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Kaje Forex Review - is it scam or safe?

Kaje Forex review - Is kajeforex.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Kaje Forex
Kaje Forex is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Kaje Forex is an offshore forex and CFD broker, offering a wide range of trading instruments with  four account types, leverage as high as 1:400 and the MetaTrader4 platform. Unfortunately the broker is not regulated and that significantly lowers their credibility. 

 

Account type Min. deposit Max. leverage Spreads/ Payout
Standard Account $250

1:400

1 pips
EA Robot $500 1:400 1,4 pips
Active Traders $1000 1:400 n/a
ECN Account $10 000 1:400 n/a

 

If you are considering investing any funds with them be sire to read the following review.

 

Kaje Forex Advantages:

 

Generous leverage

 

We rarely see leverage as high as 1:400 these days, especially since the European Securities and Markets Authority (ESMA) capped the maximum leverage allowed on the retail forex market at 1:30, following similar steps by the regulators in the U.S., Canada and Japan. And now, even Australia, the last major regulatory hub that still allowed higher leverage, is in the process of imposing a restriction. So our general advise is to use higher leverage with extra caution as it invariably comes with higher risk.

 

Lots of trading instruments

 

Kaje Forex offers 50 currency pairs, many of which minor or exotic like USDPLN, USDMXN, USDHUF, USDHKD, USDCNH, USDCZK, USDDKK, USDRUB, USDZAR, USDSEK, USDNOK and USDTRY. And the variety of CFDs is also not bad. On their trading platform we saw gold, silver, platinum and palladium, oil Litecoin, Bitcoin, Ethereum, Ripple and Bitcoin Cash. Still, if you like the idea of trading crypto assets here you may also check our list of brokers, trading with bitcoin CFDs:

 

 >>Bitcoin Forex Brokers<<

 

MetaTrader4 available

 

The presence of MetaTrader4 has always been a good news. Probably the best known trading platform on the market, light and reliable, it features nearly 100 customizable market indicators and trading robots with the help of which one can easily run automated trading sessions. On top of that the platform comes with an excellent set of advanced charting tools, so here you may also check our list of brokers supporting the platform:

 

>>MT4 Brokers<<

 

Acceptable minimum deposit requirement

 

Kaje Forex says you can open a trading account with 250 USD and this is fine. Still, bear in mind that with some big and well known brokers like FBS and IG you will be able to start trading with just 5 USD or even less.

 

Kaje Forex Disadvantages:

 

No  license 

 

This is a major issue. Kaje Forex is said to be owned and operated by Kaje Fin Services Ltd., an offshore company based on the Marshall Islands. And unfortunately they do not have a license to provide any financial services on regulated markets like the European Union, the U.S., Australia, Japan or Canada.

 

Trading with unregulated brokers in general has always been extremely risky, as they are completely unaccountable for the way they handle your money, and quite too often are simply involved in scam. 

 

So our best advise here is to trade only with licensed brokers, authorized by an official financial regulator such as the Financial Conduct Authority in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC). 

 

And because with a FCA broker you will even get the additional protection of a client compensation fund, which basically covers your trading capital for up to 85 000 GBP, here you may check as well our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Unusual withdraw conditions and fees

 

Kaje Forex says they will charge you with “200 USD research fee” if you dare to file for a charge back with your credit card company, and this is simply absurd. See for yourself:

 

 

 

Certainly, if you feel you have been scammed you may file for a charge back with your credit card company. What is more, according to their new anti scam policy VISA and MasterCard now allow their clients to do that within 540 days. 

 

On top of that Kaje Forex reserves the right to refuse to allow you to withdraw your own funds. Bear in mind that no legit broker will ever deny you the right to withdraw your own funds. See for yourself: 

 

 

 

And finally you should know that Kaje Forex may apply certain withdraw fees, which are not specified, and which can be changed by the company on their sole discretion without a prior notice.

 

Trading bonuses

 

Kaje Forex offers trading bonuses and this is not something we like either. Trading bonuses in general are a  highly controversial practice, still offered by some offshore brokers. The problem with all trading bonuses is that they invariably come with some minimum trade volume requirement, which too often scammers use as a pretext to cancel your withdraw requests. 

 

Spreads too good to be true 

 

As tested with a demo account the benchmark EURUSD spread floated about 0,2 pips – 0,3 pips, which is basically a raw spread. Raw spreads are offered by some brokers, but always with some trading commission. Here with the Kaje Forex no trading commission was taken, so basically the demo account is not representing the real trading conditions.

 

Otherwise Kaje Forex says to be offering spreads starting form 1 pip with their Standard Account, but as we said, we can not confirm this. And besides, here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Skrill not accepted as payment method

 

Kaje Forex says  they accept payments with VISA and MasterCard, as well as bank wire transfers and bitcoins. However, they do not accept payments with popular e-wallets like Skrill, and that is worth mentioning because of the new anti scam policy of the money transfer company. According it Skrill partners only with properly regulated brokers and as we already discussed Kaje Forex is not a legit and licensed broker. In any case here you may check our list of brokers, which do accept Skrill payments:

 

>>Brokers accepting Skrill<<

 

Conclusion:

 

Kaje Forex is not a broker we can recommend. They do not have a legit forex license, and this greatly decreases their credibility. On top of that we came across some rather unusual terms and conditions in their client agreement, so our best advise is to avoid them and to deal only with properly licensed companies.

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Traders` reviews for Kaje Forex

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