According to investor reports, Koterex claims that you can get almost $10,000 in cryptocurrency if you sign up with the promo code they give you.

However, when you try to withdraw your money, they ask you to pay an additional $300 account verification fee.

Reminder 1: Any trading platform that asks you to pay fees upfront (such as taxes, deposits, verification fees, channel fees, etc.) to withdraw funds or unfreeze your account is a scam.

Don't pay any fees because scammers just want to scam you for more money and then disappear.

In addition, according to the platform information on the FxGecko app, Koterex also has at least the following 3 significant high-risk signals. You can refer to when checking whether a trading platform is safe or not.

1. New.

Koterex's website was created in June 2023, for this newly created trading platform reliability is extremely low, high risk!

2. Anonymous.

Koterex's website does not disclose the name of the company it belongs to and valid registration information, regulatory information, contact details, etc., completely anonymous, high risk!

3. Unregulated.

Koterex's website shows that it is located in Australia, but it does not have a valid local financial services license, high-risk!

The above 3 high risk signals mean that your funds and personal information will not be safe when you trade with such new, anonymous, unregulated forex brokers.

And because the background and operation of such anonymous platforms cannot be easily verified, it will be difficult to defend the rights of customers if they suffer losses.

Reminder 2: Don't trust individuals or organisations who claim to be able to get your money back - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a "recovery scam".

Finally, investing and trading involves risks and you are advised to perform due diligence before investing and stay away from unregulated and high-risk trading platforms to avoid potential scams.

You can check the regulatory licenses, security scores, customer complaints and other information about global trading platforms in FxGecko app.

Click here to recognize common investment trading scams to avoid being scammed.

Click here to see how to check if a broker is safe and what to do if you encounter a scam broker.