YorkCG – Is It a Safe Forex Broker?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
YorkCG - DO NOT TRADE WITH THIS PROVIDER
3.8/10
$100
Minimum DepositYorkCG is a forex broker registered in St. Vincent and the Grenadines (SVG). The broker offers 4 different types of accounts:
- Self-Manage: This account has a minimum deposit requirement of €250, and has a maximum leverage of 1:100.
- Gold: This account has a minimum deposit requirement of €10,000, and a maximum leverage of 1:200.
- Platinum: This account has a minimum deposit requirement of €50,000, and a maximum leverage of 1:300.
- VIP: You can get a VIP account by invitation only. The account offers its traders a leverage of as much as 1:400.
While we found out the leverage levels for each of the account types, we were unable to get any information on the spreads or other trading conditions on this broker’s platform.
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://yorkcg.com/
Founded: 2018
Regulations: Unregulated
Languages: English, German, Arabic
Deposit Methods: Visa,
MasterCard, Bank Wire, Vload, Bitcoin
Minimum Deposit: €250
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex pairs, CFDs on Bitcoin, Stocks, Metals, Indices, Commodities.
Trading Accounts and Conditions
YorkCG is a forex broker registered in St. Vincent and the Grenadines (SVG). The broker offers 4 different types of accounts:
- Self-Manage: This account has a minimum deposit requirement of €250, and has a maximum leverage of 1:100.
- Gold: This account has a minimum deposit requirement of €10,000, and a maximum leverage of 1:200.
- Platinum: This account has a minimum deposit requirement of €50,000, and a maximum leverage of 1:300.
- VIP: You can get a VIP account by invitation only. The account offers its traders a leverage of as much as 1:400.
While we found out the leverage levels for each of the account types, we were unable to get any information on the spreads or other trading conditions on this broker’s platform.
YorkCG – Advantages
There are many, many things wrong with YorkCG, but there are a couple of good things about the broker.
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Wide Range of Tradeable Assets
Despite all the red flags, this broker does offer a relatively wide range of tradeable assets. YorkCG’s portfolio of assets includes currency pairs, and CFDs on cryptocurrencies, precious metals, commodities, indices, stocks, and so on.
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Good Leverage Levels
Another positive about this broker is the leverage ratios it offers. The basic account, called the Self-Manage account, has a leverage of 1:200, and the VIP account, which you can only open if you are invited to do so, has a leverage ratio of 1:400.
YorkCG – Disadvantages
The couple of good things we were able to find definitely do not make up for the serious red flags we found with this broker. Here is the list of serious disadvantages that YorkCG has:
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Not Licensed
The biggest issue we have with YorkCG is that it is not a regulated broker. The broker claims to be owned by Milistor Ltd., a company that is registered in SVG.
The government of SVG has on many occasions publicly declared that it does not regulated Forex trading. This means that brokers registered in SVG are not regulated. Therefore, we can safely conclude that YorkCG is not a broker that is regulated by any financial authority.
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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Negative Feedback on Public Forums
On doing further research on the broker, we found that while it was not blacklisted by any financial watchdog, a huge number of complaints against YorkCG were posted on various social media sites as well as other forums.
So much negative feedback from people who had used YorkCG will clearly tell you that this is a broker to completely avoid.
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No Information on Spreads on Website
Despite the fact that YorkCG has listed out the leverage levels for its various account types, there is no information about the spread on its trading platform. Considering the fact that trading conditions are the most important pieces of information that traders look for when signing into a new platform, it concerns us that this broker would not mention anything about it on its website.
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High Spread on Platform
While there was no information on YokCG’s website about the spreads it offered, we were able to access the broker’s trading platform – without even opening an account!
Once we accessed the platform, we found that the spread for the benchmark currency pair, the EURUSD, was at 3 pips. 3 pips relatively higher than industry standards, which usually range between 1.0 and 1.5 pips for this forex pair.
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No Demo Account
Despite the fact that we had no trouble accessing the broker’s trading platform without having to create an account, we were troubled by the fact that YorkCG offers no demo account.
Demo accounts allow traders to understand the trading conditions offered by a broker and also practice a little before they put in real money for trades.
However, we have noticed that shady brokers tend not to have demo accounts since they don’t want their future victims to know what they are getting into.
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Easy to Access Trading Platform
Trustworthy brokers have demo accounts where traders can practice executing trades, and also assess trading conditions before putting in money on a live account.
Accessing an account or a live trading platform is not easy on strong broker platforms. The fact that we were able to easily access the broker’s trading platform is a cause for concern, as it points to a lack of security on this platform.
So, the question then is – if this is the state of the security of its trading platform, are your funds and personal information safe with YorkCG?
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Poor Trading Platform
Another disadvantage that traders will face if they choose to trade with YorkCG is the lack of the MT4 trading platform. What this broker has a basic, unprofessional looking platform that lacks functionalities that make trading easier.
This is another red flag for us, since only shady brokers tend not to make the effort to offer quality trading platforms like the MT4 platform. This platform offers traders a wide range of charting options, Expert Advisors that help with automated trading, easy customization and may other features.
Conclusion
After thoroughly investigating YorkCG and its parent company, Milistor Ltd., we believe that this broker is a scammer. There are too many discrepancies that raise serious red flags, and the feedback from traders who have used this platform are extremely negative.
We would strongly advise you not to put your money into YorkCG.
YorkCG
Pros
- Wide Range of Tradeable Assets
- Good Leverage Levels
Cons
- Negative Feedback on Public Forums
- No Information about Spreads on Website
- Very High Spreads on Live Platform
- No Demo Account
- Lack of Security on Trading Platform
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.
3 comments
They did rob me….32.000$ gone
Yep, total scam. I deposited AUS $400 with them on the understanding it was to “test the waters” after which they started proposing deposits in the $10,000 + range.
I bailed out and got several almost abusive calls from my “contact ” there “Troy Harvey Berstein”. Basically I wanted to close my account and withdraw the money.
That was in December 2019, the struggle has been going since with “commissions ” being deducted for not providing a service. The original $400 is now down to about $80.
Interestingly. the on the paper trail of emails over the past couple of months “Troy Harvey Bernstein” from York CG changed on the letter head/logo to “troy Harvey Berhmann” of Suisse CG- a company that folded soon after being formed and was associated with scams. They probably thought I wouldn’t notice.
ITS FAKE. They will lure by saying so many things but you will end-up paying only. Whateever you paid will never come back