Remote Trading Possible Scam

[forex343]

Hi guys,

I have a question for you. I have an offer for a remote junior prop trader position from a firm based in Cyprus. The deal is:
50,000euros live account.
Minimum trade per day: 1
Maximum trade per day: 3
Minimum or Maximum position size per trade: 100.000 (1 lot)
Intraday positions: All positions must be closed before the end of the trading session.
Minimum Stop Loss per trade: 10pips
Minimum Take Profit per trade: 10pips
Maximum daily loss: €470

The thing is that firstly they told me that I have to pay a one-off payment of €575 entry fee, this will cover admission fees, processing fees for all future withdrawals (does not include Bank Charges) and also provides you with your own personal Executive Trader. And that there is a max ammount I can lose it total, which is 3,000. So if my account drops below 47,000 in any time they have the right to terminate me. They didn't ask about any trading record or something like that. They just saw my CV and got me an offer.

I think sth doesn't seem right. what do you think? Can I really see if the accout will be a demo or live as they claim? I think is might be scam. I really appreciate any help given.

Thanks

 

[gerryg]

It is definitely scam. If company asks you to pay some setup fees offering future job it makes no sense.

 

[GraemeAllen]

It YESFX, they are on Linkedin. did you apply for a position?

 

[Dinos]

I'd always consider it a scam, no matter what it is, if they ask for money up front.

 

[ffsear]

50,000euros live account.
Minimum trade per day: 1
Maximum trade per day: 3
Minimum or Maximum position size per trade: 100.000 (1 lot)
Intraday positions: All positions must be closed before the end of the trading session.
Minimum Stop Loss per trade: 10pips
Minimum Take Profit per trade: 10pips
Maximum daily loss: €470

This part alone says it all to me, even before they ask for a fee.

100% a scam!

 

[gerryg]

It's a pity that many other unlucky guys swallowed this bait and were scammed.

 

[Giovan]

The only money involved in this transaction is the €575 that you are required to part with.
How do you get a position which you didn't apply for?
How many firms will state their terms that early?

 

[Danyl]

I was offered the same deal except they are asking for €1475 upfront. As soon as I saw this I thought scam straight away. They also asked for a Skype interview, doing their best to look legit. Best to stay clear from these guys.

 

[forex343]

Hi guys,
Thanks for your replies. Fortunately, I didn't accept the position as something wasn't right with those guys. I also think that it's a scam as none asks for money up front, and as ffsear said the trading conditions they set make it very clear of who they are. Protect yourselves from scammers by doing your research.Cheers.

 

[YESFX LTD]

Yesfx ltd

Dear all,

We understand people’s concerns and we regret to see that some of the above members are making accusation without having researched our company and without knowing the specifics of our program.

YESFX Ltd has been in business for over 7 years, specialising in technical analysis seminars. We are based in Nicosia, Cyprus, and all our contact details – from our management team profiles to our address and telephone numbers – are disclosed in our website www.yesfx.com.cy. Unlike many other companies, we have extensive presence in the local market through advertisements and articles in the press (http://www.yesfx.com.cy/company/press-room.html).

We invite anyone who is interested in our Junior Prop Trader program to visit our office. If you are not based in Cyprus, we can give you online remote guest access to our live trading sessions, where you can chat with all the program’s participating traders and get a better understanding on how the program works.

All our fees and the rest of the conditions are disclosed from the outset, and are in place to cover administration costs, and other expenses that YESFX Ltd will incur (provision of execution trader, membership to YESFX online community, Gotomeeting and Team Viewer licences, etc).

Finally, and to address the point that Danyl raises about the higher price: We started the program charging a promotional fee of €575 for the first month only. The current fee to enter our Junior Prop Trader program now stands at €1,450.

If you have any questions or require clarifications on our program, we are at your disposal.

Thank you.

 

[albeniz_77176]

scam or not?

So anyone could confirm if this is a scam or not? What about the people already involved in this program OR that had a bad experience with them?

Dear all,

We understand people’s concerns and we regret to see that some of the above members are making accusation without having researched our company and without knowing the specifics of our program.

YESFX Ltd has been in business for over 7 years, specialising in technical analysis seminars. We are based in Nicosia, Cyprus, and all our contact details – from our management team profiles to our address and telephone numbers – are disclosed in our website www.yesfx.com.cy. Unlike many other companies, we have extensive presence in the local market through advertisements and articles in the press (http://www.yesfx.com.cy/company/press-room.html).

We invite anyone who is interested in our Junior Prop Trader program to visit our office. If you are not based in Cyprus, we can give you online remote guest access to our live trading sessions, where you can chat with all the program’s participating traders and get a better understanding on how the program works.

All our fees and the rest of the conditions are disclosed from the outset, and are in place to cover administration costs, and other expenses that YESFX Ltd will incur (provision of execution trader, membership to YESFX online community, Gotomeeting and Team Viewer licences, etc).

Finally, and to address the point that Danyl raises about the higher price: We started the program charging a promotional fee of €575 for the first month only. The current fee to enter our Junior Prop Trader program now stands at €1,450.

If you have any questions or require clarifications on our program, we are at your disposal.

Thank you.

 

[YESFX LTD]

Yesfx ltd

So anyone could confirm if this is a scam or not? What about the people already involved in this program OR that had a bad experience with them?

Kindly be adviced that due to a recent website update our press room link has been changed to: http://yesfx.com.cy/company/press.html

We repeat that in case you have any doubts about our company's integrity, we invite anyone to request for a guest code so that he/she can log-in to our live-trading session and chat with our traders in order to resolve any issues he/she might have regarding our company.

 

[DionysusToast]

So anyone could confirm if this is a scam or not? What about the people already involved in this program OR that had a bad experience with them?

There is no reason on earth for any prop firm to charge you an entrance fee.

They won't fund you.

 

[YESFX LTD]

Please visit our website at www.yesfx.com.cy and see how if you have professional certifications such as CFTs, MSTA or CMT and live track record of at least 3 years, there is absolutely no charge.

YESFX Ltd is giving a unique opportunity to people with no professional certification and track records as well. However the junior position carries a fee to cover admission fees, legal fees and support fees (access to instructors and online community) etc.

We would like to invite anyone from this forum who wishes to access our live trading sessions and speak with our prop traders to email [email protected] and we will issue a GUEST id for 24 hours.

Thank you.

YESFX Ltd.

 

[YESFX LTD]

I was offered the same deal except they are asking for €1475 upfront. As soon as I saw this I thought scam straight away. They also asked for a Skype interview, doing their best to look legit. Best to stay clear from these guys.

please see our answer below from YESFX. Also, feel free to browse all our links to newpapers articles written by our traders etc. You are more than welcome to join our trading sessions and speak with current prop traders.

 

[YESFX LTD]

Hi guys,

I have a question for you. I have an offer for a remote junior prop trader position from a firm based in Cyprus. The deal is:
50,000euros live account.
Minimum trade per day: 1
Maximum trade per day: 3
Minimum or Maximum position size per trade: 100.000 (1 lot)
Intraday positions: All positions must be closed before the end of the trading session.
Minimum Stop Loss per trade: 10pips
Minimum Take Profit per trade: 10pips
Maximum daily loss: €470

The thing is that firstly they told me that I have to pay a one-off payment of €575 entry fee, this will cover admission fees, processing fees for all future withdrawals (does not include Bank Charges) and also provides you with your own personal Executive Trader. And that there is a max ammount I can lose it total, which is 3,000. So if my account drops below 47,000 in any time they have the right to terminate me. They didn't ask about any trading record or something like that. They just saw my CV and got me an offer.

I think sth doesn't seem right. what do you think? Can I really see if the accout will be a demo or live as they claim? I think is might be scam. I really appreciate any help given.

Thanks

we ask for trading records if we want to examine you further at the interview. Feel free to read our response below. If you would like we can issue a Guest ID to enter out trading sessions and interact with current prop traders. Thank you.

 

[YESFX LTD]

It is definitely scam. If company asks you to pay some setup fees offering future job it makes no sense.

this is a contract [therefore there is a fee] for inexperienced but potentially talented traders. If anyone carries certification in MSTA, CMT or CFTe and a live track record of at least three years we waive the fee. You are more than welcome to join one of our trading sessions and interact with current prop traders.

 

[YESFX LTD]

I'd always consider it a scam, no matter what it is, if they ask for money up front.

Dinos, we understand your concern about the fee, however if someone has professional certification of CMT, CFTe or MSTA, with a track record of at least three years we waive the fee. If you are familiar with prop house structure, you either pay a fee if you are not experienced, OR use personal funds to prove your consistency. We welcome you to join one of our live trading sessions and speak with current traders.

 

[YESFX LTD]

This part alone says it all to me, even before they ask for a fee.

100% a scam!

like we mentioned a few times already, the fee is for inexperience traders.
If someone holds professional certification [CMT, CFTe or MSTA with a track records of three years of trading then we waive the fee] You are invited to join any of life trading sessions to speak with our current traders.

 

[Splitlink]

Dear all,

We understand people’s concerns and we regret to see that some of the above members are making accusation without having researched our company and without knowing the specifics of our program.

YESFX Ltd has been in business for over 7 years, specialising in technical analysis seminars. We are based in Nicosia, Cyprus, and all our contact details – from our management team profiles to our address and telephone numbers – are disclosed in our website www.yesfx.com.cy. Unlike many other companies, we have extensive presence in the local market through advertisements and articles in the press (http://www.yesfx.com.cy/company/press-room.html).

We invite anyone who is interested in our Junior Prop Trader program to visit our office. If you are not based in Cyprus, we can give you online remote guest access to our live trading sessions, where you can chat with all the program’s participating traders and get a better understanding on how the program works.

All our fees and the rest of the conditions are disclosed from the outset, and are in place to cover administration costs, and other expenses that YESFX Ltd will incur (provision of execution trader, membership to YESFX online community, Gotomeeting and Team Viewer licences, etc).

Finally, and to address the point that Danyl raises about the higher price: We started the program charging a promotional fee of €575 for the first month only. The current fee to enter our Junior Prop Trader program now stands at €1,450.

If you have any questions or require clarifications on our program, we are at your disposal.

Thank you.

Dear You,

The onus is on you to prove that you are not a scam. Difficult to do? That's your problem, not ours, but I am hoping that frequent readers of this site are beginning to realise that blithely parting with their money puts the shoe on the other foot. He, who has the cash, has control of the situation...always.