Overview of Yescom Financial Limited
Yescom Financial Limited is an unregulated financial institution based in Hong Kong. It has been operating for 1-2 years and claims to offer trading services in forex, precious metals, stock indexes, and CFDs. However, it is important to note that Yescom Financial Limited does not possess a valid regulation and has an unauthorized status according to the National Futures Association (NFA) in the United States. There have also been several complaints against this broker in recent months, indicating potential risks associated with dealing with an unregulated entity.
The broker offers three different account types: Classic, PRO, and ECN, catering to different levels of traders. Each account type has varying features, including leverage options and minimum deposit requirements. Yescom Financial Limited provides trading platforms such as Metatrader 5 (MT5) for desktop, IOS, and Android devices. These platforms offer features for technical analysis and order execution types. The company also claims to offer trading tools like an Economic Calendar and access to news updates to assist traders in making informed decisions.
However, it is crucial to consider the negative reviews and complaints regarding Yescom Financial Limited. These reviews highlight issues such as withdrawal difficulties, forced liquidation of positions, and fraudulent practices. Such reports raise concerns about the legitimacy and reliability of the broker. Traders should exercise caution and carefully evaluate the associated risks before engaging in any financial transactions with Yescom Financial Limited.
Pros and Cons
Reviews of Yescom Financial Limited on WikiFX highlight several concerns and negative experiences. Traders have reported withdrawal difficulties and forced liquidation of positions, indicating potential issues with the broker's operations. There are mentions of fraudulent practices, high fees, and position manipulation, which raise questions about the trustworthiness and reliability of Yescom Financial Limited. Additionally, the broker lacks transparency in providing information on spreads, commissions, and the list of market instruments available. Despite offering different account types, a demo account, various trading platforms, trading tools, and multiple payment methods, these negative reviews indicate significant drawbacks and potential risks associated with Yescom Financial Limited.
Is Yescom Financial Limited Legit？
Yescom Financial Limited is not regulated and has an unauthorized status according to the National Futures Association (NFA) in the United States. The broker does not possess a valid regulation and exceeds the business scope regulated by the NFA. Additionally, there have been four complaints against this broker in the past three months. It is important to be cautious and aware of the associated risks when dealing with an unregulated financial institution like Yescom Financial Limited.
Market Instruments
Forex: Yescom Financial Limited offers over 60 currency pairs for forex trading, making it the largest financial market worldwide. With leverage options of up to 400:1, investors have the opportunity to trade with higher positions. Forex trading is available 24 hours a day, five days a week, allowing for T+0 bilateral transactions.
Precious Metals (Gold/Silver): Yescom Financial Limited provides a popular hedge against market fluctuations with gold and silver trading. Investors can leverage their positions up to 100 times, and the transaction threshold is kept low, making it accessible to a wide range of traders.
Stock Index/Stock: Yescom Financial Limited offers trading on 20 major global stock indexes and a diverse range of well-known European and American listed stocks. With leverage options that surpass traditional stock markets, investors have the opportunity to trade on the performance of various industries.
CFD: Yescom Financial Limited provides a wide range of CFDs, offering investors more choices for diversifying their portfolios. These CFDs meet the asset allocation requirements of investors and allow for easy access to global markets.
Account Types
Yescom Financial Limited offers three different account types to cater to the varying needs of traders.
CLASSIC
The Classic account provides all the core features required for trading, with high leverage options available. Traders can start with a minimum deposit of $100 and have access to over 20 currency pairs and more than 50 potential CFDs. The Classic account also offers live support and a priority hotline for assistance.
PRO
The PRO account, on the other hand, is designed for more experienced traders. It includes all the core features like the Classic account but offers even higher leverage, up to 1:1000. The minimum deposit requirement for the PRO account is $1000. Traders can access over 20 currency pairs and more than 50 potential CFDs. What sets the PRO account apart is its lowest commission fee and scalable trading fees. Unlimited live support and a priority hotline are also provided to PRO account holders.
ECN
For those seeking even more customization and control, Yescom Financial Limited offers the ECN account. It provides all the core features and allows traders to set their own leverage based on their preferences. The minimum deposit requirement for the ECN account is $1000. Traders can access over 20 currency pairs and more than 50 potential CFDs, while benefiting from the lowest commission fee. Live support and a priority hotline are also available for ECN account holders.
Yescom Financial Limited also provides clients with a demo account, offering a simulated trading environment where users can practice trading strategies, explore platform features, and familiarize themselves with trading tools and instruments.
How to Open an Account？
To open an account with Yescom Financial Limited, follow these steps:
Visit their website and click on the “Trade Now” button.
2. Fill in the required information, including your name, email address, and mobile phone number.
3. Verify your email address by entering the mailbox verification code sent to your registered email.
4. Provide a password for your account and confirm it.
5. Click on the “Register” button to complete the account registration process.
Leverage
Yescom Financial Limited offers varying leverage options across its account types to provide traders with different levels of trading power. The leverage ratios available range from high to even higher, depending on the chosen account type. Traders can benefit from leverage up to 1:1000 in the PRO account, enabling them to amplify their trading positions. The ECN account allows traders to set their preferred leverage according to their individual preferences. By offering a range of leverage options, Yescom Financial Limited aims to accommodate the diverse trading strategies and risk appetites of its clients.
Minimum Deposit
Yescom Financial Limited has a minimum deposit requirement for its different account types. The Classic account allows traders to begin with a minimum deposit of $100, providing access to a variety of currency pairs and potential CFDs. The PRO account, designed for more experienced traders, requires a higher minimum deposit of $1000. The ECN account, offering advanced customization options, also necessitates a minimum deposit of $1000. The minimum deposit requirement serves as an entry point for traders to access the features and benefits associated with each account type.
Fees
Yescom Financial Limited does not charge any account opening fees, allowing traders to begin their trading journey without incurring any initial expenses.
Deposit & Withdrawal
Yescom Financial Limited allows for the withdrawal of funds even if there are open positions in your account, with the condition that the remaining funds outside the position deposit requirements can be withdrawn. However, it's important to consider the transaction risks associated with this process, as withdrawing funds will further reduce the available deposits for open positions.
When it comes to transferring money, it is mandatory that the name on the transfer funds matches the name on the transaction account. Third-party transfers are not permitted to ensure the security and integrity of the transactions.
Deposits and withdrawals from your trading account should follow the requirements set by Yescom Financial Limited's approved dealer. The processing time for deposit and withdrawal instructions typically takes around 1-2 business days. There are no limitations on the number of withdrawals or the withdrawal amount. Upon receiving a withdrawal request, Yescom Financial Limited aims to arrange the transfer within one working day, and the funds usually arrive within two to seven business days. To initiate a withdrawal, you can easily submit an application through the official website and contact your account manager for assistance throughout the withdrawal process. It's important to ensure that your account is certified for a smooth and successful transaction.
Trading Platforms
Yescom Financial Limited offers a range of trading platforms to cater to different needs. One of their platforms is Metatrader 5 (MT5), which provides a comprehensive analysis tool. With over 50 indicator tools and the ability to choose from nine time quotes, traders can analyze the market and make informed decisions on when to buy or sell. The platform also supports various order execution types. Additionally, the embedded graphic design and alarm tool help users track price movements and identify favorable entry and exit points, making the MT5 platform a valuable tool for implementing effective trading strategies.
For traders using IOS systems, Yescom Financial offers a dedicated trading platform compatible with these devices. The MT5 platform is highly popular worldwide and provides full-featured forex trading and technical analysis capabilities. With this platform, traders can access the financial market and manage their accounts from anywhere.
Android users can take advantage of Yescom Financial's MT5 Android trading platform. This platform offers mobility, allowing traders to engage in foreign exchange trading anytime and anywhere using their Android smartphones. With the ability to trade on the go, users are no longer restricted to their computers and can easily access their trading accounts, enabling them to fully participate in the foreign exchange market.
Yescom Financial Limited also utilizes automation technology analysis tools on their trading platform. This award-winning feature scans the market conditions, identifies favorable trading opportunities, and predicts future price movements for hundreds of financial products. By leveraging advanced graphics recognition engines, traders can receive tips on trading opportunities and make more informed decisions based on real-time market data. This automation technology analysis enhances the overall trading experience and assists traders in maximizing their potential returns.
Trading Tools
Yescom Financial Limited offers a range of trading tools to assist traders in staying informed and making informed decisions. One of these tools is an Economic Calendar, which provides users with important economic events, announcements, and data releases. This tool allows traders to stay updated on market dynamics and seize opportunities as they arise. By keeping track of key economic indicators, traders can anticipate market movements and make strategic trades.
Another valuable tool provided by Yescom Financial Limited is access to News updates. This feature enables traders to stay up-to-date with the latest news and developments that impact the financial markets. The news covers a wide range of topics, including currency exchange rates, central bank decisions, geopolitical events, and market analysis. By having access to real-time news updates, traders can make informed decisions based on current market conditions and trends.
Payment Methods
Yescom Financial Limited offers a variety of payment methods, including Vietcombank, Mastercard, VISA, Skrill, NETELLER, Perfect Money, and Union Pay. These options cater to different preferences and allow clients to manage their funds.
Customer Support
Yescom Financial Limited requires a minimum deposit amount to open an account, although the specific value is not provided in the information provided. For customer support, Yescom Financial Limited offers various contact options. Traders can reach out to the company via email at info@yescomfinancial.com or through phone numbers: +852 274 378 91 and +8428 627 047 36. Additionally, traders can connect with Yescom Financial Limited via Skype using the handle “yescom.financial.limited”. The company has physical office addresses located at RM4, 16/F, HO KING COMM CTR, 2-16 FAYUENST, MONGKOK, KOWLOON, HONG KONG, and L2-43.09 Vinhomes Apartment, 720A DIEN BIEN PHU street, 22 Ward, Binh Thanh District, Ho Chi Minh City, Viet Nam.
Reviews
Reviews of Yescom Financial Limited on WikiFX highlight issues related to withdrawal difficulties and forced liquidation of positions. Traders have reported being unable to withdraw funds, with their accounts becoming invalid or blocked. Some reviews mention fraudulent practices, where teachers or groups induce traders to open accounts, deposit money, and then disappear. High handling fees and manipulation of positions are also mentioned, indicating a lack of trustworthiness. These reviews raise concerns about the legitimacy and reliability of Yescom Financial Limited as a trading platform.
Conclusion
In conclusion, Yescom Financial Limited operates without proper regulation and has an unauthorized status according to the National Futures Association (NFA) in the United States. The broker has received several complaints within a short period of time, indicating potential issues with their services. While they offer a range of market instruments such as forex, precious metals, stock indexes, and CFDs, specific details about their trading conditions are not provided. Yescom Financial Limited offers different account types to cater to the needs of traders, but the legitimacy and reliability of the company are questionable based on negative reviews highlighting withdrawal difficulties, forced liquidation of positions, fraudulent practices, and high handling fees. Traders should exercise caution and consider the associated risks when dealing with an unregulated financial institution like Yescom Financial Limited.
FAQs
Q: Is Yescom Financial Limited a regulated company？
A: No, Yescom Financial Limited is not regulated and has an unauthorized status according to the National Futures Association (NFA) in the United States.
Q: What are the market instruments offered by Yescom Financial Limited？
A: Yescom Financial Limited offers forex, precious metals (gold/silver), stock index/stock, and CFD trading options.
Q: What are the account types offered by Yescom Financial Limited？
A: Yescom Financial Limited offers Classic, PRO, and ECN account types, catering to different trading needs.
Q: What leverage options are available with Yescom Financial Limited？
A: Yescom Financial Limited offers varying leverage options, with the PRO account allowing leverage up to 1:1000 and the ECN account allowing traders to set their preferred leverage.
Q: What is the minimum deposit requirement for Yescom Financial Limited？
A: The minimum deposit requirement is $100 for the Classic account and $1000 for both the PRO and ECN accounts.
Q: What are the available payment methods with Yescom Financial Limited？
A: Yescom Financial Limited offers payment methods such as Vietcombank, Mastercard, VISA, Skrill, NETELLER, Perfect Money, and Union Pay.
Q: How can I contact customer support at Yescom Financial Limited？
A: You can reach Yescom Financial Limited via email, phone numbers, Skype, or visit their physical office addresses.
Q: Are there any reviews or concerns about Yescom Financial Limited？
A: Yes, there are concerns raised in reviews regarding withdrawal difficulties, forced liquidation of positions, and fraudulent practices, indicating a lack of trustworthiness.
2023-03-10 16:32
2023-01-27 08:38
