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KnitFX Review - is it scam or safe?

KnitFX Review - is knitfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz KnitFX
KnitFX is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type  Minimum deposit Minimum trade size Maximum leverage Average Spreads
Standard N/A 0.01 1:500 2.5 pips
Pro N/A 0.01 1:500 1.5 pips, fixed
VIP N/A 0.01 1:500 0.8 pips, fixed
         

 Unlike most brokers that offer fixed spreads on Standard or Mini accounts and floating spread on Pro accounts (which usually require bigger investment), KnitFX does just the opposite - according to the information provided on its website. Unfortunately, it does not disclose the minimum initial deposit required for opening a certain account.

 

All account types provide micro tradeable lots, commission-free trading and leverage up to 1:500 on the MetaTrader 4 platform.

 

When we tried KnitFX’s demo account, we found out spreads averaged 1.9 pips KnitFX, which is not very competitive, when compared to most of the industry. For further information and comparison, you can always check the conditions offered by some of the top-rated brokers here.

 

Apart from the fact that the spreads are not competitive, they don’t match any of the trading conditions provided in the table above. We consider the lack of transparent pricing policy is a big disadvantage for a forex broker.

 

The Company. Security of Funds

 

Company

Country

Regulation

 KnitFX Ltd.

UK, Thailand

N/A

 

Founded in 2012, KnitFX is a forex and CFD broker with rather rich product portfolio which can be traded on the renown MT4 platform. According to the broker’s website, the company behind the brand is KnitFX Ltd., however there is no information about its headquarters, regulation, etc. On the broker’s linkedin page we read that KnitFX is based in Thailand, but the telephone number provided on its website includes the country code of UK.

 

Actually, the broker has not shared much relevant information on its website. This, combined with the lack of financial regulation, makes KnitFX seems highly suspicious. There are many scams out there most of them registered offshore and/or operating without a proper broker license.

 

Because of all the risks involved in doing business with such brokers, we do not recommend KnitFX. Instead,  we suggest that you select among brokers that are duly regulated by UK’s FCA, CySEC or Australia’s ASIC.

 

Trading Platform

 

Like most brokers, KnitFX also supports the MetaTrader 4 (MT4) platform, desktop and mobile versions available.

 

MT4 holds the title of most popular forex trading platform for more than 10 years now. Most traders find it enjoyable, due to its great charting potential, wide range of Expert Advisors (EAs), technical analysis tools, extensive back-testing options, etc.

 

 

Desktop demo MT4 platform of KnitFX. Click to zoom in.

 

Methods of Payment

 

We could not find any information about the payment methods supported by KnitFX, only bank wire transfer is mentioned on its website.

 

Conclusion

 

KnitFX is another unregulated forex and CFD broker. It seems to be based in Thailand and offers versatile and rich product portfolio on the renown MT4 platform. However, KnitFX does not provide much information on its headquarters and trading conditions, which we consider a great disadvantage, as it immediately lowers the broker’s credibility. Of course, its greatest weakness is the fact that it is not regulated. To sum up the above:

 

Pros Cons
MT4 available Not regulated
Rich product portfolio Spreads above the average
  Limited information in trading conditions
  Lack of transparent pricing policy

 

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Traders` reviews for KnitFX

Spread

Pros

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Slippage

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Cons

 

 

Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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