Introduction
YunikonFX is an online Forex broker known for its questionable reputation. Selecting the right broker is essential for success in the trading world. Therefore, broker reviews such as this one can be an eye-opener.
In the Yunikon FX review, we dissect the broker’s trading services by their features and identify whether it is fake or reliable. A quick overview of the broker is below:
| FOUNDED IN | Not Specified |
| HEADQUARTERS | Saint Vincent and the Grenadines |
| REGULATORS | Not Regulated |
| MINIMUM DEPOSIT | $50 |
| PLATFORMS OFFERED | MT4 |
| TRADING INSTRUMENTS | Forex, Commodities, CFDs, Cryptocurrency |
| ACCOUNT CURRENCY | USD |
| MAXIMUM LEVERAGE | Up to 1:1000 |
| CUSTOMER SUPPORT | 24/5 |
| DEPOSIT OPTIONS | Not Mentioned |
| COMMISSION | $0 for Other Accounts, $7 for RCG ECN Account |
| SPREADS | 0.8 Pips |
| MOBILE TRADING | No |
| AFFILIATE PROGRAMME | No |
| CONTESTS AND BONUSES | Yes |
What is YunikonFX?
Yunikonfx is a scam broker headquartered in Saint Vincent and the Grenadines, founded 2-5 years ago. The platform offers trading services with several assets, including Forex, Metals, Energies, Commodities, and CFDs. Traders can access this broker on the MT4 platform, which has an easy-to-use and user-friendly interface.
The broker offers competitive spreads, quick execution, and secure trading through features like negative balance protection.
Is YunikonFX a Scam?
Yunikonfx scam forex broker is unsafe because of its uncertain regulatory status and suspicious broker website that lacks transparency. There are many testimonies to prove that the broker is unreliable in trading, the first being its unclear regulation. We have no information on Yunikon’s regulation in the financial markets or other websites.
Moreover, the website is filled with lengthy and useless information that is not specific.
This can be a mere tactic to attract visitors with fancy claims. Let’s look at some of the claims made by the broker platform.
Why is Yunikon FX a Scam Broker?
As mentioned above, the forex broker platform lacks financial regulation and website transparency. Moreover, the broker was subjected to scam complaints, indicating the importance of choosing a regulated broker, resulting in the broker’s temporary shutdown.
In May 2023, the platform faced backlash regarding delayed withdrawal and a lack of customer support services, raising concerns about potential fraudulent activities. After multiple complaints, the broker went on a temporary hiatus. Customers who tried to log in to the broker platform saw a sign that read, “Sorry for the inconvenience, we’re performing some maintenance at the moment.
We’ll be back up shortly,” raising suspicions about potential scams linked to the broker customer support team.
However, despite the website being under construction, the registration site for new users remained open, raising concerns over Yunikon FX’s integrity in the financial markets. Moreover, trusted broker review websites like Trustpilot show people’s dissatisfaction with the broker’s services today.
Yunikon FX Auto Trading
Auto trading in forex is when the system automatically places the buy and sell orders when the trade conditions are met, allowing traders to reduce risks and gain maximum profits. Yunikon FX claims to be one of the online trading brokers offering auto trading features and various trading instruments.
Leverage, Spreads and Commission
Yunikon fx offers a high leverage of 1:1000 for both self and auto trading, along with a tight and competitive spread starting as low as 0.8 pips.
Despite these enticing features, potential traders should exercise caution as Yunikon FX is not listed among regulated brokers. Moreover, Yunikon does not require commissions and offers an execution speed of 0.1 seconds.
YunikonFx Deposit and Withdrawals
The Yunikon FX minimum deposit starts at $20 with no limit on the maximum deposit. Moreover, the broker sets no limits on the withdrawal amount. The withdrawal will take 72 hours to reflect in your account, offering various trading instruments and account types to cater to different investor preferences.
Transaction Options
Yunikon FX offers many transaction options, including the following in the forex market.:
- Local bank transfer
- Skrill
- Neteller
- Fasapay
- Visa and Mastercard
Account Types Offered by Yunikon FX
Yunikon’s account types are divided into five categories, accommodating various payment methods, including bank transfers. These are as follows:
| Account Types | Standard Account | Prime Account | ECN Account | Pro Cent |
| Leverage | 1:500 | 1:300 | 1:100 | 1:1000 |
| Spreads | Variable | Variable | Variable | Fixed |
| Minimum Deposit | Varies Depending on the Currency | Varies Depending on the Currency | Varies Depending on the Currency | Varies Depending on the Currency |
| Currency | USD | USD | USD | USD |
| Commission | 0 | 0 | $35 per trade | 0 |
| Scalping | Available | Available | Available | Available |
| Demo Account | Available | Available | Available | Available |
| Copy Trading | Yes | Yes | Yes | Yes |
| Minimum Lot Size Per Trade | 0.01 | 0.01 | 0.01 | 0.01 |
- Live Standard Account: This account type is meant for currency, commodities and metals trading as it offers flexible leverage from 1:20 to 1:500.
- Live Prime Account: This trading account offers a wide range of assets in metals, CFD and stocks, with leverage of 1:300.
- Live ECN Account
- Demo Standard Account
- Pro Cent (Auto Trade) Account
Yunikon FX Islamic Account
The broker offers a wide range of trading accounts, including cent and demo accounts, but they are SWAP-free and Islamic accounts by default. So, Muslim traders can use Yunikon Fx as a forex broker, which means the Yunikonfx is not haram in the community.
Yunikon FX Trading Platform
Yunikon provides the MT4 trading platform, enhancing the trading process with zero requotes, rejections, and flexible leverage. MT4 is a renowned trading platform with more than 1,000 instruments, easy login access, tight spreads, one-click trading, and much more. However, the broker only offers one trading platform; you can explore other platforms through the Metherworld broker.
Does YunikonFX have a Mobile App?
Yes, the Yunikon app is available for both iOS and Android devices. YunikonFX download can be done directly on iOS and Android devices through the website or Apple and Google Play stores, enabling convenient mobile trading.
Assets and Features Offered by Yunikon FX
The broker claims to offer trading in CFDs, commodities, indices, metals, energies, and forex and promises to add more assets in the future. However, such promises often raise red flags, especially from unregulated brokers.
There are mentions of luxury rewards, educational resources, free-market signals and trends, etc., but no proof or details are provided on these so-called “claims.”
The broker vaguely describes its association with the world’s best liquidity service providers. Still, the provider’s name is not mentioned anywhere on the website. The broker also claims to offer educational resources but is nowhere to be found on the website.
Overall, the broker is an unregulated and scam broker claiming features without detail or evidence. Avoid brokers with unclear information and opt for a broker with proper regulation and website transparency, such as RCG Markets.
Yunikon Registration Details
Before logging into the YUnikonFX account, you must create an account. To do that, follow the steps below to set up your practice trading account.
Step 1
Go to the broker sign-up page, which should look something like this:
Step 2
Enter the relevant details, including personal information like name, company, email address, etc. Select the time zone as per your area or preference, then create a secure password for your account.
Step 3
Click enter after submitting the details, then the broker will ask you to confirm your details. However, when we registered with the broker, the platform showed dummy personal details despite entering personal details, which raised suspicion.
YunikonFX Member Login
If you already have a Yunikon account, simply go to the website and follow the steps below. Yunikonfx offers straightforward procedures for existing users.
- Locate the Yunikonfx login member button and use your credentials to log into your active trading account.
- Go to deposit funds and make your deposit.
- When your deposit is successful, you will be directed to your account dashboard, which you can customise as per your needs.
- Start trading!
Note that if you are opening a demo account, you can start trading without depositing, as the broker offers free access to demo accounts.
YunikonFX App
Yunikon Fx offers Android and iOS users a mobile app, facilitating easy access to cfd trading. You can download the app YunikonFX through the broker website or search the broker app on Google Play Store or Apple Store.
Yunikon FX Affiliate
YunikonFX introduces a “self-trade affiliate bonus” wherein traders within their network, spanning up to six generations, can receive affiliate bonuses based on their profits. Regrettably, the details of this program, including the method to obtain the bonus, are not disclosed.
YunikonFX Customer Service
YunikonFX customer support is available through email and live chat services. However, the live chat is unavailable 24/7. We couldn’t contact the broker’s customer support agents as they were unavailable, raising concerns about their licensed operations.
If you wish to reach out to the broker’s customer support team, then here are the sources you can do that through
Email: [email protected]
Address: Beachmont Business Centre,
348, Kingstown, Saint Vincent and the Grenadines
You can also send your queries through the broker’s website.
Pros and Cons of Trading with Yunikon FX
| Pros | Cons |
| Low Minimum Deposit | Legitimacy Issue |
| High Leverage and Tight Spreads | Unclear Financial Regulation |
| Fast Order Execution Speed | Platforms Like MT5 is Not Available |
| Auto Trading Available | |
| Wide Range of Assets and Payment Options |
Conclusion
After conducting a comprehensive Yunikonfx review, we have found the broker unreliable and illegitimate in the foreign exchange market. The website offers several perks, but customer reviews and broker review websites say otherwise. Users facing withdrawal delays and a lack of customer services show that the Yunikon FX broker is a scam.
FAQs
How do I Register for YunikonFX?
The registration process for Yunikon FX is simple and convenient.
Follow the steps given below to register with Yunikon FX:
- Go to the YunikonFX.com website and click on ‘Open an account.’
- Enter relevant details like your Name, Email ID, Address, etc.
- Verify the details and submit important documents.
- Add funds to your account and start trading!
What is Auto Trading?
Auto trading is trading using a robot or AI where the buy and sell orders are automatically placed based on the input added by the user. Yunikonfx robot trading is the broker’s stand-out feature.
Is YunikonFX Legit?
The broker has several legitimacy concerns because it lacks clear regulations and transparency on the website. Moreover, the customer reviews on the broker have not been satisfactory either.
What’s the Process for Yunikonfx Withdrawals?
To make a withdrawal from Yunikon fx, log into your Yunikonfx account and click on withdraw. After clicking, a withdrawal form will open where you must click the “new withdrawal request” button. Now, choose the mode of payment or transaction, and the amount will be processed.
Is Yunikonfx Legal in Malaysia?
Yunikonfx is illegal in Malaysia and has been added to the scam alert list by the Central Bank of Malaysia. This establishes the Yunikonfx scammer broker or Yunikonfx Penipu as unreliable and fraudulent.
Is Yunikonfx Haram in Indonesia?
Yes, Yunikonfx haram in Indonesia. For Muslims, forex trading is considered haram unless the broker abides by Islamic laws. Although YunikonfX has swap-free Islamic accounts, it is not available in Indonesia, meaning Muslim traders in the country can not trade with YunikonFX
Is there a YunikonFX Affiliate Program?
No, there are no affiliate YunikonFX programs for traders.
How Can YunikonFX Member Login?
YunikonFX members can log in to the broker by having a secure internet connection, finding a reliable forex broker, opening and adding funds to the account and that’s it!
How to Install YunikonFX MT4?
To Install YunikonFX MT4 follow the given steps:
- Download the link through an exe. file
- After the download is complete sun the yunikonfinancial4setup.exe
- After you run the program, you’ll find a login window
- Now, enter your login credentials and start trading.
How to Uninstall YunikonFX PC MT4?
Step 1: Go to Start, select the all programs button and click YunikonFX MT4 uninstall
Step 2: Complete the uninstallation process by following the given instructions
Step 3: Go to your and delete the folder
Step 4: Now, restart the computer after the uninstallation is complete.
