KOT4X is a forex broker founded in 2018 and registered in Saint Vincent and the Grenadines, offering trading services in forex, metals, energy, stocks, and indices. The company's official website supports only English. Additionally, the account registration page on the KOT4X website is available only in English.
Company Background:
Information on the KOT4X website reveals that the company and its affiliate KOT4X Pty Ltd are registered in Saint Vincent and the Grenadines and Australia, respectively. Searches on the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) and the Australian Securities and Investments Commission (ASIC) websites confirm the registrations of the company and its affiliate in these locations. Furthermore, a Whois search indicates that the domain for the company's website was registered on October 4, 2018, which is over five years ago.
Account Registration:
The KOT4X website provides links for registering both live and demo accounts. To register a live account, investors can click "SIGN UP" in the upper right corner of the KOT4X website or "Corporate Sign Up" at the bottom of the home page to access the registration page. Here, they need to select or fill out required information such as name, email, and password, and verify their email to complete the registration. To register a demo account, investors can click "Demo Account" at the bottom of the KOT4X homepage to enter the registration page and fill in information like name, password, trading software, account currency, margin (leverage) ratio, and demo account amount to complete the registration. Additionally, the account registration page on the KOT4X website supports only English.
Account Types:
The KOT4X website indicates that the company provides investors with four types of trading accounts: Standard Pairs, PRO Pairs, VAR Pairs, and MINI Pairs. Additionally, KOT4X outlines differences among these accounts in terms of spreads, trading products, commissions, minimum deposit amounts, and trading volumes for forex, metals, energy, stocks, and indices.
Trading Products:
The KOT4X website states that the company provides trading services in forex, metals, energy, stocks, and indices. However, while it lists the specific trading products under these categories, it does not provide details on commissions, spreads, minimum and maximum trade sizes, or overnight interest rates.
Margin Ratio:
KOT4X indicates on its homepage that it offers a margin (leverage) ratio of 1:500. It also mentions different maximum margin (leverage) ratios for various account types under "Account Types". However, the website does not specify the margin (leverage) ratios for specific trading products in forex, crude oil, and precious metals for different account types.
Trading Hours:
KOT4X does not provide information on the trading hours of specific products under forex, metals, energy, stocks, and indices.
Deposits and Withdrawals:
While KOT4X's FAQ section addresses some questions about deposits and withdrawals, the website does not clearly specify the channels or methods it supports, the currencies supported, or details on fees and times for deposits and withdrawals.
Trading Software:
The KOT4X website states that the company offers the MetaTrader 4 (MT4) trading platform, provided by Spring Gold Market Limited, which supports both desktop (Windows/MacOS) and mobile (iOS/Android) versions. However, in some countries or regions, Android users might face difficulties downloading the MT4 software or experience slow download times.
Other Services:
The KOT4X website mentions that the company offers investors PAMM account management services, allowing investors to trade on behalf of other PAMM investors by contributing to the pooled funds.
Regulatory Information:
The KOT4X website states that its affiliate, KOT4X Pty Ltd, is regulated or authorized by the Australian Securities and Investments Commission (ASIC). However, ASIC's website shows that KOT4X Pty Ltd holds an authorized representative license (AR license) from MGF CAPITAL PTY LTD (421246), which offers weaker regulatory and investor protection. Notably, MGF CAPITAL PTY LTD sells authorized representative licenses (AR licenses) to KOT4X Pty Ltd and over 30 other similar companies. KOT4X Pty Ltd and these companies have no affiliation with MGF CAPITAL PTY LTD; they merely use the purchased AR license for promotional purposes.
Summary:
There are suspicions of fraud regarding KOT4X. Although the SVGFSA and ASIC confirm the company's registration in Saint Vincent and the Grenadines and Australia, the ASIC website reveals that KOT4X Pty Ltd holds an authorized representative license (AR license) from MGF CAPITAL PTY LTD (421246), with weaker regulation and investor protection.
Crucially, MGF CAPITAL PTY LTD has sold authorized representative licenses (AR licenses) to KOT4X Pty Ltd and more than 30 other similar enterprises, and there are no ties between KOT4X Pty Ltd and MGF CAPITAL PTY LTD. These companies merely use the AR licenses bought from MGF CAPITAL PTY LTD for promotion. Therefore, KOT4X is suspected of fraud, and investors should exercise caution with the services offered by the company. Trading Roundup advises you to protect your assets and avoid falling into scam traps.
