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  • FIRST POST
    • Girds53
    • By Girds53 10th Dec 18, 10:37 PM
    • 1Posts
    • 1Thanks
    Girds53
    Kontofx is it a scam?
    • #1
    • 10th Dec 18, 10:37 PM
    Kontofx is it a scam? 10th Dec 18 at 10:37 PM
    Hello,

    Kontofx was recommended to me and I wondered if it is a good investment.
Page 1
    • colsten
    • By colsten 10th Dec 18, 11:17 PM
    • 11,284 Posts
    • 10,656 Thanks
    colsten
    • #2
    • 10th Dec 18, 11:17 PM
    • #2
    • 10th Dec 18, 11:17 PM
    Not authorised in the UK. Stay clear.

    https://www.fca.org.uk/news/warnings/kontofx
    • Lungboy
    • By Lungboy 10th Dec 18, 11:37 PM
    • 1,841 Posts
    • 2,094 Thanks
    Lungboy
    • #3
    • 10th Dec 18, 11:37 PM
    • #3
    • 10th Dec 18, 11:37 PM
    Hello,

    Kontofx was recommended to me and I wondered if it is a good investment.
    Originally posted by Girds53
    Who recommended it to you?
    • doe808
    • By doe808 11th Dec 18, 12:06 AM
    • 287 Posts
    • 276 Thanks
    doe808
    • #4
    • 11th Dec 18, 12:06 AM
    • #4
    • 11th Dec 18, 12:06 AM
    Yeah, avoid.
    Total - £340.00

    wins : £7.50 Virgin Vouchers, Nikon Coolpixs S550 x 2, I-Tunes Vouchers, £5 Esprit Voucher, Big Snap 2 (x2), Alaska Seafood book
    • gwatts603
    • By gwatts603 22nd Jan 19, 12:51 AM
    • 1 Posts
    • 0 Thanks
    gwatts603
    • #5
    • 22nd Jan 19, 12:51 AM
    kontofx is a scam
    • #5
    • 22nd Jan 19, 12:51 AM
    Hi I am Gary watts
    Hi I am Gary watts
    Kontofx is a scam I have been with them since August, I lnvested £250 pounds to start and it seemed like they were making good profits so I lnvested another £750. I then added a further £1000.i asked to withdraw money from the account and £200 was credited to my bank account. I was contacted again by my account manager Chris asking me to take out a loan of £26000 because of a big event about to happen.
    I decided to take out a loan of £10000 and added to my account, through coinbase as advised be my account manager. We agreed I would receive the loan repayments every mouth. I received 1 repayment and now I can't contact them
    the profits were good to start with but then they stopped.
    do not invest your money with this company thay are very convincing but full of s*** I have recently found out my account manager uses at least 2 different names and works for at least 2 different companies
    This is a joke, they report me to trustpoilot within minutes of posting a review. They don't want others to realise they are a scam. All I can hope is that trustpoilet see my evidence ( of which I have a multitude of)
    After posting my review i did receive a call stating my account manager no longer works there. What can they do to pacify me and stay with them, I told the guy in no uncertain terms I no long want to stay with them,all I want is the money I put in, not worried about the profit. I withdrew concent to use my account.
    Now they are trading my account and losing all my money. funny that they have not tradeed my account for 7 weeks but now they choose to on a deliberate loosing streak.
    Every trade they have ever made on my account has allways been under 3 minutes, today thay have opened 5 trades on the same currency and just left open that are draining my account so that they dont have to give my money back, they are currently losing 2000 pounds almost 800 pounds are swaps.
    • Malthusian
    • By Malthusian 22nd Jan 19, 9:36 AM
    • 7,092 Posts
    • 11,429 Thanks
    Malthusian
    • #6
    • 22nd Jan 19, 9:36 AM
    • #6
    • 22nd Jan 19, 9:36 AM
    There is no trading going on, your money is already gone. Neither were there ever any profits. The £200 you received in your bank account was your own £2,000 being paid back to you.

    Who did you take out the loan with? As it stands your money is gone but you still have to pay the loan back. Did they do an affordability assessment and did they know what the loan was for?

    Change your phone number and contact details; you are on a suckers' list and will be targeted by more frauds in the future. If someone contacts you claiming they can get your money back, it's a scam.
    • antrobus
    • By antrobus 22nd Jan 19, 9:55 AM
    • 16,899 Posts
    • 23,894 Thanks
    antrobus
    • #7
    • 22nd Jan 19, 9:55 AM
    • #7
    • 22nd Jan 19, 9:55 AM
    KontoFX is a broker offering CFDs in cryptocurrencies.

    The FCA has a Consumer warning about the risks of investing in cryptocurrency CFDs
    https://www.fca.org.uk/news/news-stories/consumer-warning-about-risks-investing-cryptocurrency-cfds

    and a specific warning about KontoFX
    https://www.fca.org.uk/news/warnings/kontofx
    • sully1311
    • By sully1311 22nd Jan 19, 10:09 AM
    • 183 Posts
    • 112 Thanks
    sully1311
    • #8
    • 22nd Jan 19, 10:09 AM
    • #8
    • 22nd Jan 19, 10:09 AM
    Jesus Christ, do people do absolutely no research when dealing with their money? Why the hell would send 10k when they didn’t even give you your requested amount back?
    • eskbanker
    • By eskbanker 22nd Jan 19, 10:36 AM
    • 11,911 Posts
    • 14,712 Thanks
    eskbanker
    • #9
    • 22nd Jan 19, 10:36 AM
    • #9
    • 22nd Jan 19, 10:36 AM
    Jesus Christ, do people do absolutely no research when dealing with their money? Why the hell would send 10k when they didnít even give you your requested amount back?
    Originally posted by sully1311
    While your questions are probably rhetorical, the answer is effectively a lethal combination of naivety and greed.

    I believe that those who fall for these scams are typically seduced by the promise of spectacular returns and motivated by the thought of getting rich quickly by outperforming mainstream products, and this blinds them to the risks involved and makes them more susceptible to the sort of social engineering embodied by "my account manager Chris asking me to take out a loan of £26000 because of a big event about to happen" after gaining the punter's confidence with some initial illusory gains on smaller amounts.
    • OrbitJazzy
    • By OrbitJazzy 7th Feb 19, 7:38 PM
    • 2 Posts
    • 0 Thanks
    OrbitJazzy
    Ms J
    Hi, I have also, been taken in by Konto FX. I have invested a large sum of money with them, which was my pension pot. My broker came across as a lovely guy, but has suddenly been uncontactable-no surprises there I guess!
    Everything seemed fine initially and my broker (Alex Voss, probably an alias) made out that my investment was doing really well. Then he put me onto his boss Andy to persuade me to invest more money by taking out a loan of £25,000 upwards ( a special account, Silver, Gold, Platinum!). My instincts knew that this seemed all wrong , so I didn't go ahead. Since then, they have gone quiet and have not responded to my requests to withdraw my investment and profit and to close my account.
    Does anyone know if I can go down some route to get my money back?
    Regards J
    • dunstonh
    • By dunstonh 7th Feb 19, 8:14 PM
    • 98,581 Posts
    • 67,058 Thanks
    dunstonh
    Does anyone know if I can go down some route to get my money back?
    You write it off as lost and go to action fraud to report it. Don't expect anything back.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Alexland
    • By Alexland 7th Feb 19, 9:32 PM
    • 5,778 Posts
    • 5,039 Thanks
    Alexland
    Beware you don't become a further victim of 'fraud recovery fraud' where companies scam you saying they will get your money back.

    https://www.actionfraud.police.uk/a-z-of-fraud/fraud-recovery-fraud
    • Reaper
    • By Reaper 8th Feb 19, 9:24 AM
    • 6,727 Posts
    • 5,090 Thanks
    Reaper
    it seemed like they were making good profits so I lnvested another £750. I then added a further £1000.i asked to withdraw money from the account and £200 was credited to my bank account. I was contacted again by my account manager Chris asking me to take out a loan of £26000 because of a big event about to happen.
    I decided to take out a loan of £10000
    Originally posted by gwatts603
    Everything seemed fine initially and my broker (Alex Voss, probably an alias) made out that my investment was doing really well. Then he put me onto his boss Andy to persuade me to invest more money
    Originally posted by OrbitJazzy
    I'm afraid this is the way the scam works. You put a bit of money on to test the water. It always makes a profit so they persuade you to put on more until they have got everything they think they can out of you and then you lose it all.

    It's a pattern used in previous scams, particularly those involving binary trading.
    • OrbitJazzy
    • By OrbitJazzy 29th Apr 19, 5:48 PM
    • 2 Posts
    • 0 Thanks
    OrbitJazzy
    KontoFX are a scam
    Hi I am Janette Fenton and yes, sadly KontoFX are a scam.
    I am absolutely devastated, ashamed and feeling like a complete fool. I invested, a lot of my pension money with KontoFX, after some very slick and apparent, transparent persuasion from Alex a Konto broker.
    He went through the right plan for me and persuaded me, that in order to make the recommended 2k per month, I needed to buy 3 Bitcoins at 10k. He explained that KontoFx was a safe investment and that my individual plan, would ensure that I would never lose my investment, unlike stocks and shares.
    Alex then opened a Coinbase account with me, which further lulls you into a sense of false security, as Coinbase are a reputable Bitcoin bank. However, your money is swiftly taken out and used on the KontoFX platform, which all appears authentic.
    Initially, all is well, the contact is excellent, and you feel that you are beginning to make a small amount of money as per your individual plan. My profit rose to over 4k in roughly 3 months.
    In addition, Alex’s boss, Andy tried to persuade me to take out a loan of over 25k, which I am so relieved that I did not! I felt that he was pushy, and he seemed to be annoyed that I said that I had to check it with my son first. This made me suspicious. It was when I requested to take out 3k of my profit, that it all changed. KontoFX. Initially, I was able to withdraw £50, but not the 3k, which is the maximum that you can withdraw in one go. Suddenly, the contact from Alex had become minimal. I then asked on several occasions, to have all my investment returned with the profit and to close my account. That was in early February. The customer care department and Alex lied to me about Alex’s contact in ringing me; they even said that they had records that he tried to call me, when he had not.
    I have since reported this to my bank, Coinbase and the Action Fraud department, who both believe that KontoFX have scammed me out of my money. My bank has since requested that my money be returned, but KontoFX have not done so. By now, KontoFX should have refunded my total investment of £12250 but have not done so. There should be no need for telephone conversations, which is their preferred method, emails will suffice.
    Now out of the blue, on Friday, Kontofx have refunded £2000, without any explanation from them or the bank. Still £10,093 to go though!
    KontoFX are a disgrace and should be struck off from trading. They are clearly preying on, in my case, the old and vulnerable.
    • george4064
    • By george4064 29th Apr 19, 5:52 PM
    • 1,386 Posts
    • 1,381 Thanks
    george4064
    gwatts' and OrbitJazzy's posts seem worryingly similar...
    Last edited by george4064; 29-04-2019 at 5:56 PM.
    "If you arenít willing to own a stock for ten years, donít even think about owning it for ten minutesĒ Warren Buffett

    Save £12k in 2017 - #003 £12,427.51 (104%)
    Save £12k in 2018 - #004 £9,165.94 (46%)
    Save £12k in 2019 - #007 £11,332.36 (94%)
    • Sir_Robin
    • By Sir_Robin 29th Apr 19, 7:18 PM
    • 43 Posts
    • 44 Thanks
    Sir_Robin
    This is really sad. Risk free investment with them trading in crypto your behalf? Seriously?

    Anyway wish you luck with getting it back.

    Edit - Looks like loads of bad reviews on trust pilot. Lots of people taken out loans...
    Last edited by Sir_Robin; 29-04-2019 at 7:32 PM.
    • Malthusian
    • By Malthusian 29th Apr 19, 7:53 PM
    • 7,092 Posts
    • 11,429 Thanks
    Malthusian
    Edit - Looks like loads of bad reviews on trust pilot. Lots of people taken out loans...
    Originally posted by Sir_Robin
    And yet they still manage to maintain a 3 star rating. Thanks to a combination of fake reviews and reporting the genuine ones.

    If it's an investment and it's on Trustpilot it's a scam.

    *edit*

    I am having trouble getting my funds from this broker. I gave them two stars because they could be good in the long run.
    No helping some people.
    • MaxiRobriguez
    • By MaxiRobriguez 27th Jun 19, 11:55 AM
    • 639 Posts
    • 465 Thanks
    MaxiRobriguez
    Don't give companies money if they have an FCA warning against them, especially if the money you're considering giving them was in the form of a loan.

    A very quick google tells me this is an unregulated company, trading crypto, based in Estonia. Come on people, it's really not that difficult, they may as well plaster a massive "SCAM" banner on their website it's that in your face.
    • dealer wins
    • By dealer wins 27th Jun 19, 7:39 PM
    • 6,449 Posts
    • 12,982 Thanks
    dealer wins
    Surely a competent police force could easily "follow the money" and have those involved arrested for fraud.

    Oh sorry, this is the UK with unresponsive useless police unless you tweet something sexist or racist when they arrest you within hours.
    • Malthusian
    • By Malthusian 27th Jun 19, 9:22 PM
    • 7,092 Posts
    • 11,429 Thanks
    Malthusian
    Surely a competent police force could easily "follow the money"...
    Originally posted by dealer wins
    To Estonia?

    Oh sorry, this is the UK with unresponsive useless police unless you tweet something sexist or racist when they arrest you within hours.
    This is the UK where we don't waste taxpayer's money on futile attempts to catch scammers who prey on people trying to get rich quick. We want police concentrating on crimes that involve unwilling victims, like rape and murder and, yes, racial abuse. Which are actually possible to convict people for.

    Nobody cares, least of all the authorities, if you hand your money to a scammer in an attempt to get rich quick with cryptocurrency. The popular delusion that they do is dangerous, because it fuels the most popular ploy in the scammer's playbook: "If it was a scam the police would have shut us down".
    Last edited by Malthusian; 28-06-2019 at 9:24 AM.
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