The main thing that traders notice while visiting the official YouTradeFX website is that the entire site is written in German, with no option of converting it into any other language. The broker claims to offer its services in 10 different languages by providing support and customer phone numbers in countries such as England, Bahrain, Germany, Japan, the Middle East, Romania, Spain, Brazil, Portugal, and Russia. However, it seems to be an incredibly difficult task to find any English version of the official YouTradeFX website that provides high-quality information related to trading the Forex market with YouTradeFX.
As a trader, one might also anticipate the broker to have a strong German presence under the strict regulatory framework of BaFin, which is one of the most rigorous regulatory organizations in Europe. On the contrary, YouTradeFX does not have any offices in Germany, let alone any other representative offices in the entire European Union. In fact, the lack of any serious regulatory license is seen as a huge drawback for the company in light of current competition, where regulation is at the top of the priority list for new Forex brokers.
|Forex, Precious Metals, Equity Indices, Energies|
Which Agency Is Responsible For YouTrade FX Regulation?
YouTradeFX is regulated by the Financial Services Commission (FSC) of Mauritius, a popular tax haven located off the coast of Africa. Mauritius is an attractive tourist destination that is home to some of the most exquisite beaches in the world, but the island nation is also famous within the international financial community for being a safe haven for investors and multi-national corporations from across the world. The FSC of the Mauritius does not have an efficient or reliable regulatory framework of the caliber of European or American regulatory organizations, which does pose a serious risk to Forex traders dealing with FX brokers from Mauritius. YouTradeFX had been a part of the ASIC as a regulated Australian Forex company, but it seems that the ASIC has issued regulatory warnings about the permanent ban the broker’s Australian operations. The company was also in the process of receiving an FCA license in the UK, but there have been issues with the company’s top administration with the FCA’s regulatory guidelines. It also seems that the FSC of Mauritius has warned the broker of its financial activities, which may be seen as a warning for traders that seek to invest with YouTradeFX for the long term. Regardless, we have compiled a thorough YouTradeFX broker review to see whether the company offers any surprises that might make it more attractive for the mainstream retail trading market.
YouTradeFX Spreads, Leverage, & Minimum Deposit Requirements
A YouTradeFX trading account starts from a minimum deposit of $100, which is the lowest trading capital required for opening a Mini account. The Mini account offers a maximum YouTradeFX leverage of 1:500, which enable traders to start trading from 0.01 lots, thereby reducing the capital outlay. However, there is a significant risk of using a high amount of leverage, as large swings in the market may result in account blowouts. The maximum allowed equity for the Mini account is $2000, while account deposits up to $10,000 receive a Standard account with the same leverage of 1:500. Client deposits that are greater than $10,000 and $100,000 qualify for Premium and VIP accounts, which come with a lot of account benefits such as higher bonus, lower trading costs, and access to dedicated account managers. The broker has reduced the leverage to 1:300 for premium account holders due to the larger deposits, which should help larger traders in controlling their risk exposure in the market. With regards to a YouTradeFX bonus, all deposits qualify for a 50% deposit bonus of up to a maximum of $1500 for regular trading accounts. Premium accounts do get custom bonus offerings that are directly related to the deposit amount and the clients’ account standing. Nonetheless, bonuses can prevent a trader from accessing their capital without any restrictions, which can lead to broker-client conflicts. YouTradeFX does support a wide range of payment options, which enable traders to deposit money using Visa, MasterCard, OK Pay, WebMoney, CashU, American Express, UnionPay, and OneCard. YouTradeFX is a market maker broker, which makes us cynical about the tall claims from the broker regarding its cost of trading. Typical YouTradeFX spreads may fluctuate between 1 to 3 pips for currency pairs such as the EUR/USD, but we wouldn’t be surprised if traders are forced into paying more spreads during volatile market conditions. Overall, traders can invest their money in 46 FX currency pairs, 69 CFDs, 12 indices, and 10 commodities.
What Are YouTradeFX Trading Platforms Options?
Forex traders are pretty familiar with the MetaTrader4 terminal, which is one of the most advanced and widely adopted trading interfaces in the Forex market. YouTradeFX has followed in the footsteps of its immediate competitors by offering the MT4 terminal to its clients under its various guises, which offer unabridged access to both desktop and mobile FX trading. The MT4 performs at its best on the desktop platform, but mobile traders are also provided the dedicated MT4 YouTradeFX Mobile apps for iOS, Android, and Windows phones, which allow them to trade on the move. There is also an option for using the MT4 WebTrader, which can be accessed via any web browser on desktops, smartphones, and tablets for trading the markets without gaining access to a dedicated trading interface. YouTradeFX also offers the Sirix Web Trader, which is a tablet-oriented web trading platform that is specifically designed for tablet users. The Sirix trading platform is predominantly available for iOS and Android tablets that provide an incredibly easy to use platform that provides all market information at your fingertips. YouTradeFX platforms are one of the very few things that the broker has managed to get right, despite its obvious other drawbacks.
Is The YouTradeFX Customer Service Department Effective?
One of the main issues with YouTradeFX is their lack of attention towards ensuring that all traders receive their undivided attention. There have been reports that the broker has indulged in financial scams by siphoning money away from traders’ accounts and blocking their access to the broker’s customer service departments. Even the website is poorly maintained, which may be due to the broker’s numerous issues with regulatory agencies and its own internal conflicts. As far as customer service is concerned, YouTradeFX has certainly missed a great opportunity to reconnect with their existing clients. You should be extremely careful before investing your money with YouTradeFX for the purpose of Forex trading. There is a good chance that you might not be able to withdraw your funds, which makes it less suitable for long term investing. Discover other Forex brokers in our recommended list of Forex trading companies for better security of money and an excellent trading environment.