FXKOVNER foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://client.fxkovnerfx.com/register/trader, about the company's legal and temporary regulatory information, the company's address .
FXKOVNER Forex Broker
Basic Information
United Kingdom
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
FXKovner Forex Broker - Complete Information Guide
1. Broker Overview
FXKovner, officially known as FX Kovner Capital Holding Group Ltd., was established in July 2021. The company claims to be headquartered in the United Kingdom and operates branches in several countries, including Dubai, New Zealand, the United States, and Hong Kong. However, it is important to note that FXKovner is described as an offshore broker, raising significant concerns regarding its legitimacy and regulatory compliance.
As a private entity, FXKovner primarily targets retail traders and claims to provide a range of trading services. Despite its assertions of being an internationally renowned broker serving hundreds of thousands of traders globally, multiple reviews and investigations have flagged FXKovner as potentially fraudulent. The broker's business model appears to focus on attracting traders with promises of high returns and competitive trading conditions, yet lacks transparency regarding its operations and regulatory status.
FXKovner operates under a business model that primarily caters to retail forex trading, offering a limited range of financial instruments. However, the lack of regulatory oversight and the absence of a clear corporate structure raise serious questions about the safety of clients' funds and the overall trustworthiness of the broker.
In summary, while FXKovner presents itself as a reputable forex brokerage, the underlying concerns about its regulatory compliance and operational transparency suggest that potential clients should exercise extreme caution.
2. Regulation and Compliance Information
FXKovner is not regulated by any reputable financial authority. Despite claims of being subject to "multi-agency regulation," investigations reveal that the broker operates without any valid licenses. Notably, the UK Financial Conduct Authority (FCA) does not recognize FXKovner or its parent company, FX Kovner Capital Holding Group Ltd., as a licensed entity. This lack of regulation is a significant red flag for potential investors.
The broker does not provide specific regulatory numbers or details about its claimed licenses. Furthermore, there is no information available regarding the company's adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures, which are critical for protecting investors and ensuring the legitimacy of financial operations.
FXKovner's website lacks any mention of client fund segregation policies, which typically safeguard clients' deposits by keeping them separate from the broker's operational funds. Additionally, the absence of an investor compensation fund further underscores the risks associated with trading through this broker.
In conclusion, the regulatory landscape surrounding FXKovner is concerning, and potential clients should be wary of engaging with an unregulated broker that does not offer any form of investor protection.
3. Trading Products and Services
FXKovner claims to offer a variety of trading products, including over 20 forex currency pairs, commodities, metals, and cryptocurrencies. However, the specifics of the available trading instruments are vague, and there is no clear information about the frequency of product updates or the addition of new trading pairs.
The broker focuses on providing retail trading services, which may include access to Contracts for Difference (CFDs) on indices and commodities. However, there is limited information available regarding any unique trading products or specialized services that differentiate FXKovner from other brokers in the market.
FXKovner does not appear to offer institutional client services or white-label solutions, which are typically available through more established brokers. Additionally, there is no mention of asset management services, which further indicates that the broker primarily targets individual retail traders.
In summary, while FXKovner promotes a range of trading products, the lack of detailed information and transparency raises concerns about the quality and reliability of these offerings.
4. Trading Platforms and Technology
FXKovner offers the widely-used MetaTrader 5 (MT5) trading platform, which is known for its advanced features and user-friendly interface. However, the broker does not provide clear information about any proprietary trading platforms or additional technological innovations that may enhance the trading experience.
The broker supports mobile trading applications for both iOS and Android devices, allowing traders to access their accounts and trade on the go. However, the specifics of the mobile application features and functionality are not elaborated upon.
FXKovner's execution model is not explicitly stated, which is crucial for understanding how trades are processed. The lack of transparency regarding whether the broker operates on an ECN, STP, or Market Making model raises further concerns about potential conflicts of interest.
Additionally, there is no information provided about the broker's server locations or technical infrastructure, which are important factors that can affect trade execution speed and reliability. The absence of API access and automated trading support is also notable, as these features are often sought after by more experienced traders.
In conclusion, while FXKovner provides access to the MT5 platform, the overall lack of transparency regarding trading technology and execution methods is a significant drawback for potential clients.
5. Account Types and Trading Conditions
FXKovner offers a standard trading account with a minimum deposit requirement of $100. However, the broker does not provide specific details about the spreads, commissions, or other trading conditions associated with this account type.
The absence of advanced account types, such as VIP or professional accounts, limits the options available for traders seeking tailored trading conditions. There is no mention of specialized accounts, such as Islamic accounts or corporate accounts, which are often offered by more reputable brokers.
FXKovner does not provide clear information about the leverage ratios available for different products, which can vary significantly among brokers. The minimum trading lot size and overnight fees are also not disclosed, making it difficult for traders to assess the overall cost of trading with this broker.
In summary, the limited account options and lack of transparency regarding trading conditions may deter potential clients from choosing FXKovner as their trading partner.
6. Fund Management
FXKovner supports a minimum deposit of $100 for its standard account, but the broker does not specify the payment methods available for deposits. Common payment options in the industry typically include bank transfers, credit cards, and e-wallets, yet FXKovner fails to provide this information on its website.
The processing times for deposits are also not mentioned, which can be a critical factor for traders looking to fund their accounts quickly. Furthermore, there is no information available regarding any deposit fees that may apply.
When it comes to withdrawals, FXKovner does not provide specific details about the methods available or any associated limitations. The lack of transparency surrounding withdrawal processing times and fee structures is concerning, particularly for traders who may need quick access to their funds.
In conclusion, the ambiguity surrounding fund management practices at FXKovner raises significant concerns about the broker's reliability and the safety of clients' funds.
7. Customer Support and Educational Resources
FXKovner claims to offer customer support through various channels, including telephone, email, and online chat. The broker provides two contact numbers, +447741044970 and +447943190051, and an email address at support@fxkovnerfx.com. However, the availability and responsiveness of customer support remain unclear.
The broker does not specify its service hours or the time zones covered, which can be a crucial factor for traders in different regions. Additionally, there is no information regarding the languages supported by the customer service team.
In terms of educational resources, FXKovner does not appear to offer any significant materials, such as webinars, tutorials, or e-books, which are commonly provided by reputable brokers to help traders enhance their skills and knowledge. The lack of market analysis services, such as daily reports or research, further indicates a deficiency in educational support.
In summary, the limited customer support options and lack of educational resources may hinder traders' ability to make informed decisions and effectively navigate the trading environment.
8. Regional Coverage and Restrictions
FXKovner claims to serve a global market, with operations in the United Kingdom, Dubai, New Zealand, the United States, and Hong Kong. However, the broker does not provide specific details about its regional offices or the extent of its market coverage.
There is no information available regarding countries or regions from which FXKovner does not accept clients. This lack of clarity can be problematic for potential clients who may be uncertain about their eligibility to trade with the broker.
In conclusion, the ambiguity surrounding FXKovner's regional coverage and restrictions may create confusion for potential clients and raises further concerns about the broker's overall transparency and legitimacy.
In summary, while FXKovner presents itself as a forex broker with a range of offerings, the numerous red flags regarding its regulatory status, trading conditions, and customer support suggest that potential clients should approach with caution.
FXKOVNER Similar Brokers
Latest Reviews
FX1914915908
Canada
I only wanted to make extra money by investing but i almost lost all my savings to them saying i must pay tax of 16% on my investment before I can get any money out
Exposure
2022-06-23
FX3464800242
Germany
On May 3, I applied for a withdrawal, but the $95,000 in my account could not be withdrawn until now.The customer service of the FXKOVNER capital first told me that "the consumption did not reach the withdrawal standard", and then said that the funds he topped up were suspected of money laundering, so my account was partially restricted and i needed to pay a deposit of 30% of account balance before i could apply for release of the restriction. Investment was later deposited directed into my wallet after complaints were directed to AssetsClaimBack. FXKOVNER couldn't fool me twice i stopped investing and trading ever since then
Exposure
2022-06-22
irwin bennejean
France
After several months of trading and a reach of $4 100 166, i made a $150k withdrawal. But this withdrawal was conditioned by the payment of an operational fee of 2% of the account amount, so $83,700.75 to be paid withing 14 days before a penality of 5% per day of delay. Of course, the customer service told me that the operational fees can not be deducted from my account and must be paid by myself in USDT. These fees do not appear anywhere on the website and no negociation is possible to reach the settlement of this sum. However, settlements were made, the largest of which was $63 000 with a third party account but the remittence was rejected and returned on the account. The $20.700,75 settlement with a registered account was not returned to me and now, the service customer asks me $63 000 with no limit fee for delay. These actions are not normal and the customer service told me that this problem is mine and must be realized by my own possibilities
Exposure
2022-05-30
irwin bennejean
France
After several months of trading, I made a few small withdrawals of $3,500 from my account that I received on a wallet. When this account reached $4M, I made a $150K withdrawal. But this withdrawal was conditioned by the payment of an operational fee of 2% of the account amount or $79,715 to be paid within 14 days before a penalty per day of delay of $3,985,75. These fees do not appear anywhere on the site and no negotiation is possible to reach the settlement of this sum. However, settlements were made, the largest of which was $63000 with a third party account but this settlement was rejected and returned. The $20,775 settlement with a registered account was not returned to me. These actions are not normal.
Exposure
2022-05-25
FX2298022637
Canada
My trading account number on fxkovneraa.com is 100341. From May to early October last year, I traded foreign exchange and precious metals on fxkovneraa.com (the original platform was called sunton capital holding), with a principal of about 380,000 US dollars and a profit of more than 1.8 million US dollars. , the platform charged me a handling fee of $89,700 for 4 months. When I applied for a withdrawal in mid-October last year, I was told to pay a tax of $272,301 (the platform said that the Canada Revenue Agency authorized them levied on me, I asked the Canada Revenue Agency CRA accordingly, and the answer was that CRA has not given such authorization to any international agency, and my capital gain must be declared and paid to CRA by myself), so I consider fxkovner's request The tax payment for this platform is a disguised deception that is similar to intercepting the underworld (to pass from here on, leaving behind to buy road money), because the platform withheld my principal and profit of more than 2.18 million US dollars, as a prerequisite for the platform to talk about is Pay that $272,301 in taxes, I can only do my best to raise money and pay taxes (for this reason, I have another debt of more than 250,000 US dollars, plus the bank line credit I borrowed before I invested in the fxkovner platform to speculate on foreign exchange, and now I have a total of more than 500,000 US dollars. U.S. dollar debt, line credit), until January 22 of this year, I have paid more than 251,000 US dollars in taxes (among which, on January 22, the customer service of the fxkovner platform asked me to pay taxes to their offices in Toronto, Canada). In the account of a business partner, it is said that I wire money to their partner gwxu reno inc account is the same as wire transfer to fxkovner capital holding account. This partner's company is a construction and decoration company in Toronto. I press At the request of fxkovner's customer service, I transferred USD 8,607 to the gwxu reno inc. account on that day. After two days, I was told that fxkovner could not receive the money from gwxu reno inc., so I immediately went to my bank to apply for a compulsory refund, but for the It's too late, my money has been transferred to the gwxu reno inc account, and fxkovner said that I haven't received the money, I have to continue to pay the remaining taxes, I reported to the Canadian police and hoped that through my bank and gwxu reno inc. The bank recovered my $8,607 and was told by the police that there was no possibility of recovery), I also asked the fxkovner platform about my total principal and profit of $2,182,301, when will I be able to give out the money, and told the platform that I still have debts of nearly $600,000 (more than 700,000 Canadian dollars) (the bank In the form of line credit, the annual interest rate is 6.7%. In the future, as the bank gradually raises the interest rate, the loan interest rate will be higher. The foreign exchange trading account of fxkovner capital holding has also been frozen by the fxkovner platform as early as November last year, and no transactions can be carried out so far. Now my account on fxkovneraa.com showed more than 2.18 million US dollars two weeks ago. It was cleared by fxkovner. I contacted the fxkovner customer service platform again and again to ask for a reply and a reasonable explanation (why did I clear my more than 2.18 million US dollars to 0), and the three customer service accounts no longer responded to my information. I urgently hope to get help from relavant institution.
Exposure
2022-05-19
FX1361552718
United States
There has been no response from the support since I've been locked out of my account, filing a complaint through fintrack/org relief program explained what to do and how to go about getting my investment returned. The only time i got a response from Fxkovner's support was for some upfront fee to withdraw over $68,000 of my money which is unfair if you ask me.
Exposure
2022-06-24