YLCHAT Review: We Discourage Chatting With These Swindlers

Every once in a while, a less scrupulous web developer will create a template for a fraudulent platform. This will then serve as a base building block for a multitude of online hoaxes, until it is superseded by the next one.

Our YLCHAT review will focus on a relatively new template that has been making the rounds recently. Learn how to recognize this pattern of online fraud in our article.

Not A Real Company

As we’ve already mentioned, the ylchat.com website was created using a pre-made template. It is constructed to confuse visitors and obfuscate corporate information. We’ve already encountered this type before, and we can navigate it with confidence this time. We found out that, in this case, the forex platform is purported to be the property of YLCHAT FOREX EXCHANGE LTD.

The holding company is allegedly registered in the UK and the US. However, if you check with Companies House and the SEC, you’ll never get any results. This tells us that we’re not dealing with a legitimately registered business.

Debunking the Regulation Claims

As a broker-dealer operating from the US and the UK, the YLCHAT trading service should be one of the most heavily regulated companies on the planet. Some of the regulatory conditions include segregated bank accounts and compensation schemes. Leverage is limited to 1:30 and 1:50 in the UK and US, respectively. The UK additionally imposes a negative balance protection plan.

Now, it’s easy enough to check the UK FCA and the US NFA registries and find out if a firm is a licensed entity. The swindlers also claim to have an MSB registration in the US, which is a blatant lie as well.

Seeing Through the Deceit

This fraudulent scheme is using an old and tested method to deceive their clients. It operates a boiler room with numerous agents who work mostly by phone and online chat. These agents contact each mark individually, and pitch a get-rich-quick scheme. This usually includes some high overnight profit potential, allegedly identified by finance experts. The agents act as account managers and will make this profit come to pass – all you need to do is cough up the cash.

Of course, it’s all a ruse to part you from your money. If this story sounds familiar to you, contact our legal team to start a fund recovery procedure.

Younger Than You Think

While the website says that the firm has been in business since 2000, the WhoIs register clearly shows that ylchat.com was created in 2021. Furthermore, it was listed as a site for sale until late 2024. Much of the website traffic originates in these areas:

• United Kingdom
• Australia
• Canada

The site itself doesn’t have many visitors, which is one of the reasons for the lack of any YLCHAT reviews.

Available Account Types

The broker does not offer any selection when it comes to different account types. There is a Real Fund Account (yes, that’s what they call it), and a Demo Account.

The demo is available with $500,000 in virtual currency which is more than enough for evaluation. However, in most cases, the demo with these illicit companies does not correspond with the actual market conditions. This is a strategy XTrader uses to encourage larger deposits.

Overview of the Trading Environment

The YLCHAT app is your bare-bones WebTrader. It works through charts and pricing imported from TradingView. As for the functionality, you get the basic asset selector, buy and sell orders, as well as take profit and stop loss functions.

Investors should be aware that although the app may seem sophisticated, it serves to advance the fraudsters’ agenda. Central Markets Invest and many other cons purposely edit the market data shown in the app to manipulate their marks.

Available Trading Assets

It’s difficult to talk about trading instruments when we know that the company is not licensed to participate in the securities markets. Still, the con artists do emulate trading in their WebTrader.

Here are a few examples of what is shown in the app:

• Forex – EUR/USD, AUD/NZD, GBP/CHF
• Crypto to FIAT pairs – BTC/USD, SOL/USD, DOGE/USD
• Indices – S&P 500, Nikkei, Nasdaq
• Commodities – Natural gas, Soybean, Gold

Nobody Mentions Trading Fees

The YLCHAT Forex trading scheme doesn’t disclose any information pertaining to fees or other costs. Still, we have managed to dig up some info from the trading floor. In it, we see that the maximum leverage is set at 1:500, many times over the legal limit. Spreads, which you’d expect to see with your buy and sell orders, are never stated, nor are the swaps or commissions.

The website doesn’t contain a Terms and Conditions document, so you won’t be able to find any info on fees either. This lack of transparency is another violation of the regulatory conditions.

Problems With Payouts

Funding is not openly discussed on the website, not even in the FAQs section. Again, we had to refer to the trading app to learn anything about financial channels.

The client dashboard contains separate forms for YLCHAT withdrawals and deposits. The methods that are made available are bank wire transfers and direct crypto wallet transfers.

From the dashboard, it becomes clear that the firm does not have automatic payment processing. Clients are urged to screenshot any transactions and send the picture file to the staff.

I Have Lost Money To Scammers, What Now?

After a thorough analysis, the YLCHAT legit status hardly remains an open question. It’s a horrible online scam intended to steal your hard-earned money.

The stolen money did not disappear into thin air, and it is possible to recover. You can rely on the help from our experts in this matter. We are available around the clock for your convenience, so don’t delay – book a free initial consultation as soon as possible!

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