Scam Brokers

Yokohama FX Global – Are They Safe?

Chainbits Staff | Publish date: 07/19/2022 (Last updated: May 03, 2023 08:00 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Yokohama FX Global - DO NOT TRADE WITH THIS PROVIDER

2.5/10

$100

Minimum Deposit

updated 2022

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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

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

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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://yokohamafxglobal.com

Founded: 2021

Regulations: None

Languages: English

Deposit Methods: Bitcoin, Ethereum

Minimum Deposit: Not Specified

Free Demo Account: No

Number of Assets: 100+

Types of Assets: Forex, Commodity Futures, Share Indexes, Energy Carriers

Trading Accounts and Conditions

Yokohama FX Global has not said anything about the kinds of trading accounts they offer their clients. There is also no detailed information about their trading conditions. All the broker states is that they offer tight spreads and that professional traders can get as much as 1:100 in leverage. We do not know what the minimum deposit requirement is, or the actual spreads, order execution methods, lot sizes, the list of tradeable financial instruments, commissions, swaps and so on are.

Yokohama FX Global – Advantages

There are no advantages to trading with Yokohama FX Global.

Yokohama FX Global – Disadvantages

Given below are all the red flags that have shown us that Yokohama FX Global is nothing more than a scammer:

Lies About Regulation Status

Yokohama FX Global claims a lot of things with regard to their corporate profile and their regulation status. All of these claims are unfortunately just lies.

This broker claims that their parent company is P24O Ltd, which is supposedly based in the United States. The broker also claims that they are regulated by multiple authorities – by the US Financial Services Authority (license number IS/560000), the MFSA (Malta Financial Services Authority), the FCA (the UK’s Financial Conduct Authority), the BaFin (the German Federal Financial Supervisory Authority), the AMF (the French Autorite des Marches Financiers) and the CONSOB (the Italian Commissione Nazionale per le Societa e la Borsa).

First of all, there is no such organization called the US Financial Services Authority; the US forex brokers are actually regulated by the CFTC (Commodity Futures Trading Commission) and they need membership of the NFA (National Futures Association). We checked the online registers of both authorities, and found that there was no brokerage or company by these names listed there.

We also checked the registers of all the other authorities that this broker claims to be regulated by; all but one yielded the same results – there is no company or brokerage by these names listed with them.

The last regulator, the MFSA, yielded some rather alarming results. The Maltese regulator has issued a public warning against Yokohama FX Global’s parent company, P24O. According to that warning, P24O, or Prime24Options, was an unlicensed entity that was operating illegally in their jurisdiction.

All of this information clearly tells us that we are dealing with a scammer.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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.

Serial Scam Operation

Once we knew that P24O and Prime24Options were the same company, we realized that we were not dealing with a simple scammer. In fact, we are actually dealing with a serial scammer – an entity that creates multiple websites that are all targeted at scamming novice traders.

We have found several other brokerages launched by this company – www.prime24options.com,

www.ultimatebitcash.com,

www.sprintoptiontrade.com,

www.metrictradingfx.com and

www.prime24options.com (this time called Prime24).

Lies About Trading Software

Yokohama FX Global claims that they offer their clients the MetaTrader 5 software for trading. This is also yet another lie that this broker has told in order to attract more customers.

When we accessed their client area and checked their dashboard, we realized that the broker actually only had the demo web-based version of the MT5 software, which means that there is no real functional trading platform available at all.

No Trading Conditions

Once again, the basic offering of a broker is missing from Yokohama FX Global’s website. An online broker has two main offerings – their trading platform (which Yokohama FX Global doesn’t have) and their trading conditions (which this broker also doesn’t really bother with either!).

We have no information about the minimum deposit requirement, their spreads (except that the broker claims that they offer tight spreads!), fees, commissions, lot sizes, order execution methods and so on.

There is a single reference to leverages, where the broker claims to offer a maximum leverage of 1:100. We would like to point out that such high leverage is illegal in all the jurisdictions that this broker is targeting. Because of the danger attached to using high leverage ratios, most jurisdictions (especially in the developed markets) have placed restrictions on how much leverage can be offered. So, in the European Union, the maximum leverage allowed is 1:30. It is the same figure in the UK. In the US, that number is 1:50.

So, as you can see, this broker is built on nothing but lies.

Single Payment Method

On their website, Yokohama FX Global claims to offer numerous payment options: Neteller, MasterCard, Visa, Skrill, Bank Transfer and so on. However, when you check the deposit menu on their client page, you get only two choices – Bitcoin or Ethereum. Which means that there only a single payment method – via cryptocurrencies.

We need to point out here that the preferred payment method of scammers is cryptocurrencies because such transactions are irreversible and anonymous. This means that once you have made that transaction, there is no way that you can get your money back.

If you prefer to make payments using cryptocurrencies, then it would be wise to find a reputed and legitimate broker whose word can be trusted.

Vague Terms and Conditions

When you see the Terms and Conditions, they look very detailed, which is why most of us would not bother reading them. However, when you actually go through the service agreement in detail, you will realize that there is no real substance in their legal document. There are no actual figures given with regard to their costs, commissions, fees, policies etc.

This is another sign of their scam.

Conclusion

Yokohama FX Global is part of a serial scam operation and should be avoided at all costs.