Unmasking Yorker FX: False Trades, Frozen Funds, and Offshore Regulatory Scams

For novice traders, it can be challenging to get to know a broker in depth and thoroughly. This review of Guest Forex aims to expose the true nature of this brokerage firm, as strong evidence suggests that it may be a scam. We will evaluate brokers on multiple dimensions - including their basic details, regulatory status, and trading products - to reveal their true intentions.

Inaccessible Website

A accessible official website is a critical indicator of a reliable broker. Yorker FX, also known as Yorker Capital Markets, had a functional website six months ago but is currently inaccessible. Our analysis can only be based on previously recorded website data.

Trading Products and Services

Yoker FX claims to offer a wide range of trading products, purportedly more than 10,000 options, covering stocks, cryptocurrencies, forex, commodities and other assets. The platform claims that traders can explore various opportunities through more than 180 forex currency pairs and various assets offered by its brokerage firm. However, the so-called product abundance may just be a deceptive marketing ploy to attract unsuspecting investors.

In addition, the platform boasts a minimum deposit requirement of just $10 to start trading. While this may seem attractive on the surface, the lower barriers to entry may attract a large number of inexperienced traders who may face a higher risk of financial loss due to the platform's potentially unfair trading practices or inadequate risk management mechanisms.

Most shockingly, Yoker FX advertises “zero commission” and “premium” trading tools. These claims may be overblown - so-called advanced tools may not work as advertised, and zero commission promises may mask hidden fees or other cost structures that eat into traders' profits over time.

Regulatory Status of Yorker FX

A big warning sign for any forex broker is the absence of regulatory oversight. Trustworthy brokers are approved by well - regarded financial institutions. However, there's a problem with Yorker FX. It claims to be registered in Saint Lucia, but our research shows it's actually registered in the UAE. WikiFX's investigation team went to the address given by Yorker Capital Markets and didn't find an office there. This makes us seriously question whether the company really exists physically and if it's credible.

Also, Yorker FX says it's regulated by the Mwali International Services Authority in Comoros and has a Retail Forex License (License No. T2023326) with an “Offshore Regulated” status. But this regulatory situation brings up many concerns. The “Offshore Regulated” status usually means there's not much supervision. Platforms in such places might avoid stricter regulatory rules. Moreover, the Mwali International Services Authority doesn't have as good an international reputation or as strict regulatory standards as well - known organizations like the UK's Financial Conduct Authority (FCA) or the US Commodity Futures Trading Commission (CFTC). This makes us doubt if it can make sure the company follows the rules, keep an eye on risks, and protect investors well.

Yorker FX User Exposure

Several Indian investors have exposed numerous problems with Yorker FX and its affiliated platforms (such as botbro, tlc coin, etc.). These include being accused of being involved in pyramid schemes and Ponzi schemes. A large number of users have reported that their funds have been frozen, they are unable to withdraw their money, and the platform provides limited support. At the same time, there are issues such as false trading and unsubstantiated self-declarations. The identities of related individuals are in doubt, and there may be collusion and fraud among the platforms, involving pyramid marketing techniques. Moreover, there is a lack of effective regulatory support. For investors who intend to enter the field of foreign exchange trading, they must be vigilant, fully understand the background and reputation of the platforms, and not be deceived by false publicity.

Alternatives to Yorker FX

WikiFX offers comparison and selection tools to help you find highly rated, safe, and reliable brokers. Many platforms provide demo accounts for practicing trades with virtual funds before investing real money. If a broker promises guaranteed returns or appears overly eager to scam your money, avoid them.

Highly Rated Brokers

Foreign exchange: IG Group (FCA-regulated), Saxo Bank (multi-asset coverage).

Securities: Futu Securities (Hong Kong/US stocks), Interactive Brokers (low commissions).

Cryptocurrency: Coinbase (strong compliance), Binance (high liquidity).

Always verify regulatory credentials, fee transparency, and platform security before investing.

Conclusion

While Yorker FXs website may appear to be an attractive option at first glance, the lack of regulatory oversight and convincing evidence of negative online reviews strongly suggest avoiding this broker. When selecting a foreign exchange broker, prioritize security and choose a reputable, regulated firm to ensure your investments are protected.