Beware! YieldGeeks 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.
YieldGeeks could pass as a legitimate broker only in their wildest dreams. It is more than clear that this broker is unlicensed – despite claiming otherwise – and an obvious scam scheme. In reality, they have nothing to offer you since you would not be able to trade with them – the lack of trading software showed us that much. Such sketchy brokers are a dime a dozen these days and the best decision is to ignore them – they are just hoping someone would be trusting enough to consider their offer and deposit so they could rob them.
YieldGeeks REGULATION AND SAFETY OF FUNDS
YieldGeeks provide an address in the US but does not claim to be regulated by the two US financial authorities – the NFA and the CFTC. They do, however, state that they are regulated by the FCA (the UK), KNF (Poland) and CMB (Turkey). When we checked the FCA register for a broker with that name, we got zero matches.
The broker clearly more than ready to lie about its regulations but that is not even the problem. Without a license by the NFA and the CFTC could not be offering services from the US at all – these are probably the strictest authorities responsible for regulating forex brokers in the world. The minimum capital requirement in the US is huge even compared to the sum brokers in the UK and the EU are asked to maintain in order to prove their financial stability – $20 million versus just €730 000. US brokers are obligated to report opened and closed trades on daily basis to ensure transparency and prevent scams. Hedging is currently not allowed and there is a restriction on the leverage retail clients could get access to – 1:50 for forex majors and even lower on other assets. Additionally, no broker that is not regulated in the US is allowed to accept clients from the country. Because of all of these rules and restrictions, there are very few US brokers still in business and as you could probably guess, all of them are huge and established. YieldGeeks is definitely not one of them.
Working with a licensed broker – be it in the US, the UK, the EU or Australia – ensures that you would be treated fairly and in accordance with many laws. Clients of such brokers are protected because regulated companies have to answer to reputable financial authorities. Scammers on the other hand are free to do whatever they want, answer to nobody and can handle your deposits in any way they please.
YieldGeeks TRADING SOFTWARE
This broker did not have anything even resembling a trading platform – when we logged in to the client area, we got a simple TradingView chart that just tracks the market. And not even any market – it seems that the only assets supposedly available for trading with YieldGeeks were different cryptocurrencies.
In cases when a broker does not provide some sort of functional trading software, there is virtually no reason for you to open an account with them – they have nothing to offer you. The very reason for opening an account with a broker is to trade – and you would not be able to do that with YieldGeeks.
Better choose a broker that offers a solid trading platform like MetaTrader 4 or MetaTrader 5 – these are, without a shadow of a doubt, the two best platforms currently available. This software is quite intuitive and makes trading easy with its one-click trading options. Both platforms offer a variety of features like Expert Advisors, a market for trading app and add-ons, and the ability to set up signals or subscribe to those set by other people.
There are more than enough legitimate brokers offering one or both platforms so try opening a demo or a live account with them instead of dealing with scammers.
YieldGeeks TRADING CONDITIONS
YieldGeeks provided us with brief Terms and Conditions that did not contain any essential information. Furthermore, without a functioning trading platform, it is pretty pointless to even mention terms like leverage or spreads – as we established, you would not be able to trade with this broker.
YieldGeeks was also not very pretensions when it comes to the amount of money they would require to open an account for you – the broker accepted deposits as little as $1. This leads us to believe YieldGeeks would just take any money you are willing to invest – beggars cannot be choosers and this broker was not insolent enough to suggest how much money they would want to steal from you. Ignore such laughable scam schemes – opening an account with a legitimate broker is cheaper than ever these days, many brokers would ask for somewhere between $1 and $100.
YieldGeeks DEPOSIT/WITHDRAWAL METHODS AND FEES
The broker offered two options for depositing or withdrawing money – card or Bitcoin. It soon turned out, however, that paying with a card is not possible which left us no choice but to deposit money directly to YieldGeeks’ Bitcoin wallet. This is a huge red flag – crypto transactions are irreversible which would make it impossible for you to get a chargeback unless the scammers decide to grant you one. There are a lot of legitimate brokers that have started accepting payments in crypto – but they always leave you the choice of depositing in a different way. Depositing with credit or debit card is usually safest – since you would be able to reverse your transaction within 540 days.
HOW DOES THE SCAM WORK?
The weird thing is that such scams are never very imaginative but they seem to trick a lot of people – you see an ad on the Internet for a broker’s website and decide to check their website out. Then you start thinking to yourself “Man, that actually sounds great, I should maybe register an account to find out what they have to offer.”
Once the scammers have received your contact details, they won’t leave you alone before you deposit – and with time, they will start asking for bigger and bigger sums. You will probably see that you have turned unbelievable profit in no time so you will keep transferring money – just know that it is fairly easy for platforms to be manipulated. At some point of course, you would want to withdraw and this is where it gets complicated. All sorts of clauses in the Terms and Conditions and additional fees will show up – the scammers will try to delay your withdrawal and milk you as much as possible. By the time you figure out something is wrong, your “broker” will be long gone – with your money.
WHAT TO DO IF SCAMMED?
Be prepared that happy endings are not very likely and the chances of you seeing your money again are not big. That is why prevention is key – you should always read Terms and Conditions carefully and make sure that your broker is legitimate by checking if they are actually licensed.
If you got scammed, there are still things you could do. Notify the authorities in your country and share your story with as many people as possible – this way, they would know to avoid such types of scams. Change all passwords that you gave the scammers access to. If you have deposited with a credit or debit card, ask your card provider for assistance – you could get a chargeback within 540 days with both Visa and MasterCard. Bank transfers are a bit harder to reverse but that is still not impossible.
Finally, don’t trust anyone trying to pass as a recovery agent and offering to retrieve your money for a small fee – this is just another type of scam, usually conducted by the same people that robbed you in the first place.