Kodimax Review

We began our review by cross‑referencing the broker’s legal entity, Personal Group Activity LTD, against the UK Companies House database. The company was incorporated in July 2019 with zero reported employees, a detail that immediately raised questions about its operational capacity. We then searched the public registers of the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Bulgarian Financial Supervision Commission (FSC), and several other European authorities. No licence appeared under either the company name or the trading name Kodimax.

Next, we turned to the user‑review record, aggregating data from Trustpilot, Forex Peace Army, and broader industry databases. The sample is small—just 12 Trustpilot reviews with a 1.9‑star average—but remarkably consistent in its allegations. We also checked for clone sites or impersonator domains and found none, though the operator maintains an extremely low digital footprint. Our Scam Risk Score of 43 out of 100 (“Guarded”) reflects the convergence of an unlicensed entity with a user base that overwhelmingly describes fraud.

Personal Group Activity LTD is registered at a UK address, yet there is no evidence it maintains any genuine office there. The Companies House filing shows zero employees and only the bare minimum of statutory documentation—typical signatures of a shell company. While a UK registration might lend a superficial air of legitimacy, it confers no financial oversight whatsoever.

The broker also claims offices in Bulgaria, Sweden, and the Czech Republic. None of these addresses appear on any regulatory register, nor could we confirm any physical presence. In Bulgaria, the Financial Supervision Commission confirmed that Kodimax is not authorised to provide investment services. This multi‑jurisdictional claim is a common tactic used by unregulated firms to appear larger and more credible than they actually are.

A broker operating without a licence is the single most important warning we can give. Without regulation, there is no requirement to segregate client money from corporate funds. There is no independent oversight of trade execution, no external dispute resolution mechanism, and no compensation scheme if the company collapses. For UK clients, the Financial Services Compensation Scheme (FSCS) covers up to £85,000—but only if the firm is FCA‑authorised. Kodimax is not.

We checked the FCA Warning List and found no alert for Kodimax, but that does not imply approval; it simply means the FCA has not yet taken enforcement action. In Europe, it is illegal to solicit clients without a passport from a recognised regulator, yet the broker appears to have targeted users in multiple EU countries. The complete absence of a licence transforms every aspect of the trading relationship into an unaccountable black box.

Kodimax has never publicly released an asset list or contract specifications. Based on user reviews, the broker primarily peddled cryptocurrency CFDs, often linked to automated “trading systems” like Crypto Masterbot and Calloway. Forex pairs may have been available, but the total number of instruments is unknown. There are no published swap rates, rollover policies, or dividend adjustments.

The platform itself is a mystery. No third‑party verification (such as a MetaQuotes licence) could be found, and users describe interfaces that looked functional but never reflected genuine market activity. One reviewer wrote, “They trade on dummy platforms pretending it’s real & pocket your losses themselves.” If substantiated, that would mean clients were never connected to any liquidity provider and their so‑called trades were purely cosmetic. For a trader, the inability to confirm whether orders reach the market is a deal‑breaker.

Kodimax does not publish a transparent account structure. The only hint comes from a review where a client was told they could “join the VIP department” if they deposited more money. This is a classic high‑pressure upsell tactic designed to maximise deposit size before any profits can be requested. Without a clear breakdown of minimum deposits, spreads, commissions, and leverage, it is impossible to compare Kodimax to any legitimate competitor.

We did not find any demo account offering, which is standard practice for honest brokers. A demo allows traders to evaluate execution quality and platform stability without risking capital. Its absence here is consistent with an operation that does not want clients testing the waters before committing funds.

Funding methods are not disclosed on any Kodimax channel. User reports indicate that deposits were made via card or bank transfer, often following high‑pressure phone calls. The broker’s sales agents allegedly posed as representatives of automated crypto systems, convincing victims to open trading accounts as a prerequisite for accessing the software.

Withdrawals tell a bleaker story. Multiple reviews describe complete inability to retrieve funds. One client who invested €900 wrote that when they “asked for a withdrawal, they blocked my account.” Another stated, “I have tried to close my account twice and get my money out but the [broker] keeps ignoring me.” These accounts mirror the pattern of “exit scams” where unregulated brokers allow small test withdrawals to build trust before blocking larger requests. In our investigation, we found zero resolved withdrawal complaints for Kodimax.

No official fee schedule exists for Kodimax. We could not locate a product disclosure statement or a terms‑of‑business document outlining commissions, spreads, financing charges, or inactivity penalties. Two reviews explicitly warned that after depositing, clients were hit with unexpected demands for more money—hinting at hidden fees or margin calls not reflected on the platform.

In a regulated environment, brokers are required to disclose all costs before an account is opened. The total opacity here means that even if a trade appeared profitable, a trader would have no way of verifying whether the displayed profit was real or whether the broker could simply alter the numbers. The lack of fee transparency is a common red flag in broker scams.

The Trustpilot page for Kodimax is a rare instance of unanimous condemnation. Every single review scores 1 star and labels the broker a scam. One reviewer lost “all my hard‑earned savings” and described receiving an email from the company that essentially confirmed the fraud. Another reported that when they refused to invest more, the broker’s agents “became very aggressive.” A third said, “They take money from you and they don’t even trade.”

These accounts are not the usual gripes about slow withdrawals or wide spreads; they describe a systematic effort to steal deposits. The consistency across 12 independent reviews—mentioning the same automated systems, the same blocking tactics—strengthens their credibility. No positive or even neutral review balances the record. For any serious trader, the review profile alone should be sufficient to stay away.

Our assessment mirrors what we see in broader industry databases. While some aggregators assign a numerical risk score, we intentionally avoid naming them to prevent circular validation. The critical point is that every external source we consulted flagged Kodimax as unregulated, with a high probability of fraudulent activity. The broker’s lack of a Forex Peace Army listing and its abysmal Trustpilot rating are additional data points that align perfectly with our own findings.

Aggregated data also confirms zero positive sentiment, zero resolved disputes, and zero evidence of genuine trading activity. When multiple independent sources reach the same conclusion, the picture becomes irrefutable.

Kodimax exhibits every classic trait of a broker scam: no regulatory licence, a shell company with zero employees, a self‑contradictory international address, hidden costs, and a user‑review record that unanimously describes fraud. Our Scam Risk Score of 43/100 places it in the “Guarded” category, but in this case the label understates the danger—the broker should be treated as a confirmed fraud.

For anyone who has already deposited funds, we recommend immediately ceasing all contact and attempting a chargeback through your bank or card issuer. Document every communication and report the operation to your national financial regulator. Under no circumstances should you send additional money in the hope of unlocking “withdrawals.” The only safe interaction with Kodimax is none at all.

If you are considering an unregulated broker because of promises of high returns or access to exclusive crypto tools, pause and verify. Always check the firm’s licence number against the home regulator’s public register—do not rely on a badge on the website. Cross‑reference user reviews across multiple platforms, and be especially wary of any broker that contacts you via unsolicited phone calls or social media ads.

Our investigation shows that Kodimax used third‑party automated‑trading promotions as a lure. Genuine automated systems do not require you to open an account with a specific, unknown broker. If the platform or person you are dealing with cannot provide a verifiable physical address, a clear fee schedule, and a regulatory licence you can independently confirm, walk away. The safest course with Kodimax is to report it and warn others.