de | cn | ru

Kodimax Review - is it scam or safe?

Kodimax Review - is kodimax.com scam or good forex broker?

RATING: 1 / 3 REVIEWS ForexBrokerz Kodimax
Kodimax is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Kodimax says to be a forex and CFD broker, offering six account types with a web based trading platform. The broker also says to be based in Bulgaria and to have offices in Switzerland, the Czech Republic and the UK. Unfortunately, as it turned out, Kodimax is not regulated neither in Bulgaria nor in any other of the above mentioned countries, so if you are thinking about opening an account with them be sire to read this review first.

 

Trading account  Min. deposit Max. leverage Spread
Basic Account 500 EUR n/a n/a
Silver Account 10 000 EUR n/a n/a
Gold Account 100 000 EUR n/a n/a
Platinum Account 250 000 EUR n/a n/a
Diamond 500 000 EUR n/a n/a
Millioner Club 1 000 000 EUR n/a n/a

 

Kodimax Advantages:

 

Over 200 trading instruments

 

We always start our reviews with any possible advantage a broker might have, and with Kodimax that might be the comprehensive list of trading instruments ranging from forex pairs to CFDs on stocks, commodities and indexes, crypto coins like  Bitcoins, Ethereum, Monero, Litecoin, Ethereum Classic, Ripple, Bitcoin Cash, NEM and Dash, and even the now trending Cannabis Stocks. Besides, if you like the idea of trading crypto, here you may check as well our list of regulated brokers, offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Kodimax Disadvantages:

 

No license

 

As we already noted Kodimax is not a regulated broker and that is a major issue.

 

Bear in mind that legit brokers, licensed and authorized to offer financial services on the European market, for example, are subject to strict regulatory rules, among which to maintain a minimum operational capital of no less than 730 000 EUR, to provide their clients with a negative balance protection, meaning that no one can lose more than he or she have deposited, to keep all deposits in a segregated, protected form creditors, trust account, to file regular reports, to allow external audits and even to insure their clients funds.

 

With a broker regulated by the Financial Conduct Authority (FCA) in the UK for example, your funds will be covered by an insurance of up to 85 000 GBP, so here you may also check our list FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Otherwise Kodimax is owned and operated by Personal Group Activity LTD, which says to be based in Bulgaria. And as we already stressed, the company is not regulated by the local Financial Supervision Commission (FSC), as it should be. We diligently checked the the FSC registers and were unable to find them there.

 

Unusual withdraw fees

 

Kodimax says that if you have not traded actively, and want to withdraw your deposit, you will be charged 250 EUR. No legit broker will ever penalize you in such a way. See for yourself:

 

 

Trading bonuses

 

This is another issue. The practice of offering trading bonuses has always been quite controversial, because of the various additional withdraw conditions, such promotions are always linked to. For example there might be some minimum trade volume requirement, which in the case of  Kodimax is not even specified. So if you accept any bonus offered by the broker, latter they may use it as a pretext to cancel your withdraw requests. This is a standard practice with scam brokers.

 

And besides, all legit, and properly licensed brokers on the European market are prohibited from offering such promotions.

 

No demo account

 

We were not able to open a demo account and to check Kodimax trading conditions. In any case here you may also check our list of brokers, offering tighter spreads:

 

 >> Lowest spread forex brokers<<

 

Few payment methods

 

Although Kodimax has the logos of several e-wallets like QIWI Wallet, WebMoney and Yandex on its website, as it turned out they accept payments only with wire transfers and credit cards like VISA and MasterCard. Popular e-wallets like Skrill are also missing, so here you may check our list of brokers, where you can pay with Skrill:

 

>>Skrill Forex brokers<<

 

MetaTrader4 not available

 

Kodimax offers a simplified web based trading platform provided by Airsoft. Unfortunately it lacks many features, readily available with well known platforms like the MetaTrader4.

 

MetaTrader4 has become an industry standard and is offered by more than 80% of all brokers. The platform is highly reliable, and features numerous modifiable market indicators and trading robots, with the help of which you can run automated trading sessions. On top of that MetaTrader4 has an excellent set of advanced charting tools so here you may also check our list of brokers supporting the platform:

 

>>MT4 Brokers<<

 

High minimum deposit requirement

 

For their Basic Account Kodimax wants you to deposit at least 500 USD and that is at least twice higher than what most other brokers require. And besides with some popular brokers like the FBS and IG you will be able to start trading with just 5 USD or even less.

 

Conclusion:

 

Kodimax is not a broker you can trust. They are not regulated, and have some rather strange withdraw conditions, which, as we noted, no legit broker will ever require. So as usual, our best advice is to trade only with brokers, holding legit licenses by a well known financial watchdog like the FCA in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) – those are the three most popular regulators in the industry.

Latest news about Kodimax
No news about Kodimax. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Kodimax

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

difficult to withdraw your money

The broker will ask you to put more money and then when you try to withdraw your available funds the system does not allow. very complicated platform.

falesi sakala 01/03/2020

Total scam. You will never see a penny of your money

Avoid avoid avoid.......A total scam.......Read all of the bad press on this scam company. They trade on dummy platforms pretending its real & pocket your losses themselves. I have tried to close my accont twice and get my money out but they didnt refund my money. They continued to just make trade after trade losses until the money had gone. They are unregulated scammers

ROBERT Burrage 10/18/2019

complete scam not traders just salespeople

scammed by the salesmen at Kodimax. First heard of these when they were on good morning show and they made a 50% profit. started small with $250 and they quickly made 35% profit. Kept pushing me to invest $11,000 to buy a bitcoin. I refused but agreed to invest enough for them to trade bitcoin so my total investment was £2300 (the account went to $3988 before they messed it all up). first trade went ok small profit but the next trade he bought Bitcoin when he should have sold it. He then allegedly went on holiday (clearly with my money) leaving the trade to lose over $2200. once i looked closer I find out that to carry a trade overnight costs $100 per day , none of the timeframes on the candle charts are correct. we are clearly looking at manipulated charts in their control and the funds are probably just dummy money......your money has probably already gone unfortunately. YOU MUST AVOID THIS COMPANY AT ALL COSTS ITS A COMPLETE SCAM. I am still getting calls from foreign people with english names that clearly are not their own making fun of me saying only a real man invests more money to try and get back the losses and then telling me how stupid I was to trust them with my money !! disgusting behaviour. I have $1522 left in the account and still cannot get it back. ALL SALES PEOPLE WITH NO MORALS. I DONT THINK THERE IS A SINGLE TRADER AMONG THEM AS THEY HAD NOI IDEA WHAT I WAS TALKING ABOUT WHEN I SPOKE ABOUT THE TIMEFRAMES. YOU HAVE BEEN WARNED PEOPLE.....UNFORTUNATELY WHEN I PUT IN MY MONEY ALL I COULD SEE ONLINE WERE ONLINE TRADING magazines SINGING THEIR PRAISES.........AVOID AVOID AVOID.....

robert 09/09/2019

Kodimax is a complete scam - lost money & the carry fees are $100 per day

Where do I start.
started with $250 investment and a profit of 35% was quickly made in 1 trade. pushed me to invest $11000 to buy 1 bitcoin but I invested $2850 so he could still trade a position on BTC as he said thats what he required.
500 PIP SPREAD either side of price to trade. Kept asking me to put in more money but I said I wanted to wait. He then bought BTC just as it failed to break the downward trend. he left it open for 9 days & in that time also ignored my emails and went on vacation leaving it lose over $2350 of a $3900 account. when he finally called me after 8 days of the trade being open & i then found out that it was $100 per day to keep the trade open overnight. I said that my account could be depletd by the time the market moves back up. He swore at me saying my account was nothing and I was hassling him, he manages over $300,000 accounts & I needed to pay more money in. I asked him to close the trade& he refused but said I could do it. by the time I closed it 2 hours later miraculously another $400 had been lost but market was the same. I then discovered that the timeframes on the charts was wrong. 15 mins was 1 hour, 30 mins was 2 hours, 1 hour was 4 hours. It was crazy and trades had a 500 pips spread on either side. For all i know i could have been looking at a dummy platform and the money could have been a practice account. Then discovered they traded my money without a signed Declaration for the money deposited so I am trying to get my money back. AVOID AVOID AVOID.......COMPLETE SCAM & I NOW FIND OUT UNREGULATED as well. They will sucker you in until your too deep to stop paying in money. I cut my losses.....lost around $2000 but put it down to a lesson well learnt.
If anyone can help advise me on how to get my money back it would be appreciated as they will not return the money unless i sign the DOD which I refuse to do. I said if you traded it without one then you should refund my money without one.

Robert Burrage 08/06/2019
de | cn | ru