Yokohama Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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I have been here for the last 2 years. Working with Yokohama. I have found excellent customer service, instant deposits and withdrawals, and local bank deposit facilities. Got a lot of valuable trust from them.
Yokohama, often associated with the reputable tire company based in Japan, has become a point of contention in the forex trading community. This review will explore the various aspects of the Yokohama trading platform, revealing a largely negative reputation among users and experts alike. Key findings indicate that the broker is unregulated, operates with a questionable business model, and employs tactics that could lead to significant financial loss for clients.
Note: It is crucial to highlight the existence of multiple entities using the name "Yokohama." This review focuses on the forex trading platform and its associated risks, which differ significantly from the legitimate Bank of Yokohama.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service & Support | 2 |
| Trading Experience | 2 |
| Trustworthiness | 1 |
| User Experience | 2 |
We assess brokers based on user feedback, expert analysis, and overall market reputation.
Founded in 2021, Yokohama operates as an offshore broker under the guise of providing forex trading services. Despite claiming to offer access to the widely-used MetaTrader 4 and 5 platforms, the reality is that users report significant issues with the functionality and reliability of these systems. The broker purportedly allows trading in various asset classes, including forex, commodities, and cryptocurrencies, but lacks the necessary regulatory oversight, rendering client funds at risk.
Yokohama does not hold any valid licenses from recognized regulatory bodies, which is a significant red flag. According to multiple sources, including WikiFX, the broker is associated with "P240 Ltd," a company previously flagged for operating numerous fraudulent schemes. This lack of regulation means that clients have no recourse in the event of disputes or financial losses.
The broker accepts deposits primarily in cryptocurrencies, such as Bitcoin and Ethereum, which is a common practice among unregulated brokers to avoid chargebacks. This practice can lead to severe difficulties in retrieving funds once deposited. Many users have reported that withdrawal requests are either delayed or outright denied, confirming the broker's untrustworthy nature.
While specific figures for the minimum deposit are not clearly stated, some sources suggest that it may be as low as $100. However, the lack of transparency regarding fees and conditions raises concerns about the actual cost of trading.
Yokohama is known to offer enticing bonuses, but these often come with high trading volume requirements that make it nearly impossible for users to withdraw their funds. This tactic is a classic strategy employed by scam brokers to keep clients' money locked within the platform.
The broker claims to offer spreads as low as 0.1 pips, which could be appealing to traders. However, the absence of clear information regarding commissions and additional fees raises suspicions about the true cost of trading. Users have reported hidden fees that significantly cut into their profits, which is a common complaint against unregulated brokers.
Yokohama offers leverage up to 1:100, which is considerably high and poses significant risks for retail traders. Regulatory bodies in various jurisdictions typically limit leverage to protect inexperienced traders from substantial losses, making this offering another red flag.
While Yokohama promotes the use of MetaTrader 4 and 5, users have reported that the platform is often non-functional or operates only in a demo capacity. This lack of a reliable trading platform is a major drawback, as many traders rely on these tools for effective market analysis and execution.
Yokohama does not provide clear information on restricted regions, but given its unregulated status, it is advisable for traders from jurisdictions with strict financial regulations to avoid this broker altogether.
Customer support appears to be minimal, with reports of unresponsive service and a lack of available communication channels. This contributes to a poor user experience, as clients often find it difficult to resolve issues or obtain assistance.
In summary, the Yokohama trading platform presents numerous risks for potential investors. With a lack of regulation, questionable business practices, and a poor reputation among users, it is advisable to approach this broker with caution. Given the overwhelming evidence of its untrustworthy nature, traders are encouraged to consider more reputable alternatives in the forex market.
This Yokohama review serves as a warning to those considering engaging with this broker, emphasizing the importance of conducting thorough research and prioritizing safety in trading choices.
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