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IS KayaFX a scam broker?
KAYAFX is an offshore forex broker formerly owned by GammaTech Services situated in Estonia. Now it is owned by AlphaTech LTD. The broker offers four account types. Before trading with this broker, you must follow this review.
The KAYAFX features four account types namely Mini, Bronze, Silver, and Gold. The minimum deposit required for the opening of a trading account is undisclosed on the website. The broker deliberately emphasizes on the silver account but fails to deliver any details. The only difference in these accounts is a free webinar, market alerts and etc. KAYAFX provides three types of trading services viz in-person trading and the other two are web-based and mobile application based. The traders provide trading with all sorts of cryptocurrencies. Also, it offers CFDs on Corn, Coffee, Stocks, Indices and Natural Gas. On close inspection for leverages shows the value of 100:1 with the capped spread of 3 pips on EUR/USD pair. The broker seems to claim that it offers MetaTrader 4 platform. The trader gives access to all accounts on the minimum deposit of $300.
At this point, the threat appears. KAYAKFX is unlicensed. In the sense, the broker doesn’t have approval as a forex trader. Also, KAYAKFX is unregulated and unable to provide assurance to traders for their funds. The broker can change the terms and conditions according to their convenience. The use of MetaTrader gives the impression of the broker is legitimate. But the real problem starts with withdrawal. The Broker is banned several times in the past. UK’s Financial Conduct Authority issued a warning against KAYAFX on their website. Also, many regulators are educating new traders about KAYAFX and their potential scam.
Is KAYAFX scam or Legit?
At first glance at KAYAFX, you will be astonished to see the features provided by the trader. It provides a variety of trading accounts and has the demo account for the practice. It offers a widely trusted and anticipated trading platform. But the KAYAKFX is not regulated, not licensed and hinders withdrawals. Whenever a trader wants to withdraw their funds and refuse to “invest more”, they deplete your funds by allotting an unsuccessful stake. Also, ban you from your account. These are unreliable practices conducted by the trader. Most of the time such brokers turn out to be a scam. Many reviewers are shouting a red flag for them. In conclusion, your money is not in a safe hand. Our advice is to stay away from such scam brokers.