The promise of large returns can sometimes disguise a darker reality in the world of Internet trading and investment.
The Bank of Malaysia’s recent warnings against YunikonFX have prompted legitimate worries about the entity’s validity and procedures, necessitating a closer look into its operations.
This article goes deeper into the alerts sent and sheds light on critical parts of YunikonFX’s business model.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of YunikonFX, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Understanding the payment and withdrawal options supported by an investing platform is critical for the security and convenience of investors.
The lack of transparency in YunikonFX’s payment procedures, on the other hand, is a subject of concern. In their transactional operations, ambiguity or ambiguity may cause worries about the safety and legitimacy of currency placed with the platform.
Investors should exercise caution and conduct considerable research before engaging in financial transactions with firms such as YunikonFX.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
The emergence of complaints and red flags about YunikonFX’s practices has thrown the company’s validity into doubt.
The number of unanswered complaints and warnings from regulatory agencies such as the Bank of Malaysia suggest that grievance handling may be problematic.
Regardless of guarantees and promises, replies to customer complaints may have been inadequate or non-existent, leaving affected individuals disillusioned and financially burdened.
Those who have encountered problems or lost money with YunikonFX should hunt for solutions. If you have incurred financial losses or suspect fraudulent behavior, do not be hesitant to seek assistance and research your legal alternatives.
The lack of regulation or the presence of poor regulation is a huge red flag. It means YunikonFX is a scam and most likely, an illegal operation.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
Customer testimonials can often provide significant insight into an investment platform’s credibility and performance.
However, in the case of YunikonFX, it appears that the internet feedback is tainted by unpleasant experiences and cautions.
Numerous complaints and negative evaluations have appeared, pointing to possible fraudulent activities and unmet promises of large returns. These testimonials serve as a cautionary tale, emphasizing the significance of conducting thorough research before investing with any financial firm.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like YunikonFX tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust YunikonFX reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of YunikonFX, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like YunikonFX enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “YunikonFX reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising YunikonFX.
You should always look out for consumer complaints. In the case of YunikonFX, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about YunikonFX? You can share your complaint in the comment section or submit an anonymous tip.
The placement of YunikonFX, AIProFX, and Cryptotech Institution Community (CIC) on the Bank of Malaysia’s Financial Consumer Alert List demonstrates the gravity of the concerns expressed against these firms. Being marked on this list indicates the possibility of misrepresenting oneself as licensed or regulated by Bank Negara Malaysia, indicating the commission of securities fraud. It serves as a strong reminder to investors to be cautious and confirm the legitimacy of financial companies before entrusting them with their assets.
Finally, the warnings and advisories issued by regulatory authorities such as the Bank of Malaysia against YunikonFX serve as a clarion cry for investors to exercise caution. The incidence of unresolved complaints, combined with potential securities fraud claims, emphasizes the importance of due diligence in the world of online trading and investing.
YunikonFX is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind YunikonFX can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust YunikonFX?
All the evidence suggests that YunikonFX is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Is YunikonFX a scam?
Can I withdraw money from YunikonFX?
Where is YunikonFX Located?
How do I get my money back from YunikonFX?
Launch a website/app with a generic name
A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.
Pay influencers & social media pages to promote the scheme
By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.
Send thousands of emails and make cold calls to potential victims
It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.
Make victims feel safe through “small wins”
Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.
Convince victims into investing large sums of money
Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.
Disable withdrawals & take down the website/app
Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.
Repeat the cycle
After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.