Kontofx is it a scam?

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Girds53
Girds53 Posts: 1 Newbie
in Savings & investments
Hello,

Kontofx was recommended to me and I wondered if it is a good investment.
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  • colsten
    colsten Posts: 17,597 Forumite
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    Not authorised in the UK. Stay clear.

    https://www.fca.org.uk/news/warnings/kontofx
  • Lungboy
    Lungboy Posts: 1,953 Forumite
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    Girds53 wrote: »
    Hello,

    Kontofx was recommended to me and I wondered if it is a good investment.

    Who recommended it to you?
  • doe808
    doe808 Posts: 452 Forumite
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    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
    gwatts603 Posts: 1 Newbie
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    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
    Malthusian Posts: 10,941 Forumite
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    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
    antrobus Posts: 17,386 Forumite
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    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
    sully1311 Posts: 380 Forumite
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    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
    eskbanker Posts: 31,058 Forumite
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    sully1311 wrote: »
    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?
    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
    OrbitJazzy Posts: 2 Newbie
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    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
    dunstonh Posts: 116,376 Forumite
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    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). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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