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KayaFX Review - is it scam or safe?

KayaFX Review - Is kayafx.com scam or a safe broker?

RATING: 3 / 0 REVIEWS
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Trading Accounts

 

Account type Minimum deposit Maximum leverage Spread
Mini $250 1:100 Fixed, from 3 pips
Bronze $2500 1:100 Floating, 1.5 pips
Silver $20000 1:200 Floating, 1.2 pips
Gold $50000 1:200 Floating, 0.8 pips

 

KayaFX is a forex broker which offers multiple account types. All of them offer commission-free trading, micro tradeable lots and maximum leverage up to 1:400 (upon request).

 

A swap-free account is also available to investors of Islamic believe and it has no hidden charges.

 

The Company. Security of Funds

 

Company Country Regulation
GammaTech Services OÜ Estonia EFSA

 

The company which operates KayaFX is called GammaTech Services OÜ and is registered in Estonia. Representatives of the company have assured us that it is authorized to provide investment services in the country by the competent body, which is the Estonian Financial Supervisory Authority (EFSA).

 

Estonia is not a very popular jurisdiction for forex brokers and we could not find any specific information about licensing requirements and supervision there. Nonetheless, as Estonia is part of the European Union, MiFID (Markets in Financial Instruments Directive) regulations apply. The Directive outlines the minimum capital requirements and the mandatory segregation of client and company funds as well as other rules, which provide traders with a certain level of protection.

 

Of course, regulation in Estonia cannot be compared to the one in the United Kingdom, for instance. We all know that London is one of the most advanced financial hubs worldwide. The UK’s Financial Services Authority (FCA) applies a strict set of rules for forex brokers, pension funds, and insurance companies. Nonetheless, a broker licensed in a European country is far better than such registered offshore.

 

Trading Conditions


Minimum Initial Deposit
The minimum deposit at KayaFX is $250, which is an average amount to start with.


Average spreads & Commissions 

KayaFX offers both fixed and variable spreads. The fixed spreads start from 3 pips on EUR/USD (the most liquid currency pair), which is not very impressive. The broker’s floating spreads, however, are pretty good, averaged 1.5 pips on EUR/USD on Bronze accounts.

 
Leverage

The default leverage provided by KayaFX is 1:100, up to 1:200 on Silver and Gold accounts, which is perfectly sufficient for a trading strategy, which involves some sort of risk management. If you need leverage levels higher than that, you can request leverage level as high as 1:400.

Keep in mind, however, that higher leverage ratios allow clients to take bigger risks, which can be very dangerous, especially for beginners. Be sure to fully realize the potential for losses, involved in margin trading before losing more than you have deposited.


Trading Platforms


KayaFX provides MetaTrader4(MT4) to its clients. This is the most popular currency trading platform, which is provided by many brokers. Its most unique feature is the availability of custom add-ons, such as new technical indicators, market screeners and automated trading systems, better known as Expert Advisors. Furthermore the platform’s charting is very pleasant. Some traders keep a version of the platform running, only to use the charts, if they trade with a broker, providing a different platform.


Here is a preview of MT4, as presented by KayaFX:

 

Apart from the MT4, available as desktop, web and mobile versions, KayaFX offers its proprietary mobile trading app. It offers full a feature set – powerful trading tools with an elegant and easy-to-use interface.

 

 

Methods of Payment


KayaFX provides a lot of payment solutions. They include Bank Transfer Credit Cards and a variety of e-wallets, such as WebMoney, Skrill and Neteller.
 

Conclusion


KayaFX is an Estonian forex and CFD broker that holds a valid local license. It supports the renown MT4 platform and offers both fixed and variable spreads. Here are this broker’s strong and weak sides:
 

Pros Cons
Regulated in Estonia High fixed spreads
Competitive variable spreads Variable spreads - only on accounts with higher initial deposits
Commission-free trading  
MetaTrader4 Platform available  

 

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Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for KayaFX

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