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YSI FX (Ysifx.com) is a broker with a high minimum deposit of $1,000. YSIFX is claiming to help traders focus on financial technology innovation. They claim to offer direct market access with copy trading also available on their platform. What the broker fails to mention is the withdrawal procedure. None of the members have been able to withdraw funds from this platform. And this is why we must expose the broker. Read this detailed YSI Fx Review for more information.
According to the about us page, YSI FX is claiming to be an experienced active management company. They claim to offer trading accounts with excellent conditions and features. All these would be great if only the broker had a solid online reputation. Members get an opportunity to trade with Micro and standard lots according to the platform. The real problem with this broker is lack of a valid license certification. It is best to trade with Credible Brokers who offer safe and secure trading conditions.
Not much is posted on the broker’s trading background. No one knows whether the platform is operated by a group of company or individuals. And this is where the broker comes off as suspicious. They claim to be located in Australia and yet. Australian officials have never heard of the platform. Investors and traders from the region also fail to recognize the broker. And this is a sign of worse things to come. The review will highlight the main disadvantage of trading with YSIFX.
Disclaimer at the footer of their homepage reveals the broker offers CFDs, Forex, and Spot metals. CFDs listed on the CFD’s page include energy, commodities, and individual shares. The platform is unclear on the trading conditions available on these assets. Forex trading features on the website include competitive spreads and Full STP conditions. The broker promises instantaneous order execution with no restrictions or swaps. YSI FX is only offering major currency pairs on their platform.
Competitive spreads are available on spot metals according to the broker. The leverage quoted on spot metals is 1:200 which is favorable to newbie traders. Some of the currency pairing on the platform includes XAGEUR, XAGUSD, XAUEUR, and XAUUSD. The broker is unclear on the spreads available on the spot metals. These are the listed trading assets found on YSIFX. The broker is not clear on whether traders can create a custom tailored account solution. It is best if a broker offers members a custom made tailored account solution to match member’s needs.
YSI FX is unclear on who actually operates and runs the affairs of the platform. They fail to inform traders on who actually is the real person behind the platform. A classic example is who the founding or staff members actually are. These brokers who fail to mention the people behind their platform are likely to be scam brokers. It is suspected YSI FX is not actually based in Australia as they claim. They are simply posting the name Australia to target investors from the Asia-Pacific region.
The trusted domain register whois.net is clear on when the website was actually created. Records show YSI FX is a website which has over four years on the web. The website was created on 18th July 2016. Why the broker has failed to get a valid trading license for over four years is suspicious. They have been offering unlicensed trading activities for over four years. And this is why it is best to check on domain registers. They help reveal more about the broker’s online reputation.
YSI FX IS NOT LICENSED OR REGISTERED to offer any trading conditions to anyone. They fail to offer members any trading license or registration certificates. A true and legit broker will post copies of their license for all to see. With the broker claiming to be located in Australia, we checked with regulatory body in the region. The regulator, Australian Securities and Investment Commission has no broker licensed under this name. And this is a clear indication of the ruthlessness of this broker.
An unregulated online trading platform is bad news as they don’t insure funds. Regulators stipulate brokers must insure funds deposited by members. Without a valid trading license, traders who have deposited funds with the broker risk losing it all. The broker does not participate in a compensatory scheme which is proof of their lack of license. Traders should realize no one will be able to recover funds from an anonymous online broker.
YSI FX is furnishing members with four account plans to choose from. Accounts listed include Classic, Advanced, Professional, and Company. What immediately caught our eyes was the high minimum acceptable deposit. The basic account which is the classic account goes for $1,000. And this is a huge problem as the broker is openly stealing from traders. The industry has set $250 as the acceptable minimum deposit to start trading. And this is another reason to stay away from the platform.
The platform is also offering account managers with each account type. YSI FX is furnishing traders with call agents who act as account managers. They constantly call members are demand more deposits. And this is why it is best to stay away from the platform. These are unscrupulous brokers will do anything to get investors to deposit funds.
According to their contact page, YSIFX is using a message chat box for communication. They have not listed any phone number which is another concrete evidence against the broker. Scam brokers don’t want to be tracked down by authorities and victims. Without a phone number, members don’t have a direct connection to the broker. The live chat claim on the contact page is false. These are clearly offshore brokers who have nothing else to do than steal from investors.
These claims include having over 13 billion open positions. Other claims listed on their homepage include having over 56 thousand active traders and 2.6 trillion traded value. Such brokers will post just about anything to try and sell their online reputation. If the broker has over 56,000 traders, it would be one of Australia’s biggest brokers.
On their transaction page, the broker is unclear on the type of depository channels available. Members claim to have opened an account and an email sent with depository instructions. The email contains a bank account number where members are to deposit. They are promised the deposited funds will reflect on their account. These are false claims as most new members don’t get the notification on their accounts. Withdrawing funds has also been a problem which is a concern for members.
YSI FX is claiming to use MT4 trading platform. The broker is also using a custom built web platform where newbies are asked to use. A problem with custom built web platforms is lack of proper security structure. Their web platform lacks DDoS protection and SSL encryption which is required for safety. Hackers can easily take over the platform and steal personal data such as credit card information.
With the number of complaints increasing by the day, funds are far from safe with this broker. YSIFX is not segregating funds as dictated by trading regulations. The broker is in fact pooling funds in one account which is against trading regulations. These are scam brokers who have nothing else to do than steal from investors. Stay away from a broker who is unavailable when needed and does not segregate funds. They are most likely planning to shut down soon.
Evidence is clearly showing YSI FX is a scam which must be exposed at all costs. These are scam artist who have nothing else to do than steal from online investors.
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