Recently signed up to a broker, wanted your thoughts...

[bahi]

Hi everyone,

I recently signed up with KayaFX and, after reading some pretty negative things online, I signed up to this forum to get some (hopefully) more trustworthy answers as I don't know what to believe. So far, they seem fine. The person I spoke to on the phone said not to believe the negative reviews online (which is why I began searching them out!).

Any experience with them?

Thanks

 

[bahi]

Also, invested a modest $250, and am making moderate profits. How much should I can I expect to make per month? What's the average for a good broker? Thanks again

 

[Enivid]

Why choose an obscure unregulated broker when there are hundreds of properly licensed reputable companies?

 

[bahi]

Hi Enivid, what body regulates Forex? Is there an official license to look for when finding a company? And if a company isn't licensed, does that automatically spell bad news? So far it's been okay with Kaya... but I'm not familiar with regulations and licenses.

 

[bahi]

Anyone else here have experience with Kaya? Or a good / bad experience with an unregulated broker?

 

[bahi]

Just keeping this thread alive hoping to hear some feedback...

 

[bahi]

Btw, still making modest profits. Not always steady / stable, but overall profitable

 

[JohnyIve]

Why choose an obscure unregulated broker when there are hundreds of properly licensed reputable companies?

Because it's hidden advertising.

 

[bahi]

Someone finally replied 😀 but I don't understand the answer 🙁

 

[bahi]

Johny, what sites would you recommend?

 

[bahi]

I could withdraw my funds from Kaya, though I'm hesitant as I'm still in the green currently...

 

[JohnyIve]

I could withdraw my funds from Kaya, though I'm hesitant as I'm still in the green currently...

I recommend you to check the list of best REGULATED brokers in your country and choose one of them 🙂 It will be the best decision for you and your funds.

 

[Enivid]

Hi Enivid, what body regulates Forex? Is there an official license to look for when finding a company? And if a company isn't licensed, does that automatically spell bad news? So far it's been okay with Kaya... but I'm not familiar with regulations and licenses.

It depends on which country you or your brokers are based in. You seem to be from Israel, so the proper authority for that would be Israel Securities Authority. You can read more about regulation of Forex trading in different jurisdictions in this blog post.http://www.isa.gov.il

If the company isn't licensed, you are increasing your counterparty risks. The company may go bankrupt, turn out to be a scam, and so on. If the company is unregulated, the likelihood of such an event is higher and you do not get any sort of compensation.

 

[bahi]

I recommend you to check the list of best REGULATED brokers in your country and choose one of them 🙂 It will be the best decision for you and your funds.

Thanks for the advice! But based on the link Enivid provided there are only 6 regulated providers, and one of them was given a warning by the ISA...

 

[bahi]

I recommend you to check the list of best REGULATED brokers in your country and choose one of them 🙂 It will be the best decision for you and your funds.

Plus, based on what I see with the ISA, they don't give regulatory approval to ANY binary options brokers... It's actually a big story here now that they're cracking down hard on binary options companies.

 

[bahi]

Plus, based on what I see with the ISA, they don't give regulatory approval to ANY binary options brokers... It's actually a big story here now that they're cracking down hard on binary options companies.

Or cryptocurrencies 🙂 Kaya is really marketing their cryptocurrencies, debating whether to try it out or not...

 

[bahi]

It depends on which country you or your brokers are based in. You seem to be from Israel, so the proper authority for that would be Israel Securities Authority. You can read more about regulation of Forex trading in different jurisdictions in this blog post.

If the company isn't licensed, you are increasing your counterparty risks. The company may go bankrupt, turn out to be a scam, and so on. If the company is unregulated, the likelihood of such an event is higher and you do not get any sort of compensation.

Thanks for the thorough post Enivid! Much appreciated. So I looked at the site and the ISA only gave approval to 6 brokers (and gave a warning to 1 of them it seems). And it seems like the brokers it gave approval to are all locally based. So if my broker is based overseas, wouldn't that automatically make the chances of them being regulated by the ISA minimal? Does that limit me to Israeli companies? I've found that Israeli companies are the worst when it comes to customer service, that's why I look abroad as much as I can for all my purchasing / investing.

 

[bahi]

It depends on which country you or your brokers are based in. You seem to be from Israel, so the proper authority for that would be Israel Securities Authority. You can read more about regulation of Forex trading in different jurisdictions in this blog post.

If the company isn't licensed, you are increasing your counterparty risks. The company may go bankrupt, turn out to be a scam, and so on. If the company is unregulated, the likelihood of such an event is higher and you do not get any sort of compensation.

Plus as I mentioned in my reply to Johnny, they haven't given regulation to any Binary Options brokers or Cryptocurrency brokers. They're actually very hard on both here, so it automatically puts tons of companies out of the running (unfairly I think).

 

[bahi]

Btw, thank you both for your replies! Who do you guys use to trade?

 

[bahi]

And what do you guys trade just out of curiosity? 🙂 FX, Binary Options, Crypto, Indexes, etc. etc.?