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Exceeded
Score
1.74 /10
Danger
YLCHAT
Within 1 yearRegulated in United States
Common Business Registration
Suspicious Overrun
Medium potential risk
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Comparison
Expose
Exposure
Time Machine
Website
Score
Regulatory Index1.25
Business Index3.05
Risk Management Index0.00
Software Index4.00
License Index1.25
Time Machine
Website
Licenses
VPS Standard
No restriction on the broker account. Support service provided by WikiFX
Single Core
1G
40G
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Warning: Low score, please stay away!
2
Previous Detection :
2024-09-30
- This broker exceeds the business scope regulated by United States NFA(license number: 16406562)Common Business Registration Non-Forex License. Please be aware of the risk!
- The current information shows that this broker does not have a trading software. Please be aware!
WikiFX Verification
YLCHAT Information
YLCHAT, an online CFD broker registered in 2000, is headquartered in the United States. While it claims to own MBS regulation, its current status is general registration by the NFA.
Currently, YLCHAT provides traders with demo account and real fund account. In addition, it offers various trading products and charting tools, including technical indicators and intraday analysis.
Pros and Cons
| Pros | Cons |
| General registration | No specific commissions |
| Spreads as low as 0 | |
| More than 50 technical indicators and intraday analysis tools | |
| Demo account available | |
| Support EA trading policy |
Is YLCHAT Legit?
YLCHAT is regulated by the NFA in the United States and is currently in general registration status. The regulatory certificate number is 16406562.
What Can I Trade on YLCHAT?
On YLCHAT, traders can trade foreign exchange, precious metals, crude oil, trading indices, and cryptocurrencies.
Foreign exchange includes dozens of mainstream currencies, precious metals are mainly gold and silver, US crude oil, and trading indices include Hong Kong Hang Seng, Germany Index, S&P 500, and dozens of mainstream currency pairs, mainly Bitcoin, Ethereum, etc. Traders can trade through the same account and the same platform.
| Tradable Instruments | Supported |
| Foreign Exchange | ✔ |
| Precious Metals | ✔ |
| Crude oil | ✔ |
| Indices | ✔ |
| Cryptocurrencies | ✔ |
| Commodities | ❌ |
| Shares | ❌ |
| ETFs | ❌ |
| Bonds | ❌ |
| Mutual Funds | ❌ |
Account Types
YLCHAT provides both demo account and real fund accounts. Investors can get started with virtual capital of up to $100,000, which is suitable for beginners to practice trading strategies.
Real fund accounts includes 3 account types with different trading conditions: comprehensive accounts for trading CFD, financial accounts for high-leverage transactions, and financial STP accounts for smaller spread transactions.
| Account Types | Products | Feature |
| Comprehensive | CFD | Simulate real market trends with a proprietary composite index |
| Finance | Trade Forex, Commodities, Cryptocurrencies Large (Standard Microtransactions), and Microcurrent Pairs | High Leverage |
| Financial STP | Small Cap Trading and Currencies | Small Spreads |
YLCHAT Fees
YLCHAT's official website has relatively little information about spreads, commissions, deposits withdrawals, etc.
It claims that that spreads are as low as 0, with commissions and minimum deposits for real fund account not announced yet.
Trading Platform
YLCHAT provides an all-in-one CFD trading platform, accessible from PC to mobile, is a comprehensive CFD trading platform that providing traders with chart data support including more than 50 technical indicators and intraday analysis tools.
| Trading Platform | Download Version | Feature |
| YLCHAT | PC/Mobile | More than 50 technical indicators and intraday analysis tools |
Customer Support Options
YLCHAT offers customer service via email, and traders can chat anytime to ask questions 24/7. There is currently no other contact information, like phone or live chat.
| Contact Options | Details |
| info@ylchat.email | |
| Supported language | English |
| Website Language | English |
| Physical Address | 2118 Guava Street Belama Phase 1, PO Box 1920 BELIZE CITY |
The Bottom Line
YLCHAT, a broker accessible on both PC and mobile devices, claims to offer various market instruments, tight spreads as low as 0, and 1:100 leverage.
However, its fee details are unclear, although it operates under general registration, which may compromise trading security.
FAQs
Is YLCHAT good for beginners?
Yes, YLCHAT offers a novice-friendly demo account with unlimited funds.
What are the fees for YLCHAT?
YLCHAT does not provide specific spread, commission, margin, or other fee information.
Risk Warning
Any transaction is based on the estimated price difference to make profits, which will lead to certain risks, please be careful.
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