Basic Information & Regulation of Kodimax
Kodimax is a Forex and CFD broker based in Bulgaria with offices in Sweden, Czech Republic, and the UK. After investigation, Kodimax is currently not subject to any effective regulation.
Safety Analysis
The most vital part of the safety of a broker lies in its regulation. Kodimax is currently an unregulated broker, which means that the safety of investors' funds is not effectively protected compared to those regulated by the FCA (UK) and CySEC (Cyprus).
Market Instruments
Kodimax offers investors over 200 trading instruments, mainly Forex currency pairs, stocks, commodities, indices, CFDs on cryptocurrencies.
Accounts & Leverage of Kodimax
There are six different trading accounts available on the Kodimax platform: Basic (minimum deposit of 500 EUR), Silver (minimum deposit of 10,000 EUR), Gold (minimum deposit of 100,000 EUR), Platinum (minimum deposit of 250,000 EUR), Diamond (minimum deposit of 50,000 EUR), Millionaire's Club (minimum deposit of 1,000,000 EUR), and Millionaire's Club (minimum deposit of 1,000,000 EUR). Kodimax does not provide information on account leverage.
Trading Platform Available
Kodimax's trading platform is a simple web-based trading platform provided by Airsoft and not the most popular MT4 trading platform.
Deposit and Withdrawal of Kodimax
Although Kodimax's official website shows QIWI, WebMoney, Yandex logos, Kodimax only allows traders to deposit and withdraw funds from their accounts via wire transfer, VISA, MasterCard. Kodimax charges an additional €250 for inactive traders, something that a legit broker would never do.
Pros & Cons of Kodimax
The main advantages of Kodimax are:
1. Offering more than 200 tradable assets
1. Six trading accounts
The main disadvantages of Kodimax are:
1. No regulation
2. Excessive initial deposit requirements
3. Unusual withdrawal fees
4. No demo accounts offered
5. Non-MT4 trading platform
6. No specific trading conditions (commissions & spreads, etc.)
7. Fewer options to deposit and withdraw funds
