- YesOption or YesTrading
- About YesOption
- What Does it Offer?
- Blacklisted by FCA
- No Refunds When Closing Account
- Restricts Trade
Today, we are going to review YesOption. Yes whatever you call it, YesOption or YesTrading, the platform has been in the marketplace in years. There are some complains registered against, and we are going to evaluate whether they are legit or not. So stick with us.
YesOption is a Forex and Binary Options Broker. The broker has been in business since 2013 and a subsidiary of Diamond Global Solutions. The given address is Bucharest Romain. The company caters to its client’s queries via different channels including email, live chat, and phonecall.
YesOption offers one of the best packages to the trader. It provides 125 tradable assets but no demo account. The minimum deposit is $250, and the payment ratio is 80%. The trader offers Spotoption software instead of MT4. It has some intuitive features, but nothing will blow your mind.
During our initial research, we found several problems with YesOption. After thorough research, we decided to share the critical issues we discovered. These discoveries will help make a well-informed decision.
The Financial Conduct Authority has blacklisted YesOption. The authority finds this firm offering financial services in the UK without their authorization. Moreover, the FCA is wary of its practices and advises people to stay away from it. See Proof.
YesOption used to be YesTrading. Yes, the now-defunct YesTrader was the predecessor of YesOption. We believe the following malpractices led to its demise.
However, it doesn’t appear that the broker wants to give up on these practices. We believe that these practices are quite profitable and making this broker a lot of money. So, YesTrading.com won’t change its practices. It will just keep coming back with a new identity.
YesOption doesn’t offer any refunds when you close your account. Yes, it keeps hold of your money, and you are unlikely to see it again. The company doesn’t mention it in its term and conditions. There was an outcry in the forex community.
What makes this issue so grim is even the recovery agencies are having a hard time recovering money. There are a few success stories of traders getting “some” of their money back but we are skeptical there will be other such cases.
YesOption has imposed strict restrictions on available traders, and this makes the forex platform hardly profitable for traders. We doubt these safety measures are placed to protect the user because they are already losing their money to YesOption or Yes Trading.
The Spreads are high, no leverage is available, and the limited amount a trader can trade per session is changed from time to time. This frustrates the user and hinders their strategy.
After viewing everything, we are far from recommending it. YesOption or YesTrading, the broker, is keeping its old practices and continue to rip off people. This isn’t how the forex marketplace works. So yes, YesOption was and still is a fraud, and you better stay away from it.