Read our Kortex review to see if this broker is a scam or legit. Just to clear doubts, this is a kortex.vip review.
Brokerages have played an important role in trading in the financial markets from the get-go. Even before people started trading online, they were part of the process and were responsible for facilitating traders in executing their transactions.
With technological progress, they are now facilitating the online trading process as well, but when you begin looking for one, their numbers will leave you flummoxed. To add to it, you will also learn about the shady ones that look perfectly ordinary. One such example can be found in this Kortex review.
Indeed, not all the brokerages that are offering their services in the financial markets are legitimate. Even though a lot of them are making some big promises, it does not mean that they will be able to fulfill them.
Good and reliable brokerages do exist and there are also mediocre ones that try their level best to cater to traders, but there are also poor and downright fraudulent ones that are looking to take advantage. No one wants to engage in online trading, only to lose their money in a fraudulent scheme.
The problem is that many people are unable to figure out how to distinguish between genuine and fake brokerages because on the surface, they appear to be quite similar.
As a matter of fact, scam ones go to great lengths to portray themselves just like legitimate entities and this can make it extremely complicated for people to know what they are dealing with. What should you do? You should understand that no matter how much effort a fraud company makes, they cannot hide their reality.
As long as you assess them properly, you will be able to identify some disturbing facts about the broker that exposes their true nature. The same happens in the case of Kortex that appears to be an ordinary broker at first glance.
They would have you believe that they are offering their services for about five years and can help you fulfill your trading needs. But, when you assess their offerings, you will learn some disturbing facts that lead to a different conclusion about Kortex. What is it? Go on to know more.
Regulation
When you are assessing an online brokerage, your first priority should be their regulatory status. This means that they should have a license from the regulatory authority of the jurisdiction from where they are operating.
Legitimate companies are usually forthcoming about their status and even share their license number, so you can verify the details. Shady and fraud companies, on the other hand, tend to be cagey about it.
Some may pretend to be regulated, relying on the assumption that most people won’t bother following up. Others just not mention anything in the hope that people will not pay attention.
It seems that Kortex belongs to the latter category because you can go through their entire presentation and find absolutely no information about their licensing and regulatory status. This is a lie by omission and it makes the brokerage incredibly shady.
But, it gets worse when you go through the Kortex website and realize that there is a lot of important information missing from it. There is absolutely no corporate address, or background, so you do not know where the broker is based at all.
They have just provided a bunch of phone numbers and an obscure email address, but no details about the company behind the platform. This makes it a virtually anonymous broker that could just vanish into thin air with your money and since it is not regulated, there will be no accountability.
Terms & Conditions
Your assessment of an online brokerage will never be complete without taking a look at their Terms & Conditions. After all, these establish your relationship with the broker because they are the contract you sign with them.
They outline the policies and rules that are applicable, along with the fees and other charges associated with the trading process. Going through them can help you be prepared and you do not have to deal with any surprises.
But, when you try to look for the Terms & Conditions of Kortex, you should be ready for disappointment because it does not have any legal documentation. This means that you will have no idea what to expect from the broker and this makes it immensely dangerous for you.
Trading platform
It is a must to assess the trading platform of a broker because your trade execution will depend on it. You want to be able to buy and sell quickly to take advantage of price movements and you also want tools that can help you make the best decisions. This depends on the trading platform you are provided and you will find that Kortex cannot meet this criteria.
It offers a basic trading platform that is lacking in features and functionalities. You just get a rudimentary web trading platform at Kortex that does not even come close to the MT5, which is recognized as the top one in the market.
Trading conditions
The trading conditions are linked to your profits, so they need to be assessed as well and the conditions that you will find at your disposal at Kortex are enough to disturb anyone.
The spreads in the demo account start at 1 pip, but the actual spreads begin at 3 pips. This is at least 3 times higher than standard brokers, which makes the brokerage too costly.
Next, you will find that the leverage available at Kortex starts at 1:200, which is excessive. Such ratios are very dangerous and most jurisdictions have capped leverage for retail traders because of the risks. Therefore, legitimate brokerages are unlikely to offer you these levels of leverage.
Payment methods
You will find wire transfers and cards available as payment methods at Kortex, but this is a lie. You cannot use cards, which means there will be no chargeback if you want a refund. When you try to use cards, it takes you to a website where you are asked to buy crypto. After all, these payments are final and cannot be reversed.
Ending Thoughts
These disturbing facts about Kortex make it evident that the brokerage is not the right fit for anyone.
