GUILTY Case# 2018-159 | Destiny'sChild vs Kayafx.com

[Anatoly M]

Bastards guilty!!!!

 

[mcintosh49]

Guilty indeed, I have had problems too.

 

[abdienzain4115]

Guilty

 

[syntaxfx]

Hi, my comments are for both AsstModerator and Destiny'sChild.
I'm not a lawyer, but I can (usually) read legalese.
When I read through the Terms and Conditions, I could see a couple of red flags:

e. We reserve the right to close or suspend your Account at any time in accordance with the terms of this Agreement.
f. Acknowledge explicitly that KayaFX has the right to change the amount of margin that is allowable per any trading due to market volatility, without prior notice.​

To make it all even harder, the quality of the English grammar is poor (possibly deliberately?) so there's a danger of mis-interpretation by a potential client.

It says the laws of Estonia apply. Perhaps someone else can confirm whether Estonia is in the EU?? If it is, the EU regulations apply to CFD "brokers". In that case, Destiny'sChild, you could try the legal route.

To me, the whole site looks questionable.

 

[Destiny'sChild]

Thank you for your comment.

 

[petersurrey]

Thank you for your comment.

GUILTY!

Classic Ponzi scheme and can't believe they still have a website up and running and noticeably no FCA cover or any other form of regulation. So sorry to hear of your loss and there are many red flags here:

1)I ALWAYS state no phone calls when signing up with a new broker - email only and then you have an audit trail. It is likely they created a fictitious trade record which never actually existed (easy to to do once you have a MT4 licence).

2) Strangely the parent company of Kayafx appear to have nothing to do with the financial world - another red flag if indeed it actually exists:

ALPHATEC (UK) LTD
MAZARS HOUSE GELDERD ROAD, LEEDS LS27 7JN, United Kingdom
Manufacturing and Agriculture

3) Ponzi schemes ALWAYS ask for more funds - the fictitious trade record makes this very difficult to refuse.

4) As already mentioned the lack of FCA /any regulation makes this a huge risk.

5) A quick google search and the only place this rogue trader is mentioned appears to be on FPA - always research something that is' too good to be true' - most will have a LinkedIn/FB etc profile if they are any good.

Next step - lawyers to see if anything can be retrieved.

Good luck!

 

[Dragonslipper]

You don't say if these scam artists are regulated anywhere ... if they are, then I suggest you also file a complaint with that regulatory body. These are simply thieves and depending on the country their head office is in, I would try to file a criminal charge against them. Trying to find a lawyer that would actually go after them can be hard as well and there are many ready to take your money and do nothing so if you do get a lawyer .. check that lawyer out with the Bar Association of that country. Are there any complaints against that lawyer? How long has that lawyer been licensed? etc. Good luck, I hope you are able to get some money back and do them some damage.

 

[Dragonslipper]

You don't say if these scam artists are regulated anywhere ... if they are, then I suggest you also file a complaint with that regulatory body. These are simply thieves and depending on the country their head office is in, I would try to file a criminal charge against them. Trying to find a lawyer that would actually go after them can be hard as well and there are many ready to take your money and do nothing so if you do get a lawyer .. check that lawyer out with the Bar Association of that country. Are there any complaints against that lawyer? How long has that lawyer been licensed? etc. Good luck, I hope you are able to get some money back and do them some damage.

I apologize I did not see Syntax's comment where he names Estonia as the country this broker is in.

 

[Dermolikesprofit]

Sorry to hear about your treatment by these scammers, Your story is the exact same story as all others I have been reading about for the last ten years, it is the same method that these scammers use under different names and new fake company/names over and over again.
You may have already have done a search on Google for other reviews but here are some links I found on first page I opened
https://brokerdispute.com/kayafx-review/

https://brokerdispute.com/#how-it-work, The first time I have seen this site but it seems that they help in cases like yours, have a read through the website and see if they can be of any help.

https://www.payback-ltd.com/retrieval/ This is another site, again this is the first time that I have come across these kind of services being advertised on-line so be very careful, you cannot trust anyone or any service on the net now days or at any time to be realistic, do some due diligence before handing over a cent to anyone you cannot meet in person, the Internet is infested with scammers of all sorts

https://www.leaprate.com/financial-services/rules-and-regulation/fca-warns-against-kayafx-firm/

https://scambroker.com/kayafx/

https://ie.trustpilot.com/review/kayafx.com On this site I see that some people claim to have gotten back their money with the help of a certain Marcfinley that seems to be posted in the reviews, but to me something seems a bit fishy the way he seems to be advertising his email address within the trustpilot reviews, tread carefully here, may be legitimate but who knows.

Hope you have success with the return of your funds,

P.S. When you had so much money to deposit I cannot understand why you would go down the unregulated binaryoption/cfd/forex route and not a regulated USA based Futures/commodities/Options CTA (commodities trading adviser) investment firm, but I hope you understand that all investments carry substantial risk, there is no guarantees of return in this business.

 

[Destiny'sChild]

GUILTY!

Classic Ponzi scheme and can't believe they still have a website up and running and noticeably no FCA cover or any other form of regulation. So sorry to hear of your loss and there are many red flags here:

1)I ALWAYS state no phone calls when signing up with a new broker - email only and then you have an audit trail. It is likely they created a fictitious trade record which never actually existed (easy to to do once you have a MT4 licence).

2) Strangely the parent company of Kayafx appear to have nothing to do with the financial world - another red flag if indeed it actually exists:

ALPHATEC (UK) LTD
MAZARS HOUSE GELDERD ROAD, LEEDS LS27 7JN, United Kingdom
Manufacturing and Agriculture

3) Ponzi schemes ALWAYS ask for more funds - the fictitious trade record makes this very difficult to refuse.

4) As already mentioned the lack of FCA /any regulation makes this a huge risk.

5) A quick google search and the only place this rogue trader is mentioned appears to be on FPA - always research something that is' too good to be true' - most will have a LinkedIn/FB etc profile if they are any good.

Next step - lawyers to see if anything can be retrieved.

Good luck!

Here some more details about AlphaTec with the address of its 2 officers which is more likely the company's address than at Mazars House which seems to be a mailboxaddress.