FPA Forums and Reviews Admin
YouTradeFx Breaks Too Many Promises and
Makes Too Few Payments To Clients
Makes Too Few Payments To Clients
YouTradeFx has been on the FPA's radar screen for a long time. Recently, things went completely out of control.
First, a little history.
The FPA became aware that YouTradeFx had some connections to the scam-rated brokerage StartForex. The exact nature of the connection wasn't clear. Maybe StartForex rebranded itself as YouTradeFx. Maybe YouTradeFx acquired the hardware, offices, and even employees of a dead broker. The problem was that employees were denying any connection. Some might have been new employees who didn't know. When one of the people in charge of YouTradeFx emailed me using StartForex's email server, I considered that to be more than enough proof that I was being lied to.
In December 2011, an employee of YouTrade Fx agreed to help the FPA and 4Xangels get to the bottom of the issue. Promises were made to reveal who was behind the companies in the You Trade Group. The information that was provided only listed other companies owning pieces of YouTrade. No information on who the real people who owned those other companies were.
I was pleased to report that there was some progress resolving the StartForex scam finding. Since YouTradeFx cut off all contact, this progress ended.
There was an incident where a YouTradeFx employee set up a freelance account to pay for fake reviews. He then hired an outside freelancer to run the program. Even after this employee left YouTradeFx, the payments kept automatically going to the person who was arranging the fake reviews. Two YouTrade representatives did help me track down the fake reviews and put an end to the payments into the freelance account. This doesn't explain why YouTradeFx had an employee with such bad ethics or how something like this could continue after the person who started it left the company.
Last month, the current representative of You Trade Fx asked me to remove the note on the YouTradeFx review page about the Mauritius FSC suspending the license for International Youtrade Investments MA LTD. He claimed that the company “simply did not renew it for our own business reasons.” I asked him to email the Mauritius FSC and CC me at the FPA. He didn't reply to that, but did reply to emails on other subjects. Long ago, I learned not to trust companies that ask me to remove negative information based solely on what a company employee claims is true. I emailed the Mauritius FSC and was told that the license was suspended by the FSC and did not expire as claimed by YouTradeFx's representative. If this is true, either YouTrade Fx's representative didn't know and was told a false story by someone inside the company or else he deliberately lied to me.
Their rep and I were also having an email discussion about removing a post that included list of supposed YouTradeFx employees. He kept claiming that the list was false or the people on it were irrelevant. I personally know that several of the names on the list are employees and are relevant. Whenever I asked for details about which names were and were not employees, he refused to give a straight answer.
In the middle of that discussion, several forums accounts were hacked into. These included the account of the person who posted the list, as well as 2 accounts that has quoted the post containing the list. Over about a week, many posts by those 3 members were edited or deleted. A few were in threads not directly related to YouTradeFx. Those mentioned YouTrade Fx. One thing that many of the deleted posts had in common was that they mentioned Itamar Patishi as being involved with the ownership or management of YouTradeFx.
Most of the posts removed were not recent, so the changes weren't obvious. I don't think YouTradeFx's representative or anyone directing him in his talks with me was involved. The reason for this is that my attention was on the page in one thread where the disputed post and 2 quotes of the post were. I have no proof, but my suspicion is that some other YouTradeFx employee who didn't know about the discussion of those posts arranged this. The day after I pointed all this out to YouTradeFx, several more accounts were broken into and posts only a few hours old were edited or deleted. The FPA has increased security to make this kind of hacking more difficult. All posts altered or deleted by the hackers have been restored.
It is bad knowing that I am getting incorrect information from company employees. That all by itself wasn't enough reason for an FPA Scam Finding. The scam finding came from failure to pay clients.
There appear to be 2 separate issues.
First, something went wrong with the office in India. This happened sometime in October, 2013. Since then, I am aware of 1 person who got paid without filing a Traders Court Case. At least 5 who did file cases got paid. The YouTradeFx representative has promised to quickly pay the 17 or so who currently have Guilty verdicts.
There is a problem with this. I know of others who keep emailing all the required information to YouTrade Fx and are not being replied to. Forcing clients to file cases with the FPA to get their money back means that all the clients who don't know about the FPA will never be paid. Clients who have already been ignored or given false promises may also give up at about the time they do find out about the FPA.
There are also some clients in Europe who are reporting issues. One was told that YouTradeFx would pay in in 3 monthly installments, starting on December 10th. The last I heard, he has received no money. There is no reason for a broker to pay a client on an installment plan. The times I've seen this before usually resulted in the broker going out of business before all of the payments were made.
Since YouTrade Fx can't seem to keep simple promises to pay clients within a reasonable period of time, it now is rated as a scam by the FPA. I hope the people there are smart enough to realize that being honest with clients and with the FPA is the only way to get the Scam Finding lifted.
FPA Scam Finding Against YouTradeFx.com
Forums Tag for finding threads about YouTradeFx
Mauritius Financial Service Commission announcement of the suspension of YouTrade's license
FPA Review Page for YouTradeFx