Kodimax

Kodimax has the look of a young and ambitious broker, but as we know looks can, and are almost always, deceiving. Read on to find out what Kodimax really is.

The Terms and Conditions mention a company by the name of Personal Group Activity Ltd, probably a parent company of the broker. It says that it is registered in Bulgaria.

However, the website gives away three phone numbers; one is Switzerland, one in the Czech Republic, and one in the UK. There is no other mention of these locations but for the footer where we found them. Furthermore, in Bulgaria’s regulatory agency, the Bulgarian Financial Supervision Commission, there was no mention of the alleged broker, meaning that Kodimax is UNLICENSED and thus a risk top traders that wish to invest in it.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The leverage value indicated on the trading platform is 1:5. We could not find a way to change it.

With this small an amount traders have to deposit more in order to trade longer and with larger sums, which is probably what the broker intended.

There are no Forex pairs. What we can give you is some buy/sell crypto values:

The assets are have all to do something with cryptocurrencies. Close to all the instruments used for trading are coupled with bitcoin. In fact MarketsCap, another illicit broker, utilizes the exact same assets as Kodimax:

The only language that is made available is English.

KODIMAX LOGIN

The web-trader used here is underwhelming at best. It’s by no means user friendly, and even if it has the basic functions of a trading terminal, we still would not recommend it. To the casual eye it may seem like a worthy addition, but to the trained user rusty bits and pieces appear, giving it an air of imperfection. We say, stick to the MT4.

The leverage is 1:5, which will only stimulate more deposits to be made. As already said, there are not forex pairs. If you want some Crypto spreads, check out the snap on the first section of the review.

The platform is solely a web-based trader.

KODIMAX MINIMUM DEPOSIT

The minimum deposit is 260 of some unspecified currency, probably either EUR or GBP. This may sound random but it’s the value that we got when messing around in the Deposit section of the dashboard

The only way to deposit is via Credit/Debit Card:

Even though it says that Wire Transfers are possible to be made, once we clicked on the icon the Kodimax Cashier Help window opened. Here there are no direct funding options, but instructions on how to make a payment by contacting a support agent.

As this is an unregulated we seriously doubt that any effort will be made by the broker to take any requests. Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

KODIMAX WITHDRAWAL TIME AND FEES

Kodimax is one of the worst examples of sheer and utter information discrepancies. Nothing is certain, no sum is justified, and rarely, if ever, do two pieces of information correlate.

On the dashboard we had no way to get a definite minimum withdrawal amount, that is, without depositing first, an endeavor we certainly do not recommend anyone doing. On the website the broker claims that the minimum withdrawal is €100. At another time it casually mentions that Wire Transfer withdrawals cannot go under €500.

The processing times are mentioned a couple of times, and they are, of course very, inconsistent. For one, the Withdrawal and Refund Policy mention that all withdrawals take up to 24 hours to be completed. However the Account section of the website tells a completely different story of how all Credit/Debit Card payments are processed within 3 business days, and all Wire Transfers are take up to 10 days. There are further inconsistencies concerning the processing times that we won't mention. Readers should be getting the picture by now.

The broker claims that the first withdrawal of the month is free of charge. All other withdrawal are consequently taxed with €25.

Next is an odd clause, in line with many others as we shall see, asserting that the requested withdrawal sum that was deposited by a card the last 90 days, will not exceed said initial deposit amount. It is as confusing as it sounds:

So users can allegedly withdraw only what they have deposited.

ADDITIONAL FEES AND TAXES

The following might be the crowning jewel of all the ridiculous fees that Kodimax imposes on its clients: If a client has no active trading in his account and wishes to withdraw, he/she will be burdened with a €250 fee from the withdrawal amount. There is a way to avoid this, but the broker has purposefully made the explanation rather puzzling.

If an account is inactive for more than 90 days, the company will withhold €50 per annum.

The presence of such charges point out the true scammer nature of this broker. With so many commissions and charges, it’s in Kodimax’s own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request, for certain.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. Do not expect anything of the kind from this broker; it will only bring you financial anxiety.

HOW TO RECOVER

Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Kodimax has the potential to be one of the worst illicit brokers we’ve reviewed. At time we were left wondering if the people behind the broker proof read anything they wrote. Everything is so confusing and juxtaposed with each other. We cannot stress enough when we say that you will only loose money if you invest with Kodimax.