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The warning is important for anyone who deposited money with the platform or is approached by a similar-looking website. However, it should be described accurately: the FMA published a regulatory-authorisation warning, not a formal finding that KontoFX was a criminal fraud.
What the FMA warning says
The FMA’s notice is listed on its website under the title “kontofx” and the category “Warning.” It identifies the provider as:
- KontoFX
- NTMT Transformatic Markets OU
- Harju maakond, Tallinn, Kesklinna linnaosa, Parda tn 4, 10151, Estonia
- Northside Business Centres, 2nd and 4th floor, BC91 Office building, Váci út 91, Budapest 1139, Hungary
- Website:
www.kontofx.com - Telephone:
+44 1217263858
The FMA stated that the provider was not entitled to conduct banking transactions in Austria that require a licence. More specifically, it said KontoFX was not permitted to commercially accept funds from other parties for management under Article 1(1), no. 1, first case of the Austrian Banking Act (BWG).
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Why this matters to customers
A licence is not a cosmetic badge. It determines whether a firm is permitted to provide a regulated service in a particular country and whether customers may have access to protections linked to that authorisation.
The FMA warning meant that an Austrian customer should not have treated KontoFX as an authorised provider for the activity described in the notice. It also meant the firm could not rely on an Austrian banking licence to reassure customers that it was allowed to take and manage their money.
This does not, by itself, establish what happened in every individual customer account. A warning does not prove that every transaction was fictitious, that every customer lost money, or that a criminal offence was committed. It does establish that the regulator found the relevant activity unauthorised in Austria.
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KontoFX was also flagged by other regulators
The Austrian warning was part of a wider series of regulatory notices concerning KontoFX, NTMT Transformatic Markets OU, or related names. The authorities did not all use identical descriptions, so their findings should not be merged into one broader claim than the documents support.
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| Date | Regulator | What it reported |
|---|---|---|
| 26 September 2018 | UK FCA | Warned that KontoFX/EZCrypto Place was not authorised by the FCA and was targeting people in the UK. It also said customers would not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme protection. |
| 15 October 2018 | Spain’s CNMV | Warned that NTMT Transformatic Markets OU and associated names, including www.kontofx.com, were not authorised to provide specified investment and ancillary services, including services related to foreign exchange. |
| 1 February 2019 | Austria’s FMA | Found that KontoFX/NTMT Transformatic Markets OU was not entitled to carry out licence-required banking transactions in Austria, including the commercial acceptance of funds for management. |
| 9 May 2019 | Malta’s MFSA | Described KontoFX as claiming to be a forex trading broker offering a Web Trader platform and said it was not licensed or authorised to provide services requiring authorisation in Malta. |
| 22 December 2021 | Central Bank of Ireland | Warned about “KontoFX (Bulgaria)” and recorded www.kontofx.com as no longer operational. |
The FCA warning is available on the FCA website. The CNMV notice is available through its official document service. Malta’s notice is reproduced in the regulator-linked document available here, and the Irish warning is available from the Central Bank of Ireland.
Be careful with the names and locations
Regulatory notices refer to the business in slightly different ways. The Austrian and UK notices identify NTMT Transformatic Markets OU, an Estonian entity, and mention a Budapest address. The Irish notice uses the designation “KontoFX (Bulgaria)”.
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That does not justify saying, without qualification, that the firm was simply a Bulgarian, Estonian, or Hungarian company. A more accurate description is that the KontoFX brand was associated in regulatory notices with NTMT Transformatic Markets OU, an Estonian address, a Budapest address, and the “KontoFX (Bulgaria)” designation used by the Irish regulator.
Is the KontoFX website still operating?
The latest official source identified for the original website’s status is the Central Bank of Ireland’s warning dated 22 December 2021. That notice explicitly marked www.kontofx.com as “no longer operational.”
That is not the same as proving that nobody is using the KontoFX name today. Old trading brands can reappear through replacement domains, cloned websites, social-media accounts, or unaffiliated “recovery” services. Do not assume that a website using the same logo or name is the original business.
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What to do if you paid money to KontoFX
- Stop sending additional funds. Do not pay a supposed tax, withdrawal charge, verification fee, or “release” payment simply because someone promises to unlock your balance.
- Save the evidence. Keep account statements, emails, chat logs, wallet addresses, payment references, screenshots, contracts, and the full website address used.
- Contact the payment provider quickly. Ask your bank, card issuer, payment service, or cryptocurrency exchange whether a recall, chargeback, fraud report, or account-security action is available. Outcomes depend on the payment method and timing.
- Secure your accounts. Change reused passwords, enable two-factor authentication, and check whether you gave the platform remote access to your computer or phone.
- Report the matter to the relevant authorities. Austrian consumers can contact the FMA and local law-enforcement authorities. Customers elsewhere should contact their national financial regulator and police or cybercrime reporting service.
- Watch for recovery scams. A person who already knows you lost money may claim to be a regulator, lawyer, or blockchain investigator. Regulators do not normally demand cryptocurrency or upfront payments to recover funds.
How to check a broker before depositing
Use the regulator’s own register, not a licence number copied from the broker’s website. Search the exact legal name, trading name, domain, phone number, and country where you live. Confirm that the authorisation covers the specific service being offered—forex, contracts for difference, investment advice, portfolio management, or custody may be treated differently.
Also check whether the contact details on the regulator’s register match the website. A genuine firm can still be impersonated, while an unauthorised firm can display another company’s registration details. If the firm is missing from the register, or the regulator has issued a warning, do not deposit money while relying on promises that an application or “pending licence” will make the service safe.
FAQ
Did Austria’s FMA officially call KontoFX a scam?
No. The FMA notice is formally a Warning about unauthorised, licence-required banking activity in Austria. It does not expressly declare KontoFX a scam, establish a criminal conviction, or make findings about every customer’s losses.
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What exactly was KontoFX not allowed to do in Austria?
The FMA said the provider was not entitled to carry out banking transactions requiring a licence, specifically including the commercial acceptance of funds from other parties for management under Article 1(1), no. 1, first case of the Austrian Banking Act.
Was KontoFX a licensed forex broker?
The brand was described as a forex or investment-services provider in warnings from other regulators. The UK FCA, Spain’s CNMV, and Malta’s MFSA each reported that KontoFX or associated entities were not authorised for the relevant services in their jurisdictions.
Can I still use the old KontoFX website?
The Central Bank of Ireland recorded www.kontofx.com as no longer operational in its 22 December 2021 warning. Treat any current website, email, or social-media account using the KontoFX name as unverified unless an official regulator confirms who operates it and what authorisation it holds.
Can I recover money lost to KontoFX?
There is no guaranteed recovery route. Contact your bank, card issuer, payment provider, or cryptocurrency exchange as soon as possible, preserve evidence, and report the matter to the relevant authorities. Be especially cautious of recovery firms demanding upfront fees or cryptocurrency.
The Bottom Line
Bottom line: Austria’s FMA warned on 1 February 2019 that KontoFX, associated with NTMT Transformatic Markets OU, was not authorised to conduct licence-required banking transactions in Austria, including commercially accepting third-party funds for management. Other European regulators issued separate warnings about unauthorised forex or investment services. The Central Bank of Ireland later recorded the original website as no longer operational on 22 December 2021. The evidence supports calling KontoFX unauthorised in the cited jurisdictions—not presenting the Austrian notice as a formal FMA finding of criminal fraud.
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