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KontoFx Review: Should you Invest or is it Scam?

KontoFx Review: Should you Invest or is it Scam?

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KontoFX is a relatively new broker but with promising features. While some might take it as something which is of concern, we are being open minded here and giving KontoFX a chance to demonstrate what they can do for traders. And so far, we have discovered that this broker has some great potential, thanks to their features and trader-oriented personality.

According to their site, KontoFX is owned and operated by  NTMT Transformatic Markets OU which is based in Harju maakond, Tallinn, Kesklinna linnaosa, Parda tn 4, 10151 Estonia. The broker has also provided their UK phone number (441217263858) and support email as well.

If you want to check out their website for some reason, take a look here. 

KontoFX review

KontoFX has a strong focus towards Crypto currencies since they are offering various Crypto currencies for trading against the pair BTCUSD. These include Bitcoin, Bitcoin Cash, Cardano, Ethereum, Dash, Ripple and many others. Also, instead of offering MT4 platform for trading, KontoFX went for a white label trading platform designed by Panda called webtrader software.

kontofx review

The site is also available in a number of languages which include English, German and Spanish. That means they are targeting a wide customer base as opposed to just those who speak English. On the footer of the site, they tell us that they have a mobile app coming soon for iOS and Android platforms respectively.

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Note: If your language is not English, you should use the language dropdown menu at the top of their page to select your language.

When these apps finally come out, it will mean that KontoFX is convenient to trade with since users can access their accounts anywhere and trade on the go. This is one of the things that separate good brokers from bad ones who only restrict trading to desktop. KontoFX wants to compete fairly by including the features that other brokers already have. This is a good step because if we consider the fact that KontofX is a new broker, we believe that they are already doing so much. Perhaps in the next few years, they will be very much far, even ahead of the competition, that is if they continue in that momentum.

Also, the smallest deposit that traders can fund their account with is $250. This is a good thing considering that most traders are always anticipating to get started with this amount. By the way, this is a fairly good amount because it lets traders test the broker’s trading conditions without risking too much.

KontoFX advantages

They are offering a great deal of Crypto currencies for trading. If you want to trade pairs like IOTA, Ethereum classic and so forth, you can have it on this platform as well. Most traders are pleased with their wide selection of trading assets. This means that traders can never miss a signal if there is variety. There is no Crypto broker who is currently offering so much compared to KontoFX in terms of variety of tradeable assets.

Trading platform

Those who would like to trade Crypto currencies but for some reason don’t like the look and feel of MT4 platform can use this broker. For some reason, some traders just don’t like MT4 and apparently, nearly all brokers are stack with this platform. So for those specific traders who want to try something else, KontoFX has decided to install a customized web trading platform that can offer just what these traders are looking for.

Leverage

The site is offering a leverage of up to 1:200, which in our opinion is really fair. If you are trading Crypto currencies, you have to be aware of the wide moves that these coins do experience. You also have to keep in mind that leverage is a double edge sword as it can work in your favor or against your trading account. We generally prefer brokers who keep it to then moderate, i.e. not giving too much of it and at the same time not restricting traders to a very low leverage that makes no significant difference.

Payment method

They are accepting major payment methods like VISA, MasterCard and Maestro. Nearly every trader has access to any of these cards and we believe that these funding methods are quite convenient for all traders. Unfortunately, KontoFX does not support funding methods like Neteller, Skrill or PayPal. We hope these will be added soon including the ability to fund a trading account in BTC. The broker is not talking about how soon this will happen though, but chances are good that it will happen sooner than later.

Responsive to client feedback

Every broker has got their own challenges. When a broker offers good features for trading, traders will leave feedback. On the other hand, if the broker in question has some challenges here and there (which all brokers do face), you will see the comments from people who have allegedly used the service.

So this is the thing; whenever customers of KontoFX are not satisfied and are writing their feedback in the trading forums out there, we see a genuine effort by the broker to address the problem. We do believe that things can get even better as days go by. We generally like their responsiveness to issues raised by their customers and their input as well.

Access to an account manager

KontoFX is giving access to an account manager who advises traders on matters related to investing. The role of an account manager is quite critical to your success, and if you don’t know how to trade professionally, their role can be indispensable. But also do remember that the decision to invest or not to invest according to the advice given to you by the account manager is totally up to you. The broker does not force traders to make decisions, and that’s one thing we love about their account managers.

Our best advice for you

KontoFX should definitely be given a chance because they are still young in the industry but with great potential. The way we see it is that they are trying to make their services better than the competition by having a unique style of operation in place.

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