Kodimax has been said by many to be one of the most popular robot brokers in the market and based on our review, we find that this broker appears to be legit.
During our Kodimax review, we have verified that the broker’s information on its website is accurate and managed to analyze user feedback and testimonials about the service.
Our Recommended Forex Broker 2020
Our Recommended Forex Broker 2020
Following our in-depth investigation, Kodima appears to be a legit online broker. We have also found that the most efficient way to trade with Kodimax is through a crypto automated trading robot known as Bitcoin Trader. In this review, we covered all the relevant information you need to know about this broker and how you can start trading on Kodamix through an automated trading robot.
Read on if you are interested in finding out more about Kodimax’s fees, account types, trading platforms, features, deposits, withdrawals, and more.
What is Kodimax?
Founded in 2009, Kodimax is an online forex and CFD broker located in Bulgaria and operates additional offices in the Czech Republic and England. According to Kodimax’s website, the Kodimax platform was developed by financial experts who wanted to deliver a simple trading experience through Kodimax’s in house trading platform.
Kodimax is owned and operated by Personal Group Activity LTD, which appears to be based in Bulgaria. We did not fund much information about Kodimax’s regulatory framework, however, it seems that the broker operates under the ESMA compliance and has all compliance issues strictly enforced.
Kodimax was designed to provide traders easy access to the CFD and cryptocurrency markets. The broker provides an intuitive web-based trading platform and allows traders to trade currency pairs, commodities, indices, cryptocurrency pairs, stocks in Canada, Europe and in the United States. Yet, we must emphasize the difference between online brokers and crypto robots like Bitcoin Trader or Bitcoin Era.
Online CFD brokers provide you with direct access to a trading platform where you can manually place orders in the market, but these brokers do not offer you to automatically place orders in the market via a sophisticated trading algorithm. On the other hand, crypto automated trading robots can allegedly analyze the cryptocurrency market and place orders based on complex algorithms that use technical and fundamental analyses.
Due to regulatory scrutiny, crypto robots are not allowed to collect deposits and therefore link traders to robot brokers such as Kodimax. Based on user testimonials, we have found that the best way to trade on Kodimax is via Bitcoin Trader.
Click here if you want to trade on Globalix via Bitcoin Trader.
Kodimax regulatory status is unclear. The broker does not provide much information about its regulatory framework, however, there is no need to worry as the broker is located in Bulgaria, which is a member of the European Union and therefore, must comply with ESMA Requirements.
Consequently, the broker seems to apply all the safety measures for its clients including holding funds in segregated accounts, online security, client identification, and 256 bit SSL Encryption.
Is Kodimax Legit or Scam?
Following our thorough investigation, it appears that Kodimax is a legit and reliable online broker. Though Kodimax’s regulatory framework is unclear, the broker complies with the ESMA requirements and provides the necessary measures to protect its clients. The broker also provides great customer service, educational resources, and compliance materials.
If you are a beginner trader, you should take into consideration trading on Kodimax through Bitcoin Trader, which is an automated trading robot. Auto trading robots are entirely automatic, and anyone can use it without having trading experience.
Kodimax is an online CFD broker which focuses on cryptocurrency and stocks trading. As a consequence, the broker has a variety of crypto coins, indices, commodities, and stocks from Canada, Europe, and the United States.
At first, Kodimax’s trading platform seems a bit complicated but as you dig in, you realize that Kodimax provides a unique trading platform with essential trading features.
First, it has a great charting package, and the trading box on the right side of the screen is extremely useful. On the left side menu, you can utilize features such as Live TV, News, Gainers and Losers, and trading alerts.
Kodimax’s platform is web-based so you can access the platform from your laptop, mobile devices, and tablet without having to download a desktop application.
How to trade on Kodimax through Bitcoin Trader (recommended)
How to sign up on Kodimax directly (not recommended)
If you are not interested to trade on Kodimax through Bitcoin Trader, you also have the option to open an account on the broker’s website directly. However, we must notify you that you cannot automate your trading with Kodimax. Kodimax provides you easy access to the trading platform, tools, and features, however, you cannot use an automated trading mode when you are trading directly with Kodimax.
Trading robots, on the other hand, do all the trading research and automatically place orders. This option is more suitable for inexperienced traders. Bitcoin Trader claims to have an accuracy of over 90% and allegedly can analyze the market and identify trading opportunities. To do that, all you have to do is click here.
If you still prefer to open your trading account on Kodimax directly, you can go to Kodimax’s website, click the open account button and fill in your personal details. At this point, you can log in to the Kodimax trading platform, deposit funds, and immediately start trading.
Kodimax offers no less than six different account types – Basic, Silver, Gold, Platinum, Diamond and Millionaire Club. The variety of account types was created to suit every trader’s unique trading preferences. The minimum deposit requirement for the Basic account is €$500. The technical features of each account type are detailed in the table below:
As previously mentioned, Kodimax complies with ESMA’s requirements. That means that the broker is restricted to provide a high leverage ratio. As for the leverage ratio offered by Kodimax, the maximum leverage ratio for all tradable assets is restricted to 1:5.
Commissions and Spreads
According to the website, Kodimax does not charge any deposit fees and allows one withdrawal per month at no charge. Other than that, Kodimax does not mention any additional fees. Kodimax uses variable spreads, which are often cheaper than fixed spreads.
Education and Resources
Kodimax offers very basic educational resources to help newcomers succeed in their trading experience that includes four comprehensive guides – Basic Trading Strategies, How It All Started, The Cryptocurrency Market, and Market Schedule. The broker provides an education section, but it’s an area that needs to be improved.
The broker, however, does offer great features in its trading platform to help you through your trading experience. Those include the daily news and Live TV tabs that keep you updated with the latest news.
According to Kodimax’s website, there is a bonus offer depending on the type of account you choose. For the Basic account, you are entitled to 10% of a Welcome Bonus. For the Silver account, you are entitled to 20% of a Welcome Bonus. For the Gold account, you are entitled to 30% of a Welcome Bonus. For the Platinum account, you are entitled to 60% of a Welcome Bonus. For the Diamond account, you are entitled to 80% of a Welcome Bonus, and for the Millionaire Club account, you are entitled to 100% of a Welcome Bonus.
Kodimax has all the necessary tools to provide excellent customer service. Users can contact a member of staff via phone, email, submit a ticket, and live chat. Kodimax customer support is available 24/5, from Monday to Friday.
Kodimax Pros and Cons
More robots where you can access Kodimax
You can trade on Kodimax through other automated crypto robots. Find out all the information about these trading robots here.
Kodimax is an online CFD broker that operates in the industry since 2009, and offers traders an unusual trading experience. Its web-based trading platform provides great trading features, it has six different account types, and all compliance issues are strictly enforced. Following our investigation, we can confirm that this broker is a legitimate choice for traders.
Our Recommended Forex Broker 2020
Our Recommended Forex Broker 2020
Is Kodimax a scam?
No. Following our review, it appears that Kodimax is a legit broker. The broker is very transparent about the risks involved with CFD trading and makes the effort to protect traders.
How do I open an account with Kodimax?
To open an account with Kodimax you simply have to go to the broker's website and click the 'open account' button. Then, you have to fill in your personal details and you can immediately log in to the trading platform. Once you are logged in to the platform, you can click the 'deposit' button and insert funds to your trading account. As an alternative, you can also open a trading account on Bitcoin Trader that connects you to Kodiamx.
Is Kodimax an auto trading robot?
No, Kodimax is not an automated trading robot but an online CFD broker. Different from traditional online brokers, auto trading crypto robots can allegedly analyze the markets using sophisticated trading algorithms and automatically place orders in the crypto market. You can trade on Kodimax through Bitcoin Trader which is an automated trading robot.
How much is the minimum deposit?
The minimum deposit requirement at Kodimax depends on the account type. Kodimax offers six different account types and for the Basic account, the minimum deposit requirement is €500.
Is there a mobile app?
No, a mobile app is currently unavailable. Yet, Kodimax's trading platform runs on a browser so as you can always log in to your mobile device and trade.