Beware! Yorkpro 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.
Yorkpro is one of the many fishy websites trying to take advantage of the increased popularity of cryptocurrencies and scam people looking for easy profits. They promise their customers secure trade and anonymity, but above all they have taken care of their own anonymity. In short, you should avoid Yorkpro and under no circumstances trust them with your money.
YORKPRO REGULATION AND SAFETY OF FUNDS
Yorkpro have listed a UK contact address on their website in an attempt to suggest that they operate in one of the world’s leading financial hubs. At the same time, the text of the Terms and Conditions states that relations with customers will be subject to Estonian law.
A broker licensed to work in the United Kingdom or a member state of the European Union like Estonia has to meet a number of conditions and is subject to heavy regulation. However, the registers of the Financial Conduct Authority of the UK and the Estonian Financial Supervision Authority show that no firm with such name is licensed to carry on brokerage business in these jurisdictions.
While Yorkpro presents itself as a cryptocurrency trader, claims can be seen in various places on the site that the broker facilitates trade with “over 200 assets in financial markets”, and that “the financial products offered by the company include contracts for difference and other complex financial products”. Such inconsistencies, likely resulting from the use of ready-made templates, are unthinkable for a legitimate, regulated broker.
If you have a desire to start trading in the financial markets, you should avoid sites like Yorkpro. Instead you can do so through some of the companies that operate under the supervision of respected regulatory bodies such as Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK. As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting.
YORKPRO TRADING SOFTWARE
On the main page of the website it is stated that Yorkpro offers “intuitive, scalable platform”, which provides “everything your end-users will need to trade forex, CFDs and cryptocurrencies actively”. This text is accompanied by photos showing the logo of a different broker – FoxGroup.
After logging into the client portal, a standard webtrader platform opens with the basic charting tools and technical indicators. The platform only includes cryptocurrency charts and prices. The buy and sell feature is not active if there are no funds in the account.
Here’s what the platform looks like:
Notable is the drastic difference between the buy and sell prices for Bitcoin – around USD 1400. This spread is significantly less favourable than the market average.
YORKPRO TRADING CONDITIONS
Yorkpro offers five account types tied to investments of between USD 500 and USD 500,000. Legitimate brokers typically offer more affordable terms for beginner traders, including micro accounts with a minimum deposit of USD 100.
No key trading indicators such as leverage and spread are specified. But as already noted, it is evident from the trading platform that the prices offered are extremely disadvantageous to clients.
The Terms and Conditions state that Yorkpro offers customers welcome bonuses and other rewards. This is another signal that Yorkpro is not a legitimate broker operating in the UK or anywhere in the European Union. The FCA and EU regulators have long prohibited brokers from offering bonuses and promotions to clients.
YORKPRO DEPOSIT/WITHDRAW METHODS AND FEES
One might expect a cryptocurrency platform to accept payments in Bitcoin, but this is not the case. The only active option in the deposit menu is direct transfer from a credit card. The wire transfer option prompts you to go to the “Bitcoin exchange form,” with a link leading to the site’s homepage. The third tab in the menu directs you to purchase Bitcoin through another very dubious site, also supposedly based in Estonia – kryptonova.co.
The stated minimum withdrawal amount for wire and credit card transfers is 100 USD/GBP/EUR. These withdrawals are subject to a 50 USD/GBP/EUR fee. The deposits or withdrawals by cryptocurrencies are subject to a 0.0001 BTC fee. At the time of writing this review, this amount equates to around 6,2 USD.
Yorkpro also states that it charges 0.05% – 0.249% in rollover fees on open contracts and an additional 5% if the client is using its exchange feature.
The text of the Terms and Conditions also includes a trick, commonly used by scammers. An account that have received a bonus can only withdraw any money if it has met the minimum trading volume requirements – 30 times the bonus amount plus the deposit.
HOW DOES THE SCAM WORK
Scammers who promise easy money without any effort are nothing new, especially on the internet. But given the excitement around bitcoin and cryptocurrencies in recent years, malicious actors have run rampant more than ever, capitalizing not only on people’s desire to solve their financial woes with a magic wand, but also ignorance and misunderstanding of how blockchain and complex financial instruments actually work.
If your curiosity is stirred by one of the many flashy websites promising easy riches, and you provide your contacts, you will soon be contacted by skillful and persuasive scammers who will convince you to start with a relatively small and “risk-free” investment. If you agree to this, you will be transferred to even more skilled at convincing scammers, who will persuade you to invest even more. Any money you give to such people is money you are unlikely to get back.
Any attempt to withdraw deposits or alleged profits will be hampered by numerous and significant fees, as well as harsh and often prohibitive conditions written into the terms and conditions – such as high trading volume requirements, unexpected “taxes”, or withdrawal fees as high as 10% or even 20% of your funds.
WHAT TO DO WHEN SCAMMED
Recovering money you have given to fraudsters is difficult and often impossible. Fraudsters always want you to provide them with documents such as a copy of your ID and proof of address so that they can claim that it is a legitimate transaction, agreed voluntarily between both parties. If the transaction is made by credit or debit card, you can request a cashback and hope for the best, but transactions via wire transfer or cryptocurrencies are not refundable. It is important not to trust online offers from people who offer to recover your money in exchange for an upfront payment, because this is also a well-known scam.