Kot4x Review: Never Deal with Kot4x.Com
Kot4x is a self-proclaimed king of transparency. This is a bit ironic, considering the company behind the site is a completely anonymous financial services provider. Except for their address being SVG, not much else can you find out. This is a particularly good demonstration of the supposed transparency.
Nothing about Kot4x is transparent or legal. Their business, run from an offshore den of cyber thieves is not a Forex partner anyone would choose. Read why we believe so in this Kot4x review.
|Bonuses||Yes, up to 20%|
Kot4x Regulation and Fund Security
SVG-regulated brokerages don’t happen. FSA has given up on licensing brokers in the area and has altogether stopped supervising their activities.
It’s certainly a number of unscrupulous entrepreneurs were happy about this circumstance, as it allowed them to do illegal business. Without being monitored, these have led to hundreds of questionable brokerage agencies appearing all of a sudden.
Since Kot4x is one of them, we have to warn you about the dangers of investing with them. It appears that the broker does offer their financial services and products to most of the EU countries, but also US, Canada, and UK.
All these areas are heavily regulated and there’s no way an anonymous broker would easily earn their license. Kot4x isn’t the owner of any licenses. We’ve made sure of this by checking the registers of FCA, CySEC, IIROC, NFA, ASIC, and BaFin.
For a start, every Forex dealer would have to invest a certain amount of money as a confirmation of their business intention. The sums may differ but they’re by far the highest in the US, where firms have to put in a remarkable $20 000 000.
The safest way of keeping clients’ funds is through segregated bank accounts so the capital is separated from the brokers. This prevents the company from accessing and handling your funds without your prior consent.
Concrete trading conditions that are crucial are the leverage ratio and negative balance protection. In EEA and the UK, the maximum leverage allowed is 1:30, while the US has it at 1:50. Bonuses are banned somewhere, like the EU, UK, and AU, but the US allows them. Kot4x offers bonuses to all clients regardless of the rules and the maximum leverage is 1:500.
Kot4x, the so-called king of transparency, isn’t transparent in the least. Starting from the contact info and company background to all the conditions pertaining to payouts and funding, all the way to the monetary transactions they perform.
Kot4x Trading Platform Overview
As surprising as it was at a glance, Kot4x does offer two types of solid platforms:
- Tradelocker (Live and Demo)
- MT4 (web, desktop, Android, and iOS)
Tradelocker is a web-based platform that is more suitable for beginners, as it lacks most of the advanced features that other acclaimed software offers. The danger of preferring these basic online terminals is the risk of them being manipulated by fraudsters. For that reason, we always recommend you choose regulated brokers and the trading tools they offer.
Although MT4 is well-known for its flexibility, reliability, and richness in features, it won’t display its full power in the hands of a swindler. We did manage to install the demo version and it worked, as Kot4x provides a chance for trial trading with a $100 000 margin.
However, we couldn’t test the platform otherwise as it required a live trading account with a deposit. Moreover, all the downloads are directly linked to the MetaQuotes site. You can just go there and download demo versions by yourself, you don’t need a sham linking you. Kot4x doesn’t have its own proprietary trading server at all.
Account Types Available
Self-appointed Kings of transparency supposedly keep it simple by providing four account types of ECN with the following minimum deposit requirements:
- Standard – $50
- Pro – $500
- Var – $250
- Mini – $25
The account prices are relatively competitive in comparison to the average offer on the market. The commission varies from $0 per lot up to $7. The spreads differ based on the account type and start from 0.4 pips to 1.2 pips. If the broker was a decent service provider these prices would be remarkable. But since it’s a fraud we’re dealing with, it’s evident why the prices are so good-looking.
Kot4x Deposit and Withdrawal
Making your first deposit should allegedly unlock more depositing methods. For a start, you can only fund your live trading account by buying Bitcoin. The user area also suggests several more transferring channels, but all include buying digital currencies.
Here’s where it gets tricky. Clients at Kot4x can get both a deposit and withdrawal bonus of 20%. But the conditions following them are extreme. For example, to transfer a credit amount into the trading balance, traders need to trade at least 1 standard lot per each $5 of the withdrawal bonus collected. Expectations are as realistic as landing on the Moon.
Kot4x insists on not charging any fees upon transactions. However, they skillfully hint at having the freedom to deduct any sum directly from the client’s balance if they see fit.
How the Scheme Was Put Into Practice
The Kot4x Withdrawal Bonus Policy is a fair display of their recognizable scammer move. Turning a client into their puppet for profit is easy to achieve by deluding victims into investing in fake services. When the trap fully closes, Kot4x adds bonuses to solidify your position as a financial hostage.
We’ve already mentioned the trading volume requirement, which renders you incapable of requesting payouts. Your entire deposit may disappear under the excuse of you not meeting the conditions. Add some fees to that, too. Because Kot4x is one of those vicious dastardly schemes that use just about any method conceivable to financially ruin you while benefiting from it greatly.
The pretentious attitude that Kot4x takes, along with a cartoony web presentation has left us in disbelief. Forex trading is no joke and it often requires a lot of capital and nerve to continue doing it. Kot4x attempts to fool their customers with an image of such a priceless service provider that you have to think twice about how honest they are.
Every seller speaks of their products highly, but Kot4x is on another level of self-glorifying. It all comes down to the single thing that matters the most about any broker – their regulation and legal permits. Kot4x has none, so they’re automatically a brokerage to avoid as they’re unsafe and problematic.
FAQs About Kot4x Broker
Is It Safe to Use Kot4x for Trading?
No, Kot4x is not a safe place for your investments. They’re frauds that actually look for ways to rob you of your funds, not help you profit.
Does Kot4x Offer a Demo Account?
Yes, every account opened is a Demo until you deposit at least $25 to open the cheapest live trading account.
What Is The Funding Method of Kot4x?
Cryptocurrencies are the only transaction method acceptable at Kot4x.