KOT4X is an unregulated forex and CFDs broker which came into existence in 2019. This broker offers leverage of upto 1:500 and their trading conditions are up to par with other alternatives in the sector. On paper, apart from the regulation aspect, most things about them sound good.
However, once you take a look at the client feedback on popular forums such as Forexpeacearmy and Trustpilot, we are sure that you will be shocked. Many people have deposited with this broker and are unable to get their money back due to various reasons which are just outrageous.
Moreover, as this platform is unregulated, all of the victims are having a hard time getting funds back from them. Trading is an exciting field wherein there is no shortage of opportunities, but to navigate this realm you have to choose a reliable broker. To know whether to proceed with KOT4X or not, read the following paragraphs carefully.
KOT4X Regulation and Support Team
The number of people who have lost money to unregulated brokers is unbelievable and even after a lot of efforts from the regulatory authorities, educating the retail traders has become a herculean task. Flashy deposit bonus, low commissions and low spreads are the classic selling point of most unregulated brokers which captures the attention of the clients.
However, people have to understand that safety of the funds is more important than other benefits and the only way to ensure it is by choosing a regulated broker. KOT4X is operating from St. Vincent and the Grenadines and it doesn’t hold any regulatory status. Moreover, the only payment method supported by them is Bitcoin.
In short, it means if thighs ever go wrong with them, then you won’t be able to fight them legally and the chances of recovering the funds is slim to none. If you have any queries, then you can reach them via email only and the address is provided below.
Ask yourself, is it worth it to deposit with a broker who doesn’t even offer basic telephone support?
Email – support@kot4x.com
Trading Interface, Leverage and Conditions
Similar to a lot of brokers, this platform also offers MT4 software to the clients. Undoubtedly, the retail traders like this interface and many organisations over the years have built custom tools which will fit the needs of every trader. From the indicators to chart forms, everything can be tweaked to suit the trader’s needs and it also supports algo-trading.
If you are not satisfied with thousands of free and paid indicators, then you can create a new one from scratch, but you need to be familiar with coding or you have to hire a professional. In short, there is nothing negative about the trading interface. They offer leverage which stretches upto 1:500. Most regulated brokers never offer high leverage as their main goal is to protect their clients from wild swings.
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So, before employing leverage assess your positions carefully or else the effects might be severe. The spreads on this broker was above par compared to the industry average. If you are a scalper, then it is better to look elsewhere because it will certainly decrease your profit margins exponentially. They do support all kinds of Expert Advisers, but the VPS facility is not provided by them.
Lastly, we do not know whether there are inactivity fees applicable and their policies regarding funding and payments are skewed towards the clients. During our investigation, we found out that they conduct trading competition from time to time. However, the rewards will always differ from one event to another and the conditions will also be changed at their discretion.
Account Types and Benefits
This broker offers 4 different account types. As a general rule, for upgraded accounts the trading conditions, leverage offered and commission rates will be cost efficient. The minimum deposit depends upon the account type the client chooses and it ranges between $25 to $500.
Apart from the “Mini” account type, all the other accounts have the same trading instruments available. Sadly, there is no educational content offered by this brokerage which means things like trading guides, market reports and analyst comments are not provided to the clients. Note that this brokerage doesn’t offer Islamic friendly accounts. On the flip side, this platform follows the STP model.
So, the conflict of interest between the broker and the clients should be minimal at least in theory. In their terms and conditions page, this broker has mentioned certain policies regarding account management service, but they haven’t mentioned the ways of employing it. Moreover, there is no social trading or copy trading service available yet.
The account opening process is simple and quite straightforward. Clients are required to submit their government issued documents to verify identity and they should not use third party bank accounts to fund the trading activities. Fortunately, they do offer demo accounts so that you can test out any trading strategy or account type you want without risking real money.
Keep in mind that in virtual accounts things like slippage and spreads widening will never happen, but in reality there is always a possibility of unexpected events taking place.
KOT4X Deposit and Withdrawals
As we mentioned above, the minimum capital required to get started depends upon the account type and $25 is the minimum deposit amount. The minimum withdrawal amount is a mystery and there are no fees associated with any kind of transactions. However, note that the fees structure can be changed by the platform at any time without providing notice to the clients.
Bitcoin is the only supported payment method. While many people might prefer Bitcoin transactions to the traditional methods such as credit cards and e-wallets, it does take longer duration for the amount to reflect on the account.
On the bright side, you can track the confirmation progress on Blockchain.info. The lack of e-wallets like Paypal and Skrill might be a deal breaker for some clients.
Client Feedback
This is where things get a lot interesting and concerning at the same time. Clients of KOT4X have expressed their opinions and experiences on many forums such as Forexpeacearmy and other review sites. If you go through the comments, most of them are negative and they all display alarming stories.
Check out the comments featured below, we are sure that you will never dare to proceed with them after seeing the horrors firsthand.
Guys for real. I had an amazing day trading US30 and profited $15k. When I tried to withdraw $10k, they put my payment on hold for 13 hours, and later I found out that they CANCELLED all my trades of today, so I end up negative $5k in my account. I have screenshots of this bullpoop and I can send them no problem. This broker is a total scam and they steal your money and give 0 coital encounters.
This brokerage was created by those pesky instagram/influencers so they can trick people into joining their own broker and scam people out of their money even more.
KOT4X Review Conclusion
KOT4X is not a reliable broker by any means. For starters, they don’t provide educational content, decent customer support and the kind of reviews they have got over the web is worrisome to say the least. The spreads they offer is high and the minimum deposit amount for certain account types are also above industry’s standards. Their terms and conditions are skewed and there is no such thing as security of funds if you deposit with them.
So, our advice to everyone is to avoid using brokerages like this one and to proceed with only regulated firms. If you have been scammed by this broker and are unable to get a refund from them, then comment below and let our experts reach you out with the best available solutions.
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