KontoFX Is Not Regulated!
Trading with unregulated brokers is extremely not recommended, specially when the broker is making false claims of being regulated when it is actually not regulated at all. In this case, the broker KontoFX is claiming that it has a Malta license when it has no such thing. The Malta Financial Services Authority has recently let the public know about this in a statement.
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The Malta Financial Services Authority has issued a warning about an entity operating under the name of KONTOFX (https://www.kontofx.com), which claims to be a forex trading broker providing a Web Trader platform.
“Information available to the MFSA suggests that https://www.kontofx.com is likely to be a scheme of dubious nature with a high risk of losing money,” it said in a statement.
The entity claims to be operating from Northside Business Centres, 2nd and 4th floor, BC91 Office building, Budapest 1139, Hungary.
The MFSA said KONTOFX is not licensed or authorised by the MFSA to provide any investment or other financial services which are required to be licensed or otherwise authorised under Maltese law.
The MFSA advised investors and consumers of financial services to ascertain that the entity with whom any investment or transaction is being made is authorised to provide such services by the MFSA or other financial services regulatory authorities as applicable.
A list of entities authorised by the MFSA is available from the MFSA and can be viewed on the official website of the MFSA at https://www.mfsa.com.mt/financial-services-register/.
Should You Stay Away From This Broker?
Yes. Don’t sign up with any unregulated brokerages or firms. If a brokerage says it is regulated by MFSA or any other regulator, you can check on the regulators official website and make sure the broker is not making false claims of being licensed.
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