YamexBit

YamexBit is just like any other illegal broker: brash, overhyped, and ultimately unregulated. Read the review to find out more.

This company tells us that is functions under the laws of the United States. There is no way that we would ever believe this. For one, to break into the US market industry one must posses a myriad of qualities that most companies do not, even many of those that hold regulations from different agencies. The truth is that in order to be a legit broker in the US you must conform to the strictest of all rules. YamexBit does not even cover 1% of what is required; how can we expect it to fair against multimillion dollar brokers with tens of thousands of users?

It's obvious that YamexBit is unregulated and a scam; this much is clear. But what we also found out is that YamexBit is an exact copy of BomexBit, or vice versa; we don't know which one came before the other, but it's all obvious that both firms are created by the same team of fraudsters. Really, the only difference is in the name. Everything else is the exact same thing, down to the last punctuation. We don't think we have seen anything like this before, in such meticulous details.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The registration of an account proved to be impossible because the broker either could no load or it stated that our account was already created. We have no recollection of dealing with this company eve before.

We have no choice but to rely on the site. There we are told that YamexBit is a crypto-only broker that offers a leverage of 1:100 that is too high to be used by a crypto broker. The typical spread in such cases shouldn't be more than 1:5 tops. Mover, we cannot forgo to mention that the broker charges some very vague commission based on the turnover the user has made in that month of trading; actually the commission applies to how much the user has left ot trade, but there is never any reference guidelines.

YAMEXBIT LOGIN

There is nothing in terms of proof to suggest a trading software.

We had no access to a user area, so a direct access is out of the question.

While the website can promote a certain web-based terminal, but without any links to support its claims, YamexBit could have easily said it was an online zoo.

YAMEXBIT MINIMUM DEPOSIT

The only way to invest in this scam is to send money over by a crypto wallet. Once the transaction is approved the money will be lost forever; you have been warned. Crypto payments with scammers are untraceable!

There is no minimum deposit.

There is a 2.5% depositing fee for users of the Premium account, yet we cannot know how serious to take this claim. Unlicensed entitles rarely actually offer account tier; they may say so on their sites but in practice they fail to deliver.

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

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

YAMEXBIT WITHDRAW TIME AND FEES

It wasn't a shock to find out that there were close to no withdrawal details here.

We only found out that there is a withdrawal commission that the broker talks about but never gives a value of; in typvial scmamer brokerage style.

The other thing that we discover is that all withdrawal requests take up to 72 hours to process.

And that's all there is. We strongly believe that all withdrawals will be ignored. Unlicensed brokers have nothing to gain from paying back users, so they will put their entire energy into stealing your funds and nothing on actually paying their users back.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

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!

BOTTOM LINE

It was easy to reach a verdict about YamexBit. This broker is a complete risk to all and a scam. All funds here will be lost, while any personal data revealed to YamexBit will be mishandled.