Thinking of getting into business with FX Kovner? Here is what you must know about this broker. Carefully read this review to find out if fxkovnerfx.com is the trading platform you will want to trade with.
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About FX Kovner Broker
FX Kovner is an offshore brokerage company with a lot of promises for traders. The broker is located in the United Kingdom.
Added, the broker offers only one account called Standard account.
FX Kovner discusses about customer service, fund safety, multiple account types and fast stable server.
To clarify, in spite the trading instruments FX Kovner claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
fxkovnerfx.com: Reasons to Avoid This Broker
Firstly, fxkovnerfx.com is a platform with no financial authority overseeing its financial services. The license claim is not legit as Financial Conduct Authority, UK does not recognize this broker amongst its licensed entity.
Secondly, we noticed fxkovnerfx.com has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker. .
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. In fact, It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, FX Kovner provides no specific information on withdrawal fee nor processing days on any withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
FX Kovner minimum deposit is pegged $100.
As for the payment methods, the broker discusses nothing on that. In fact, you should not consider making any payment with this broker because it is a risk. So beware!
FX Kovner Platform
FX Kovner offers MT5 (Industry standard trading platform), however, that doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get above 1:200. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
FX Kovner Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is fxkovnerfx.com a Reliable Broker?
No, fxkovnerfx.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.