Koterex is a forex and CFD broker that claims to offer a wide range of trading products and services. However, there are a number of red flags that suggest that Koterex is a scam.
Company Overview
Koterex is a relatively new broker, having been founded in 2018. The company is registered in the Marshall Islands, which is a notorious offshore financial center. Koterex does not have any licenses or regulations from any reputable financial authority.
If you look carefully and read our previous reviews, you can find this broker’s “About Us” section is quite familiar. Now let’s see the proof. They are actually a group of scammers who are using the same design, and the same texts, and everything is the same. This is the Korterex’s “About Us”
Now another scammer:
Another one:
Does Koterex Have Any License?
No, Koterex has no licenses or regulations from any reputable financial authority. They are actually running a racket of scammers. See the above images.Is Koterex Regulated By Any Authority?
No, Koterex is not regulated by any authority. This is another major red flag, as it means that the broker is not subject to any oversight or regulation. This makes it more likely that Koterex will engage in fraudulent or unethical practices.Pros and Cons
Pros:
- The minimum deposit is low.
- The trading platform is user-friendly.
- The spreads are competitive.
Cons:
- The broker is not regulated by any reputable financial authority.
- There are a number of negative reviews about the broker online.
- The broker has been accused of being a scam.
How Does Koterex Reach To Their Prey?
Koterex uses a variety of methods to reach out to potential victims. These methods include:- Running online ads that promise high profits with little risk.
- Cold-calling potential victims and offering them free trading signals or other incentives to sign up.
- Using social media to target potential victims.
Technical Details of Koterex
Minimum Deposit:
The minimum deposit at Koterex is $250.Trading Platform:
Koterex uses the MetaTrader 4 trading platform. This is a popular and well-respected platform that is used by many brokers.Spread:
The spreads at Koterex are competitive. The average spread for EUR/USD is 1 pip.Leverages:
Koterex offers leverage up to 1:500. This means that you can control a position worth 500 times your deposit. However, high leverage can be risky and should only be used by experienced traders.Packages and Products They Offer
Koterex offers a variety of trading products, including forex, CFDs, and indices. The broker also offers a number of different account types, each with its own set of features and benefits.Withdrawal and Deposit Method
Koterex offers a variety of deposit and withdrawal methods, including credit cards, debit cards, and wire transfers. The minimum withdrawal amount is $250.What Do Their Previous Traders Say?
There are a number of negative reviews about Koterex online. These reviews allege that the broker is a scam and that it has refused to pay out withdrawals.Summing Up- Why Should Not You Trust Koterex
There are a number of reasons why you should not trust Koterex. These reasons include:- The broker is not regulated by any reputable financial authority.
- There are a number of negative reviews about the broker online.
- The broker has been accused of being a scam.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money with Koterex, you may be able to get your money back through a chargeback or by filing a complaint with the Australian Securities and Investments Commission (ASIC) as they said they are in Australia.Also, if you want a quick response, we will help you. We will provide you with a free consultation and service recommendations to help you in recovering the lost fund.File A Complaint Against Scam Broker's
Final Thoughts
Koterex is a scam broker that should be avoided. If you are considering trading with Koterex, we advise you to reconsider. There are many legitimate brokers available, so there is no need to risk your money with a scam broker like Koterex.
If you have any questions or concerns, please do not hesitate to contact us.
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