Today’s generation wants to find new ways to make money. Regular jobs and part time odd jobs are not the only ways to earn extra income. To achieve the financial stability that you dream of, you have to aim high, and trading is one of the methods available for you to do that. When you are trading for the first time, it can be a little disconcerting experience. You don’t know a lot about the trading world and how things work there, and you absolutely don’t want to hand over your money to some fraud. In short, the first big step is to find the perfect broker.
Your overall trading experience depends heavily on the broker you choose. That’s because it is the broker that gives you access to everything that allows you to trade successfully. From a platform for trading to the tools that help you with trading strategies, everything comes from the broker. There are many online brokers for you to pick one from today. However, KontoFX might just be the perfect or closest to the perfect broker for any trader today. Let’s get into this KontoFX review and find out what makes it such a perfect broker.
Overview of KontoFX
KontoFX is the result of efforts made by people who have been a part of the trading industry for several years. It provides a platform for trading and the many tools needed along the way. When trading with KontoFX , you are not actually buying the stocks or owning the assets physically. Instead, you are trading CFDs (contracts for difference). By trading CFDs, you make profits by predicting the movement of the price of the asset in the coming days. In short, you can profit from the price going up or down.
The focus of the company is to make trading easy for traders all around the world. The company achieves that by providing a safe and feature-rich platform for trading. It is one of the goals of the company to bring all the available assets in the financial markets onto one tool so traders can trade their favorite ones in one place. They are dedicated to making the trading safe and secure while also ensuring that every new trader receives the required education before starting to trade in the practical world. The company also takes pride in offering some of the tightest spreads in the industry.
KontoFX Tradable Assets
The first thing you have to look at when you land on a broker’s website is the list of assets that you can trade. You want to have as much freedom as you want to be a successful trader. You don’t want to be forced by the broker to choose from the limited list of tradable assets on its portfolio. When you are KontoFX , you will have no complaints about the assets that you can trade. From stocks and indices to commodities and forex, you can trade whatever you think matches your trading personality. All of these financial assets come from the major three financial markets.
Once again, you have to remember here that when you trade stocks on KontoFX platform, you are not buying the stocks. What you are buying is the CFD i.e. a contract that helps you benefit from the fluctuation of the value of the actual stock. According to the broker, you have access to more than 1000 different tradable assets when you start trading on its platform. On the forex side, you have eight major currency pairs that you can trade. These currency pairs include USD/CAD, EUR/USD, GBP/USD, NZD/USD, EUR/GBP, USD/JPY, USD/CHF, and USD/RUB. However, these are not the only currency pairs available from the broker. You can pick from the volatile currency pairs as well.
It is in the favor of the new traders to pick from the available eight currency pairs. Too much focus on rare currency pairs might not be the best thing for new traders. The problem with these currency pairs is their high volatility. While volatility is a wild horse that you can tame and benefit from, it is not so friendly for the new traders. When you are a new trader, you want to focus on learning the art of trade and reducing your risks as much as possible. These major currency pairs are perfect for the new traders. Not to mention, you can always find a lot of information about their past performances too.
When it comes to commodities, you have gold, silver, copper, oil, coffee, and gas that you can trade on the platform. All the major indices are also there for you to trade. Some of the indices available for trade on the KontoFX trading platform include IBEX, NASDAQ, DAX, SPI, FTSE, etc. The list of stocks can be quite a surprise for you. There are more than a hundred stocks available for you to trade. In short, you have the liberty to pick a stock that you can predict easily. Some of the major ones include Total, AT&T, Bank of America, SNAP, Intel, Microsoft, Adidas, Paypal, Coca Cola, Apple, Google, etc.
Safety of KontoFX Traders
You will be glad to know that KontoFX pays special attention to protecting your rights and information on its platform. The first major concern for most traders is security of their banking information. You don’t want a company to keep your credit card information unsafely in a world where even the major tech giants are not safe from hacking attacks. For that, KontoFX has taken advantage of encryption technology. The information you provide on the website gets encrypted immediately. Encrypted information is safe from attackers. Even if they get access to the info, it is in encrypted form, which means they cannot understand what the information contains.
In addition to the encryption of information, KontoFX is also serious about anti-money laundering policies and KYC. If you see an online broker that speaks against these policies, you should stay as far away as possible from this broker. These policies are for your protection just as much as they are for the protection of the broker. Through the anti-money laundering policies, the broker ensures that no one uses its platform to launder the stolen money. Secondly, the KYC (Know Your Customer)policy ensures that every person who signs up on the platform is a legit person using their own identity.
The KontoFX Trading Platform
So, when you sign up with a broker and start trading, your entire journey takes place on a trading platform. It is the trading platform you are always connected with as you trade or monitor the condition of the market. The first thing you have to know about the platform is that it is web based. There are many advantages of trading on a web based trading platform. The first benefit is that you don’t have to download anything. When you download a software on your computer, its performance depends on the performance of your computer. In addition to that, any security vulnerabilities on your computer can allow hackers to manipulate your trading platform.
On the other hand, when you are on a web based platform, you don’t have to download anything. You just need to go on the website of the broker and trade there. There is nothing for you to worry about. All the security patches, updates, and upgrades are taken care of by the broker. The broker promises that all your trades are executed in real-time on its web based platform. In addition to that, you can also take advantage of the charts and graphs by customizing them according to your needs.
However, the web based platform is not the only thing. You also have the mobile platform that makes trading even easier. The best thing is that the mobile platform is available on iOS and Android both. You can download the application on your smartphone and trade as smoothly as you trade on the web platform. A mobile application is perfect for someone who wants to keep an eye on the market at all times. Furthermore, when you see an opportunity, you should be able to execute a profitable trade before the opportunity is gone. That’s something you can do easily with a mobile platform.
KontoFX Trading Tools
When you start trading, your focus should be to know about the market as much as possible. The more knowledge you have about the market, the more you can trust your trades to be profitable. There are many tools available from KontoFX to help you make profitable trades. You have the economic calendar that tells you about all the events that can affect the prices of certain tradable assets. You also have a detailed asset index on the website where you can see detailed information about the current condition of a particular asset. It is always advised to be well-informed before executing a trade.
Moreover, you have the daily market summary and the live market summary. These tools can help you get an idea about how the market is moving. By keeping a record of the daily summaries, you can create patterns and know what next move the market is about to take. KontoFX also gives you access to the weekly and monthly market summary. In short, you have enough tools at hand to know a lot about the market before you put your money on the line on a trade.
KontoFX Account Types
Of course, before joining the platform and trading on it, you have to create an account with the broker. KontoFX is quite generous in giving you the account options. There are enough options for you to find an account that meets your requirements. There are five different accounts types. Each account offers you some pros and cons. Of course, the bigger the account the more facilities it comes with. However, it does not mean that the basic account has been stripped of all the best features. The basic account can be opened by a trader by depositing only $250 in the account.
On the other hand, the bronze account requires a minimum balance of $2,000. With this account, your bonuses on the trades are usually between 10% and 20%. The bonus percentage is the same for the basic account as well. However, if you want more bonus, you have to move to the silver, gold, and platinum accounts. With silver account, you can enjoy a bonus of up to 60%. You also get daily financial analysis of the market plus the price alerts. However, you only get to work with a junior account manager with the silver account. If you want a senior accounts manager, you will have to move to platinum or gold account.
Platinum is the biggest account offered by the broker. However, even this account requires a minimum balance of only $25,000. With many other brokers, the biggest accounts require a $50,000 minimum balance from you. If you now trading for a long time and can create your own strategies, you are better off with either the platinum or the gold account. An introductory session with an expert trader in the market is only available with the platinum account. You can also take advantage of the referral program of the broker. Refer your friends and your rewards depend on the account type they choose.
Banking is always one of the top concerns for traders no matter which platform they go to. You have to give kudos to KontoFX for being very straightforward about its banking information on the website. First of all, you have to look at the ways you can use to deposit funds in your account. Your options should not be limited here. With KontoFX, you have a lot of options to deposit money in your account. You can use your debit or credit card to deposit the funds. If you trust e-payment services more, you can go with Giropay, Neteller,etc. The bank wire option is also available.
When it comes to withdrawing the funds, you can get them back into the same account you used for depositing. More importantly, your deposited funds can come back to your credit or debit card, but your profits cannot. When it comes to collecting your profits and bonuses, you will have to receive them through bank transfer. The time it takes for deposits and withdrawals to process depends on the method you use for either. Yes, there are some fees associated with your withdrawals. KontoFX is very open about it and provides detailed information about these fees rather than hiding this information from you like many brokers out there.
KontoFX Educational Material
No broker would want you to be uninformed when you start trading. If you don’t know anything about the market, you will make failed trades. When you make failed trades, you will soon stop trading, and that is a lost customer for the broker. For that reason, almost all the brokers provide some level of education to their trades on their websites. What you will love specifically about KontoFX is that it has a very vast training repository on its website to help traders with almost anything they need. The first thing you will notice is that KontoFX has categorized its training material into videos and ebooks.
KontoFX has one of the most in-depth training sections on the internet when you compare it with those from other brokers. In the videos section, there are different sections for those who are new to trading and those who have spent some time in the industry. Within the videos, you can see the training has been split into CFDs and FX section. There is some really useful material available in the training section of KontoFX.
KontoFX Customer Service
When you have looked at everything else, it all comes down to the customer support from the company. The many tradable assets, a feature-rich trading platform, and tight spreads are no good when a broker does not have a good customer support. The first thing you want to see in the customer support section is that you should be able to get in touch with the company instantly when you need help. However, you will not be disappointed with KontoFX customer support because they have given you all the possible options of contacting them.
First, they have several email addresses on the website that can take care of different types of queries. If you have any issues related to finances, there is an email address specifically for these inquiries. There is a support email address for general customer support inquiries. However, the best thing about KontoFX customer support is that they also have a live chat feature on the website. So, if you have run into an issue and need someone to listen to you immediately, you can use the live chat feature. They even have the call back option available. So, you can leave message for the company and schedule a call back from them. There is no reason to be on hold anymore.
Most important of all is the availability of phone numbers on the website. There are eight different phone numbers available for eight countries. The phone numbers are available for UK, Panama, Argentina, Colombia, Peru, Chile, Mexico, and El Salvador. All these options are a proof that KontoFX is serious about helping its customers. At no point during your association with the broker as a trader should you feel left alone.
Top Features of KontoFX
Here are the top features that should become your reason for picking KontoFX over other brokers on the internet.
The fact that you have the platform available on the web as well as mobile devices shows that the company cares about your convenience. You can trade and take a look at your trades from anywhere you want. Not to mention, the mobile application is available for both the huge mobile platforms i.e. Android and iOS.
You have a lot of assets for trading including the indices, commodities, currencies, and stocks. You can choose the assets that you think match your trading style and ensure that you only conduct profitable trades.
Safety of Information
If you take security of your information on the internet seriously, which everyone should, you will be glad to create an account with KontoFX. The broker pays special attention to your safety by ensuring there is 100% encryption of your information when it is saved.
Various Account Types
You have a lot of account types to pick one from. For someone who is on a budget, the basic account is a perfect deal because it can be maintained with a minimum balance of just $250. The good thing is that the access to educational center is included within this account as well.
Transparency in Banking
Some brokers send a very negative impression by being non-transparent with banking information. If you browse the frequently asked question section on KontoFX website, you will find answers to all of your questions here. The broker is clear about its banking, how deposits and withdrawals work, the available methods of depositing money, and fees associated with withdrawals.
Only the companies that aiming for long-term benefit of their businesses as well as their customers pay attention to their customer support. A company that claims to be the best but has a poor customer service cannot be great for its customers. KontoFX gives you the option to get in touch with its through live chat, callback, email, web form, and phone call methods.
There is not a lot to complain about when you consider all the KontoFX features. Most of the features offered by the company are focused on its customers. A modern platform with lots of features and trading possibilities has made KontoFX one of the best online brokers for traders from around the world. Their website is also available in Spanish in addition to English. In every feature, you can spot customer focus from KontoFX. The last question is whether it is worth to sign up with this broker or not. The answer is yes. Of course, you are free to research and compare your options before you that, so don’t relinquish your autonomy of doing that.