Firstly, the company is not open to all traders. Generally, scam brokers lure traders from rich countries. The company claims to be registered in Bulgaria and UK. Thus, York Global Finance LTD (the owner) seems to be registered in Slovenia (8052514000).
But to provide CFD trading services throughout Europe is not easy. Companies should comply with some regulations and we will see in this Yorkbit Review if they do so.
Even though the company is registered in Slovenia, it should have a trading license for worldwide operations. In this case, we are looking into registers of the FCA, BaFin and ASIC. But also IIROC, CFTC and NFA. Disappointingly, the company is not licensed anywhere. Given that, we can’t rely on their promises because they all might be fake.
Starting with poor customer service, harassment and withdrawal issues. For the non-regulated broker, nothing more than that is expected. If you are going through the same, you can start a chargeback or refund process. Let us know if you need assistance and a step-by-step guide.
If you were wondering if is Yorkbit legit, now you have the answer. Yorkbit trading is based on volatile cryptocurrencies that have high price fluctuations on a daily basis. In combination with leverage, it can be a highly attractive offer. However, once you register through their fake adverts, the harassment starts.
Their agents will relentlessly call you whether you said no or you didn’t. For them, the options are your deposit or your changing a phone number. If you are facing similar issues with this or any other broker, contact us for more bits of advice.
Generally speaking, since 2017 the company had plenty of time to build credibility. However, they are failing hard. Traders Yokrbit scammed are mainly coming from:
Yorkbit login doesn’t reveal anything spectacular. It’s only a web-based software with limited features. None of the advanced trading tools is available. Starting with social and copy trading or Expert Advisors features.
As can be seen, Yorkbit software has limited functionalities. Another limitation is the lack of a dedicated mobile app for iOS or Android devices. For these reasons, traders generally opt for Tier 1 licensed brokers with trusted software. For example, cTrader or Meta Trader.
Surprisingly, the company opted only for one instrument class. Thus, the most popular one – cryptocurrencies. Some of the assets available are:
Considering missing regulations, the company has quite a high minimum deposit requirement. There is only one account type available with the same conditions for everyone. For that one, you have to set aside $500.
In general, a warning sign about investment scams is missing transparency. In this case, it’s missing a demo account. Whether you are a pro or a beginner, you can’t test the broker’s services and conditions with virtual funds. If many other Tier 1 licensed brokers can provide it, why can’t Yorkbit also?
The leverage of 1:10 they offer goes according to European regulations. Thus, for crypto CFD trading is riskier than usual. On top of that, the company charges a deposit and withdrawal fee of 0.0001BTC for crypto payments. But also, a 5% exchange fee and up to 0.25% rollover fees.
Even though conditions might be acceptable, the company’s bonus is not. They are using a typical scamming trick with malicious bonus clause. To complete the Yorkbit payout you need to reach a trading volume of 30x (deposit + bonus).
With missing regulations and a malicious bonus policy, most likely not. On top of that, many traders reported withdrawal issues that add up to the problem. Instead, you can apply for the Yorkbit money back procedure. Whether through local law enforcement or quicker with our specialized team.
Primarily, report to the broker if you faced any issues. Sharing your opinion on social networks and platforms like ours is the key. This way you ensure other traders see what they can expect.
However, the most important thing is to find a way to get the money out. Since many traders are using Crypto payments with this broker, CipherTrace is a potential solution to your issue. If you would like assistance on the topic, get in touch with our experts. The first consultation is free of charge.
No. Primarily because they are not licensed, but also because of BCSC warning and many negative reviews.
Yorkbit broker offers shady cryptocurrency CFD trading services without authorization for it anywhere in the world.
Withdrawal processing time with Yorkbit.com is quite mysterious because the company has malicious bonus clauses.
The key point is to talk to professionals. With our assistance, you can find the solution quickly without any obligations. Send us a message to find out more.
The post Yorkbit Review – All Irregularities About The Broker In One Place appeared first on Global Fraud Protection.