Based in Cyprus, KonohaFX is an unregulated forex broker who supports over 200 trading instruments on their web-based trading platform. It offers six kinds of accounts with the minimum deposit of $250 and the maximum leverage up to 600x.
Pros and Cons
Is KonohaFX Legit?
Konohafx.io is registered with TLD Registrar Solutions Ltd. It was initially registered on October 22, 2022, and is set to expire on October 22, 2025. Nevertheless, KonohaFX is not regulated by any institution.
What Can I Trade on KonohaFX?
KonohaFX offers over 200 assets including forex, stocks, commodities, indices and cryptos to trade. Whats more, in KonohaFX, CFDs are available for Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies. Trading global Indices with KonohaFX allows you to go on price movements in major Indices from the UK, US, Asia, Australia and Europe.
Account Type
KonohaFX offers six kinds of live accounts including Basic, Bronze, Silver, Gold, VIP and Platinum accounts. These accounts require the minimum deposits of €250, €10,000, €25,000, €100,000 and €250,000 respectively. Different accounts owns different services and tools including market review, bonus funds, reading signals and so on. Notably, different accounts offer varying maximum leverage. The Basic account provides up to 100x leverage, the Bronze account up to 200x, the Silver account up to 300x, the Gold account up to 400x, the VIP account up to 500x, and the Platinum account up to 600x.
KonohaFX Fees
Margins:
When trading CFDs with KonohaFX, you do so with leverage, which allows you to potentially win or lose a significant amount more than your initial deposit.
Spreads:
The primary cost of trading CFDs on forex is the spread – the difference between the buy and sell prices, which is our charge for executing your trade.
Refund:
The Company also deducts a refund fee of 1% with a minimum refund fee of 30 USD/GBP/EUR and a maximum refund fee of 300 USD/GBP/EUR.
Trading Platform
KonohaFX offers Web Trader 2.0 platform to trade stocks, forex, cryptos and more from a single account. It also supports many tools and services to facilitate their trade. Web Trader 2.0 platform is a web-based trading platform. You can log in to your account and trade on any device that has an internet connection.
Deposit and Withdrawal
Deposits:
KonohaFX offers Credit Card, Wire Transfer, and various forms of e-payment to deposit. Deposits can be made using any of these methods.
Withdrawals:
Withdrawals can be processed through Credit Card or Bitcoin Transfers. The minimum withdrawal amount is $100. Withdrawals (or refunds) are processed using the same method as the original deposit. For example, if you deposited funds using a credit card, the withdrawal or refund will be transferred back to the same credit card. Credit card transfers apply exclusively to your deposit balance and exclude any profits or bonuses. If multiple credit cards contributed to the same deposit balance, each credit card is entitled only to the amount it originally contributed. The minimum withdrawal amount for Bitcoin is the equivalent of $250.
To expedite the withdrawal process, you are required to provide Verifying Documents. Once your identity is satisfactorily verified, we will commence the withdrawal process, which typically takes 7-10 working days.
Customer Service
KonohaFX supports phone (Monday to Friday 09:00 – 13:00 GMT), email, live chat (Monday to Friday 07:00-14:00 GMT) and online messaging for their traders to contact.
The Bottom Line
In conclusion, KonohaFX offers many assets to trade via their Web Trader 2.0 platform with different accounts. However, it is not regulated well and residents in some countries are prohibited from trading on the platform. Consequently, KonohaFX is better suited for experienced investors who are familiar with the complexities with trading.
FAQs
Is KonohaFX a good for beginners?
No. It does not support demo account and the minimum deposit of $250 is rather high for novices.
At KonohaFX, are there any regional restrictions for traders?
Yes. It does not provides services for the residents of United States, Cuba, Democratic Peoples Republic of Korea (North Korea), Iran and Syria.
What currency can traders use for trading?
You can open an account in USD, EUR, or GBP.
2023-03-22 12:18
2023-03-10 15:13
