KOT4X Review – Is It A White-label Scam Broker?


KOT4X

3.2

TRADING CONDITIONS

2.0/10

REGULATION

0.0/10

PRODUCTS

8.0/10

DEPOSIT/WITHDRAWAL

5.0/10

REPUTATION

1.0/10

Pros

  • HIGH 1:500 LEVERAGE
  • CRYPTO TRADING
  • CRYPTO DEPOSIT/WITHDRAWAL
  • $10 MINIMUM DEPOSIT
  • 100+ STOCKS

Cons

  • BAD REPUTATION
  • LACK OF REVIEWS
  • NO ADDRESS
  • NO REGULATION
  • NOT GREAT TRADING CONDITIONS

KOT4XOpens in a new tab.

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 MarketsOpens in a new tab.

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 KOT4XOpens in a new tab.

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 platformOpens in a new tab.

Customers can access the trading platform in a number of different ways:

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 listOpens in a new tab.

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,Opens in a new tab.

Kyle Townsend

Kyle Townsend is the founder of Forex Broker Report, an experienced forex trader and an advocate for funding options for retail forex traders.

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