❌ Short broker lifespan
❌ Absence of regulation
❌ Lack of trading terminals
❌ Only bitcoin funding method
KOT4X (Kings of Transparency or KOT Forex) is a forex, crypto, and CFD broker that provides trading opportunities on various markets to traders all around the world. KOT4X is an offshore company registered in St. Vincent and the Grenadines. On the broker’s website, it is stated that the brand is owned and operated by an SVG company ‘KOT4X ltd’.
It has been publicly stated by the government of St. Vincent and the Grenadines that it does not regulate Forex trading. We are reminding our visitors that trading with an unregulated broker involves high risk. Usually, the clients’ funds and own funds of offshore brokers are not split, therefore there exists a potential financial breach.
In our brokers’ reviews, we have many brokers with trustable licenses and even sometimes compensation funds, that are suitable for trading and could be treated as reliable ones. Such regulations as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC) add a certain security layer when it comes to the brokerage services.
|Publicly Traded on Exchange||❌|
The list of available asset types is pretty average. According to the latest information, there are 55 currencies including majors, minors, and exotic pairs, 104 largest and most famous American stocks, 31 cryptocurrency pairs, and 8 indices like NASDAQ, US500, or FTSE100.
Unfortunately, there are no energies and other commodities available so it will not be possible to use diversification in case of investment strategies. Though for novice traders that want to trade on some most well-known instruments, ~200 assets will be suitable enough.
|Major forex pairs||✅|
|Minor forex pairs||✅|
|Exotic forex pairs||✅|
KOT4X has decided to provide only 1 trading platform to its customers – MetaTrader 4. Taking into account the variety of platforms of other brokers including MetaTrader 5, cTrader, or some proprietary ones, the number of terminals in KOT4X is pretty poor.
Though MetaTrader 4 at the same time is the most popular trading platform and definitely has some major benefits. There are many 3-rd party indicators, robots, and scripts that provide an edge in trading. They can be downloaded either from the MQL5.com website of the MetaTrader vendor (MetaQuotes) or directly from the Market tab in the terminal itself.
MetaTrader 4 exists for more than 10 years and is fairly stable, has decent performance, and a user-friendly simple interface. There exist a lot of educational materials and other guides that will give a quick explanation to a customer that has never used it before.
Mobile version that is provided on Android and iOS operating systems are offered to customers. They do not differ much from broker to broker that is why the functionality is pretty the same. Users can send orders, monitor balance and opened positions, view charts, and get messages from desktop terminals.
WebTerminal from MetaQuotes is also provided by KOT4X. It is not that feature-rich as the desktop version but the same functions as in the mobile version, are available here also. The terminal is accessible from the browser so users do not have to install any software to their PC and can use it on both macOS and Windows platforms.
Though due to the fact that MetaQuotes has several years ago announced the termination of updates for MetaTrader 4 and concentration on MetaTrader 5, it’s obviously a better choice to find brokers among our brokers’ reviews that have a set of available terminals and allow to select the platform that is being constantly updated.
|MetaTrader 4 iOS/Android||✅|
|Proprietary Mobile Application||❌|
|MetaTrader 4 Web Terminal||✅|
In KOT4X there are available several account types. On all the accounts there is set up the Market execution, i.e. there will no requote and the trades will be executed anyway, though the price is not guaranteed. All the account types are stated to be ECN STP though in the case of the current broker it might be false, due to the regulation’s absence.
Maximum leverage is 1:500 which is pretty common for brokers that are not regulated and this might be the benefit for those who are willing to have lower margin requirements in comparison to FCA or CySEC regulated brokers that allow leverage up to 1:50.
Moving forward to particular accounts, there are Standard Pairs, PRO Pairs, VAR Pairs, and MINI Pairs. On all the accounts besides MINI Pairs there are available FX, Indices, Commodities, Stocks, Metals, and Cryptocurrencies, while on MINI Pairs there are available only currency pairs, and their number is limited to 29 while on others there are 55.
The swaps are available on all the account types so it’s possible to earn on them. There is available a Swap Indicator that makes finding the positive swaps easier and faster. Some currency pairs like USD/ZAR, USD/RUB, USD/TRY, and others allow earning 10+% yearly even without using leverage.
The Standard Pairs account type has a typical spread of 0.8 and the commission of $7 per lot is charged. The commission on the PRO Pairs account is the same, while the spreads on this account type start from 0.4 so it definitely has an edge.
The VAR Pairs account spreads start from 1.2 and its main benefit is that it is commission-free though it should be noted that the commission is just included in the spread as it is done by all the brokers that have various account types.
MINI Pairs account has a minimum offered spread equal to 1 pip and the commission on this account type is equal to 1$. This account is a true average in comparison to other accounts of KOT4X.
Among the available payment methods, there is only Bitcoin available. KOT4X claims that it is done for the ‘safety of the kingdom’ and the customer. The broker states that the users do not have to reveal sensitive information like bank or card details, because there are no financial institutions involved in such transactions.
Though the true reason might be the fact the banks, payment, and processing systems work only with regulated companies. Due to the fact that KOT4X does not have any license, there is no chance for any solid financial institution will make a contract to allow a service to the end-users of the broker.
Cryptocurrencies also add a layer of insufficient funds safety because there is no third-party organization involved that may help in case of some dispute with a broker. This means that if the bitcoins are transferred to the broker, then it will be impossible to get them back if a conflict of interest occurs because the blockchain transactions are irreversable.
The support methods available in KOT4X are limited only to an email. There is no live chat or phone support that is offered by almost all the brokers from our reviews.
There is also no ticketing system in the client area that could help to track the questions that have been raised.
Having only email support means that the broker does not have enough staff to maintain the live chat and enough money to operate the call-center. It also limits the users because it is impossible to get help fast as the responses by email usually take at least 1 business day.
Eventually, KOT4X is a very weak broker with no benefits if compared to the majority of other well-known brokers in the industry.
The broker does not have a license that is the main negative point before making a decision to open an account with a broker. The company was founded in 2019 that is a fairly low period to treat it as a trusted broker.
There is only a MetaTrader 4 terminal available that does not provide flexibility to the end-users and limits them with just one trading platform.
Among the available funding methods, there is only Bitcoin that is a disaster for a company that wants to provide its services worldwide and to be user-friendly.
There are also no customer support methods besides email that will be another trouble when acting with a broker.