The broker industry is a carousel that never stops turning, one broker gets off the ride, and two other ones jump up. The market is constantly spreading, and many brokers appear and disappear overnight. Some even reappear under a different name again. The Forex carousel can bring you the most lucrative ride in your life, but it can also lead you to bankruptcy. It is very important that traders check on every information about the broker they want to join. Brokers often pretend to be what they are not, and they only reveal their real intentions when it is already too late for traders to regain their assets and funds. This review concerns YouTrade, a broker who has been exposed to many negative feedbacks. Whether the broker deserves such feedback or not, will be defined in the YouTrade FX review below.
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History Check
YouTrade was founded in 2008 and is registered with the Financial Services Commission (FSC) in Mauritius. Where the broker comes from is hard to tell, since there is no information about its origin. All we know is that the website is available in German only. So far, it sounds as if the broker is hiding in a distant destination under a loose control. Namely, Mauritius is a regular offshore destination, where many businesses have the freedom to operate under the table unpunished. The FSC is the regulatory body for the capital market in Mauritius, but yet the regulator has not sufficient power to fight against scammers. The FSC has not the needed governmental support and cannot implement the prescribed regulations. The regulation’s goals and mission seem right, just that the regulator lacks the power and support to impose them on the operating entities. The same goes for Forex and YouTrade. Since the broker has no other regulation, not even one EU license, we can say that traders could end up without their money with tied hands given that they have no legal protection. Despite the unfortunate event, we will give you other information on the broker. The negative feedback concerning the broker reveals that the broker gets away with stealing hundreds of thousands of dollars from their traders. It is not just one or two traders, but the majority of traders.
Platform
The broker’s website in German lists the Meta Trader 4 as the official platform of YouTrade Forex. The broker offers the MT4 as the downloadable and as the web version for traders. The MT4 is flawless, but maybe we have discovered a shortcoming of the amazing platform. Namely, it would be very useful if the Meta Quote house would revoke the MT4 licenses form brokers who are not reliable. In that way, we could tell apart scam brokers from the real ones. The MT4 is the platform with the highest standards in the Forex market, and traders easily fall for brokers based on the platform they offer. The broker also offers its YouTrade mobile app which can be easily downloaded. We c+only wonder if the mobile app also comes only in German.
Account Types
A Basic account is provided by the broker for the very beginners who want to reassure they practiced enough on the demo account (which is also offered by the broker). The Advanced account is, of course, aimed for advanced traders who know how to place their trades. They get to enjoy different technical tools and options which can optimize their trades. This account links you to better quotes and tighter spreads. The Professional account is characterized by lightning fast execution, tight spreads, real-time market information and news and so much more. The broker also has a Prestige account, particularly designed for traders who trade very large volumes. Swap-free and MAM accounts are allegedly also available with the broker. Too bad that the broker does not provide any information on minimum deposits, spreads, leverage, etc.
YouTrade Bonus
YouTrade Forex does not offer any bonuses. Maybe that is for the best, since according to the above-mentioned, the bonus would be a typical scam which would just attract more deposits and more traders.
Funding Options
When it comes to funding your account, the broker accepts a variety of different payment methods. They include bank wire, credit cards, UnionPay, OKPay, WebMoney, and CashU. How the broker handles withdrawal requests is unfortunately not known. The broker seems to lack basic information, and we definitely cannot recommend you to trade with this broker.
Customer Support
When it comes to the YouTrade FX support team, the broker offers some of the standard contact forms. The customer support can be reached in numerous countries, e.g. Russia, Romania, Germany, Spain, Japan, Bahrain, England, Portugal, Brazil, and S. Arabia. Only a phone number is provided, as well as an online request form. The broker does not offer even an e-mail address, let alone live chat. In today’s world, there is no excuse for not offering an e-mail. The broker is suspicious on all levels, and we do not recommend it.