Beware! YSI FX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
YSI FX is an alleged Australian broker. The leverage for the Standard/Classic Account is capped at 1:200, while Advanced account holders are given a maximum leverage of 1:500. The minimum spread is revealed to be 1 pip for major assets. By now you might have guessed we did not open an account, because we did not trust the company with our information.
YSI FX REGULATION AND SAFETY OF FUNDS
The claim that YSI FX is an Australian broker goes as far as the footer, with no further info in any of the legal documents, for there is actually no Terms and Conditions! In Australia ASIC is the official and only regulator of brokers. As all license issuers, so does ASIC have an official online database of legitimised brokers. The list did not have YSI FX in it, meaning that this broker is in fact UNREGULATED.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
YSI FX TRADING SOFTWARE
The broker offers the MT4 as it only platform, and is actually accessible; we were able to download it, but without a registration we were not given log in credentials.
The MT4 is abundant in trading options that accommodate all of the trader’s needs: Expert Advisors, one click trading, multiple order types, superior chart management and customizable trading indicators (and many more). The platform also allows for VPS’s, letting the auto trading bots to trade without worrying that their job will be interrupted.
YSI FX DEPOSIT/WITHDRAWAL METHODS AND FEES
Believe us when we say that this broker has no deposit or withdrawal information revealed anywhere. We assume that a user must be registered in order to get any details, however this is vital information that is necessary for any user. Not having it included it another thumbs down for YSI FX.
We strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.