Kot4x Egypt Review 2024 - TU expert opinion
Is the Forex market legit in Egypt?
Forex trading is legal in Egypt, but this sector is currently weakly regulated by the state. The residents of the country have the right to trade in the Forex market using a broker, but this activity carries risks as there is no mechanism for issuing licenses to financial organizations. Therefore, you need to be particularly careful when choosing a broker.
It is important to know the tax policy for traders from Egypt. Under the law, traders must declare income from investment activity and pay a 10% income tax.
How to Trade Forex in Egypt
You need to start by choosing a brokerage company. Choose a reliable broker with a European or U.S. license, good reputation and a wide choice of instruments. Next, register on the broker’s website and verify your account. The next step is to deposit money to your account using a debit/credit card or a payment system. To reduce the risks, we recommend testing your trading strategy on a demo account before trading with real money.
Detailed Review of Kot4x in Egypt
Kot4x is a good choice for traders from Egypt. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
The Kot4x broker offers a wide range of trading instruments of various asset classes for online trading using the MT4 platform, including CFDs (contracts for difference) and trades in major, minor, and exotic currency pairs. Its clients can make operations with 55 currencies, 11 indices, 9 commodities (including precious metals and energy), 105 stocks, and 31 cryptocurrencies. All transactions are made from ECN accounts.
Kot4x in figures:
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Over 250 trading instruments.
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Excess to Forex if you have more than $25 on your account.
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The leverage is up to 1:500.
Advantages of Kot4x for trading in Egypt
Traders Union analysts conducted a detailed analysis of Kot4x for traders from Egypt. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
A wide range of trading assets, including cryptocurrencies, currency pairs, and CFDs.
Tight enough market spreads in a tranquil market.
The minimum deposit to start trading currency pairs is comprehensible.
High leverage for Forex trading.
Free access to MetaTrader 4, the most popular platform among traders.
Orders execution uses the ECN STP model to avoid passing through the dealing center.
Advisors, scalping, hedging, and news trading are allowed. You can simultaneously open several positions, both long and short.
Analysis of the Main Features of Kot4x in Egypt
Traders Union analysts analyzed the key features of Kot4x for traders from Egypt. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for Kot4x traders from Egypt
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of Kot4x trading conditions for traders from Egypt. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
MetaTrader 4
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📊 Accounts: |
Demo, Mini Pairs, MINI Pairs, VAR Pairs, Pro Pairs
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💰 Account currency: |
BTC, EUR, USD, GBP, CAD, AUD
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💵 Replenishment / Withdrawal: |
Bitcoin (BTC), VISA and MasterCard debit and credit cards, Discover Card, and third-party providers
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🚀 Minimum deposit: |
$25 (Mini Pairs)
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⚖️ Leverage: |
1:50-1:500
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0.01
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💱 Spread: |
From 0.4 pips
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🔧 Instruments: |
Currency pairs, indices, commodities, metals, stocks, cryptocurrencies
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💹 Margin Call / Stop Out: |
Not indicated
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🏛 Liquidity provider: |
Not indicated
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market execution
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⭐ Trading features: |
Cryptocurrency trading; Replenishment; Withdrawal in bitcoins are available.
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🎁 Contests and bonuses: |
Commission of 20% for the withdrawal of funds
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Kot4x Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by Kot4x for traders from Egypt. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
The experts at TU have analyzed the trading terms of Kot4x to reveal the broker's trading and non-trading commissions. The company deducts a trading fee in the form of a spread (for all accounts) and a commission per lot on accounts with a spread reduced as follows: $7 for Standard Pairs and Pro Pairs and $1 for Mini Pairs. For non-trading commissions on the replenishment of a deposit with debit and credit cards via eCommerce Pay, the broker charges a fee of 5% of the transaction amount. Withdrawals are free.
Account type | Spread (minimum value) | Withdrawal commission |
Mini Pairs | from $10 | No |
Standard Pairs | from $8 | No |
VAR Pairs | from $12 | No |
Pro Pairs | from $4 | No |
A swap commission is charged for shifting a position to the next day. After analyzing all kot4x.com accounts, we deduced the average spread and then compared it to similar indicators of other brokers. To put that into perspective, please find the comparison results with the assignment of the commission level in the below table.
Expert Review of Kot4x
Kot4x is an unregulated offshore broker registered in Saint Vincent and the Grenadines. Despite the lack of a license, the company claims that it operates with maximum transparency and pays great attention to the security of customers' funds and their data. You can trade only after you complete a two-factor authentication, submitting the required documents, and pass the KYC verification.
The kot4x.com (Kot4x) broker offers competitive spreads, but they are not the lowest in the market. Moreover, the broker's clients have to pay extra trading commissions for trading in ECN accounts, as well as bear extra costs for exchanging BTC funds, since deposits and withdrawals are carried out only in bitcoins in Kot4x. Payments in cryptocurrency are the main reason for the low popularity of the broker among traders.
The company’s website is multifunctional, and it is in English. Its main feature is that there is no possibility to chat online with a live operator. The chatbot answers the trader’s questions on both the website and in the personal account. You have to wait 1-3 days for a response to requests sent by email.
FAQs
Is Kot4x legal in Egypt?
Yes. Kot4x operates legally in Egypt. The broker holds the necessary licenses.
Can you learn trading with Kot4x? Does the broker offer courses for traders from Egypt?
Yes, Kot4x offers good trading courses and a lot of educational information for clients from Egypt.
Can Kot4x be trusted? Has the broker been operating in Egypt long?
Kot4x has been operating in Egypt quite long and has a good reputation. Therefore, traders can work with Kot4x.
Is Kot4x suitable for novice traders from Egypt?
Yes. Kot4x offers optimal trading conditions and good education for beginners from Egypt.
How efficient is Kot4x customer support in Egypt?
Kot4x offers a sufficient number of ways to contact customer support in Egypt, and also provides support in the state language.
Has Kot4x had any incidents involving theft of funds of clients from Egypt?
No. Kot4x provides reliable security of funds of clients from Egypt.
Will I be able to file a lawsuit in Egypt if Kot4x violates my rights?
Yes. If Kot4x violates your rights, you can file a complaint with the regulator of Egypt, and then with a court.
Can Kot4x clients from Egypt use the broker’s mobile app?
Yes. The mobile app of Kot4x is available for the clients from Egypt.
Does Kot4x provide Egypt market analysis?
Analysis of Egypt is featured in the information provided by Kot4x.
How can I withdraw funds from my account at Kot4x in Egypt?
Kot4x supports bank transfers and debit/credit cards of the banks operating in Egypt.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.