Is KonohaFX Scam or Legit Broker?
KonohaFX is not a safe broker to trade with. Although the broker tries to position itself as a trustworthy broker with favorable conditions, it still does not hold any licenses, which is an immediate red flag for any broker. Services offered by KonohaFX are questionable and non-transparent. Besides many traders claiming KonohaFX scam operations and fraudulent activity.
- Traders should never forget that their investments are not protected by signing in with unregulated brokers. The companies lead their business however they find it appropriate and do not put the trader’s benefits before anything.
|Registered in||Not registered|
|Type of License||No license|
|Is KonohaFX safe to trade?||No|
|Recommended Licenses||FCA in UK and ASIC in Australia|
|Alternative Broker||FP Markets – licensed by ASIC in Australia|
What is KonohaFX?
KonohaFX is an unregulated Forex broker that offers its services throughout the Forex, Crypto, Indices, and Commodities markets. The company states that it accepts clients worldwide, providing very low spreads, supportive customer 24/5 service, and other favorable conditions.
However, all of the mentioned is just an attractive representation. In reality, the broker has many safety and regulation issues, that should scare away traders.
- Firms that do not hold any licenses are not reliable: they do not offer any level of protection, which is also the case of KonohaFX.
- On KonohaFX website, there is no mention of any type of regulation. Based on the contact information provided on the website, the broker is located in Cyprus (36 Aigyptou Avenue, 6030 Larnaca, Cyprus). However, to be able to provide financial services, a broker from Cyprus should hold a CySEC regulation, which in this case is absent. This means, that the broker might be a complete scam, and the perfect trading conditions it promises might be false.
- Besides, the broker also provides Australian and United Kingdom phone numbers, which probably means that it targets mainly United Kingdom and Australian clients. However, to be able to offer services in the mentioned countries, the broker needs to acquire FCA and ASIC licenses respectively.
- And, of course, like many other unregulated brokers, KonohaFX is infamous for its failed withdrawals. Based on numerous negative reviews and reports of a large number of customers, the broker aggressively urges the clients to make more investments before withdrawing their money. When it comes to the withdrawal itself, customer service suddenly becomes irresponsive.
Overall KonohaFX Ranking
Taking into account our revelations on the safety of KonohaFX, we do not rank positively KonohaFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and numerous negative reviews from traders.
- KonohaFX Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
|Is Broker safe?||No||Yes||Yes|
|Advantages||None||Trading Conditions||Trading Environment|
KonohaFX Alternative Brokers
Based on our revelations of KonohaFX safety and regulations issues, here are much better Alternatives to KonohaFX with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below:
- BlackBull Markets – Good for High Leverage Trading
- Pepperstone – Low Spreads and Competitive Trading Conditions
- IC Markets – Excellent cTrader Broker
Deposit & Withdrawal
With KonohaFX there are two main types of funding trading accounts: Credit cards and Wire transfers.
The minimum deposit is $250.
- For withdrawing their funds, clients need to verify their identity. The traders also need to attach a color copy of their IDs, the color copy of their credit or debit cards they initially used for funding their accounts (both front and back), and evidence of the provided address.
- The minimum withdrawal amount is 100 USD/EUR/GBP.
- After providing the required documents, the withdrawal process will further take 7-10 working days on average.
KonohaFX Review Conclusion
We strongly recommend to avoid non-regulated or offshore entities and avoiding KonohaFX at all means in case any offer came up. There are numerous complaints from traders in different jurisdictions based on our finds so KonohaFX isn’t a reliable Broker.
We advise traders to invest only with brokers holding licenses from authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that provide compensation and are strictly supervised. We advise signing in with reliable brokers such as FP Markets, BDSwiss, and HFM.
- Overall ranking and experience for KonohaFX is Negative