YaMarkets refuses to withdraw clients’ profits
News about YaMarkets’ fraudulent behavior towards Elite CurrenSea is spreading fast. What exactly has happened? Let’s dive deep to find out more.
In May 2022, YaMarkets reached out to Elite Currency to enrich their copy-trading by adding new strategies.
Elite CurrenSea created 5 trading accounts:
- Gold EA: Grid Gold Trading
- Zeus EA EUR/USD: Grid Trading
- Athena EA: EUR/USD Grid Trading
- Chris Mix (now ECS Live Managed): combination of momentum and price action EAs trading major currencies, commodities (Gold) and Indices (DAX, DOW)
- Portfolio ECS: a flagship cross-asset news trading approach where trades are made with a strong emphasis on low DD
As you can see from the growth chart, the strategies turned out to be profitable, however, there was a lack of interest from the traders’ part to use these strategies. YaMarkets and Elite Currensea agreed that until YaMarkets figures out how to bring more clients to the methods, they would put $25k across all 5 accounts.
There were some technical challenges from the broker’s part. For example, there was an issue with properly calculating the amount of profit share to be collected for the month of October.
Once the issue was resolved and the funds were paid, two things happened: Gold EA catches a drawdown of 90%, and another method Portfolio ECS catches 910% profit trade (roughly $56k) based on which, Elite CurrenSea is due to receive a $28k profit share.
As this happens, YaMarkets’ team reaches out with complaints regarding the Gold EA DD, without realizing what has happened on another account. At this point 4 out of 5 of money manager’s methods are profitable and have all together collected nearly 900% profit in under 5 months.
The issue became prominent when withdrawal of profits started. The broker claimed that the flagship account had not been connected to the bridge and therefore profits made couldn’t be withdrawn.
Elite Currensea had made YaMarkets a money manager partner for Indian market. As a result, no Indian client was able to use their strategies and money management solutions without having a YaMarkets’ account.
The company was convinced by the broker that they had made a hefty x10 profit in under five months, only to realize that all this time they had been trading “fake money”.
“I’ve been working in the industry for the past 11 years now. Both working for a broker, running my own and managing funds, and have seen a lot of fraudulent stuff, but I guess, was lucky enough to never hit the “jackpot” like that.” says Mykyta Barabanov. Mykyta is the CEO and head of growth at Elite CurrenSea (ECS).
The CEO of ECS is determined to continue pressing on the matter until the initial amount + damages are paid, and the broker openly addresses the issue.
Comments (0 comment(s))