KayaFX Review 2023 – Scam broker Review
Introduction of KayaFX review
Exactly like every other scam broker, KayaFX claims to be the world’s leading brokerage firm with dedicated customers around the world. Claiming to be a forex broker of the ace generation, KayaFX offers to trade in a variety of tradable assets such as currencies,50+ forex pairs, indices, shares, CFDs, commodities such as Brent, Coffee, Cor and Natural Gas, etc. Despite all these claims on their website, the company fails to accomplish or achieve what they are aiming for. Wait and watch how the KayaFX scam successfully hid their red flags within and stole money from a lot of innocent traders. Read further to know more about how you can achieve Fund Recovery with our company and the KayaFX scam.
KayaFX Regulations and citizens’ safety:
When the governments observed the scam brokers entering the market in large numbers, they formed a regulatory authority whose main activity was to implement laws that provided safety to the traders and also to rule out the scam brokers, therefore, eliminating the risk posed to the customers. Henceforth, the countries that had a major percentage of citizens involving in the finance market set up a regulatory authority. Some of the major regulatory authorities are the Financial Conduct Authority or the FCA of UK, the Australian Securities and Investment Commission or the ASIC of Australia, the Cyprus Securities and Exchange Commission (CySEC) of Cyprus, etc. after going through all of their website and some research outside the website, we came to know that KayaFX was not regulated under any country or regulator. This plants our first red flag against the KayaFX scam. The terms and conditions listed on their website claim that the company is owned and operated by another firm that goes by the name of AlphaTec Ltd. Despite this, our research team discovered that even though this parent company claims to have its headquarters in England, there is no proof on the site of FCA or their site that ALphaTec Ltd. has a license issued by the regulatory authority of England that is the Financial Conduct Authority or the FCA.
KayaFx Trading Platform:
Even after being a scam broker, this brokerage firm leaves no stone unturned to picture itself as a legitimate brokerage firm that has a license. KayaFX uses Meta Trader 4 or MT4 as their trading software. The company has various versions for the easier accessibility of the customers that includes the desktop version, web-based version, and the mobile version. Now, this step by KayaFX scam is a little difficult to analyze as Meta Trader 4 is one of the most widely used trading software among the scam brokers and the legitimate brokers equally. Furthermore, the company gives the traders 4 different language options that include English, German, Spanish and Portuguese.
KayaFX Trading accounts:
The next red flag against this scam broker is that we couldn’t find the option to open a demo account anywhere on the website of KayaFX. This is because the demo account is usually offered by the legitimate brokers so that the new traders and the customers who are new to the company can learn the working of the company and get acquainted with the trading. This is considered an important part of a brokerage firm, the absence of which is enough to raise doubts on the firm’s legitimacy. KayaFX does not offer a demo account and thus it is clear that the company is a scam.
KayaFX offers four different types of trading accounts to their customers. Although there are some speculations over the minimum deposit asked in each of the accounts, the leverage is clearly mentioned and high. The four accounts are named Mini, Bronze, Silver, and Gold.
Mini Trader Account
The company claims that this account is “sustainable for beginners and the ones who want to start their forex career at a slower pace”. By the sound of this description, it seems pretty much like the basic account that every legitimate broker delivers. Some of the so-called advantages of using this account are that the customer will get basic training, fixed spreads, expert advisor, personal account manager, etc. Although it not clearly mentioned as to what is the basic training and its components. The leverage offered is 1:100 which is pretty high. For those of you who do not know, an increase in leverage results in a higher risk that the trader has to take. This brings them closer to losing the trade and therefore is not allowed by the government. In many countries, the leverage is capped at 1:30 like in Europe and Australia whereas it is 1:50 in the USA.
Bronze Trading Account
The Bronze account is another trading account offered by KayaFX. The company claims that this account is “for those who are ready to go a little deeper into the forex world” with similar features as that of the Mini Trading account with slight similarities. The account delivers standard training to the customers of this account and the leverage is 1:100.
Silver Trading Account
The Silver account is apparently the most popular among the four accounts. With the claim that the account is compatible with newcomers and experienced traders, the account offers leverage of 1:200. The company also offers advanced training in this account. The company also mentions floating spread in this account.
Gold Trading Account
The company claims that this account is for those “who are ambitious and are wishing to take advantage of all our features”. The company offers expert training in this account which we are still not clear what they are offering. The leverage offered is 1:200 which is yet again significantly high.
Conclusion: Is KayaFX scam or not?
To sum up, all that has been said before, it is safe to say that KayaFX is a complete scam. This brokerage firm offers irresistible offers just to lure the victims in and then flee away with their money. We strictly advise our readers not to fall for such scam brokers and always invest or trade with brokers that are legitimate.
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