- What is really the truth about Kaya FX?
- Overview of KayaFX
- Different accounts that they have to offer
- A platform that they are using
- Licensed or not?
- Struggle with getting your payouts
- Blacklisted for a couple of reasons
- Regulators warnings
When you are looking at KayaFX to start trading in forex, then you should make sure that you have all your facts, before you decide to use them. There are many reviews about them that are positive and that are giving people the idea that they are legit. However, when you are looking at the facts, then you will realize that there are more to this forex broker than what you might think. These are everything you need to know about them.
This might be the one reason why many people trust KayaFX. They have a legit address, a legit telephone number, and even customer support email accounts that you can use for support. They are situated in Estonia. Making this a little bit more worrying.
They are an unlicensed broker, so there are really a lot of risks involved when you are trading with them. Making them risky. However, this isn’t the only reason why you should not make use of them for investing in forex.
They are offering different accounts that you can choose from when you are registering for your account. There is a demo account where you can learn how to trade. This is the only real thing about KayaFX. Because you can’t really see if they are reliable or not.
Then the first account, with the smallest minimum deposit that you should make is the mini account. The minimum deposit that you can make is $300. This is a lot of money that you will lose when you are making use of these brokers. Every account has its own minimum deposit, and it is just going higher and higher. They are claiming that with each account, you will have added benefits.
This is where most of the confusion comes in. They are making use of the popular MT4 platform. This is the platform that most trustworthy and reliable brokers are using. But, this doesn’t mean that they are legit and can be trusted. They are only using one of the best platforms to make brokers at ease and to use them as their brokers.
They are offering different languages for the platform, making it easier to trade in your language. They are also offering different payment options for the deposit that you need to make. Making sure that it is easy enough for you to start trading.
This is where the warning comes in. They aren’t licensed. Meaning that they don’t have permission to be forex traders. And, they aren’t regulated to ensure that they are an obeying all the trading rules.
This is where the scam starts. They can create their own rules and regulations, and even not following their own rules and regulations. They can change it at any given time, putting you against their rules and banning you from their site.
Because of the popular and trustworthy platform, the trading self is legit. You can trade and make money when you are using KayaFX. However, the problem starts when you want to withdraw your money.
Then they are using their rules and regulations to put a hold on your account. Or, they just don’t deposit your money back into your account. And, that supposed customer support doesn’t exist. They just don’t get back to you or give you your money back. This is the whole idea of the scam. To let you trade successfully, but they are stealing your money when you want to cash in.
During 2018 they were blacklisted for a couple of reasons. The first reason is that they have traded with people in the United Kingdom without permission or licenses for the UK. And, this is why the UK did blacklist them. Meaning that people in the UK can’t use them legally.
The other reason why they are blacklisted is that of the payouts that they are blocking. And, the fact that they are unlicensed and unregulated. Regulators are blacklisting them, after a couple of complaints about payments were received. This is why you should make sure about the forex brokers that you are going to use, isn’t blacklisted in any way.
Regulators are warning potential investors about KayaFX. This is because they aren’t regulated and can basically do anything they want to do. Even if this is illegal. They are using a popular platform to get the attention of traders. Just to find out later that they don’t do payouts. The money you had in your account isn’t really yours. They will not give it to you when you are requesting withdrawals.
When you are looking at KayaFX, you will see that there are a couple of things that are making this a great trader. They have different accounts and even offer a demo account. They are making use of a popular platform. However, this is where the good things end. They are unregulated, unlicensed and doesn’t allow withdrawals. Putting a hold on your account or banning you from the site. Regulators are warning people against these brokers, and this isn’t without any reasons.