Table of contents
This review of YLDFX will reveal what this broker has to offer, and answer the most important question: is it worth depositing in? Read on.
In short, no. YLDFX has absolutely no information about a regulation, not even an address to pin point its location. Our hands are tied, we must declare YLDFX UNLICENSED, and therefore a risk to any investment.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
We had difficulties with login in, because there is no actual way to register. The website gives a live quotes table, but it appears that the table does not in truth belong to them, at least that is what we think. Nevertheless, the EUR/USD spread on there is 0 pips, which is incredibly profitable for traders, but in this case, it probably is not true. The leverage is not indicated.
Since we could not log in, a trading platform was out of reach, So the trading assets are also a mystery to us.
The language that is made available here is only English.
There is a web-based MT5 platform, but without a proper way to register this metatrader was not within our grasp. Any spreads, assets, and leverage values are a mystery to us. We are never this short in this section, but YLDFX leaves us with no choice.
YLDFX MINIMUM DEPOSIT
We established the fact that there is nor registration process, which means that there is no client portal, thus no proper deposit information. However, there is a Deposit page that will cover the basic, that is if we are to believe them: the minimum deposit is $250, and the money is sent through Wire Transfer.
Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of losing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
A novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
YLDFX WITHDRAWAL TIME AND FEE
What we said for deposits can be applied to withdrawals. The only proper info we got is located in the Withdrawal Funds page, and even there the details are cut very short; the fact that there are no withdrawal fees is the only piece of info.
ADDITIONAL FEES AND TAXES
There are no additional fees mentioned in any of the Legal Documents. Don’t let this soften you up. Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. 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.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
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 chargeback 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!
YLDFX is unfinished; there is no registration process, only some contact numbers and that’s it. The website doesn't even serve the purpose that a usual website does. There is nothing for you here.
YLDFX compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines