Learning about trading with Kot4x its regulation and reliability is important information needed to be acquired before trading with Kot4x broker. Let’s have a detailed look at Kotforex within this Kot4x review.
Is Kot4x a scam or reliable? is kot4x regulated? What are the Kotfx trading conditions? What are the account types of Kot4x forex? Is Kot4x regulated? What are the spreads and maximum leverage? Is Kotfx a good broker? What is the Kot4x minimum deposit? These are all questions we’re going to find answers to in this Kot4x broker review.
About Company
What is Kot4x?
In this updated KOT4X Review 2023, I’ll break down all activities and details of Kotforex which specialise in trading CFDs like forex, stocks, commodities and cryptocurrencies, Kot4x broker is an offshore online forex broker with good trading conditions including providing MT4 as a trading platform, low minimum deposit, good commissions and the option to choose between 4 different account types.
Kotforex was founded in 2018 and is located in St. Vincent and the Grenadines where they gave the name ( kings of transparency) to their entity being proud of providing a very clear and transparent service to their traders.
However, Kot4x the uncertain methods of deposit and withdrawal when it comes to cryptocurrencies, their lack of regulation and their below-average customer service, make any trader rethink the decision to trade with kotForex.
On their website, they summarize themselves as a platform that provides a secure ECN trading environment which permits traders to trade exclusively online.
Regulator
Is Kot4x regulated?
Not approved by any regulator in the forex market, Kot4x or in other words Kotfx is unregulated. However, Kot4x state that they are in the process of applying for a license to be issued and that this may take some time. Regarding the question of whether Kot4x is a regulated broker or not, it’s very clear that as long as they haven’t obtained the regulation from any regulatory organization yet then the answer to the question is Kot4x regulated is no, Kot4x is unregulated.
To be frank, in a huge market like the forex market, it’s very possible to have an unregulated broker yet provide a very trustworthy and reliable service, yet again that’s not the case with every unregulated broker.
The reason why regulations are the core of the forex brokers’ dependability is that they provide safety for your funds, fraud protection, disclosure statement of products, dispute resolution, and providing transparent conditions for operation.
With no regulation, it’s hard to determine whether Kotforex is having a segregated account for the clients separated from the company’s own operation accounts and whether broker Kot4x is participating in legitimate actions or not.
The location where Kot4x is located too brings the question of reliability, where rules are a bit more flexible in St. Vincent and the Grenadines than in other places.
There are also reputable regulating entities such as Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC) which govern several big forex broker houses which I advise trade with.
Account Types and Spreads
What are the Account Types and Spreads of Kot4x?
Kot4x offers its customers the opportunity to use the MT4 platform in 4 types of accounts: Standard, Pro, VAR, and MINI, and its trading model is ECN STP. Where they differ mainly in the structure of the commissions and spreads as that would mean the account types would be suitable for different types of trades with different approaches to investment.
The maximum leverage offered by Kot4x is 1:500 and it’s the same for all kinds of accounts. 1:500 leverage means that for every $ 1 in a client’s account, the Kot4x broker can trade up to $500. high leverage means higher risks and so I advise you to be careful. This ratio can result in significant gains and also means significant losses.
Some common features that can be noticed in all accounts are: the absence of Islamic/ swap-free accounts, the availability of demo accounts, allowing swaps in all accounts, and hedging and scalping are also possible.
You can find information about the spread and commissions of Kotfx on the image.
In terms of commission, the STANDARD and the PRO types of accounts have a $7 commission per lot, the MINI type of account has a $1 commission per lot while the VAR type of account has no commission.
Yet, from the user reviews, Kot4x broker reserves the right to commission and the amount of this is not specified and many customers have experienced this.
- The standard pairs allow trading in micro-lots of 1000 units of currency or CFDs. Spreads offered in these accounts are starting from 0.8 pips with $7 as a commission per lot. 57 pairs of Forex are offered for trading with different types of instruments to deal with which are FX pairs, indices, commodities, metals, stocks and cryptocurrencies. The kot4x minimum deposit for the standard pair’s account is $50.
- The pro pairs account offers a spread starting from 0.4 pips and a commission of $7 per lot. 28 pairs of Forex are offered for trading in these accounts with a kot4x minimum deposit of $500. along with micro-lot trading options and different investment instruments.
- The VAR pairs offer spreads starting from 1.2 pips, considered a high amount. Yet there are no commissions applied per lots in this account. The kot4x minimum deposit here is $250 and with 28 pairs of Forex and only FX pairs as trading instruments.
- The mini pairs account allows you to trade with micro lots representing 1000 units of a currency or CFDs. However, it only offers 29 pairs of Forex while the forex pairs offered in other accounts reach up to 57 pairs. The spreads in the mini pair’s account can reach up to 1.0 pips with a $1 commission per lot. It offers forex and indices as available trading instruments with 13 indices to be traded. The kot4x minimum deposit for the MINI pairs account is $25.
The available instruments of STANDARD, PRO, and VAR accounts are FX, indices, commodities, metals, stocks, and cryptos but for available tools of MINI, accounts are only FX. All kinds of accounts use the MT4 platform to trade.
Payment options are very limited in kotForex. You can fund and withdraw via Bitcoin, debit/credit card and credit/debit card via e-commerce pay.
Minimum Deposit
What is the Kot4x minimum deposit?
Kot4x minimum deposit varies according to different types of accounts. So for example, the mini pair’s account has the lowest minimum deposit amongst all other account types at only $25. While the highest kot4x minimum deposit account is the pro pair of a $500 as a minimum deposit.
The standard pairs have a kot4x minimum deposit of $50 and the VAR pairs have a minimum deposit of $250.
Kot4x minimum deposit in comparison with other brokers who offer $1 as a minimum deposit, isn’t the best in the market. In case you want to read more about brokers with the lowest minimum deposit is here.
Trading Platforms
Which platforms can I use in Kot4x?
Kot4x broker is only offering MT4 as the trading platform. Where MT4 is one of the most famous platforms in the forex market, it doesn’t seem to be enough. The lack of variety in the trading platform is a negative impact as the investors would find themselves forced to only MT4.
Some of the features of MT4 are:
- For newbie traders in forex or CFDs, demo accounts are available.
- Real-time connection of the trader and the market prices and their changes
- Several trading orders can be placed within the platform at the same time
- With Expert advisors, you can use trading strategies that are automated.
Where Metaquotes has already created MT5, which is an updated version of MT4 and is absent from Kot4x. Hence, kot4x MT5 isn’t an option available for traders with kot4x.
Education Material
Does Kot4x supply any educational material?
There are no educational materials or topics provided by Kotfx to support new traders. This is considered a big flaw in Kotforex as educational materials help new traders and assist the present traders with new techniques and strategies and hence allowing more trading after their questions are answered.
And so, I think it would have been better if broker kot4x has provided any sort of educational blogs or topics in any form whether that written articles or educational videos and visuals.
Demo Account
Does Kot4x offer a demo account?
You can create a demo account at Kotforex and try out your strategies. You can try yourself in a demo account with unlimited funds and a leverage of 1:500.
When registering for the Demo Account through kot4x login, you just need to select the account type demo from my accounts section.
Then select Leverage and Balance and click the Create account button. You will then receive an email with your kot4x login details. You can find detailed pictures of the Demo account opening on the Kotfx website under the part of the FAQ.
Customer Services
Does Kotfx have customer services?
YES, Kot4x has a customer support system, that in fact can be reached through 3 methods:
- Homepage’s live chat that works 24/7
- Filling the form in the contact us tab
- Direct emailing to the customer support team
If you want, you can send an email to the broker’s support team here and if you want to follow them on social media to keep up with any updates or newsletters, you can follow their Instagram here.
These are all great ways to get in touch with the support team yet a reply is still needed to answer the queries. And based on trades experience with Kotforex, there were no replies received to the questions sent to the customer support teams.
Communication
How can I report a problem with a trade-in Kot4x broker?
In the platform, they say in case of any problem with trading you should open a ticket and report your trading problem and they want you to add the Metatrader account number and the trade ID of the problem trade.
As I have concluded from the user experiences, the broker does not have stable communication with their customers because people are complaining about communication issues and late replies a lot.
Conclusion
Conclusion about Kot4x
The kings of transparency AKA Kot4x is not a regulated forex broker located offshore but an online forex and CFDs broker to all kinds of traders in the market.
The lack of regulation within kot4x is a great exclamation mark of the reliability of Kotfx where it’s neither certain nor clear whether the client’s funds are safe or not. And due to that, your funds can be used by Kotforex or you’d be at risk of having your funds impacted by any financial crisis.
Even though kot4x states they’re in the process of obtaining a regulation, that’s not enough to guarantee any security as that regulation isn’t obtained yet, so it has no grounds for being true.
Even though Kotforex is providing 4 types of accounts, the trading conditions aren’t competitive and are quite basic and higher than average while the customer support is below average in the way of providing service to the clients. There is only one trading platform which is MT4 and kot4x MT5 isn’t an option presented as a choice for trading platforms.
It’s not easy to recommend an unregulated forex broker without not much to prove to the clients. And so I’d recommend checking the top forex broker list for better and more trusted forex brokers. If you have any doubts or questions about my Kotfx broker review feel free to contact me about the Kot4x review.
