Beware! Yazhimarket 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.
Another impressive website owned by another broker that seems to have everything yet hides a secret that may change your entire opinion of it. Shady brokers have come a long way, and they are steadily becoming experts at concealing their true natures. Unfortunately, Yazhimarket is an example of these brokers. Read the review before investing!
Yazhimarket’s registration process was a drag even if simple, yet the resulting dashboard was actually quite unique in both appearance and interface.
We could not open a live account with the platform, for the reason that the company required a $50 minimum deposit to open it. We rarely encounter such a restriction with trading platforms. However, we did open a demo account.
The MT5 we opened gave us a EUR/USD cost of trade is 3 pips. The most common spread is between 1.5 pips and 2 pips. Anything above that is considered unfavorable. 3 pips is just unacceptable. The leverage is capped at 1:400. Trading instruments are only forex pairs. This is surprising even for a shady broker.
Yazhimarket comes in English exclusively.
YAZHIMARKET REGULATION AND SAFETY OF FUNDS
The footer confirmed our suspicions: the broker is located in Saint Vincent and the Grenadines, a country that is most associated with illicit forex brokerage firms.
The main issue with Saint Vincent and the Grenadines is its missing FX regulator. It had a financial regulator, which is not the same as a forex one. Without this entity, the country cannot give away licenses to brokers. Thus all those firms claiming to be regulated in the Caribbean Island nation are in fact not. Furthermore, Yazhimarket can be perfectly located in the country, yet it is not regulated there.
It seems that the broker thinks that a registration in St. Vincent and the Grenadines is enough, seeing that there is no further regulatory details anywhere on the website. Thus, Yazhimarket is NOT LICENSED, therefore making it a risk to all investments
There is only one thing left to do! All user who are interested in trading Forex or CFD, are urged to do so only with the real regulators of the industry. Some of the most renowned and secure are the FCA and CySEC. These regulators act upon a set of rules that have been put into a legal framework with the local governments, and that is why users should trade only with brokers regulated by them; once a broker is granted a license from one of these watchdogs, they immediately adapt these legal frameworks as their own rules of conduct. What’s more is that the FCA and CySEC make it is obligatory for all brokers under their gaze to participate in financial compensation schemes; 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
Besides, the legal documents are on the short side, and by that, we mean that they include only the basic of details. This is definitely another sign that the company has not taken things seriously. Usually all legitimate brkers are expected to come with extensive legal documents that cover (or attempt) all scenarios concerning the relationship between user and broker. Short and quick docs means that Yazhimarket does not carefor this relationship.
YAZHIMARKET DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit amount is questionable, as demonstrated in the snip below. When we tried to gather this detail from the deposit gateway in the dashboard area, a message popped up telling us that our daily limit has been met. However, the $50 prerequisite for opening a live account with the platform might be it (as mentioned in the intro of the review).
By this, they are sending us very ambiguous messages. We don’t know if to think that the processes broke, or that we are deemed unfit for depositing (because obviously, we are not investors). This suggests that Yazhimarket is one of those that picks its user based on how likely they are to deposit.
Nevertheless, we did find the funding methods: VISA and MasterCard. However, users can also deposit via a huge array of cryptocurrencies. But the website also gives us completely different payment methods, so readers should not trust any of the info on it.
The withdrawal process is blocked behind ID documents. Thus we have to look to the website for these details.
As always, the only real true source of payment info, when it comes down to unregulated brokers, is the user area. With that said, for the purpose of the review, we will consider the withdrawal info as indicated on the website: The minimum withdrawal amount is $100, and all requests are processed within 1 day. Also, there are no fees; we do not believe this and urge all readers to be on their guard.
Yazhimarket is not worth it. It will never return your funds back, and will find smart ways to take moрe from you! Do not invent here!
How does the scam work?
Scammers have been known to use the same type of scammer structure, with just different hues and approaches. With that said, the way the scam works is actually incredibly easy to grasp, and once yo know how it works, yo will always be able to detect it.
The first step to being scammed, if we can express ourselves so, is to be lured in by an ad online. These are found all over the internet, but especially on social media websites. Illicit FX firms advertise false promises and fake trading conditions. Internet users that are tempted by these will either be redirected to a so-called robo-scam website or straight to the unlicensed entity. These websites will require you to register with an email or a phone number, and once you provide these details, you will start getting contacted by reps of these scammer firms. These reps require a minimum deposit from users, and will probably achieve to convince you because they are charismatic and confident in what they do.
However, they are no match for the expert scammer, whose goal is to talk you into making more deposits, and in the end will tell you that you cannot withdraw your funds for a number of reasons that will sound suspicious. In the end, what matters is that the client will not be able to withdraw his or her money back.
What to do if scammed?
The only thing to do in that case is to file for a chargeback with your credit card provider. VISA and MasterCard have extended their chargeback time span to 540 days, so good news for those that at have deposited by either of these methods.
If you have deposited via bank transfer, be sure to block the account or change the password. Or you could contact your bank and see what they can do.
Never deposit funds using crypto methods into an unregulated broker. These methods are untraceable, and there is no way to get you money back.
Last but not least, do not trust the so called recovery agencies, who are nothing more than fraudsters in disguise. If you get scammed, you might get contacted by someone claiming t be a recovery agent who is willing t fight for you money back, in exchange for a small hiring fee. Once you pay them the fee, they will disappear.