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YLDFX Review - is it scam or safe?

YLDFX review - Is yldfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz YLDFX
YLDFX is an offshore broker. Your money is not safe.

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YLD FX is a forex and CFD broker that promises to provide you “with with the latest trading platform and tools to trade in a tax efficient, offshore location with maximum security and privacy.”

 

An they offer currency pairs and other CFDs with a leverage as high as 1:400 and the MetaTrader5 platform.

  

Account type Min. deposit Max. leverage Spreads
Standard Account $250 1:400 1,2 pips

 

The problem with YLD FX however is that not only they are not licensed and authorized by any official institution, as they should be if they want to target customers on regulated markets like the European Union, but also their website is virtually anonymous.

 

YLD FX Advantages:

 

Over 30 currency pairs

 

If we try to come up with any advantage about YLD FX that may be their selection of trading instruments including 33 forex pairs, some of which minor or exotic like USDZAR, USDTRY, EURSEK and EURNOK, as well as CFDs on 9 indices, oil and gold. We did not see any crypto pairs on their trading platform however, so here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as  1:400

 

Higher leverage is generally considered an advantage, an yet it should always be used with extra caution as it also implies a higher risk. Not surprisingly in recent years virtually all major regulators capped the maximum leverage allowed with forex transactions to levels well under 1:100.

 

Good looking spreads

 

As tested with a demo account the benchmark EURUSD spread floated around 1,2 pips and this looks good. Still, here you may also check our list of regulated brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader5 supported

 

And this is another piece of good news. MetaTrader5 is by all means one of the most reliable trading platforms on the market. 

 

 

It features numerous market indicators and a selection of trading bots, with the help of which you may run algorithmic trading sessions. And the platform has an excellent set of advanced charting tools as well so here you may also check our list of brokers, offering the MetaTrader5:

 

>>MT5 Brokers<<

 

Acceptable minimum deposit requirement 

 

YLD FX requires an initial deposit of 250 USD to let you start trading with them and that is in line with what most other brokers would also require. Bear in mind however that some big and well known brokers like IG and FSB will let you start trading with just 5 USD or even less.

 

YLD FX Disadvantages:

 

No license

 

It is peculiar that the only payment method accepted by YLD FX is bank wire. When we proceeded with our registration we were invited to make a deposit to an offshore bank - Boslil Bank in Saint Lucia on the behalf of YLD Educational Services LLC, which as we understand is incorporated in St. Kitts and Nevis, West Indies.

 

And basically that is all we known about the owners of the website. What is peculiar about St. Kitts and Nevis on the other hand is that under the local legislation if you want to bring a legal action against a company incorporated there, you will have to hire a local lawyer licensed in St. Kitts and Nevis and post a cash bond with the local court.

 

On top of that, attorneys in St. Kitts and Nevis are not allowed to work on contingency so you will have to visit St. Kitts and Nevis yourself and to pay for all legal services in advance.

 

Also, the local financial regulatory authority simply does not pay attention to forex and CFD brokers registered on the islands as Limited Liability Companies as is the case with YLD FX. The St. Kitts and Nevis financial regulator oversees only the banking sector.

 

So basically what we have here is a unregulated, offshore broker, which for all legal purposes is virtually anonymous. Surely you will not want to trust your funds with a broker like this as it is more or less the equivalent of trowing a bag of money out of your window on a busy street.

 

Another peculiar thing about YLD FX is that they promise a “customer deposit protection of up to 100 000 GBP”. This is supposed to mean that if by any chance your broker happens to be insolvent, your trading funds will be covered by an insurance of up to 100 000 GBP, similarly to the 85 000 GBP insurance you will get from the Financial Services Compensation Scheme if you trade with a broker regulated in the UK by the British Financial Conduct Authority (FCA).

 

 

Where the 100 000 GBP YLD FX is promising you will come form we are not told, so basically our advise is to trade only with properly regulated brokers, licensed and authorized by a well known and well respected financial watchdog like the FCA in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC). Besides here you may check our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Wire transfer – the only payment method

 

We already noted that  YLD FX accepts payments only with wire transfer and this is peculiar as most brokers accept payments with credit or debit cards like VISA and MasterCard as well as e-wallets like Skrill. And here it is worth to mention the new anti scam policy adopted by Skrill, according which the company partners only with legitly licensed brokers. As we already noted YLD FX is not a licensed broker.

 

Conclusion:

 

As we already discussed YLD FX is an anonymous website, which most probably operates as a scam, so our best advise is to stay away form such “brokers” and trade only with companies, regulated by well known institutions such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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Traders` reviews for YLDFX

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