Beware! YukonForex 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.
Although YukonForex tries to hide its shady qualities, it fails significantly at this endeavor. If the quality level of the broker matches its effort to conceal its true nature, well, we can only say to our readers to buckle up, because this is going to be a review pilled with distressing revelations. It is our advice to read this review before doing anything irrational.
Upon registering, we came across a futuristic looking personal dashboard, whose visuals left an impression on us. However, YukonForex is plagued by an issue that is somewhat common amongst shady firms, and that is that none of the usual trading terms apply. Neither the spread, nor the leverage are applicable here, and to add further insult to injury, nor are the trading assets. They are virtually non existent.
The languages used to translate the website are English, Thai, Pilipino, German, Polish, Hindi, and Chinese.
YUKONFOREX REGULATION AND SAFETY OF FUNDS
We found some misleading information that might trick some people thinking something different than the truth.
YukonForex has an official Certificate of Incorporation of a Private Limited Company, that, in essence, reveals, that the firm is operable on UK soil.
Even if this certificate were legit, and all the evidence points at the fact that it actually is, it still does not make a difference. What reader and traders alike must always keep in mind is that a broker must absolutely hold a license from a regulator, otherwise their trading services are deemed risky and unworthy of both time and money.
And the fact of the matter is that YukonForex HAS NO REGULATOR BACKING IT. There are no references to one, and if there were, we still would be reaching the same verdict, because no real regulator would allow for Yukon Forex to continue to exist in the state it currently is.
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.
And furthermore, another sign that YukonForex is probably a scam are the missing legal clauses. The website is completely lacking in any legal documents, and this only lowers its score to below zero, but no one is really keeping count. To wrap things up, without legal docs we cannot verify any of the information on the website, but more importantly, there is no guarantee that YukonForex functions with a framework. Without these set of rules, the broker has the ability to do what ever it pleases.
YUKONFOREX TRADING SOFTWARE
Sadly, YukonForex is not a forex broker in the real sense of the word. This we discovered on the client area, where instead of a trading terminal, users are encouraged to invest in packages.
The snip is the only proof that we have that YukonForex offers some sort of plan for a user’s deposits. Too bad it is not near to any sort of trading software.
These packages, that we are left with, are a complete scam. Basically, the user is encouraged to deposit an amount because he or she is lied to that this deposit will accumulate a given interest. For example, the luxury plan, as seen above, promises a 42% hourly profit on a $500 deposit. Safe to say this is impossible to achieve. By following the logic of this, the broker would be financially broke in less than a day.
What kind of a broker are you if you do not come with the one true element that defines your nature? A fraud, is what.
YUKONFOREX DEPOSIT/WITHDRAW METHODS AND FEES
The user are clearly reads “deposit bitcoin”. So, not only is there no real minimum deposit (although we can say that is $1), but the only means of funding an account is through the most dangerous method of all. BTC is the most popular form of depositing in scammer brokerage firms, because it is untraceable, and so once you give away your capital, it goes to an unknown source.
Withdrawals are can be made through Bitcoin, Ethereum, and Tron, all cryptocurrencies. So, there is no real waiting time, and the minimum amount is as low as possible, although the FAQ claims that the minimum withdrawal is $10. This is all the info we have for this, and as much as we would like to, we do not trust it. In fact, we trust nothing that YukonForex puts out!
As for fees, even though there is no proof that they exist, we wouldn’t lower our guard. Illicit brokers are notorious for launching them unexpectedly.
As we already mentioned, a crucial part of YukonForex is missing, which blocks us from continuing with the usual way we do reviews around here. Without legal provisions there are no scammer provisions, but this does not means that the broker will not find ways to scam you. Even worse; the missing clauses give the broker even more power to manipulate and lie to users.
The just of this review is this: do not deposit here if you cherish your capital.
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 will 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.