Table of contents
Konyax looks great, utilizing cool colors and a hip interface that has the potential to integrate most users. However, behind these, there is a shady operation that underlines the entire broker. Read on to find out more.
We can say that without a doubt Konyax is UNREGULATED. First, the broker has not mentioned anywhere that it holds a license; it does not even say where it is based at. And second, there is a classic shady broker paragraph that is ironic in its content, saying that the broke is not directed toward any jurisdiction:
Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.
Furthermore, the legal documents are oddly structured, and there is an air about them that suggests the superficiality with which they were written.
Interestingly, we were unable to register. Both of our emails were apparently already in use. This is not true. We can only assume that the broker notes down the phone number provided and then calls the user later in the future, initiating an intricate scammer scheme revolving around persuasion over the phone.
Without a registration, we have suddenly become very limited in our resources for this review. In other word, we must trust the illicit broker with all trading and payment information. So have that in mind before continuing to read.
With no account, we cannot access a trading platform even if we wanted to. The website claims to offer the MT4 and a web-trader. Unfortunately any other type of info is unavailable.
KONYAX MINIMUM DEPOSIT
According to one side of the website the minimum deposit is $500; while another subpage claims that the minimum is $250. Which one it actually is, if it really is one of these two, we cannot tell. There are three ways to fund an account: Wire Transfer, Bank Draft, and Credit/Debit Card.
The Terms and Conditions claim that there “might be” some account funding fees, of up to $15.:
Due to he 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
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.
KONYAX WITHDRAWAL TIME AND FEES
There is no mention of withdrawal fees in the legal documents. The same is applied for the processing times.
ADDITIONAL FEES AND TAXES
If users wish to withdrawal an amount that was gained through the usage of a bonus, they have to note the enormous trading volume requirements. These two requirements are contradictory with nothing putting one over the other in terms of applicability. The first one requires users to complete a minimum trading volume of $20,000 for every bonus dollar.
The second clause demands user to do $500 000 worth of trades for every $50 bonus used.
Users that have not done a trade in more than 30 days will be charged with $36
Next is a clause that is classic for illicit brokers, one that gives the right to the broker to change its contents without notifying the user
Unregulated brokers tend to deny any withdrawal request. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
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!
Konyax is a complete scam, 100% sure to take your money and never give it back. Do not invest here!
Konyax compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines