The CFDs broker named KONTOFX focuses on the cryptocurrency market, which provides a plethora of cryptos on the simple web-based trading platform. The broker also provides a maximum leverage of a 1:20 ratio. If any trader wants to do business with this broker please follow this review.
The broker provides CFDs on more than twenty cryptocurrencies like Bitcoin, Ethereum, etc. The services provided by KONTOFX can be availed by mere deposition of €, £ or $ 250. This minimum deposit is more than 200 percent required by brokers dealing in the regulated market. Many genuine brokers provide these kinds of services with the minimum deposit of merely 5 EUR, and etc. The KONTORFX is allegedly owned by an Estonian company called the NTMT Transformatic Markets OU, and also operational by Northside Business Centres based in Hungary. The overseas operations apart from the EU are also managed by the third firm situated in Moscow, Russia. According to the Estonian law, all brokers must offer its financial services under the oversite of the Financial Supervision Authority called the Finantsinspektsioon. On checking the register of above-authorized organizations we can not find any evidence of KONTOFX.
This broker has more concerns about lighters or watches as brand ambassadors than its traders. The major problem associated with this broker is its unlicensed and unregulated nature. The KONTOFX’s website reads in its terms and condition section that the broker is not obligated to provide your withdrawal request of funds you earned or collected in the trading practices associated with KONTOFX on immediate effect. This condition makes the trader helpless.
The spread provided by KONTOFX on BTC/USD is close to $170 and measured higher than the anticipated level of $50. In contrast, the website also informs us about the low spreads as low as 0.6 and provided leverage up to 1:200. On logging into its platform we came to know about the services provided by this potential scam broker. It merely offers CFDs on cryptocurrencies. KONTOFX circulates the false advertisement about the other services such as foreign exchanges and CFDs associated with other commodities.
The traders can make payments using credit cards but substantially misses on Neteller, Skrill, and PayPal. The broker also refuses payment with Bitcoins. The broker does not provide world-leading platform MetaTrader. Instead, it offers a web-based unproven cheap trading platform.
Importantly, world-leading and most appreciated Financial Conduct Authority, UK features warning against KONTOFX. This is a red flag.
Is KONTOFX legit or scam?
Considering false claims made by the KONTOFX every now and then, unprecedented terms and conditions, an illegal status we are convinced that the KONTOFX is a potential scam broker. Please stay away from this potential scam.
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