Honestly, you cannot make money with a Forex broker who scams you or makes your life difficult by forcing you to adhere to their nonsensical trading conditions.
Yadix is a Forex broker who runs a PAMM system for those who want their Forex accounts managed by their so-called asset managers.
As a client of Yadix who doesn’t know how to trade FX, your job is to invest a minimum of $500 so that one of their asset managers can connect their master account with yours for purposes of copy-trading.
Besides this, Yadix caters for regular clients who would like to trade on their own instead of letting asset managers handle their portfolio on their behalf.
This Forex broker offers 4 account types with varying specifications. These include:
Classic account, scalper account, Rebate and Pro accounts.
Like every other account offered by Forex brokers, these packages come with features which vary in terms of spreads, execution, technology, maximum total trade size, margin call/stop out, bonus, withdrawal speed among other things.
This broker also appears to focus on attracting new traders via bonuses and cash back for pips traded.
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Yadix poses as the best Forex broker for every trader wanting tailor-made account packages for their needs.
Apparently, Yadix has attracted a lot of criticism for the services which they offer.
It has reached a point where those who have had a bad experience with this broker are warning others not to risk their money with this Forex broker.
Are these claims true? Can they be substantiated? Well, that’s what we will be looking at in this Yadix review.
The reason why Yadix is suffering a low trust rating is because a couple of users brought very serious complaints against them which the broker chose to ignore altogether.
Usually, when a broker ignores complaints from their customers, it means that they are less concerned with their customers’ welfare.
Secondly, it could mean that a broker is not conducting business in an ethical manner. So unless you want to go through hell on earth in the hands of such a broker, there is generally no need to do business with them.
Users say that Yadix is a very expensive broker with abnormal slippage.
The broker has been accused of charging $10 per lot, which is out of the normal.
Also, execution is said to be very slow, yet the broker claims to offer No Dealing Desk NDD execution model for all account types.
Again, this is a case where a broker says one thing and does the other. We see an element of dishonesty in their dealings.
Dozens of traders who have used them before have hinted that Yadix does not want profitable traders.
And if these accusations hold water, then we can comfortably say that this broker is a market marker as opposed to a NDD (something that they will never admit no matter what).
One particular user said that Yadix sent them an email warning them that their trading style was dangerous.
Remember, their account features highlight the fact that all trading styles are welcomed.
Now, this particular user was scalping on a news release event, and he had made a nice profit.
When Yadix saw that profits were made (and they were losing since they are typical market makers who will not accept that fact), they decided to make the account of this particular user ”read only”, meaning that he could not trade again or withdraw any money from that account.
It’s ironical because this broker claims that they welcome all traders regardless of the style they use, including those who use news release and other techniques. But the truth is that they lose when you make a profit.
Furthermore, Yadix has also been criticized for claiming that they offer negative balance protection yet they have no idea how to implement this.
The broker is extremely paranoid when they suspect that your trading style may cause your account to undergo a negative balance protection scenario, and thus they ban you from their system.
If the aforementioned accusations are anything to go by, then you should expect disaster when you use their so-called PAMM system.
First of all, we now know that this company says one thing and does another.
Secondly, even if clients bring complaints against them, action is never taken to rectify the problem.
And thirdly, they’ve been accused for having the highest minimum unit margin requirements in the industry (for certain trading instruments, not all).
Obviously those conditions never favor intraday traders, yet the managers will still call you on phone to explain that it is okay and that Yadix has ”low spreads”.
For newbies, these things don’t mean anything. However, for experienced traders, reality always catches up — which is the same fate that all clients who use this company’s services are likely to suffer.
They’ve since closed down the accounts of several clients with silly excuses that don’t add up.
They’ve been reported to forums like Forex Peace Army several times in a row, yet not even a single company representative has responded to those allegations.
This is nothing but sheer arrogance and impunity.
You expect things to go in their favor as always. A good broker will be fair to all clients regardless of whether they are trading on their own or are using master accounts from their asset managers.
If clients who trade for themselves on this platform have been frustrated to the point of losing a substantial amount of money, what makes you think that PAMM investors are considered a ”special lot”?
We are yet to come across clients who have used their PAMM system before.
But the fact that no user has come out to confess that their account managers and the trading systems they use are extremely profitable, we should probably use caution because ignoring these facts can only lead to incurring further losses.
We’d be confident of this broker if the first group of clients were treated with some form of dignity.
Now, here’s a scenario where a number of clients who trade on their own are complaining about Yadix.
Do we assume that PAMM investors will be in safe hands?
Also, from the look of things, we can’t say that it’s safer to opt for their PAMM system.
Realize that Yadix is a market maker, hence there is conflict of interest. Even if the PAMM managers were good at trading, they wouldn’t trade to profit your account. Instead, they would do it to profit themselves.
Whether you opt for their PAMM system or trade on your own, the risk of dealing with unethical people in the name of a reputable Forex broker is there.
On the other hand, a few more users say that Yadix is good — which we don’t really trust to be the case. Their views cannot be trusted because phony brokers have been known to post fake user reviews.
Avoid them like the plague. If you want good Forex brokers who don’t play monkey business with your investments, use this list instead.
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