YunikonFX Review 2023: Is It Legit or a Scam?

YunikonFX Overviews

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YunikonFX is a CFD broker that lets clients trade forex, stocks, indices, and precious metals. According to WikiFX, this company has been in operation between 2 and 5 years and has no license, although some broker review sites claim that they perhaps hold a license with the National Futures Association (NFA).

Facts About YunikonFX

Pros and Cons

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Is YunikonFX Safe? Broker Regulations

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It is very important to understand that a financial authority will regulate brokers (or at least legitimate and safe brokers) for the regions they operate in. This will apply to brokers that operate and also apply to brokers that operate in various regions under different entities. For example, ZFX is regulated by two financial authorities;

• Financial Conduct Authority (FCA) in the UK.
• Financial Services Authority (FSA) in the Seychelles

Information on who regulates a broker is typically found on the broker’s website in the footer section; if it is not, it is easy to find on their site. There is no information on the YunikonFX website regarding any financial regulatory authority.

However, searching the net, some brokers claim to have found that YunikonFX state they are registered with the NFA. At this point, it would help to understand that the National Futures Association (NFA) is a “self-regulatory organization for the US derivatives industry, providing innovative and effective regulatory programs.”.

That being said, many strict laws govern brokers in the US and ones that can operate in the US. This is why you will find that many international brokers are not allowed to operate in the US and do not offer trading accounts to US citizens. Thus we can assume that if YunikonFX has no other regulatory authorities that govern it, it is unlikely that the NFA will regulate them. Various other review articles on YunikonFX also confirm this.

The only information we could find regarding the broker is that they offer the business company number, but we do not know to whom it is registered.

What Can I Trade with YunikonFX?

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We need to look at what a broker has available to trade in terms of assets. Depending on the broker, they may offer similar or different assets, and then also some may offer more or less than others. Typically, a regulated and safe broker will offer the typical assets of forex, stocks, crypto, commodities, and Indices in the form of CFDs if they are an international broker.

Depending on the broker, some may have more assets than others, and some may even offer actual shares, baskets, bonds, ETFs, and so on. Also, brokers will usually have a list, or one will be available to download, outlining all the assets that the broker has. This is because you will want to know what you can trade as a prospective new client.

If you head to the “trading” menu on the YunikonFX website and click on specifications, you will be taken to a page that outlines the various instruments that are available to trade, depending on what account you wish to open.

Typically, brokers offer quite a lot in terms of what assets they have, and we outline them in separate headings to detail them in our reviews. However, YunikonFX only has two indices and two “spread metals” (commodities) available to trade (no matter what account you choose to open).

Then their forex and US stocks list is also the same across all trading accounts, and they only have the most popular currency pairs and stocks to choose from (which is not necessarily bad). Thus, there is no point in outlining the assets YunikonFX has available to trade and detailing them. For their full list of assets, you can head to this link here.

How to Trade with YunikonFX?

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There are only two ways that YunikonFX allows clients to trade: by using MetaTrader 4. Now MetaTrader 4 is the gold industry award-winning standard platform that most brokers will use as their client trading platform.

However, YunikonFX only has MetaTrader available for Windows, whereas all other brokers also offer a Mac option. If you head to the “platforms” menu and click on “MetaTrader for PC,” you will find the necessary information.

This is a bit odd, and to add this, they offer MetaTrader mobile for the second method of trading (if you don’t like MetaTrader for Windows or you have a Mac), but they still have the option for iPhones. Once again, heading the the “platforms” menu and then to “smartphones,” you will be taken to the relevant page with the accompanying information.

You might not think this is strange; however, Apple already removed MetaTrader from their app store in 2022 for many reasons that we will not go into in this review. This means that you are not able to trade on an Apple mobile device using mobile MetaTrader (unless you already have it installed), but YunikonFX still has the information and link to download the mobile version of MetaTrader for iPhones which is now a broken link.

This is odd because, for a broker that claims to generate over 3 billion in monthly trading volume, one would think that their website would be kept up to date. This would be especially true regarding platforms their clients need to use to trade. This is not to mention that their active stats for trading volume and registered accounts were last updated in 2020.

How Can I Open YunikonFX Account? A Simple Tutorial

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Opening an account with YunikonFX is pretty straightforward. Although from the information gathered and put forward in this review, we do not recommend opening an account with them. We suggest you rather opt for a safe and reliable broker such as ZFX. Nonetheless, we will still walk you through the process of opening an account with this broker.

Take note that for most of our reviews, we tend to signup with the broker in question, depositing some capital and trading with them to get the full experience that the broker has to offer so that we can provide you with an in-depth review.

However, for brokers such as YunikonFX and others, we have reviewed (TriumphFX and Dollars Markets), we are not comfortable giving out our personal information and depositing funds into a registered trading account with them.

As such, we will only take you through the signup process as far as when they ask us to enter personal information.

First, you will need to head to the YunikonFX website and click on the “open an account” button.

You will then be taken to the registration page, which consists of four sections that include the following;

• Profile
• Account
• Address
• Submission

The Profile section will have you fill out some “normal” personal information like your name, last name, email address, country, and phone number.

Following that section, you will be prompted to fill out your account details, including a username, referral, preferable language, and account password.

Following that, you will be taken to the next section, where you will need to input your current address. We were not prepared to do this, so this is where the signup process ends for us.

However, if you are still adamant that you would like to signup with YunikonFX, you would need to fill in your current address, head to the next section, the “review and submit” section, and then register.

YunikonFX Charts and Analysis

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Typically brokers will have various resources and trading education that anybody can use to help them understand the broker better, learn to trade better, and learn to handle their accounts better. These types of resources can come in many forms.

For example, ZFX has an A-Z Academy that gives tutorials on how to trade, helping beginner traders learn. It also goes over popular assets and explains how to trade them, when to trade them and when is the best possible time to trade them. If you are new to trading, you can check out their Beginner Academy, where you can learn to improve your trading skills, or you can even head to their trading guides section.

Other brokers will have varying degrees of the informational material that ZFX has; however, if you take a look at the YunikonFX site, you will find that there are no trading resources at all except for a lackluster FAQ section that briefly details questions on account validation, deposits and withdrawals and then a couple of questions regarding trading.

There is nothing in the way of educational trading material, economic news, or anything of the sort.

YunikonFX Account Types

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The next thing we look at for all our reviews is what types of accounts the broker has to offer their clients who signup with them. The account types will vary from broker to broker depending. Additionally, all brokers will have a dedicated section specifically detailing what each account offers and how they differ from one another.

Here you will find information on the minimum deposit, the base currency, the spread, leverage, available platforms, lot sizes, and more. With this information, clients can decide which account suits them best.

The only information that is listed for the available account types that YunikonFX has to offer is by going to the”contract specification” page. Here you will find four account types along with a demo account and these are namely;

• Standard account
• ECN account
• Prime account
• Pro Cent account

There is no other information other than the available instruments and details about them regarding each account, but the information is not consolidated to any degree. It is not broken down into digestible information; the only factors that change from account to account are the spread, margin level, and leverage.

The Standard account has a variable spread with a 100% initial margin with a max leverage of 500:1. The ECN account is commission based, has a variable spread, an initial margin of 40%, and a leverage of 100:1

Then the prime account has a variable spread, a margin of 50% of remaining equity, and a leverage of 300:1. Lastly, the pro cent account has specific spreads, a margin that is 100% of your remaining equity, and a leverage of 1000:1.

There is no other information regarding account types with YunikonFX, but we have put together what we could find in table format for your perusal.

Do I Have Negative Balance Protection with This Broker?

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Negative balance protection is a policy that many reputable international brokers offer. This is whereby if you lose a position and your account balance goes into the negative, the broker will cover the costs and bring your balance back to zero.

This is great because it means that you never have to worry about losing more money than you deposit into your account, and many brokers such as ZFX, XM, and more do this.

However, if you head to the YunikonFX support page and read through their terms and conditions, you will find this not to be the case and that this broker, in fact, does not offer any negative balance protection.

In fact, their Terms and conditions go so far as to stipulate that you are responsible for any negative balance in your account and that YunikonFX has the right to take legal action to recover the negative amount.

It would help to understand that the markets are very volatile, and negative balance protection is a way to keep clients safe and feeling comfortable. Due to this alone, we do not recommend Yunikon as a broker (not to mention all the other information pointing toward this as well).

YunikonFX Deposits and Withdrawals

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It seems as if the only aspect of usable information YunikonFX is willing to share is information regarding account creation and deposit and withdrawal methods. This page can be accessed from their menu. There are only two methods by which you are able to deposit funds, and it is unclear what methods are available for withdrawal.

The two methods for depositing are;

• Cryptocurrency transfer
• Local bank transfer (Malaysia, Vietnam, Indonesia, Thailand)

YunikonFX offers multiple methods by which to deposit funds via cryptocurrency and local bank transfer, and they vary depending if you are in Malaysia, Vietnam, Indonesia, and Thailand. There are, in fact, too many to consider here, so we have included a screenshot so you can see what is available for your region.

Also note that if you are not located in one of these regions, then depositing via cryptocurrency is your only option.

Support Service for Customer

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There are three ways by which you can contact customer support with YunikonFX. The first is via Email, with support available 24/5, according to their website. The support Email address is;

• support@yunikonfx.com

The next method is to send them an inquiry, which you will be able to do if you head to their “contact us” page.

Then the last method is via the live chat service which is directly accessible on their website. This is quite a good service, and many brokers employ this service as it gives clients an immediate response to any problems they may encounter, no matter what they are.

The other good thing about the YunikonFX live chat is that you are able to get a support agent in three different languages that, include;

• English
• Bahasa
• Chinese

However, YunikonFX could improve its online live chat by incorporating other languages applicable to Asia. Note that although YunikonFX seems to have acceptable customer support, all the other information provided still puts this broker at a net negative, and we do not recommend them.

Prohibited Countries: Where Can I Not Trade with this Broker?

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Depending on where a broker operates, under how many entities, and who regulates them, they are only allowed to accept clients from specific regions. Then due to the fact that we can’t tell if YunikonFX is regulated or not (even though other review sites claim to have found they say they are registered with the NFA).

Moreover, we stated that most international brokers will almost always not allow US residents to trade with them; however, in the signup process, this country is available for selection.

There is no other information regarding which countries YunikonFX does not accept clients from, except from the signup dropdown menu. Even countries that other brokers do not allow, like North Korea, are available with YunikonFX. This is strange because sanctions and restrictions are placed on countries like North Korea, Russia, Iran, etc., for various reasons, including money laundering and terrorist funding. Thus we can’t explicitly say which countries are not allowed to trade with YunikonFX.

Special Offers for Customers

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In terms of special offers, YunikonFX offers an Autotrade Trader Rank system which we think is almost like an affiliate program whereby you will earn a percentage based on how many traders you have in each level under your network. The information on this is also (once again) not clear.

Then there is the AutoTrade Group Sales Incentive, and this “promotion” is given to any client that has reached Emperor or Shogun status. Our basic understanding is that you will earn approximately 2% of your entire network sales, provided you do not have any other Emperor or Shogun trader in your network. If this is the case, you will only receive 0.5% as a percentage of your network sales.

Lastly, they offer a “self-trade affiliate bonus” where YunikonFX will reward all traders up to 6 generations with an affiliate bonus. However, no information on how to obtain this is given.

At this point, it should be noted that other brokers typically offer “normal” rewards along with promotions in the form of a signup bonus, competition, or loyalty program. The promotions that Yunikon offer seem eerily similar to that of a pyramid scheme, but we can’t determine this for sure.

YunikonFX Review Conclusion: Reputable Broker with Easy-to-use Platform

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We conclude that YunikonFX is not a broker you should consider. There are other highly reputable and safer brokers that we have reviewed, such as that of ZFX and many others.

PIPPENGUIN

We conclude that YunikonFX is not a broker you should consider. There are other highly reputable and safer brokers that we have reviewed, such as that of ZFX and many others. The information we gathered (and lack thereof) shows that not only do we think that this broker should not be trusted, but we feel that they could perhaps be fraudulent to a degree. As such, we can’t, in good faith, recommend this broker to anybody (new or professional traders).

Summary and Key Takeaways

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We noted that this broker has outdated information on their website, along with missing or no information at all regarding key factors that one should consider when looking at whether a broker is trustworthy and if you should consider signing up with them.

There are just too many discrepancies, invalid, and misinformation that this broker does not compare to some of the others we have reviewed. To summarize, the account type information is limited; the assets are also limited, there is no information regarding any regulatory authority, and the trading platforms are limited to Windows and Android.

FAQs

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Is YunikonFX legit?

YunikonFX is not regarded as a legitimate or safe broker. No financial authority does not regulate them, and information pertaining to the broker, whether it is based on info gathered from their site, other broker review sites, or clients’ review sites, indicates that they are not reputable.

How to withdraw money from YunikonFX?

There is no clear information on the YunikonFX website that indicates any withdrawal methods. The only information available is information that addresses how to deposit funds into your account. This can be done via cryptocurrency transfer or via local bank transfer.

How to log in to YunikonFX?

To log into your YunikonFX account, you will only need to head to their Member login page, which you can access here. Once you have opened an account and have your username (or Email) along with your password, you will only need to input them into the appropriate fields and then click the “sign in” button to access the member’s area.