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YUNIKONFX Review

YUNIKON FX BROKER

$50

Min Deposit

0.8

Min Spread

2020

Foundation

3/10

Broker Trusted Point

OVERVIEW

NAME YUNIKONFX
REGULATED BY Not Regulated
LOCATED IN Saint Vincent and the Grenadines
TRADING INSTRUMENTS Forex, Commodities, CFDs, Cryptocurrency
TRADING PLATFORMS YunikonFX Trader
LEVERAGE Up to 1:1000
SPREADS As low as 0.8 pips
MINIMUM DEPOSIT $50
COMMISSION FEE 0%
ACCOUNT TYPES Demo Standard, Live Standard account, Live Standard account, Live ECN and Live Prime accounts, Pro Cent account
CUSTOMER SUPPORT Email, Live Chat, Phone, 24/5 Multilingual Service

WHAT IS YUNIKONFX?

YunikonFx is an online CFD brokerage company with 5 years in the market but still lacks proper regulation from any stringent authority. Contrary to some broker review sites speculating that YunikonFX may possess a license from the National Futures Association (NFA), it’s essential to highlight that there are reports from other review sources suggesting that the company lacks a verifiable license. 

The question of licensure holds significant importance as it directly relates to the credibility and reliability of the broker.

The broker offers four types of accounts and also entices customers with affiliate programs and promotions to ask their customers to add more people. The broker works like an MLM company, which shouts RED FLAGS!!

IS YUNIKONFX REGULATED BROKER?

YunikonFx is an unregulated broker. Investing in an unregulated broker, lacking oversight from any financial service authority, puts your funds at risk of loss. It is important to note that the absence of effective regulation increases the likelihood of financial losses when dealing with such a broker. This might showcase YunikonFx as a scammer, rather than a trustworthy broker.

WHO WE RECOMMENDED FOR

YunikonFx is a relatively new broker and raises suspicion due to its non-regulation in the field of forex. Due to its ineffectiveness in providing a solid regulation, we neither suggest novice nor professional traders deal with YunikonFx.

Pros and Cons Yunikon FX

PROS AND CONS OF YUNIKONFX

                      PROS                        CONS
Extensive range of trading instruments Deposit and withdrawal options are limited
Free market trends and signals Offers only one trading platform
Security of funds Online chat is not supported
24*5 trading hours Inactivity fees charged
Leverage 1:1000 Limited customer service options
0% Commission fees Not regulated by any authority

ACCOUNT TYPES OF YUNIKONFX

TYPES STANDARD       ECN         PRIME     PRO CENT
ACCOUNT CURRENCIES USD USD USD USD
AVAILABLE LEVERAGE 1:500 1:100 1:300 1:1000
MINIMUM DEPOSIT $50
DEMO ACCOUNT YES YES YES YES
SWAPFREE YES YES YES YES
MINIMUM LOT SIZE PER TRADE 0.01 0.01 0.01 0.01

ACCOUNT OPENING PROCESS OF YUNIKONFX

STEP 1: Head to the YunikonFX website

STEP 2: Click on the “open an account” button

STEP 3: Go through the prompts and each section filling in your information

  • The first section is the profile (name, last name, etc.)
  • The second section is account details (username, password, etc.)
  • The third section is the current address section (fill in your current address)
  • The fourth section is the review and submit section

STEP 4: After submitting, you can start trading.

SIGN IN ON YUNIKONFX

Clicking Sign In on the YunikonFX website does not take you anywhere and makes you stay on the home page. 

This is a website glitch traders and we, as a reviewing team, faced. The broker should look into the matter and solve it as soon as possible.

DEPOSIT AND WITHDRAWALS OF YUNIKONFX

If you are located in Malaysia, Vietnam, Indonesia, or Thailand, YunikonFX offers various methods for depositing funds, including local bank transfers. Alternatively, users also have the option to use cryptocurrency transfers. 

Deposit and Withdrawals

It’s worth noting that cryptocurrency transfers are the only option for individuals outside of the mentioned regions for depositing funds into a YunikonFX account. Please be aware that details may change, and for the most up-to-date information, it is recommended to visit the official YunikonFX website or contact their customer support.

CRYPTOCURRENCY TRANSFER LOCAL TRANSFER MALAYSIA LOCAL TRANSFER VIETNAM LOCAL TRANSFER INDONESIA LOCAL TRANSFER THAILAND
DEPOSIT CURRENCIES Bitcoin and USDT USD USD USD USD
MINIMUM DEPOSIT 10 USD MYR 10 VND 60,000 IDR 50,000 THB 100
MAXIMUM DEPOSIT MYR 50,000 VND 300,000,000 IDR 100,000,000 THB 500,000
MINIMUM WITHDRAWAL 20 USD MYR 50 VND 300,000 IDR 200,000 THB 500
MAXIMUM WITHDRAWAL MYR 50,000 VND 300,000,000 IDR 100,000,000 THB 500,000

YunikonFX LEVERAGE

YunikonFX provides traders with a competitive leverage of up to 1:500, a ratio that stands among the highest in the industry. This high leverage empowers traders to manage larger positions with relatively more minor capital investments, offering them the potential to realise substantial profits.

FEES, SPREADS AND COMMISSION

YunikonFX provides variable spreads for its trading instruments, although the exact details of these spreads are not revealed. Variable spreads can potentially lower costs for traders, as they can tighten during favourable market conditions. However, it is crucial to be aware that these spreads may widen during periods of heightened market volatility or low liquidity, which can affect trading costs and potentially diminish profitability.

YunikonFX does not impose fees for deposit transactions; however, certain payment methods, such as bank transfers or credit/debit card transactions, may incur associated fees. Traders are advised to liaise with their respective payment providers to ascertain whether any fees apply in their specific cases.

NEGATIVE BALANCE PROTECTION

When you visit the YunikonFX support page and review their terms and conditions, you will find that this broker does not provide negative balance protection. YunikonFX explicitly outlines in its terms and conditions that the client bears responsibility for any negative balance in their account. 

The broker also asserts the right to pursue legal actions to recover the negative amount.

SPECIAL OFFERS FOR TRADERS ON YUNIKONFX

Autotrade Trader Rank

The Autotrade Trader Rank system, as currently indicated, seems to function in a manner reminiscent of an affiliate program. Participants in this system seemingly accrue a percentage based on the presence of traders at different levels within their network. Nevertheless, the precise intricacies of this system remain elusive and somewhat ambiguous.

AutoTrade Group Sales

YunikonFX’s AutoTrade Group Sales Incentive presents another exclusive opportunity. This promotion is designed for clients who have achieved the esteemed status of Emperor or Shogun within the YunikonFX system. From our initial understanding, eligible individuals stand to earn around 2% of their entire network sales. However, this percentage reduces to 0.5% if another trader in your network holds the esteemed status of Emperor or Shogun.

Self-Trade Affiliate Bonus

YunikonFX also introduces a “self-trade affiliate bonus.” YunikonFX commits to compensating traders across up to six generations within their network with an affiliate bonus in this program. Regrettably, the details of this initiative, such as the criteria for obtaining the bonus, are not disclosed.

TRADING PLATFORMS OF YUNIKONFX

YUNIKONFX TRADER

  • There is no need to download an app to access core functions, allowing traders to manage their positions on phones or tablets.
  • Helps stay updated with the latest market movements and access technical analysis with ease by simply tapping on the mobile screen.
  • Available for both Android and IOs.

YUNIKON FX METATRADER4

  • Explore a diverse range of over 1000 instruments, including Forex, CFDs, and Futures.
  • Seamless access through a single login across 8 platforms.
  • Ultra-low spreads starting at 0.1 pips for cost-effective trading.
  • Power of complete EA (Expert Advisor) functionality for automated trading strategies.
  • Execute trades effortlessly with the convenience of 1-click trading.
  • Leverage advanced technical analysis tools, boasting 50 indicators and various charting options.

YunikonFX MT4

How To Install Yunikon MT4?

Head out to YunikonFX download page for their PC app and then do the following steps:-

STEP 1: Download the terminal through the provided link, a (.exe file).

STEP 2: Execute the yunikonfinancial4setup.exe file once the download is complete.

STEP 3: The login window will appear upon launching the program for the initial time.

STEP 4: Input your login credentials for either your real or demo account.

How to Uninstall Yunikon MT4?

STEP 1: Start the uninstallation process by clicking StartAll ProgramsYunikonFX MT4Uninstall.

STEP 2: Follow the on-screen instructions until the Uninstall process is complete.

STEP 3: Go to My Computer, select Drive C or your root drive (where the operating system is installed), click Program Files, and find the YunikonFX MT4 folder. Delete the folder.

STEP 4: Restart your computer to finalise the uninstallation.

YUNIKON MT4 Mobile Application

Yunikon offers MT4 on mobile applications as well, you can download it on both Android and iOS devices. You can click here to download the app for Android and ios Devices.

YunikonFX MT4

TRADING INSTRUMENTS OF YUNIKONFX

  FOREX   COMMODITIES       CFDs CRYPTOCURRENCY
Major, Minor and Exotic pairs can be traded Precious Metals and Natural gas Global Stock Indices- Euronext 100, S&P 500, NASDAQ, FTSE 100, DAX 30 Various popular cryptocurrencies available
EUR/USD, GBP/USD, and USD/JPY Gold, Silver, Crude oil, and Natural gas Individual stocks – Apple, Google, and Amazon Bitcoin, Ethereum, Litecoin

RELIABILITY AND SECURITY

The trustworthiness of YunikonFX comes is into question, given its status as an unregulated broker operating outside the purview of any governing authority. This lack of oversight raises notable concerns about the company.

Key apprehensions revolve around the company’s opacity, heavy reliance on funds from new investors, and the absence of verifiable evidence of live chat. These factors undermine the legitimacy of YunikonFX as a viable investment opportunity. Caution must be exercised when contemplating involvement with such entities, as the potential risks far outweigh any potential rewards.

USER EXPERIENCE

Signing up on the platform is a hassle-free and uncomplicated process, thanks to its user-friendly interface tailored to accommodate users with diverse levels of trading expertise. The intuitive design ensures that even individuals with limited trading knowledge can navigate the registration procedure effortlessly.

Accessing a range of trading-related services is made convenient through the top bar, which grants users quick and easy access to these features.

Educational and Research Resources

It has become evident that the broker does not furnish traders with any educational resources. Given the intricate and challenging nature of trading in financial markets, it is disappointing that this brokerage does not provide any educational materials to assist traders in making well-informed decisions.

CUSTOMER SUPPORT

YunikonFX provides three main channels for customer communication, as outlined on their website, and these support services are accessible 24/5. A notable feature of the YunikonFX live chat support is its multilingual assistance, allowing customers to interact with support agents in three languages:

  • English
  • Bahasa
  • Chinese

Live Chat Working Hours: 24/5 GMT

Email: [email protected]

Address : Beachmont Business Centre,
348, Kingstown, Saint Vincent and the Grenadines

CONCLUSION

YunikonFX is a forex broker that caters to clients seeking trading services across various markets. The broker offers a diverse range of trading instruments, including forex, commodities, indices, and cryptocurrencies. With a user-friendly trading platform, competitive spreads, and leverage options, YunikonFX strives to accommodate both novice and seasoned traders. To cater to different trading preferences, the broker also provides a selection of account types.

It is worth noting that YunikonFX is registered in St. Vincent and the Grenadines, a jurisdiction with a comparatively less stringent regulatory framework. This aspect may raise concerns regarding investor protection and the overall reliability of the broker. Furthermore, there is limited available information about the broker’s background and specific trading conditions, which may pose challenges for potential clients in making well-informed decisions.

FAQs

YuniconFx was founded in which year?

YuniconFx was founded in the year 2020.

How can a member login in YuniconFx?

Five easy way to Login are as follow-

  • Connect a Device to the Internet. To trade forex, one will need access to a dependable Internet connection with minimum service interruptions to trade through an online broker.
  • Find a Suitable Online Forex Broker.
  • Open and Fund a Trading Account.
  • gain a Forex Trading Platform.
  • Start Trading.

Is Forex halal in Indonesia?

Yes, forex is halal in Indonesia. When we choose Forex trading halal, it means that we’re trading abides by Islamic laws. So if we take a closer look, halal trading starts with the dealers themselves. By letting rapacity and desire for quick and easy gains settle in their hearts, dealers might be caught in a situation when Forex starts to be anon-halal exertion for all.

What is the maximum deposit needed in YunikonFx Malaysia?

The maximum deposit needed in YunikonFx Malaysia is MYR 50,000.

What’s the minimum withdrawal requirement in Malaysia and Indonesia in YunikonFx?

The minimal deposit withdrawal in Malaysia and Indonesia is MYR 50 for Malaysia and IDR 200,000 for Indonesia.

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