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YouTradeFx | A new company or a recycled one?

Discussion in 'Intensive Reviews of Forex Products and Companies' started by AsstModerator, Aug 1, 2011.

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    I spent some time thinking about where to put this thread. If I put it anywhere under the Traders Court, that would seem like an assumption of guilt. It's not a "is this company better than that company", so it doesn't belong under company comparisons and competitions.

    Since it is going to be a detailed investigation of a company, I guess I'll stick it in Intensive Reviews for now.

    Background

    Since YouTradeFx was founded, there were accusations that it was just the scam brokerage StartForex operating under a new name. There are also claims that FXGBank is involved somehow.

    I have been contacted over time by three different representatives of YouTradeFx. Each told me a different story. The newest one has a story that fits more facts than the other two, but I still have doubts.

    I've asked F-Man of 4xangels.com to do some digging. I'm also looking for anyone else who has facts about any links between these companies. Not rumors. Not something posted somewhere else without documentation. I want facts that show whether these companies are the same or if they are different. I also want people to be able to ask questions of YouTradeFx's rep right here in the forums.

    If you had an active account with StartForex or FXGBank, I want to hear from you.

    If you used to work for any of these companies, I want to hear from you.

    If you have firsthand information about the ownership or management of these companies, I want to hear from you.
     
  2. f-man

    f-man 4Xangels Representative

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    Gathering information

    Hi Mod.

    I hope I will be able to help you resolve this issue.

    As I mentioned to you in our communication, before I write anything from our side, I would like first of all to get some feedback from the current rep of YouTradeFx and from the other people claiming to have some important information about this case.

    I hope they will join this thread and give us the necessary information to continue the investigation.
     
  3. pcguy007

    pcguy007 Recruit

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    Glad someone is talking about this broker, While i am glad i got my money back it took a lot of time of raising holy hell on forum sites till my issue was resolved.

    I'd side on the aire of caution with youtradefx until they handle all their current problems and prove to be a better broker.
     
  4. Pharaoh

    Pharaoh Colonel

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    Can I suggest a simpler solution? If there is any connection at all, YouTradeFx could just resolve the scam case against StartForex. That would be the fastest way to fix the problem.
     
  5. Laurie Gold

    Laurie Gold Corporal

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    Scope of regulation

    I currently trade with Youtradefx and outside of one issue which was resolved to my satisfaction, I have had no problems with them.

    That said; Youtradefx asserts they are regulated by the FSC of Mauritius and I have no reason not to believe them as I have not researched the issue but how much will the FSC do to protect traders?

    The section below was taken from the Youtradefx website


    Regulation and Compliance

    As a financial investment company, YouTradeFX has a Category 1 Global Business License issued by the Financial Services Commission (FSC) of the Republic of Mauritius under the name of International Youtrade Investments MA Ltd. Company No.: 097392 C1/GBL; Category 1 Global Business, License № C110008678.

    YouTradeFX has the right to govern financial assets of its clients, carry on brokerage activity, make deals and conduct transactions in stock, commodity, indices and currency markets. The Company's activity completely satisfies the requirements of legislation and is controlled by the following laws:

    •Securities Act 2005; and
    •Securities (Licensing) Rules 2007
    •Financial Services Rules 2008

    Legislation can be found on the website of FSC Republic of Mauritius
     
  6. Pharaoh

    Pharaoh Colonel

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    Are there any known incidents of Mauritius every taking any action besides canceling a registration? They did that to a few brokers, but I've never heard of them stepping in to deal with an issue directly.

    I'm surprised to see that YouTrade hasn't posted anything in this thread yet.
     
  7. Michael M

    Michael M YouTradeFx Representative

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    YouTradeFX Representative

    I've been appointed by YouTradeFX to represent the company in the forex peace army forums to help any traders who have any questions.

    YouTradeFX is a regulated broker with 120 employees in 5 branches. The 5th branch was recently purchased and it is an ASIC (Australia) regulated company called You Trade Capital Markets.

    We are currently in the process of being regulated by the FSA and already abide to their guidelines.

    We are not a recycled company and the only relationship we have with other brokers is that we purchased their technical infrastructure at a bargain price and that one of the current major shareholder was once a silent shareholder of another forex company where he lost all his investment due to failing management and lack of knowledge.

    Some of the salesmen left these other companies when they recognized the opportunities that YouTradeFX had to offer especially when compared to the other companies they had worked with in the past.

    The CEO & Major Shareholder both abide to the guidelines of the FSA and run a company that has nothing to do with any other brokers mentioned in this thread. On a personal note I'd like to say that I am proud to work for them and say that I am a part of YouTradeFX that is soon to be listed as a public company.

    My main goal here in this respectable forum is to tend to any issues that arise with our clients and to answer any questions that traders may have regarding our company.

    The FPA together with F-Man of 4xangels are currently looking into the claims that there is a link between YouTradeFX & other companies. I intend on cooperating 100% with them and I would like to thank them for giving me a chance to prove what our company is all about.

    2-3 weeks ago I started looking into issues that traders reported in these forums and the representatives of Forex Peace Army can testify to the fact that I have sincerely helped each of the traders to solve their issues. They have also helped me in my attempt to seek out these traders and solve their issues.

    Furthermore, I'd like all traders to know that I am available at:
    michaelm@ytfx.com

    Contact me at that email if you have any questions at all.
     
  8. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    This investigation is taking a long time. Based on what I can see so far, it looks as if YouTradeFx will probably be cleared of the suspicion of being StartForex operating under a new name sometime within the next 1-3 months.
     
  9. Pharaoh

    Pharaoh Colonel

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    Maybe YouTrade's new representative would like to pick up the ball on this?
     
  10. Master Yoda

    Master Yoda Captain

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