Cautionary Tale: The Risks of Partnering with KortanaFX Prop Firm

Cautionary Tale: The Risks of Partnering with KortanaFX Prop Firm

Min deposit: $100

Overview

Company Name
Kortanafx LTD.
Rating
Headquarters
Dubai, United Arab Emirates.
US Traders Accepted
yes
Deposit Currencies
USD, EUR, GBP, AUD
Trading Platform
Proprietary
Minimum Trade
Depends
Maximum Trade
Depends
Online Since
2023
Languages
17 language support
Demo Account
Yes
Description

If you’re looking for a stable proprietary firm to supercharge your trading potential, then look elsewhere. KortanaFX prop firm has achieved notoriety online for using deceptive strategies, sudden changes to their Terms of Service and outright stealing from their clients.

Forex proprietary trading is a lucrative business opportunity, but only when dealing with reliable companies. See the remainder of our KortanaFX review as we analyze the predatory antics this provider employs.

General information
Name KortanaFX
Type of the company Proprietary Trading Firm
Regulation status No regulation expected
Warnings from Financial Regulators No official warnings
Website link kortanafx.com
Active since 2023
Registered in Dubai (alleged)
Contact info Contact Form, Telegram
Trading platforms MT4
Majority of clients are from Colombia, United States, Paraguay, Spain, India
Customer support No
Compensation fund No

No Company Registration

While it’s true that prop firms do not fall under strict regulation, it is still important that you deal through a legally registered firm.

Transparency is the key to revealing any registry information, something that this firm is bragging about but never provides. There is no info about which entity might be a parent company, or through which venture the website operates.

We’ve managed to find out that the company is allegedly operating from Dubai, as per a given address. Unfortunately, no firm under the name KortanaFX appears in the UAE Ministry of Economy registry.

Dealing out of the straight and narrow channels will quickly prove to be a downfall for any investor looking to make a profit. It’s always best to trade through a legitimate firm like Blueberry Markets, since they adhere to strict regulatory standards and provide additional client fund safeties.

Paid Reviews Mask True Intentions

Looking at the online ratings platform, you might think that the company has a stellar reputation. In about 240 separate reviews on TrustPilot, the average rating is 4.6 stars. Everybody talks about how the platform is perfect, payouts are regular, customer support is excellent and so forth.

To us, this is a telltale sign of deception, and is connected to the work of review seller networks. And indeed, looking at the comments that are critical of the service you can see that they all cite serious issues with this firm.

What makes them so convincing is that they always include tangible data, and real numbers. The firm is currently on full blown damage control, and responds to every negative opinion by posting a reply.

How It Unfolds

Many of the victims are dragged into their problems by the KortanaFX TikTok content. Don’t let the small number of posts on their original profile trick you – much of the deception is done by boiler room agents who pretend to be prolific traders that use the services of this firm.

They are also active on X, YouTube and Instagram, where they heavily downplay the risks of trading on global markets. Additionally, the representatives use Telegram to contact their victims directly.

Your trading experience doesn’t have to be a bad one. Take a look at our company policy if you’re looking for a reliable prop firm to boost your income.

Trader Challenge Phase

Traders can get nearly instantaneous funding after passing a single trading challenge. The challenge involves trading with a $10,000 to $100,000 virtual currency allotment per these requirements:

  • Profit Target: 8%
  • Max Daily Loss: 5%
  • Max Loss: 10%

Participating in challenges that allot larger sums of virtual currency incurs higher participation costs. Here’s an overview:

  • 10k – $139
  • 25k – $249
  • 50k – $379
  • 100k – $575
  • 200k – $999

There is a slight difference between brokers that are available for the evaluation, and live trading. For testing, the available brokerage is Blueberry Markets, while live trading is done through Zenfinex. Both of these brokers are reliable, with regulatory licenses in multiple strict jurisdictions.

Increasing Profit Share For Traders

The competitiveness of this branch of the financial sector leads prop firms to offer ever increasing profit shares to their traders. It’s common to see a firm that operates with the 80%-20% or even 90%-10% split.

This prop firm utilizes added benefits to traders who excel in their performance. With each concurrent withdrawal during a 60-day period, the KortanaFX profit split increases by 10%, starting with 50%. This means that the traders who make 4 successful withdrawals during the said period may withdraw the entire 100% of the profit on their next payout date.

Unfortunately, this also means that the profit share for the first few withdrawals is much below the current industry average, but rewarding later. Nonetheless, considering that a number of traders report about various issues with this prop platform, we’d recommend you to choose a safer option that we offer.

Industry Standard Trading Software

The company provides the MT4 trading environment to their traders. Every seasoned investor in this field will instantly recognize this program as one of the best in use today.

The use of the platform, however, is restricted by some rules. Using the majority of automated trading solutions such as Expert Advisors, or copy trading is prohibited and will instantly result in account cancellation. Thus, the traders can’t utilize the full spectrum of options offered by this versatile tool.

An Exciting Alternative

If you feel like you’re ready to delve into the business of funded trading, or think that you need more education in the matter, feel free to book a Zoom call with one of our experts.

Our prop firm has developed an advanced AI trading bot to give you a technological advantage. You can test it out for free on a 20-day free trial for your convenience. The plan includes access to 5 FX reports and 5 stock analysis reports per month.

Final Opinions

While the KortanaFX trading services seem lucrative at first glance, there are plenty of pros and cons of dealing with this firm. Although the brokerages that are used to execute trades are multi-regulated companies, KortanaFX themselves have a questionable legal background.

This exemplifies the necessity to research both your chosen proprietary trading service, as well as the markets. If you’re looking to improve your earning potential, take a look at one of our funding plans. We offer $180,000 of trading capital, and some technological solutions that will give you the edge you need to thrive!

FAQ

What is KortanaFX?

It is an unreliable prop firm with an artificially inflated online reputation.

Is KortanaFX Legit?

No, as the company is not legally registered with the authorities in their claimed jurisdiction. If you’re looking for a reliable prop firm, take a look at what we offer instead.

What’s KortanaFX Profit Split?

Starting profit split is 50%, but consecutive successful payouts can raise the profit split to a full 100%.

Category:
Before starting to trade, never invest too much money in one trade and always follow the rules of risk management. Focus on long-term profits instead of short-term trading. To make the right decisions, always follow financial news and events. It is necessary to create a clear trading plan and strategy and stick to it. Use technical analysis tools to support decision making. Focus on the difference between return and risk instead of just focusing on profit. Avoid emotional pressure when trading and stay relaxed and patient. In addition, learn and constantly improve your skills and knowledge of Forex trading to achieve success in the field. The above notes will help you get the best results when participating in forex trading and ensure that you minimize your risks and maximize your profits.