Cryptocurrencies have become a very important part of the online financial world. Since 2008, this online system has indulged in almost all of the industries out there and into our lives as well. Since recently, people have realized the importance and the value of online currencies and have started to invest in these more. Understanding the lucrative advantage of these over the cash, they have not only started to invest more but also have brought immense growth in the trading and the investment market. Konto FX is yet another broker that claims to be a major broker regarding cryptocurrencies.
About Konto FX:
Konto FX claims to be based in Estonia and states that it deals in CFDs and Cryptocurrencies. The brainchild of NTMT Tranformatic Market OU, the company has its headquarters in Budapest, the capital of Hungary. Founded in 2018, the company is not much old and yet, it has been successful in earning itself a very good place in the negative reviews on the internet. The company’s website is pretty complicated with many images and transition images. Ideally, a broker should go for minimum complexity in their website design to make it easier for the customers from all age groups to understand the policies and the working. However, we believe that this action of Konto FX has been done to deviate the public attention from their built-up schemes and the fake company that is filled with shady aspects everywhere. The website provides three languages for the customers to choose from, namely, German, English, and Spanish. The one good thing about this broker is that they have provided content on how can one trade in CFDs and Cryptocurrencies. They have provided detailed descriptions of both which may help the new customers.
The customers of this broker company are provided with an option of three accounts to choose from. The currency in which the customers can make transactions also has two options, namely, EUR and GBP. The three trading accounts are self-trading account, standard account, and social trading account. The company claims that in the self-trading account, they provide the customers with artificial intelligence or AI that helps them in making the decisions. However, the readers must not that such brokers are market makers. In these cases, whatever loss the customer faces, is earned by the company as a profit. Therefore, these self-trading accounts or any account where the company offers to help will always be for their benefit. The company will deliberately choose a scheme that may lead to the customer-facing a loss and hence earns more profit. The social trading account allows the customers to copy what the top traders did with their money. This may seem like a weird scheme as it publicly displays all your activities. Readers must note that all the other facilities like the pips, spreads, leverages, etc. are the same in all three accounts.
The Final Verdict:
The minimum deposit to start trading is 250 pounds or euro. The mode of the transaction provided by the company is Visa, Mastercard, Maestro, or bank wire.in our conclusion, Konto FX is possibly a scam broker and we recommend our readers not to trade with this company. We advise you all to always do thorough research before putting in your hard-earned money with any of the brokers and risk losing them.