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Yes Trading Review - is it scam or safe?

Yes Trading Review - is yestrading.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz Yes Trading
Yes Trading is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type Minimum deposit  Maximum leverage Welcome Bonus Spread
Basic $250 1:75 20% 4.4 pips
Bronze $1 000 1:75 30% N/A
Silver $5 000 1:75 50% N/A
Gold $10 000 1:75 60% N/A
Platinum $50 000 1:75 80% N/A

 

Yes Trading is a forex broker that has multiple account types, although the information on the trading conditions is rather scarce. The only benefits offered for bigger deposits seem to be higher on-deposit welcome bonuses – a marketing trick used mostly by binary options brokers. That being said, the company behind Yes Trading also operates a binary options brand, Yes Option.

 

 

Yes Trading Advantages

 

Relatively nice platform

One of the few possible benefits of choosing this broker is that its web-based platform is easy to use and has some useful features. Users can adjust the leverage, as well as sets top loss & take profit. Besides, it offers quite a lot technical analysis indicators and trend lines to help you make the best trading decision. Here is a preview of Yes Trading’s platform:

 

 

Actually, this platform bears resemblance to a binary options trading software. For example, binary options broker MaxCFD  uses a trading interface that seems very much the same.

 

Convenient payment methods

Clients of Yes Trading are able to deposit to and withdraw from their accounts via bank wire transfer, credit/debit cards, as well as various e-payment systems such as Skrill, iDEAl, and Sofort. Besides, the broker claims that all withdrawal requests to credit cards are securely processed within 48 hours, which sounds great.

 

 

Yes Trading Disadvantages

 

Registered offshore, FCA warning

Yes Trading is a brand owned and operated by Diamond Global ltd., a company registered offshore, in the Marshal Islands. Forex and binary options brokers on these sunny islands are not regulated, not monitored by any authority.

 

This means that clients of such brokers cannot trade with the ease of mind that their money and accounts are safe, as there is no regulatory oversight. Offshore brokers can basically do whatever they like with their clients’ accounts and money.

 

Another disturbing fact we have to mention regarding the legal status of Yes Trading is that UK’s Financial Conduct Authority (FCA) has issued a warning against this broker. It obviously offers financial services or products in the UK which require FCA’s authorization.

 

 

Wide spreads

After testing the platform available on Yes Trading’s website, we saw the EUR/USD spread hovering around 4.4 pips on EUR/USD (as shown in the screenshot which provided above). Considering that the average spread in the industry is around 1.0 – 1.5 pips for this pair, such cost of trading is very high.

 

 

>> Wonder what spreads top brokers are offering now? <<

 

 

MetaTrader 4 not supported 

Although the trading platform offered by Yes Trading is not bad, there is not much room for comparison with the industry leading MetaTrader4 (MT4). The latter offers much better charting, automated trading systems, customization and a whole lot more.

 

 

>> Brokers offering MT4 <<

 

 

Limited product portfolio

According to their asset index page, the broker offers wide range of FX pairs and various CFDs, including on numerous indices, commodities, stocks and ETFs. However, while testing Yes Trading’s platform, we saw only 14 currency pairs, Silver and Gold available for trade.

 

 

Conclusion

 

Yes Trading is the forex trading brand of offshore company Diamond Global ltd., which also offers binary options trading. The broker uses a web-based platform that is not bad, but still lacks many of MT4’s perks. Besides, the spreads offered by Yes Trading are very high.

 

As always, we advise our readers to avoid dealing with unregulated companies and choose reliable brokers like the ones holding a license from UK's FCA or the Australian Securities and Investment Commission.

 

 

>>A list of FCA regulated brokers<<

 

 

Pros Cons
Relatively good trading platform Not regulated, FCA warning
Convenient payment methods Wide spreads
  Limited product portfolio
  MT4 not available

 

Latest news about Yes Trading
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Traders` reviews for Yes Trading

Spread

Pros

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Slippage

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Requotes

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Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

Cons

 

 

Yes Trading and Diamond Global are fraudsters

Diamond Global operated Yes Options for several years. They had a “video game” software that appeared to show that an investor was making money. However if the investor wished to withdraw his takings he would surprisingly find his profits had been wiped out. Relentless pressure selling was the name of the game for Diamond Global. Whenever you tried to withdraw your money they would demand £5k to release your profits and promise to credit your bank account within 24 hours but it never happened.
Diamond Global are fraudsters, probably Israeli, base their company in corrupt Romania, transfer all monies received to the Maldives.
Pay a single penny into Yes Trading and you will never see it again.
Be warned! Diamond Global and Yes Trading are fraudsters

Cuthbert Calculus 09/28/2018
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