FPA Scam Finding
We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
YouTradeFx employees have a history of providing incorrect information to the FPA.
Multiple YouTradeFx employees denied that there was any connection at all between YouTrade Fx and StartForex. One was even foolish enough to send the denial through StartForex's email server. The FPA still doesn't know for certain if YouTradeFx is Start Forex rebranded or if YouTradeFx bought the remains of a dead broker. The FPA and 4Xangels attempted to work with YouTradeFx starting over 2 years ago. YouTrade's representative promised to provide information about who owns the company. The only information provided just showed other companies owning the various companies in the You Trade Group. No names of real beneficial owners were ever provided.
The one bright spot in this part of the story is that there has been some progress towards resolving the original complaint about Start Forex.
In December 2013, an employee of You Trade Fx asked the FPA to remove the note on the YouTradeFx review page about the suspension of the license for International Youtrade Investments MA LTD. He claimed that the company “simply did not renew it for our own business reasons.” When he was asked to email the Mauritius FSC and CC the FPA, he ignored the request. The FPA did email the Mauritius FSC and was told that the license was suspended by the FSC and did not expire as claimed by YouTradeFx's representative.
There was also an incident with a YouTradeFx employee paying someone to hire freelancers to leave fake reviews. YTFX did cooperate in tracking that incident down. The FPA is grateful for that assistance, but is shocked that a company could allow an employee to set up a freelance account that could continue to perform unethical actions even after the employee had left the company.
Sometime in October, something went wrong at YouTradeFx's office in India. It doesn't matter what went wrong. YouTradeFx is 100% responsible for client money entrusted to the company. Since then a few traders have been paid. Most of the ones who were paid had to file FPA Traders Court cases. This is not how any forex broker should operate. Traders Court cases should be rare, not common.
The issues are not confined to India. Traders from Europe are reporting issues. One was promised payments would be delivered in monthly installments. There is no legitimate reason for a forex broker to not process the full amount of an undisputed withdrawal immediately. The first payment was supposed to be on December 10th. The trader reports getting none of the money owed yet.
Last week, 19 cases went to a vote. You Trade Fx had been aware of many of these cases for weeks or months. As of now, the FPA is aware of only 2 of those traders receiving their withdrawals.
Under these circumstances, the FPA has no choice but to declare that YouTradeFx is a scam broker. This ruling applies also to any other websites under the control of this company or its owners. We offer YTFX the opportunity to have this scam finding lifted by meeting these requirements...
1. Process all overdue withdrawals. Add a 0.5% compound interest payment for each full month compensation for any withdrawal that been delayed more than 2 months since the initial request was made by the client.
2. Create a “Problems Withdrawing?” page on all websites belonging to YouTrade Fx. This page must have a link to it in the main menu on all pages within the site, including the home page. On that page, there should be a form where anyone having a withdrawal problem can submit all required information and documentation. Anyone submitting this form must be contacted by email within 3 business days to be updated on the status of withdrawals. The FPA will agree that this form may be removed from the YouTradeFx.com website only if complaints about delayed withdrawals return to a level similar to that of normal brokers. Failure to add this form to the website will be considered to be proof that YouTradeFx intends to profit by delaying client withdrawals until a significant percentage of clients give up.
3. Unless there are issues such as missing AML documents or missing transfer information, all withdrawals requested by clients should be sent within 5 business days.
4. Withdrawals are not to be paid in installments. The initial deposit may be returned to the original source as a separate withdrawal, but this should not delay any additional funds requested. All profits requested by clients are to be paid at once, not as monthly payments.
5. Post a public statement about what happened to the YouTradeFx office in India. This may be done on the YouTradeFx.com website or on the YouTrade Fx review page at the FPA.
6. Keep the promise to provide full information about the beneficial owners of all companies in the YouTrade group to the FPA and 4Xangels. This includes all companies that were in operation from December 2011 through the date when the information is supplied.
7. Get a statement about the Mauritius license suspension approved as truthful by the Mauritius FSC and post it on the YouTradeFx review page at the FPA.
8. Get the current company representative or a new company representative to reply to emails from clients within 3 business days.
9. Promises made by company employees are kept within reasonable periods of time.
YouTradeFx.com is functioning as a scam brokerage. This Scam Finding will be lifted when the terms above are met and the pattern of complaints returns to a level which shows YouTradeFx has regained the ability to function as a normal broker.
YouTradeFx.com is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company or with any company associated with it. For those who already have accounts there, we recommend that you attempt to withdraw all funds as quickly as possible. If you encounter any trouble getting a withdrawal processed within a reasonable amount of time, we recommend you leave a 1 star review, start a new thread in the Scam Alerts folder and you file fraud complaints with the authorities.
Discussion Thread for this Scam Finding
Forums Tag for finding threads about YouTradeFx
Mauritius Financial Service Commission announcement of the suspension of YouTrade's license
FPA Review Page for YouTradeFx