It is not a long time since KontoFX brokerage firm was established but it already caused many controversies. It is not a surprising fact for our longtime readers. The Forex industry is growing fast, new companies are emerging on the market and the reviews are appearing almost straight away. While these reviews are a good source for the traders to see what does the broker has to offer to its customers and how reliable they are according to their tracking records and regulations, many of the reviews are biased negatively or positively to drive the trader’s actions to the reviewers desired outcome. This is why one can see the contradicting reviews about the brokers, while some of the reviews state that the broker is legit, others are stating that KontoFX scam is real. Some of the companies even claim to be helping traders who got scammed by the KontoFX. You can learn more about the KontoFX in the detailed review and see why the KontoFX scam is not true.
The controversies about the KontoFX has emerged once again after one of the websites that are promising traders who have been scammed by the brokers released an AD against the KontoFX. the advertisement on Google says that if you got scammed by KontoFX you should contact them to charge back your money. While the promise looks appealing for the people who have had bad experiences with the fraudster brokers, unfortunately, most of these websites are another way to mislead the customers or yet another scam scheme to make money from the people who are seeking for help. In many cases when a trader has an issue with the broker such as losing the money or being unable to make a withdrawal this kind of companies may seem like an only solution to the problem but regrettably, they do not have any real mechanisms to help the traders and mostly represent the biased informational sources.
Is KontoFX really a scam?
As stated above KontoFX is a newly established company that started operating in the Forex industry in 2018. The company is based in Estonia and operates worldwide, offering its customers trading with cryptocurrencies and CFDs. The main issue with the company is that the broker is not regulated, which is the main reason that the reviewers emphasize, however, the company is a subsidiary brokerage firm of the large company and one can surely say that involving in a scam scheme would not be a desirable action for a big company. The broker does not state it is regulated as scam brokers always do as they provide the fake license numbers, all the traders who are considering trading with KontoFX can find the information and decide by themselves, not being misled by the broker.
At the same time being unregulated give the KontoFX possibility to remain the high leverage and provide profitable trades to their customers.
Once again, it is crucial to see the Forex broker reviews before you start trading with them, but if you think you have been scammed by some fraud broker think carefully before applying to so-called recovery agencies as they might be running another scam.