YForex

It didn't take long for YForex to show is nails. This broker introduces itself with a below average website that seems to have been rushed. Weather or not to trust the broker with its services will be the main question here. Please read the review before doing something that you will regret.

YForex is registered in Saint Vincent and the Grenadines. That's fine by us; who are we to judge where one registered his or her own company. The issue is that this Caribbean nation does not have an FX regulator, and thus YForex is, as a result, not licensed there even if incorporated as a company. This broker is one of thousands that work in the exact same fashion. They all lack a license but are fully registered in Saint Vincent and the Grenadines.

As is common with offshore and suspicious brokers, the legal documents jump around from claim to claim never really landing on any solid ground. This makes reading them a very arduous ordeal, discouraging users early on in the process. Yet, it is in the legal docs that the broker best tries to avoid the question of being unregulated. And so, the question is successfully evaded, and certain users will think YForex to be legit. But the truth is exactly the opposite.

YForex is not legitimate and as such can be considered an FX scam and a risk to all investments.

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).

After an easy registration, we were met with a user area that actually looked decent. We were even able to access a web trader.

There we discovered that the EUR/USD cost of trade is 1.2 pips, a great value for your money (if the broker were to be regulated). The available tradeable financial assets were forex currency pairs, indices, and commodities. The typical offshore brokerage leverage of 1:500 was used by YForex.

YFOREX LOGIN

By far the best addition to the broker is the web trader which proved to be a very stable and solid experience. Even though we have seen it before used by scammers, this software is decent enough for us to recommend it to novice user. Of course, the platform should not be used with this broker, but any other that is proven to be legit.

We have some basic features like stop-loss, take-profit, pending orders, chart customization, chart tools, live news, and live calendar that show beginner traders the ropes.

YFOREX MINIMUM DEPOSIT

Depositing in any unregulated broker is foolish, for they will stela your money without hesitation.

In the payment area of the client portal, users can chose between an offline payment or an online one. The online type was, for some reason, blocked and so we chose the offline. There. we were asked to enter a value for investing – we entered $1 – and then we were told that our application for the payment has been registered in the system. And that was that- no payment methods, no minimum deposits. Honestly, we are as dumbfounded as you.

According to the site, there is no minimum deposit requirement for the regular account type.

No further details exist pertaining to depositing conditions.

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.

YFOREX WITHDRAW TIME AND FEES

All withdrawal requests will be denied, all funds will be lost.

The withdrawal area reveals even less than the depositing one, which is, honestly, not that big of a surprise.

Actually, the website holds no withdrawal details whatsoever, leaving us completely dry.

The lack of these details may be seen as the final reason why not to trust YForex.

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

This is a scammer broker if we ever saw one. All investments will be lost, and the user will most probably have a very hard time getting them back, if possible at all!