FrontYield – Are They Scammers?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
FrontYield- DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://frontyield.com
Founded: 2021
Regulations: Unregulated
Languages: English
Deposit Methods: Not Specified
Minimum Deposit: Not Specified
Free Demo Account: No
Number of Assets: 500+
Types of Assets: Forex, Indices, Cryptos, Stocks, Commodities
Trading Accounts and Conditions
FrontYield has not provided any information on its trading accounts or trading conditions. Therefore, we do not know what the leverage ratios, spreads, fees and commissions or even the minimum deposits are.
There is only a slight hint provided in the footer of the broker’s home page about the types of accounts offered – Family, ECN, Standard. However, when you click on any one of those accounts listed, you are simply taken to the account registration page; there are no details given about any one of those accounts.
FrontYield – Advantages
There are no advantages to trading with FrontYield. This broker is a sham and a scam.
FrontYield – Disadvantages
Here are the many reasons why FrontYield is a scammer:
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Lack of Regulation
The first sign that a broker is a scammer is its lack of regulation. Therefore, that is the first thing we investigate. A legitimate broker will clearly detail all its corporate information – company name, physical address, contact numbers and so on. Licensing information that proves they are regulated is also clearly specified. With scammers, this information is either missing, incomplete or simply lies.
When we checked FrontYield’s details, all we got was a company name – FrontYield Inc. – with an address in Texas, US (584 S Central Ave, Marietta, Texas (TX), 75566). The email address provided was vague – [email protected].
If a broker operates out of the US, then they need to fulfil numerous requirements – it is very difficult to get all the necessary permits and licenses to be able to operate as a forex broker in this country. Brokers first need a net capital of US$20 million to even qualify. And then they need to be registered with the CFTC (Commodity Futures Trading Commission) as futures commissions merchants as well as foreign exchange dealers. Then, they need to get a membership with the NFA (National Futures Association). And these are just the basics – there are many other conditions that broker need to meet before they are allowed to do business in the US.
We checked the NFA database, and we did not find any company by this name listed there, which means that not regulated in the US.
The broker also claims that it operates in locations such as Germany, the UK, China, France and Australia, and that it is regulated by some of the top financial authorities such as the FCA (Financial Conduct Authority) of the UK, the KNF (Financial Supervision Authority) of Poland and the CMB (Capital Boards Market) of Turkey. We checked the online registers for all three of these regulators, and came up empty. Which means that every single claim made by this broker is a lie.
This means that we are dealing with a scammer and that we cannot trust any of the information provided on this broker’s website.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Legal Documents Show a Different Name
When you check the legal section of FrontYield’s website, you will find the name Blockit Trade. This is not the first time that we have seen a scam website use this name. Previous brokers that we have exposed as scams have carried the same legal documents with this name. Some of them are Solid Trade, TENFX, Actuary Forex and so on.
So, what we have is a serial scammer that simply creates a new website once the old one is exposed as a scam. The problem is that the content is poorly edited, and therefore, it becomes easy to figure out the recurring scam.
We also need to add that these legal documents are very poorly structured and couched in generalities.
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No Trading Conditions
FrontYield hasn’t even made an effort to list its trading conditions. We do not know anything about the minimum deposit a trader may be required to make. We also do not know what the leverage ratios are or even what spreads are offered. We also know nothing about the fees and commissions that this broker may be charging.
Legitimate brokers will ensure that these critical pieces of information are clearly specified, since traders can use this information to decide whether they would like to do business with them or not.
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No Functioning Trading Platform
Another lie that this broker tells is that it offers its clients multiple trading platforms, including the best in the industry – the MetaTrader 5 software. Hoping to find out about the trading conditions, we registered an account with the broker so that we could access the client area and find out more about the trading conditions.
However, when we logged in, we found out that this broker does not have any trading platform at all – at least one that functions!
What we found was a simplistic web-based platform that featured just a small list of cryptocurrencies. We could not any of the 500+ trading instruments that FrontYield promised! And basic trading tools were missing, which means that this was just an imitation of a platform.
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Single Payment Method
This broker advertises numerous payment options – Neteller, Skrill, Visa, MasterCard, PayPal and Bitcoin. However, once we access their client area, we found out that the only way to make payments was via a Bitcoin wallet.
Cryptocurrency transactions are irreversible and untraceable, which is why scammers prefer this method of payment. Therefore, this is another clear sign of a scam.
Conclusion
FrontYield is yet another scam that seems to have been created by a serial scammer (as we mentioned in our review, this broker has been associated with other scams we have exposed). It would be best to not have any dealings with this broker at all.
FrontYield
Pros
- None
Cons
- Lack of Regulation
- Legal Documents Show a Different Name
- No Trading Conditions
- No Functioning Trading Platform
- Single Payment Method
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more