Beware! Yardoption 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.
Yardoption is a visual breath of fresh air, one that we had been dying to take. Note, however, that we are speaking of the visuals only. The content and trading conditions are a totally different story, one that we will tell through the following review. Now it’s a good time to remind readers that we have previously reviewed many brokers who left an aesthetic impression on us, but who turned out to be disastrous in every other aspect of their being. Read the review to find out all about Yardoption.
In order to sign up, a user must complete a form that took us less than 10 seconds to fill. After that we were redirected to a user dashboard, which was in fact a trading platform. There were were given a EUR/USD spread of 7.6 pips on average; i.e there is no profit to be made at all! The leverage is capped at 1:1000, which can be both very profitable and very dangerous. The assets for trading are indices, commodities, forex pairs, and stocks.
The website comes in English and Russian.
YARDOPTION REGULATION AND SAFETY OF FUNDS
The footer of the website of this broker is revealing a very worrying truth about Yardoption. Namely that it is located in Saint Vincent and the Grenadines, a country that does not issue proper FX broker regulations. Nevertheless, this has not stopped hundreds of illicit brokers to register their brands there, a procedure which is obviously very easy to do. All these firms may be registered there, but are not at all licensed in SVG.
Furthermore, there are typical clauses scattered throughout the legal provisions that aim to clarify, but fail to do so, that the user is bound by his or her local laws. This means that Yardoption is NOT REGULATED by any agency.
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.
We would like to point you to the fact that the broker can send your personal data to its affiliates and business partners. These so called partners are left unknown.
The legal previsions may, somehow, be reassigned to a third party…How this happens, and why is of no concern; all you need to know is that illicit brokers are the only ones that allow for such ludicrous things to happen.
YARDOPTION TRADING SOFTWARE
This trading software has been uncovered before by us, and we clearly remember that these previous brokers were all unregulated, and so you pretty much have an ideas to the quality of this terminal.
The only pro for this are the pending orders. Everything else is completely below average. In other words, this terminal is almost useless and a sign that the broker using it is unregulated. It does not meet the standards of the forex industry… stick to the MT4.
The margin requirements can be changed at any time without notice. Please be ware of this.
YARDOPTION DEPOSIT/WITHDRAW METHODS AND FEES
According to the funding area in the user dashboard for registered clients, the minimum deposit is $250. Users can deposit via credit cards, debit cards, wire transfer, and perfectmoney.
The withdrawal section, on the other hand, was completely unresponsive, and as a result was useless. We believe that even if we had deposited, the broker would not have allowed us to withdraw!
The withdrawals are said to appear in an account after 5 days of the request. The minimum withdrawal amount is $10. As is common with this type of broker, there are fees and commission that are as ambiguous and mysterious as they can get. The legal documents keep mentioning taxes and charges, but do not clarify on their nature or amount. The only withdrawal fee mentioned in the Terms and Conditions is $35
The client is the one who has to pay all of the company’s claims and expenses.
Withdrawals must first pass through an unspecified trading volume requirement, before getting processed. This is ridiculous, not only because it is unacceptable for a broker to have this, but also because the turnover requirement has not been disclosed.
All bonus withdrawals are open only when the client has completed a turnover of 40 times the bonus amount.
Inactive accounts are taxed a $30 dormant account commission which is applied every month if a user has been inactive for more than 5 months.
Charge-backs are frowned upon at Yardoption. In case a user proceeds with one, the company will not consider all withdrawal requests.
Yardoption hasn’t skipped out on the indemnification clause. This common amongst illegal brokers provision absolves the company of any responsibility it has towards its users.
As you can make out for yourselves, the broker is completely illegal and as such has allowed itself to do what ever it pleases, as proven by all these stupendous provisions. All this tells us that there is nothing at Yardoption that is worth your deposit! This firm will not return your investment, this we assure you!
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.