YouTradeFX: regulated and reliable scam or broker?

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YouTradeFX is an online broker specialized in Forex and CFD trading. Based in London, this broker was launched on the market in 2008 and has more than 7 years of experience in its field. Even today, it continues to recruit new traders and boasts comfortable trading conditions. But the question is, is it a trusted broker? Discover the answer through this test:

YouTradeFX: The broker’s offersIn order to

adapt to all levels, YouTradeFX offers 5 types of accounts. Traders can start trading on the portal with a basic account, with a minimum first deposit of $500. Experienced traders, on the other hand, have the choice between Advanced, Professional, Prestige and VIP accounts, accessible from 2001 $ to 100 000 $ of deposit. The broker stands out above all for its very competitive spreads, which start at 0.8 pips for all accounts. It is also possible to use leverage up to 400 and, on all transactions, no additional fees are charged.As you can see, with spreads that are too attractive, leverage of 400 and a minimum deposit of 500 euros, the deal is suspicious and suggests that after seducing you it will be time to lose your funds, the main trading products such as currencies, equities, indices and commodities are negotiable on the portal. For the execution of trades, YouTradeFX members have the choice between the famous MetaTrader 4, the SIRIX web platform, the Mirror Trader and the MetaTrader 4 MultiTerminal, which allows you to manage several accounts at the same time. In terms of trading support, technical analyses, educational guides, economic data and real-time customer support are available to traders.

YouTradeFX: Many critics on the webBut

if the offers offered by YouTradeFX are rather complete, the testimonies of traders who have experienced the platform are not as positive. In the forums, novice traders complain that they have been scammed by this broker. Some of them were victims of cheating on spreads, significant slippage, or even requests for explanations without an answer following exaggerated losses. YouTradeFX’s client advisors are nevertheless experts in argumentation and have encouraged traders to bet heavily on the portal. According to traders’ testimonies, this broker would win on the losses of his clients.

So, scam or not?

Indeed, YouTradeFX’s practices do not comply with the regulations in force on the European market. This Forex broker and CFDs do not hold any licence in the course of their activity and, moreover, the AMF has included them on its latest blacklist as a Forex broker to avoid. So be careful! But you can go to IQ Option, here our opinion of the best broker platform.