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CoinYards is an alleged broker that claims to be registered in the UK, while providing us a contact office in Switzerland leaving us slightly confused, but not for too long. Read the review to find out all there is to know.
First of all CoinYards claims to be located in Switzerland, where every broker must hold a banking license from FINMA in order to provide legitimate Forex and CFDs trading. To become eligible for such a license, would be brokers have to hold a capital of at least 20 million CHF. Furthermore, Swiss brokers must sign the Swiss Banks and Securities Dealers Agreement in order to continue with their application for a legitimate regulation. This agreement protects all customers against brokers’ insolvency of up to 100 000 CHF. For these reasons, and many more, there are only a handful of legitimately operating brokers in Switzerland, of which CoinYards is definitely NOT one of them.
Next, the broker claims to be registered in the UK. Readers should know that in order to function legally in the UK as a broker, it must have an FCA license, otherwise it's services are not regulated. We checked the official FCA website for a regulation for CoinYards, and found no license.
Therefore CoinYards is UNREGULATED, and is a risk to all investments. Furthering this is the lack of legal documents meaning that there are nor guaranteed users' rights.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimised clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
Even though we successfully registered, the trader's area did nothing to impress. On the contrary, it solidified this broker as illicit even more. Long story short, there is no trading platform meaning that there are no trading conditions. Clearly this broker has something else going on. We will see what this is in the next section.
However, on multiple occasions it is reveals that there are only three assets: bitcoin, ethereum, litecoin,
The website is available in English and Russian.
It turns out that CoinYards is one of those companies that offer a return percentage on each deposit. When we say “offers” we of course refer to false promises. Users will choose between a number of different plans, each plan requiring a minimum deposit; the higher the minimum deposit the higher the return rate, or profit. This type of deposit-to-profit schemes is just that; a scheme.
COINYARDS MINIMUM DEPOSIT
Users can deposit via VoguePay (disguised as VISA and MasterCard), bitcoin, ethereum, and litecoin.
The minimum deposit as per the traders area was not possible to get a hold of. For some reason the credit/debit card option was unavailable, while the crypto payment methods just gives s a blockhain address.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
COINYARDS WITHDRAWAL TIME AND FEE
The withdrawal section is exactly the same as the depositing one, down to the last detail. It even does not say “withdrawal”where it should be, but just”make payment”, which means that users will probably not be able to withdrawal. Furthermore, seeing that there are no legal documents to speak of, users should expect all sorts of incoming fees.
ADDITIONAL FEES AND TAXES
Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
The end point to make here is that to deposit at CoinYards is to throw away your money. That's that.
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