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UK’s FCA warns of forex, CFD broker KayaFX

 UK’s Financial Conduct Authority (FCA) has published a warning against the forex and CFD broker KayaFX. As per usual, the warning is issued because KayaFX offers its services in the UK, without having the proper authorization.


According to its site, the broker is based in Tallinn, Estonia, but we could not find any regulatory information. The company owning the broker – GammaTech Services – has a license for a currency exchange from the country’s Ministry of Economy, but as far as we are aware, this does not mean the company is regulated.


KayaFX claims to be “a leading Forex broker delivering options for trading in some of the most popular liquid assets, including currency pairs, stocks, CFDs, most major financial indices, and commodities.”


We checked their Facebook page for any negative user comments, but could not find any. However, we came across client complaints on some forums and claims they are a scam. According to one user, the broker refuses to process their withdrawal request and the “account manager” is constantly pressuring him to put in more money instead. Another claimed that they deposited USD 20 000 with KayaFX and after the account sum grew to USD 30 000, the client made a withdrawal request. Instead of processing the request, KayaFX drained the account by placing around 50 fake trading orders. We also found claims that KayaFX regularly purges their FB page of negative feedback.


Generally, we always advise our readers to avoid dealing with unregulated brokers and to make proper research on the broker they chose, before opening an account and putting in any money.


TAGS: uk  fca  kayafx  warning  scam 
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