Sat, June 15, 2024

YardOption Review 2021: watch out for scams!

YardOption Review 2021: watch out for scams

YardOption is a crypto, forex, and indices broker operating since 2020. The broker is located in Saint Vincent and the Grenadines, making the broker already shady. Their website was temporarily suspended, too, arising more red flags. In our YardOption review, we will discuss the most critical aspects of this broker to keep every potential client safe.

Is YardOption a legitimate broker?

YardOption not only has no license at all, but they come from a very dark offshore lactation farm-Saint Vincent and the Grenadines.

Saint Vincent and the Grenadines is a well-known offshore area and the preferred location for shady brokers. The SVG government has publicly stated on many occasions that it does not regulate foreign exchange transactions, so it is easy for us to conclude that YardOption’s business is unregulated.

Transactions with offshore, unregulated brokerage companies involve many risks. In addition, the broker seems to mix the company’s finances with the client’s finances, creating an absolutely insecure environment for the client’s funds. All in all, YardOption’s security issues have serious red flags, and we do not recommend any traders to cooperate with this company.

YardOption trading conditions

YardOption decided to choose its own proprietary trading platform instead of the industry leader, MT4 or MT5. However, this is a “cheap” option because their software is very poor. It is completely below average. In other words, this terminal is almost useless, which indicates that the broker using it is unregulated. It does not meet the standards of the foreign exchange industry.

YardOption’s minimum initial deposit is $250, and they have super high leverage, 1:1000. Working with unregulated offshore brokers with such high leverage is very risky and is not recommended under any circumstances.

This is much more than the European Union, the United Kingdom, the United States and most other countries allow retail traders to access because trading with this leverage will quickly consume your deposit. Nevertheless, ignoring these reasonable restrictions, brokers like YardOption provide such high leverage to attract more clients.

Deposit and Withdrawal methods

According to their terms and conditions, the withdrawal will appear in the account five days after the request. The minimum withdrawal amount is $10. As with this type of broker, fees and commissions are as vague and mysterious as possible. Legal documents keep mentioning taxes and fees but do not specify their nature or amount. The only withdrawal fee mentioned in the terms and conditions is 35 USD.

The customer is the person who must pay all claims and expenses of the company.

If the user has been inactive for more than five months, the broker will charge the inactive account a dormant account commission of $30 per month. YardOption disapproves refunds too.

As you can see for yourself, the broker is entirely illegal, so it allows itself to do whatever it wants. All this tells us, YardOption has nothing worthy of your deposit! The company will not refund your investment, we assure you!

Conclusion

To sum up, here we have yet another unregulated and unreliable brokerage company that you should try to avoid!

The foreign exchange industry is flooded with hundreds of legal brokers, and suspicious brokers should trap no one. Therefore, if you are looking for a legal and safe trading environment, please check our list of foreign exchange brokers and find the right one yourself!

 

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