Unveil Scam Broker YunikonFX: Overwhelming Evidence and Victim Testimonies Expose the Forex-Themed Ponzi Scheme

Shortly after BrokersView published an article exposing YunikonFX, numerous victims came to provide more compelling evidence. According to their testimonies, withdrawal requests have been pending for more than three months. This situation worsened when clients discovered that they have been unable to log in to the YunikonFX website since the last week of June. Despite the broker's assurances of prompt resolution, the issue has persisted since May 2023.

Endless Maintenance Claims, Lack of Reliability

While the YunikonFX website remains operational, clients are unable to access their accounts. The support team attributes this inconvenience to ongoing maintenance.

(This conversation included another trading platform AIProFX, which we will discuss in the second half of this article.)

On June 22, when a user inquired about the expected duration of maintenance, YunikonFX stated that the website would be running smoothly the following week. However, as of today, the client-side remains inaccessible, significantly undermining the broker's reliability.

This is a blatant excuse, in an attempt to avoid returning investors' money. We have exposed numerous similar cases, and those facts indicate a strong likelihood of YunikonFX's absconding with clients' funds in the near future.

Deceptive Promises of Addressing Withdrawal Requests

Madam Rita, one of YunikonFX's leaders, claimed that pending withdrawals submitted in April and May would be in process in five days, starting from 21st June 2023, and June pending withdrawal would be addressed from 26th June 2023. However, a victim told us that no money had been received as of June 28, 2023.

Furthermore, in an attempt to downplay the seriousness of the situation, Madam Rita claimed that her own $8,000 was trapped as well and attributed the issues to the concept of "high risk, high return." She urged victims to wait for the resolution of withdrawal issues. When a victim expressed concerns about the scam and intended to report it to the police, Madam Rita even encouraged the victim to proceed with the report.

Active Social Media Presence, Target Novice Investors

YunikonFX has a group on Facebook, and all leaders are there to update said issues from time to time. However, an alarming discovery was made when the group's name was changed from YUNIKONFX AIPROFX MALAYSIA to AUTOTRADE MT4.

This group remains highly active in Malaysia and Indonesia, primarily targeting novice investors who lack sufficient knowledge in trading. Once these unsuspecting individuals make a deposit, they are only provided with an investor password, without the login password for them to manage their capital.

Lucror Capital Markets & AIProFX Behind YunikonFX Scam

A screenshot provided by a YunikonFX client indicates that their account is associated with Lucror Capital Markets LP and AIProFX.

In an attempt to create an impression of being regulated, Lucror Capital Markets (https://lc-markets.com/) displays the registration number 22747IBC2009 issued by the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA). However, the claim is a false statement, as the registered company under that number with the SVG FSA is called HF Markets (SV) LTD. Furthermore, the offshore financial watchdog has explicitly stated that it neither issues licenses for forex trading or brokerage, nor does it regulate entities involved in such activities. As such, Lucror Capital Markets, despite portraying itself as a reliable and safe forex broker, is an unlicensed trading platform with significant risks.

As for AIProFX, it is operated by YunikonFX, according to the information on its website (https://www.aiprofx.com/).

AIProFX doesn't provide any regulatory information, which is a significant scam indicator. It provides an address in the UK to appear real, but our investigation reveals that this address is unrelated to AIProFX.

Furthermore, AIProFX offers a "member get member" affiliate bonus of up to 20%, a typical characteristic of the pyramid scheme.

Likewise, YunikonFX rewards all traders with up to six generations affiliate bonus. They also tempt participants with the "Group Sales Incentive", stating that anyone ranking at Emperor and Shogun could receive a percentage from the entire group sales under their network. Such tactics clearly indicate that YunikonFX is a Ponzi scheme disguised as a forex trading broker.

Conclusion

Repeated delays in handling withdrawals could be interpreted as a sign of issues with YunikonFX's resources. Despite the aforementioned problems, YunikonFX continues to solicit new investments. This may suggest that their capital resources are drying up, potentially soon prompting a collapse. Investors must be very cautious and not engage with this Ponzi scheme.