Kodimax (Kodimax.com) is a CFDs, Crypto Currency and Forex scam to hit the trading market. According to their homepage, KODIMAX is claiming to offer a powerful online trading experience. Complaints have been sent to us by users who have been conned by this bogus platform. And this is why we decided to investigate and expose this broker for who they really are. Make sure to read this detailed Kodimax review.
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Most of the email sent by users who lost money with this broker is touching to say the least. These investors thought they had found a safe place to trade digital currencies on this platform. Sadly, the worst scenario happened immediately they made their initial deposit. According to their complaints, there was no communication from the broker. When withdraw requests were made, account managers asked users for more deposits. And this is how a scam broker works.
Scam brokers or platforms create a compelling website which asks users to deposit funds and earn money. Problem with these scam artists is how well they manage to convince newbie traders to sign up. Thanks to empty claims and promises, newbies are easily enticed into signing up with this broker. Promises such as security of funds, quick profit returns and privacy are all lies. This review will reveal why this platform is a brutal Crypto Currency scam.
When it comes to the real people who operate and run this platform, there are no clear details. Who are the founding members of this platform? Is Kodimax being run by Forex professionals or experienced traders? Lack of these vital details is proof this platform is being run anonymously. Any sane trader or Forex professional will straight up tell you to stay away from any anonymous brokers. These brokers can shut down communication at their own discreet.
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Disclaimer at the footer of their homepage claims this broker is based in Bulgaria. Is this really true or is Kodimax posting a fake address? The latter is true; Kodimax is claiming to be based in Bulgaria for validation purposes. They want users to believe this broker is EU sanctioned which is not true. For all we know, this broker is based offshore and the people running it are scam artists. This isn’t the first platform to use fake details to entice users regarding their whereabouts.
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Sadly, this broker is not registered by any regulatory body based in the EU region. Kodimax is conducting Forex transactions without a legitimate license. And this is what these scammers are hoping for; no one notices lack of licensing. How can traders sign up with a broker who is not licensed? This brokerage site is scamming thousands of people each day and lacks registration.
If this broker was indeed registered, they would have posted copies of their registration certificates. A real broker will always post copies of their registration for users to verify. Lack of these vital documents is proof this broker has no license. Operating Forex without a license is cause for legal action, this broker should be investigated by authorities.
Before anyone starts using this platform, they must deposit funds in order to start trading. In case users want to deposit funds, they can choose various channels provided by this broker. These channels include Qiwi Wallet, WebMoney, Visa, MasterCard and others. This broker wants to make sure investors deposit funds easily and quickly. There’s a hidden agenda behind all this quick depositing.
When it comes to withdrawing funds with this broker, no user has been able to make withdrawals. This is what makes it a certified scam platform. Fraudsters ask for money and in return never give it back, period! And there’s no way to get a hold of them, they will close your account and block your contact. Stay clear from this brutal broker or face the music.
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Kodimax is using six account types to trap as many investors as they possibly can. These accounts types are Basic, Silver, Gold, Platinum, Diamond, and Millionaire club. What we noticed odd with this platform is how high their minimum deposit requirement is. Minimum required deposit to start trading starts at $250 which is too high. Acceptable industry required deposit is $250. This broker clearly wants to rip off anyone who signs up with them.
There’s no notable difference with any of the accounts in question, this is a huge letdown. Newbie traders will deposit as much as $10,000 expecting to get a bonus of 20%. This will never going happening, this broker is a sham.
Kodimax is never going to fully secure your funds, in fact, the opposite will happen. Make sure to stay away from any broker who shares similar characteristics. Notice how they refuse to issue legal documents to users? Where do they bank money deposited by users? What we noticed is users are depositing funds to owner’s personal bank account. Stay away from this platform or become their next victim. Sadly, there’s no way to recover these funds.
And segregation of accounts is not possible with this broker. This means Kodimax is pooling all funds in one account, which is extremely dangerous. In case bankruptcy occurs or worse insolvency, all funds will be lost. This broker does not follow set industry rules which mean they don’t insure deposits. This broker does not participate in a compensatory scheme.
Looking at their chat support, we noticed a bot answers queries sent by users. In case bot can’t answer these questions, they ask users to fill in their details. Apparently, a representative will contact you. And this is the last you will hear of their support team. Members are forced to wait for hours and no help is forthcoming. Make sure to stay away from brokers who lack direct communication channels.
Kodimax is a scam waiting to pounce on any newbie investor who signs up. Make sure to stay away from this platform by ignoring calls to sign up. This broker is without a doubt causing more harm than good. Mark all their emails as Spam and never click on any links sent by these fraudsters. This broker is in bed with hackers to harvest data information from users. Stay away from this broker at once.
After going through the evidence, we have decided to add this broker to our scam blacklist. This will protect our readers from signing up with this rogue broker. As this happens, we hope authorities will shut down this website once and for all. This will be the only way to safely ensure all traders are safe.
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Finally, we wish you all the best.
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