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Kot4x Review – Reasons to Avoid This Scam Broker
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Kot4x is a trading company based in St. Vincent and Grenadines. They are running for almost 5 years now, but nothing positive came out of that experience. Besides MT4 as the platform and wide range of instruments, there is nothing significant as the offer.
|Broker Status:||Unlicensed offshore scam|
|Regulated by:||No regulation|
|Operating Status:||Active trading scam|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||Kot4x LTD|
|Headquarters Country:||St.Vincent and Grenadines|
|Online Trading Platforms:||MT4|
|Crypto Asset Trading:||Yes – BTC, ETH, LTC|
|CFD Trading Option:||Yes, you can trade CFDs|
|Available Trading Instruments:||Forex, Commodities, Indices, Shares, Cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Therefore, we will look at all downsides of investing with this offshore broker in this Kot4x review.
Is Kot4x A Legit Broker? Regulation and Security
St. Vincent and Grenadines as the country dissociated themselves from providing trading licenses. The main reason for that is many offshore scam companies. So, Kot4x broker can’t have domestic regulations. They should opt for a license somewhere else. At least in the countries where they operate or with some Tier 1 regulator.
For instance, some of those are FCA, BaFin, ASIC, CONSOB or CNMV. Upon researching their databases we couldn’t find even a trace of Kot4x trading company. With this in mind, you can expect the worst. The broker doesn’t provide any fund security measures. For example, negative balance protection or guaranteed stop loss.
Additionally, they are not obligated to comply with any terms and conditions. Because even if they violate those, there is nobody to report it to. Generally speaking, all situations like these ended with traders getting scammed.
Overview of the Kot4x Trading Software
On the positive side, this broker provides reliable third-party trading software MT4. This would bring hope up if they are regulated. Since they are not this all falls down the pipe. MT4 platform allows traders to use some advanced features like a copy or social trading. Moreover, with the latest update, it’s 20 times faster and allows multi-chart views, more technical indicators and charting options.
All these features you can use on a mobile version as well. It’s available for download on PlayStore and AppStore for iOS users.
Important to realize is that it’s never an issue to make profits with a broker. The problem starts when you want to take it out. So, there is no point in using such advanced technology to end up scammed anyway. Instead, you can open an account with other trading companies that use the same software. But find ones that are Tier 1 regulated.
Account Types Provided by Kot4x
Kot4x account types are good cloning attempts of legitimate companies. They don’t require primarily insanely high deposits. On the contrary, their highest minimum deposit requirement is only $500. But don’t let that trick you. Since this is a scam offshore broker, their tactic is to get you on board first. Afterward, you can expect harassment from their agents to deposit more. As we could see from Kot4x reviews.
There are 4 account types available:
Another key point is the cost of trading. On some accounts, you are limited in terms of trading assets. For instance, on Mini and VAR accounts, you can’t trade cryptos, stocks and commodities. But if you want to trade those, you will have higher commissions. Which is ripping off at $7 per lot. Even though the broker advertises a demo account, we couldn’t get access to it. Another misleading fact.
|Broker||Kot4x||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Trading Instrument at Kot4x
Indeed, all 5 major classes are available with Kot4x scam broker. Of course, they want to mimic all good companies. However, once you dig deeper you can find all irregularities. Their trading instruments are divided into 5 major groups:
- Currency pairs (Forex) USD/CAD, GBP/JPY, HUF/EUR
- Commodities crude oil WTI, gold, palladium
- Indices Dow Jones, CAC40, AU 200
- Shares (Stocks) Master Card, American Airlines, Johnson & Johnson
- Cryptocurrencies BTC, BNB, BCH
Another key point is leverage. It raises to 1:500. However, for trading in the EEA zone maximum allowed leverage is 1:30. Same is with any other regulator. Additionally, the broker advertises tight spreads which start from 0.4 pips. It is way below the industry average, but we will point out the word “from”. Most overseen word here. Thus, it’s very important for scam brokers.
Funding Method at Kot4x
Even though cryptos became very popular, they are still unknown field. Many inexperienced traders don’t know that such transactions are not reversible. Sadly, this is the only funding method available with this broker. Which is a huge red flag.
On the other hand, withdrawals remain a mystery. The broker doesn’t have a clear withdrawal policy. Not to mention withdrawal fees which are often a topic. As we can see from Kot4x reviews, that’s the thing traders mostly complained about. Besides delaying withdrawal requests with silly excuses. Such as missing documentation, AML laws, non-existent taxes and more.
That’s why we recommend always Tier 1 regulated brokers. They offer transparent policies and trusted payment methods. For instance, if you use debit/credit cards you can get a chargeback. But even compensation as big as 85.000GBP with an FCA-regulated broker.
How Do I Recoup the Funds I Lost to Kot4x?
Let us hear your story first. Even though cryptos are encrypted, that doesn’t mean it’s completely anonymous. Our specialized fund recovery team has access to Cipher Trace software. It allows them to track crypto transactions and find the final destination. Which is often some trusted and verified wallet.
Don’t let these swindlers get away with your money. Book your first meeting with our team for today. Don’t worry, first consultation is free. Get back to us now.
- Non-regulated offshore broker.
- Location and contact information missing.
- Many negative user experience reviews.
- Non-transparent withdrawal policy.
- High commissions and leverage.
FAQs About Kot4x Broker
Is Kot4x A Good Broker?
No. They are not regulated and they don’t offer proper fund security measures.
Is My Money Safe at FKot4x?
No. Anything that this broker claims is suspicious. Simply because nobody controls their activities.
What Is The Minimum Deposit for Kot4x?
The minimum deposit requirements start below the industry average and it’s $10.