Yamexbit Review – Spot the Warning Signs

Yamexbit Review

Have you heard of online brokerage scams? These have rampant in the financial markets for some time and even though people are aware of them, many still fall into their trap. There are several reasons why this happens. First and foremost, people are very eager to start trading and do not take the time needed to check a brokerage thoroughly before they take things forward. Secondly, the scammers deliberately present professional websites that have attractive offerings and most people don’t know what to look for in order to determine their authenticity. This Yamexbit review shows what warning signs you need to spot before choosing a broker.

You might save yourself a bit of time by not checking the brokerage properly, but if you get scammed, not only will you miss out profit-making opportunities, but will also suffer from losses. Is that what you really want? Most people decide to trade in the financial markets in order to make money, so why would you deliberately risk this when it can be prevented? Yes, it is possible that you may miss a couple of opportunities, but it allows you to make more returns in the long run and minimize the possibility of scam. Isn’t that better?

It is essential to bear in mind that these scammers are very smart and know just what promises to make to draw your attention. They are masters in the art of manipulation and deliberately present a sophisticated offering to tempt you into signing up. This is what Yamexbit also does, as it advertises itself as a company that is based in the United States and complying with its laws. It is offering its forex and CFD trading services to traders all over the globe and boasts deep liquidity, a secure and modern trading platform, tight spreads and fast execution, along with numerous promotions and generous leverage.

All of this seems extremely exciting at first glance and you would want to choose Yamexbit as your broker. However, you need to ensure there are no warning signs that can put the authenticity of the broker in doubt. Unfortunately, you will find them when you take a closer look. What are they? Check them out below:

No license

The first glaring warning sign that you will come across at Yamexbit is that it is not a licensed and regulated brokerage. Of course, this is the exact opposite of what it has claimed, as the first thing you see in its presentation is that of being based in the United States and in compliance with their laws. If you were to take their word for it, you would sign up straight away, not realizing that they are just making false claims.

Yet, this is exactly what appears to be happening because if you check the online register of the Commodity Futures Trading Commission (CFTC), which issues license to brokers in the United States, you will not find Yamexbit listed. Likewise, it is also not a member of the National Futures Association (NFA), which is another requirement for US brokers.

The fact that Yamexbit is not licensed is a concern because it means that it cannot offer you the same protections as that of a regulated company. You cannot determine the quality of services and there is no way for you to hold them accountable in case of any issues either.

Virtually anonymous

The fact that you are not dealing with a licensed broker is already a big concern because there are no guarantees when it comes to such companies. They can up and disappear and there is absolutely nothing you can do about it. Furthermore, you will find that in the case of Yamexbit, you have absolutely no idea who you are dealing with, or where they are located.

Yes, they have claimed in their website presentation to be based in the United States, but you can go through the entire Yamexbit website and not find any detail to back it up. There is zero corporate background available and no address either. The contact section also has no information, which means that you are expected to just accept the company’s word when they state they are operating from the US.

As mentioned above, as the brokerage is not listed in the online registers of the regulatory authorities, it means that it is not based in the US. Even if Yamexbit has its offices there, it is operating illegal, which doesn’t help its case either.

No trading software

The trading software that online brokers offer is of the utmost importance because you have to use it for executing your trades. It provides you the functions and tools that are integral to the trading process, so it is not something you can take lightly. While Yamexbit claims to offer a secure and modern trading platform, you will discover that they are just leading you on. How? This is because the brokerage does not appear to have a trading platform at all.

This is the biggest giveaway about Yamexbit not being a legitimate brokerage because there can be no trading without a trading software. Yet, all they offer on their website is a funny looking dashboard that is meant to resemble a trading platform. But, it does not have any option for trading and only allows you to make a deposit, making it obvious that they are after your money.

No chargeback possible.

The payment methods that are supported by a brokerage are also relevant because you need to know if a refund is possible in case of a problem. Here again, you will be disappointed because Yamexbit only gives you the option of using bitcoins for making your deposits. This means that when you make a deposit, it will be final and irreversible and you will not be able to file for a chargeback, as in the case of debit and credit cards, such as VISA and MasterCard.

Closing Thoughts

These warning signs make it evident that Yamexbit is not a genuine broker and you should not use its services at all.