KOT4X or King of Transparency is a fairly young unregulated CFD broker which was established in 2018. Customers can use this to trade in contracts for differences with forex and cryptocurrency markets.
It uses the MetaTrader Platform to provide customers access to a variety of different markets, including trading in cryptocurrency.
Trading Account Types
KOT4X offers a few different account types, these include:
- Var account – no commission charges per trade and access to higher spread trades
- Pro account – low spread trades with a standard $7 commission per trade
- Standard – Medium spread trades and $7 commission per trade
- Mini – Smaller trades but only $1 per trade
KOT4X also offers demo accounts that you can try out to decide whether the platform is right for you. It’s also a great way to practice your skills and find out just how much money you can hope to make.
Regulation and Security Of Funds
When you deposit money into your customer account, it is actually kept separate from all the other money. This makes it easy to identify which money belongs to who. This also provides you protection since should KOT4X have to close down for any reason, the funds cannot be used to repay creditors.
One very attractive feature of the site is that the accounts make full use of 2-factor authentication, this extra level of security helps to prevent unauthorized access. It’s worth taking a few extra minutes to enable two-factor authentication. This can be done either using SMS text messages, or app messages through the mobile client. After entering your password to sign in, you simply have to copy a code from your phone’s screen.
KOT4X has not been approved by any recognized financial bodies, and this means that it is unregulated. It is very difficult to recommend an unregulated broker since there are few reasons to use one. It would be much safer to deal with a fully regulated and licensed broker. According to their website, they are currently going through the process of getting themselves regulated. If and when this happens we will review our advice accordingly. There are many regulated brokers offering great trading conditions such as IC Markets and Blueberry Markets, so it’s worth considering your options.
What Are The Trading Conditions With KOT4X?
When depositing money into your KOT4X account you must deposit at least $20 when paying with bitcoin. However, there is no maximum amount If you plan on funding your account with a credit or debit card through the third party platforms, then the minimum funding amount will be considerably higher, this starts at $25 depending on the platform.
The leverage offered by KOT4X is very flexible, depending on the trades and account type you have signed up to this can range from 1:50 – 1:500. KOT4X Spreads are pretty competitive which can be as low as 0.8. This can make trades even more profitable.
The commission charged by KOT4X is generally very low at $7 per trade for standard and Pro accounts. It’s also possible to register for a commission-free var account. It’s worth pointing out that although there are no fees for depositing or withdrawing funds, you may be charged by third-party platforms to convert to and from Bitcoin.
Is KOT4X Customer Support Good?
Should you have issues with your account or the services offered by KOT4X then you will need to contact customer support. KOT4X offers plenty of ways to get in touch. Live web chat, contact form on the website, or by email. It is worth noting that there’s no phone support, and there’s no office address listed on the website. This is typically quite worrying but still common with offshore brokers – it’s definitely worth baring in mind.
What Trading Platforms Do KOT4X Offer Traders?
Kings of Transparency uses the MetaTrader 4 platform, this is used by many of the other online brokers. This means that you’re getting access to one of the best and most user-friendly trading platforms around. There are lots of tools that make it easy for everyone to use – even beginners.
Customers can access the trading platform in a number of different ways:
- Desktop downloadable client
- Web-based client – works in a web browser without needing to download anything
- Mobile client – available for both iOS and Android.
Which Payment Methods Are KOT4X Accepting?
KOT4X only accepts payments in Bitcoin (BTC). If you want to pay with a credit or debit card you will first have to buy some BitCoin, this does make it somewhat inconvenient if you don’t already own bitcoin. Withdrawals can also only be done in Bitcoin. This is a problem for some traders as other brokers on our top brokers list offer a huge range more options, but bitcoin transactions do of course have their perks compared to usual transactions.
In Conclusion, Are KOT4X Just Another Offshore Broker Scam?
Although there’s nothing to suggest that KOT4X is not an honest online broker and probably isn’t a scam, it’s not a service that I would be able to recommend. I would recommend that you look for a regulated broker for safety.
KOT4X seems to be the broker of choice, or potentially even affiliated with Cue Banks. Cue Banks is the owner of Wall Street Academy, a forex trading education course and has made a name for himself within the Instagram and YouTube trading circles due to his large social media following. Cue’s coverage of the broker has made new traders flock to the company, but it’s very much worth considering the lack of regulation, offshore nature of the company and the lack of physical address offered – these are all high risk and make the broker a very high risk.