|Customer service hours:||11/5|
|Recommend a Friend Bonus||Available|
|Special Event Bonus||Not Available|
|Birthday Bonus||Not Available|
|Platform OS Compatibility||Mac OS , Windows , Android|
|Platform Provider||MetaQuotes, WebTrader|
KayaFx was founded in 2016 and was originally owned and operated by GammaTech, which was a company registered in Estonia. However, the broker recently changed this information on its website and now claims to be owned and operated by AlphaTec Ltd, a company with its registered offices in Leeds, England. A simple internet search of the Broker’s and operating company’s name got us multiple negative reviews within 5 seconds. Now, this is fairly usual for online brokers reviews as many competitors post negative reviews to try to bring down the competition. But what was disturbing in the case of KayaFX, were the official warnings from reputable regulatory bodies such as the Financial Conduct Authority (FCA) of England and the Comisión Nacional del Mercado de Valores (CNMV) of Spain. Please refer to the screenshots below.
Moreover, the internet is filled with negative users reviews, complete with screenshots and even audio recording on Youtube. From our research, we could gather that the broker changed the name of their operating company in an attempt to get away from the negative feedback and to try and revamp their brokerage company, unfortunately, they failed.
Upon a deeper dive into the internet to dig more about the broker, we uncovered that the person behind GammaTech, the now defunct company that used to operate KayaFX is the same person behind other not so reputable online brokers like KontoFX and EZCryptoPlace. Registering an account is fast and straightforward. Traders only have to fill in a simple registering form. Once the form is filled and sent, traders have the option to either complete their profile and make a deposit right away or they can do so later. In any cases, they will have to verify their account by providing a proof of identity, proof of residence and proof of payment.
KayaFX Trading Platform
Despite the many negative reviews about KayaFX and even if we were also highly suspicious about them by this point, we decided to continue reviewing their website, services and features in an attempt to be thorough and unbiased.
While the claim to have 3 different trading platforms, KayaFX really only provides 2 different trading platforms to their subscribers; the popular MetaTrader 4 and WebTrader. Their so-called proprietary mobile trading app is in fact the MT4 trading app!
Everyone with the least bit of experience in online trading has to have come across the MT4 trading platform once or twice, that is why we will concentrate on the WebTrader platform for this review. Also not as popular as the MT4 platform, the WebTrader is also a very powerful trading platform that is provided by many online brokers.
The WebTrader uses the same layout we have seen in countless online trading platform; although not revolutionary, it does its work well. All the different features, tools, indicators and sections are very easily accessible.
The platform is fully responsive and is compatible with Windows, IOS and Android. The list of tradable assets provided by the broker is listed in a left tab. Once an asset is chosen, the chart displaying its trend change is displayed on the main tab of the screen; this can be changed to instead display a detailed information section of the asset, as you can see below.
Getting all the information on a tradable asset in one place is very convenient as it helps traders make an informed decision about whether it is profitable or not to open positions. Placing a trade on this platform is also very easy. Once an asset is chosen, a right tab will clearly display the option to either buy or sell it, other information such as the Pip and required Margin is also given in this tab.
KayaFX account types
KayaFX offers 5 different account types to their subscribers, including four regular accounts: the Mini, the Bronze, the Silver and the Gold as well as a swap-free account. Each account comes with their own advantages and disadvantages. Please see the screenshot below for more information about the different account typesaccount types.
While all subscribers regardless of their account types will get access to at least a basic training, a personal account manager, an expert advisor, access to forex news, resource centre and knowledge centre, the webinars, daily market alerts and one-on-one training are only available to traders who choose at least the Bronze account. In this screenshot, we can see the customer support listed as a universal 24/5 service, however, it is misleading. As we specified before, customer support is only accessible 11/5.
Subscribers of the Mini and Bronze accounts will enjoy a leverage of 1:100 while those with the Silver and Gold accounts will get a leverage of 1:200. The Mini account has offers fixed spreads while the others have floating spreads.
Apart from these 4 standard accounts, KayaFX also offers a swap-free account. These types of accounts are designed mainly to cater to traders from the Muslim faith, as they cannot engage in financial transactions involving any sort of interest. However, KayaFX does not mention Islamic account anywhere on its website, which is very odd. The only information about the swap-free account is that:
- No commissions charged
- No hidden costs
- Fixed or floating spreads offered
- Dedicated account manager, with years of experience in financial markets provided
- Swap-free, meaning your position can stay open without charges when transferring to the next value date
All swap-free accounts we have encountered up until now requires traders to give some sort of proof of their Muslim faith, it seems really odd that KayaFX would not mention that anywhere.
In terms of assets, KayaFX gives traders the opportunity to invest in all major financial markets, that is, Forex, Commodity, Index, Stocks, and Cryptocurrency. All the available assets are conveniently listed with all the important information required to invest in them.
KayaFX has all of the major currency pairs as well as many other minor and exotic pairs; amounting to a total of 49 pairs. 52 cryptocurrencies are also available to trade with the broker, including the most popular like Bitcoin, Ethereum and Litecoin and several other digital currencies like the Dashcoin, Ripple, IOTA, Verge and Stellar.
The most traded commodities are also accessible with KayaFX including Crude Oil. Natural Gas, Sugar, Corn, and Coffee. 15 commodities are available in total. 21 Indices from all the major stock exchanges around the world can be traded with this broker, including the CAC40, Nasdaq100, Hang Seng Index, Tel Aviv 35 Index amongst others. KayaFX also offers a wide selection of stocks to trade. All the major companies from around the world like Amazon, Aston Martin, Adidas, L’Oreal, Repsol, and many others can be traded on its platform.
A 1:100 leverage for currency pairs, 1:25 for commodities and indices and 1:10 for stocks are offered by KayaFX. Novice traders must be very cautious while investing with such large leverage, while it can exponentially increase their profits, it will also greatly increase losses in case of bad investments.
Security and Regulation
KayaFX is an unregulated broker and as such has no obligation to abide by any security protocols. Moreover, nowhere on the website does the broker claims to have any security protocols; even in their ‘Why Choose Us’ section, no mention of security is made, which is quite disturbing.
The support service of KayaFX is accessible between 05:00 to 22:00 GMT during weekdays. The representatives can be contacted The broker claims to provide high quality technical and consultancy support service to its subscribers, however, from our own experience this is far from the truth.
While they were quite helpful at the beginning, helping us set up our account and navigating through the different features of the website and also depositing funds in our account, their attitude completely changed once we wanted to withdraw money from our account. They always seemed to have some sort of tactics to postpone or deny our withdrawal requests. Unfortunately, this is common with many online brokers, who use these tactics to deny withdrawals and some, like KayaFX even used threats; telling us our account would be suspended if we do not deposit more funds!
Is KayaFX a Scam?
KayaFX is clearly a scam. The whole operation, every single feature, while seemingly normal at the surface, is at best dodgy and at worst unsafe and treacherous, when you dive a bit deeper into the website and read the fine print.
We do understand that some of the bad online reviews of brokers are deliberate attempts to ruin their reputation by competitors and should not be taken as the absolute truth. However, in the case of KayaFX, the proportion of negative reviews to positive ones is too great, to be completely honest, we struggled to find any good reviews. Moreover, many of the bad reviews are backed with actual proofs like screenshots and even audio recordings.
Our Final Opinion
After having spent a few months with KayaFX, trying out all the different services they offer, and the different features of their website, we can confidently and honestly conclude that traders must keep away from this trader.
While there are many unregulated brokers that offer safe and secure online trading, KayaFX is not one of them. The only aim of this broker seems to be to scam traders out of their hard earned money.
We cannot recommend KayaFX to any online traders and would normally advise them to stay away from them. However, the education centre of the broker is quite good; covering topics such as ‘What is CFD trading’, ‘Forex essentials’, ‘Trends lines’, and ‘Technical analysis’. This educational centre also has a Traders’ dictionary section that covers many online trading terms in a very comprehensive manner.
The website of KayaFX also has a very helpful Resources centre with a Forex calendar, a news section, market overview section, and an index hotlists section.
Traders can deposit funds on their KayaFX account via bank transfer, credit/debit cards, ecoAccount, UPayCard Wallet or by Phone. The minimum deposit is €250 for credit/debit cards and €500 for bank transfer while the maximum is €100,000 via bank transfer and €5,000 via credit/debit cards.
Although the broker requires us to acknowledge having read their compliance and deposit&Withdrawal policies before signing up to trade with them, no compliance procedures are required while depositing funds with the broker!
While the deposit procedures are straightforward, withdrawing funds from your account is another story. Traders must acknowledge that KayaFX can request additional information, identification or verification to authorise withdrawal request. The broker even ask for the reason for withdrawal!
As we have mentioned earlier, withdrawing funds from your KayaFX account can be a real headache, and you are not even sure you will ever get your money. We have come many accounts online of KayaFX traders who have seen their money traded and lost without their authorisation when they requested to withdraw their funds!
KayaFX claims to reward subscribers that recommend new traders to their platform. We gave it a try, but unfortunately never received the bonus we were promised. It also claims to give other types of bonuses to traders, however, during our 2-3 months using the website for this review, we never had the chance to get any bonus.