Unlicensed Broker YunikonFX: Users Unable to Withdraw Funds, Scam Allegations Soar

BrokersView has recently witnessed a surge in the negative reviews and complaints about YunikonFX, primarily related to the inability to withdraw funds.

Withdrawal Issues and Lack of Communication

Clients of YunikonFX discover that their withdrawal requests have remained pending for no reason since April this year, without any official statement from the trading platform explaining the situation. Despite attempts to contact the broker's customer support team, users have failed to receive any response. Consequently, the fear of losing their hard-earned money looms over YunikonFX's users. 

In support of these claims, one client provided us with screenshots showcasing his pending withdrawal requests.

Our team has made multiple attempts to contact YunikonFX via email to address investors' concerns, but the platform remains unresponsive.

Polarized Comments

A lot of investors have come to our platform to comment on the poor performance of the broker. However, the feedback received is polarized, indicating varying opinions about YunikonFX's reliability.

While most of the reviews about YunikonFX are complaining about its failure to proceed their withdrawal requests, there are two users giving positive words about the platform. One user claims that YunikonFX is one of the best brokers for him and firmly believes that the withdrawal issue will be soon resolved, as he has some insider information about the incident. However, this positive sentiment soon sparked a backlash from others who remain skeptical.

Unveiling the scam

On its website, YunikonFX marks itself as a world-class platform, easy to use, fully customizable, with superior execution speeds.

In an attempt to establish trust with investors, YunikonFX posts an advertising video on its home page that touts its advantages. In this video, YunikonFX claims to be a registered member of the US National Futures Association (NFA), a well-known financial watchdog recognized for its stringent regulations. However, data from the NFA suggest that Yunikon Financial Limited, the operator of YunikonFX, is not an NFA member and thus not subject to their oversight. Similarly, our search in the registers of the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC), where YunikonFX claimed pending regulation, yielded no results either. It is particularly noteworthy that the CySEC registry does not list any investment firm with a name starting with the letter "Y," further casting doubt on YunikonFX's assertions.

On the “Contact” page, YunikonFX provides a registration number, 26015BC2020, supposedly issued by the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA). However, it turns out to be fake information, as no entries matching it could be found in the SVG FSA register. Furthermore, this offshore financial regulatory body has explicitly stated that it neither issues licenses for forex trading or brokerage, nor does it regulate entities involved in such activities.

Conclusion

With the rapid development of the internet, online investment scams have proliferated, especially after the pandemic, as individuals seek to mitigate financial risks posed by the downward economy through investment. We strongly suggest investors exercise extreme caution and utilize the internet to search for relevant information, including a trading platform's accreditation, licenses, and reviews, before making any investment decisions.

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