YouTradeFX = YouPay for their stupid policy

Filed Under (Journal) by Casey on 04-08-2012

I rarely write about a specific broker. And if I ever do… It’s going to sound something like this.

Have you heard of YouTradeFX.com? Well, I haven’t until I bumped onto this site, which provided a free EA if I were to sign up under their IB link. And this guys IB link was to YouTradeFX.com

Now being a bit matured in the forex market, I know I had to do some background check on this broker before I decide to test out this EA from this guy (which I will be putting my thoughts about it in another post)

Anyway, after reading both myFXbook and ForexPeaceArmy about them, I thought it would be alright if I was only going to deposit a couple hundred bucks with them.

Now if you go to their site page on account type, http://www.youtradefx.com/en/forex-account-type. You will see that under the ECN type they from 0.01 lots. (I took a screenshot to just in case they change their site and they better gawd damn change it).

Here is the catch, in order to utilize this micro lot at 0.01, one needs to MAKE A REQUEST! I mean what the hell is this? If you state there 0.01 lots, shouldn’t that option have been already enabled?! This is pure BS when their customer services mentioned that because some of our customers have big account and do not want to trade micro lots.

Give me a break! If I had a big account I do not mind if the option is enabled. I will base on my requirements and continue to trade 0.1 lots if that is the minimum lot I want to trade.

Where is the logic in that?!

Screw this man… New brokers are sometimes shitty… and it takes guinea pigs like me to find out the flaws in their policies.

Below is the transcript between me and the customer service personal.

 [03 August 2012 17:30:10]
A representative will be connected, please be patient.
VIP Service enters the chatroom.
Casey 17:30:34: My account number is 133371. I just recently set my account to ECN
VIP Service 17:30:40: Welcome to youtradefx! How may I help you?
Casey 17:30:43: does the account trade micro lot 0.01?
it says in your website http://www.youtradefx.com/en/forex-account-type that it can trade from 0.01
please advice…
hello…
VIP Service 17:34:11:In order to make it micro lots enable I would need to change some settings
for that I would need your account to not have open trades at all
Casey 17:34:43: shit!!
i can’t close the trade now
because the EA is at work now
sighh……..
i thought it was already enable to trade 0.01
now it’s close to blowing my account
first off… if you are going to advertise that it can trade from 0.01… you better have already gotten that enable. instead of asking the customer to request for it
VIP Service 17:37:25: I am sorry for the inconvenience
We can not automatically allow this because some investors have bigger accounts
For that reason we enable this by personal request
Casey 17:38:41: then please put a small foot note on your site!
that is so gawd damn misleading…
VIP Service 17:39:56:I am very sorry again
Casey 17:40:25: sorry can’t bring back the account now…
only prayer…
with this… please ask your IT guy to change the gawd damn information on your site!

Please tell me that it is my fault for not doing enough due diligence… If it was my fault that what else was I to ask when the website clearly says 0.01 lot on an ECN account they they offer.

If it wasn’t for their 50% bonus… My account would be fu(ked. I took a big hit on this so that I can retest this EA out again to see if there is any chances of recouping my losses.

By the way, the hit took out my deposit first before it takes out the bonus. So I am down nearly 200 bucks because of this BS…

Sigh… I will admit if I lost this 200 bucks because I purposely over trading… Then I should be screwing myself for my mistake. But when $hit like this happens… I can only blame the broker for their stupid arse wipe information on their site couple with a dumb arse policy.

If this was their policy than at least state it clearly! In a footnote or somewhere where a potential customer will be able to read and being made aware…

Anyway, what done is done… Just hope that this broker of an arse do something about the information they post on their website and also hope that other people doing their due diligence read this post so that they are aware of what YouTradeFX actually offers.

On the other hand, the EA developer who recommended this broker on their IB link should also be partly be blamed. They should have been made aware and inform their customers properly for the shortfall of their broker whom they are promoting.

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