WikiFX Exposure: Yokohama Fx Global is A Terrible Scam!

Yokohama Fx Global welcomes us with the claim that it is a “regulated mining broker”. That in itself is a big enough red flag that we are dealing with scammers who are hoping to fool people who have heard of forex brokers and cryptocurrency mining but dont know exactly what they are about, and that the two have nothing to do with each other.

First, we first checked Yokohama Fx Global using the WikiFX APP and saw that the broker's score was only 1.00. Upon checking, the three licenses that Yokohama Fx Global claimed to hold were all suspicious clones. WikiFX also urges investors to avoid this broker!

So far, we were unable to open the official website of Yokohama Fx Global https://www.yokohamafxglobal.com/en/

Further inspection revealed plenty more evidence that this was a scam website. Lets take a detailed look at what this evidence is.

1. Risky Regulatory Status

The company P24O Ltd. is listed as the owner and operator of Yokohama Fx Global. That name pops up behind a lot of fake brokers weve reviewed – Prime24 Options, Ultimatebitcash, Sprint OptionTrade, Metrictradingfx, Prime24 and probably many more.

The website claims that this company is based and regulated in the US. But the regulator is stated to be the MFSA – the abbreviated version of Malta Financial Services Authority.

In the Maltese regulators database, we find numerous warnings about P24O Ltd and websites linked to these scammers.

In the footer of the website we see a different statement – that the broker is regulated by the US Financial Services Authority. This is the name of a non-existent regulator used by other scam websites we have come across, for example Imperotrade.

To operate as a forex broker in the United States, a company must be registered with the Commodity Futures Trading Commission (CFTC) and to be a member of the National Futures Association (NFA). P24O Ltd is not listed among the members of the NFA. In fact, we have no reason to believe that this commune really exists.

We also see claims on the website that Yokohama Fx Global is also licensed to provide brokerage services in the UK, Germany, France, Spain and Denmark. A check of the databases of the relevant financial regulators shows that this is not true.

2. Trading Platform

Yokohama Fx Global claims to offer traders the most widely used software in the industry, MetaTrader 5 (MT5). In the dashboard on the website we find only a demo version of the web browser version of MetaTrader. Yokohama Fx Global does not provide credentials to log into its own trading server. It is obvious that Yokohama Fx Global does not have a functioning trading platform, in the same way that it does not have legal authorization to offer such trading.

It is advisable to contact one of the many legitimate brokers that offer the fullfleged desktop MT5 or the still very popular MT4. These platforms have established themselves as leaders because they offer a wide range of features, including a wide variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

3. Payment Methods

On the homepage of the website we see the logos of many popular payment methods.

But in the deposit menu itself, the choice is only between two cryptocurrencies – Bitcoin and Ethereum.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like Sofort, PayPal or POLi.

Yokohama Fx Global does not provide information on deposit and withdrawal fees. But at this point it should be clear as day that if you make the mistake of depositing money into Yokohama Fx Global, you will never be able to withdraw it back.

Conclusion

In conclusion, Yokohama Fx Global is highly dangerous and a terrible scam. Please save the proof and call us immediately if you become a victim of this broker's fraud. You may also log in to our official website or mobile app for self-exposure, copy this URL into your browser to open it, and view instructions on how to expose the fraud at https://bit.ly/3dWv4C4

Official website: https://bit.ly/wikifxIN

APP for Android: https://bit.ly/3kyRwgw

APP for iOS: https://bit.ly/wikifxapp-ios

Remember, “when in doubt, reach out to WikiFX” because we are your one-stop Forex broker solutions!