KnitFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this KnitFX Review.
KnitFX Review
Unlike most brokers that offer fixed spreads on Standard or Mini accounts and floating spread on Pro accounts (which usually require bigger investment), KnitFX does just the opposite – according to the information provided on its website. Unfortunately, it does not disclose the minimum initial deposit required for opening a certain account.
All account types provide micro tradeable lots, commission-free trading and leverage up to 1:500 on the MetaTrader 4 platform.
When we tried KnitFX’s demo account, we found out spreads averaged 1.9 pips KnitFX, which is not very competitive, when compared to most of the industry. For further information and comparison, you can always check the conditions offered by some of the top-rated brokers here.
Apart from the fact that the spreads are not competitive, they don’t match any of the trading conditions provided in the table above. We consider the lack of transparent pricing policy is a big disadvantage for a forex broker.
The Company. Security of Funds
Company
Country
Regulation
KnitFX Ltd.
UK, Thailand
N/A
Founded in 2012, KnitFX is a forex and CFD broker with rather rich product portfolio which can be traded on the renown MT4 platform. According to the broker’s website, the company behind the brand is KnitFX Ltd., however there is no information about its headquarters, regulation, etc. On the broker’s linkedin page we read that KnitFX is based in Thailand, but the telephone number provided on its website includes the country code of UK.
Actually, the broker has not shared much relevant information on its website. This, combined with the lack of financial regulation, makes KnitFX seems highly suspicious. There are many scams out there most of them registered offshore and/or operating without a proper broker license.
Because of all the risks involved in doing business with such brokers, we do not recommend KnitFX. Instead, we suggest that you select among brokers that are duly regulated by UK’s FCA, CySEC or Australia’s ASIC.
Trading Platform
Like most brokers, KnitFX also supports the MetaTrader 4 (MT4) platform, desktop and mobile versions available.
MT4 holds the title of most popular forex trading platform for more than 10 years now. Most traders find it enjoyable, due to its great charting potential, wide range of Expert Advisors (EAs), technical analysis tools, extensive back-testing options, etc.
Methods of Payment
We could not find any information about the payment methods supported by KnitFX, only bank wire transfer is mentioned on its website.
KnitFX is another unregulated forex and CFD broker. It seems to be based in Thailand and offers versatile and rich product portfolio on the renown MT4 platform. However, KnitFX does not provide much information on its headquarters and trading conditions, which we consider a great disadvantage, as it immediately lowers the broker’s credibility. Of course, its greatest weakness is the fact that it is not regulated.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
KnitFX Review Conclusion
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