legitimacy of this broker. We want KODIMAX to be red-flagged as a potential scam broker. Defend your funds by fending off this broker.
Don’t give up. You can fight back and get your money refunded. Start by filling the form above and we will get in touch with you and provide you with information on how to start the process.