youtradeFX

rod178

Well-Known Member
came across these guys at a trade show recently, was not impressed. Asked some very direct questions and they become evasive or maybe they were merely stupid. The best 'one' was when I asked for a tight spread on the Fiber (ie less than 1pip at LO). The response was,".. no problem.." provided I deposited $25K. I responded 'that seemed fair' (lol cough!)

Had to have a laugh when I read the FPA reviews

http://www.forexpeacearmy.com/public/review/www.youtradefx.com

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YouTradeFx.com Review
Overall Rating: SCAM Scam Investigation >> You Trade Fx | Forex Brokers Reviews | Forex Peace Army
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Total Reviews: 165
Last Updated: 2014-03-25
Special Notes:
SCAM CONFIRMATION
January 20, 2014, SCAM CONFIRMATION: Based on the available evidence, the FPA now considers YouTradeFx to be a SCAM. YouTradeFx is now blacklisted by the FPA.
The FPA recommends AGAINST opening an account with any branch of YouTradeFx or any company associated with it. If you have an account there, the FPA recommends that you attempt to withdraw your funds immediately.
SCAM CONFIRMATION
ATTENTION: If you are a YouTradeFx client and your withdrawal request has been ignored for more than one week, please go ahead and leave a 1 star review. Then CLICK HERE for more instructions.
Related websites include ytfx.com.au and zorotrade.com

December 2013: Currently, the only regulator for the You Trade Group is ASIC. Clients need to be registered with YouTradeFx.com.au or specifically request ASIC regulation when signing up via YouTrade.com.
March 2013: Numerous fake positive reviews detected and deleted. There was a long-term campaign to buy fake 4 and 5 star reviews from non-customers to alter YouTradeFx's overall rating. The campaign appears to have been begun by Shimon Harel, a former employee of YouTradeFx. After his departure a freelance subcontractor, named Shivam Sharma, continued to operate the program on his own. It appears that Shivam's work was not known to anyone besides Shimon. The FPA thanks YouTradeFx employees George Becker and Micheal Mimouri for assisting in gathering information and putting a stop to this unethical practice.
September 2013: The license for International Youtrade Investments MA Ltd in Mauritius has been suspended. Click Here to verify.
December 2011: The FPA is currently working with 4xangels.com to examine what the connections are and are not between YouTradeFx and the StartForex, which received an FPA Scam Finding. July 2013 UPDATE: The YouTradeFx representative working on this case never was able to provide the information needed by 4xangels. December 2013 Update: There has been significant progress towards resolving the original issue with StartForex. If this reaches a successful conclusion, any possible relationship between YouTradeFx and StartForex will be irrelevant. February 2014 Update: There has been a major step forward in resolving the original StartForex Scam Finding.
 

sqa

Village Scribe
I still have to wonder something: do people just randomly see a "new" broker and open $100k USD accounts without doing any background work? I see reviews about that type of thing and I just wonder how much is someone lying about the real amount.

But I guess PT Barnum's maxim always holds true.
 

jack

Administrator
Staff member
I would suggest extreme caution with this broker. I've heard nothing but bad things about getting money out via withdrawals. The forexpeacearmy page only captures a fraction of the total complains I've read.

Never traded with them myself. Nor do I feel the need to try for obvious reasons.
 

jack

Administrator
Staff member
sqa said:
I still have to wonder something: do people just randomly see a "new" broker and open $100k USD accounts without doing any background work? I see reviews about that type of thing and I just wonder how much is someone lying about the real amount.
Yes. :p

Actually, I think shady brokers just like targeting inexperienced (read: ZERO experience) middle-class clients.

The shady broker will try to pitch the forex market self when selling the lead on their services... meaning the large depositor is hooked on the "trillion dollar forex market", "trading is easy", and "we will teach you how to trade" instead of "this is our competitive edge vs other brokers."

Since they have little experience, they are considered safe order flow: Likely to lose, likely to blow up, likely to never process a withdrawal greater than their deposit, and thus very easy to game.

So these 'marks' get fleeced all the while they thought it was just like any other investment or trading program. Sad really.

(Again, just what I think some shady brokers aim for.. no idea if that's the case for this broker, speaking generally here. There's also the shady broker who aims for minnows/small fish, who'll attract them with low initial deposits, rebates, and deposit bonuses.. but that's another story.)
 

rod178

Well-Known Member
Jack said:
.... I think shady brokers just like targeting inexperienced (read: ZERO experience) middle-class clients......

.....also the shady broker who aims for minnows/small fish, who'll attract them with low initial deposits, rebates, and deposit bonuses.. but that's another story.)
When interviewing a potential Broker it is often worth initially pretending being very green and ask some very elementary questions. Let the rep dig himself (usually a he) a hole then progress to back fill. An honest Broker should not be in past his ankles and by then may be softened up enough to negotiate a decent spread/commission. These guys tried to tell me I would get ECN with commission on top. Initially told me that the ECN pre commission was 'only' 0.8pips on the Fiber. We then went down the "river of no return".

Jack -always good to here any 'other stories'
 

Average Joe

Well-Known Member
It was more out of curiosity that I inquired about this broker. I get put off when the big flashing marketing headlines of the more cash you start, the better spreads you get. Another Invast actually gives you a free Ipad if you chuck in $20K account size or something in that figure.

Anyway I pointed the FPA reviews to them and got the standard reply, nothing worth convincingly enough to change confidence. Yet another 24FX this one even more dodgy based in Cyprus and working on the same marketing model of the more cash balance you inflate it with, the better spread you get.

Unless I have say a starting capital of $1M in which case I would probably have to put in cash enough for multiple trades, I find it hard people will dump entire capital into one account and hope the broker do not collapse and worse just swallow the cash and move on to other jurisdiction.
 

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