KiaKiaFx Review: Rebranding Doesn’t Hide Fraudulent Past

Formerly a Forex-related service, it turned into a cross-border payment provider, but somehow, with speculating trading involved – this firm is not fooling the regulators.

Unfortunately, the reality of this scheme is that they keep finding and deceiving new investors. Learn more about scam recovery in our KiaKiaFx review.

Forged Legal Details

Unscrupulous crypto providers without mandatory licenses, like the KiaKiaFx broker, often tend to present falsified legal information. This is done in order to manipulate their potential victims and have them believe their business is completely legit.

Whoever checks that information, however, will find that no KiaKiaFx Limited company exists at the alleged UK address, as evident from the UK Companies House register. This means that the firm that claims to be a premium UK exchange doesn’t even exist at the given address. Nigerian registration is also mentioned, but even if true, it holds no significant value, coming from an unregulated environment. 

Not Just Unregistered, but Blacklisted Too

What’s most likely the case with this suspicious firm is that it only exists online in the form of a shady crypto portal. The definitive proof of that is not just the fact that they don’t present valid registration information but the fact that they’re also blacklisted by FCA. 

Leading UK regulatory authority has declared that this entity is operating without the necessary permits and that investors are in danger of losing their funds. So the final question is: “is KiaKiaFx legit?” No, most definitely not.

Nobody Posting Reviews

We can see that something is wrong with this exchange when we consider that the kiakiafinance.com domain has been online since 2022. Namely, in the span of 3 years, nobody bothered to post any KiaKiaFx reviews about the service.

The con scheme seems to be oriented mostly towards traders from these regions:

• Ukraine
• Canada
• United Kingdom
• Australia

It is important to let your voice be heard! If you believe you’ve had your money stolen by this exchange, contact our recovery experts.

Analysing the Scam Mechanism

In an effort to avoid bad publicity, the company changed its name from KiaKiaFx to KiaKiaFinance. This is how it introduces itself on public networks now, where it pitches the usual get-rich-quick slop.

Their profiles on Facebook, Instagram, X, and LinkedIn are full of self-help videos that are supposedly trying to teach you how to become an investor. One of these videos tells you to invest the main part of your earnings rather than the disposable income. Go figure.

Of course, the scam would never gain traction without the help of boiler room agents. They operate from apps like WhatsApp to maintain their anonymity and constantly call new people and pitch their scheme.

Various Services but No Software

Some of the advertised products sold by this firm are tools that should enable clients to perform quick transfers, use a multi-privacy wallet, swap currencies, and earn, loan, and invest. We just wonder how investors are supposed to earn a profit, considering that there’s no trading terminal. Investing in cryptocurrencies demands specialized software equipped with a variety of tools and price trackers. 

The only resemblance to trading technology is a simplified web widget that supports transfers. We absolutely do not recommend linking your wallet or bank account to this suspicious terminal.

Mobile App is in the Stores

The company offers a mobile solution as well, which is available via GooglePlay and AppStore. The KiaKiaFx app is downloaded over 10,000 times from each of these platforms – with a grand total of 5 reviews. This tells us that the download numbers are heavily pumped up to make the app seem more reliable.

Deceptively Safe Signup

There are several steps you need to go through before you can register for a new account. It is mandatory that you share your personal information and contact details, confirm your email, and set a new PIN.

After validating all of this data, you can finally proceed to the user panel. There are only two account types to choose from:

• Individual
• Business

Differences between these are not stated, and judging from the same registration process, it doesn’t matter which account you choose to open. However, incomplete KYC will block you from even checking out other features.

Obscured Billing Structure

Hidden fees are something we’ve come to expect from fraudulent entities like Phemex. This group uses the same strategy as well. Nearly all information on commissions, spreads, and other fees is missing from the website. The Terms of Use document is pretty much worthless paper.

The only way to find out the fees for yourself is to pass the verification and access the KiaKiaFx trading environment. By this time, the boiler room agents have already got you in their pocket and will begin with solicitation. Since all fees are hidden, they can just make up whatever suits them and try to extort the payment.

Withdrawals Aren’t Available

This convoluted platform does not allow withdrawals in the traditional sense. Instead, payouts are handled like any other kind of transaction.

To effectuate what functions as a KiaKiaFx withdrawal, you’ll have to opt to send the money to yourself. As you may have already suspected, there is no withdrawal policy that would define what all this means. The client area is, again, pretty vague on the matter and requires verification.

Unfortunately, this again involves company agents, and by now, we’ve already established what that means. However, there is a way to withdraw your funds from this scheme, so contact our experts to learn more.

Dysfunctional Help Desk

On paper, the firm has several communication channels for help and support. In reality, though, the only viable option is email, and that remains questionable. LWEX is known for using a similar strategy.

We know this because we’ve attempted to use the live chat several times. After communicating our problem to the chatbot, it is supposed to direct us to a human operator. However, each time this happened, the program encountered the same “internet connectivity error.”

Money Stuck? Get It Back With Our Help!

This online hoax has been around long enough for the swindlers behind it to change their branding. That didn’t help them to avoid the gaze of the authorities, however, and now the service is blacklisted.

Do not trust anything the agents of this company tell you! Recovery of the lost assets is possible, but requires a tricky legal procedure. If you need help in this matter, book a free consultation with our expert team at any time.

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