KontoFX Review & Ratings - Cryptocurrency Broker

KontoFX Review

Nice trading platform
Cross platform capability
Decent array of tradable crypto assets

Not licensed or regulated
Located offshore
Not transparent and misleading information
Poor customer support

KontoFX is an online cryptocurrency CFD trading brokerage that provides all the tools a trader needs to trade on the digital asset markets. KontoFX differs from cryptocurrency exchanges as their traders never actually buy or sell crypto assets but rather buy and sell contracts for difference (CFDs) on certain crypto assets. Therefore, traders can benefit from participating in the speculation of the cryptocurrency markets without having to learn the complexities of storing, transacting, and managing their crypto assets. KontoFX is a newly launched online trading brokerage that was founded in June of 2018. The brokerage is owned by NTMT Transformatic Markets OU and is based out of Estonia with their headquarters located at Harju maakond, Tallinn, Kesklinna linnaosa, Parda tn 4, 10151 Estonia. While KontoFX is owned by this company, they are operated by Northside Business Centers, who are headquartered at 2nd and 4th floor, BC91 Office building, Váci út 91, Budapest 1139, Hungary.

KontoFX is not a regulated trading brokerage and is the first online trading brokerage company by NTMT Transformatic Markets OU. It appears that this company created KontoFX solely to take advantage of the rapidly growing cryptocurrency market but is not serious enough to undergo financial regulation. Since KontoFX is a new CFD cryptocurrency broker, can they be trusted and how do the services they provide stack up to the competition? Find out in our in-depth review where we analyze all aspects of KontoFX and discover whether or not they can be trusted and if they are the right trading brokerage for you.

Trading Platform

KontoFX provides their traders with a proprietary web based trading platform known as KontoFX WebTrader. The trading platform does not require any downloading or installation and is accessible via any web browser from both desktop computers and mobile devices. KontoFX is currently developing a downloadable mobile trading application but as of now the platform is the same on mobile devices as it is on desktop computers. The platform interface is intuitively designed for a seamless trading experience for both beginner and experienced traders. The KontoFX WebTrader platform is simple to use, yet it utilizes numerous advanced features and trading tools. Traders have access to various advanced analytical tools and sophisticated charts complete with 8 timeframes and 50 built-in technical indicators. Also, traders can execute 3 types of orders with lightning fast order execution and competitive spreads. All in all, the trading platform by KontoFX is sufficient for nearly all types of traders. However, it is not as advanced or feature rich as more popular trading platforms like the Meta Trader 4 (MT4) platform.

Exchange Markets

KontoFX is a very basic or specialized online trading brokerage as they only provide the ability to trader CFDs on cryptocurrency assets. Most online CFD trading brokers feature a variety investment products across global asset classes, but KontoFX keeps things simple. According to KontoFX’s “About Us” page they feature over 50 cryptocurrencies available to trade on their platform. However, upon further research and use of their platform they only feature 16 different cryptocurrencies. See the available cryptocurrency assets in which CFDs can be traded on below:

Bitcoin (BTC)
Bitcoin Cash (BCH)
Bitcoin Gold (BTG)
Litecoin (LTC)
Ethereum (ETH)
Ethereum Classic (ETC)
Dash (DASH)
Ripple (XRP)
Iota (IOTA)
Stellar (XLM)
Tether (USDT)
Verge (XVG)
Siacoin (SIC)
Cardano (ADA)
Neo (NEO)
Monero (XMR)

Fees and Commission

KontoFX does not disclose any information regarding their fees or commissions and are therefore not very transparent in this regard. We do know however that they charge a fee through the spread on each trade and the spreads are variable or floating spreads. It is unknown whether KontoFX charges a commission as well or deposit and withdrawal fees. However, we feel it’s safe to assume there are fees for deposits and withdrawals as the brokerage does not state any different. As for other trading conditions, traders can trade with leverage of up to 1:200 and have a minimum trade size of 1 micro lot (0.01 lots).

Security and Fairness

KontoFX is a very new online trading brokerage that comes from a company with zero prior experience in the online trading industry. The brokerage is not licensed or regulated by any reputable regulatory authorities to provide investment or trading services. Also, KontoFX is an offshore broker located in Estonia which raises some concerns as well. The broker does not mention any details on what security measures they employ or how they maintain fair trading services. Therefore, we feel as though KontoFX cannot be trusted as they are unregulated, not transparent, and are very new and inexperienced.

Support

KontoFX customer support representatives can be reached via email, live chat, and telephone, 5 days a week from 05:00 – 22:00 GMT. The support offered is available in English, Dutch, and Spanish. Support is relatively quick to respond but are not very helpful or informative with their responses. Additional methods of support include a simple and limited FAQ page and a very basic learn center. All in all, the level of customer support is disappointing and goes to show the quality of the brokerage services.

Conclusion

KontoFX appears to be an excellent online CFD cryptocurrency trading brokerage at first glance, but after further review we are not so sure. KontoFX is new, inexperienced, unregulated, and based offshore. All of these things raise red flags for us. Also, KontoFX is not transparent with their fees or security practices and provides misleading information regarding the crypto assets they support trading for. All in all, traders should proceed with extreme caution when dealing with a trading brokerage like KontoFX.