Read our YorkBit review carefully to see why we do NOT recommend this broker for trading. Just to clear doubts, this is a yorkbit.com review.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So YorkBit is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about YorkBit in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section.
YorkBit Review Conclusions
Making the YorkBit review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our YorkBit review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected].
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
My experience with Yorkbit has not been a good one. Initial investment of $1,000 in May 2019. Repeatedly called to invest more. July 2019 invested $5,000 more. Still pressured me to invest more going so far as to suggest taking a personal loan to use as an investment. After I told them I was not investing anymore communication from them stopped.I called in Dec 2019 to get some of my investment back. Was told no trading requirements weren’t met. Feb 2020 called and told them I wanted to close my account and that I would even take the loss. Again was told no that I couldn’t do that due to trading requirements.
I did receive a call in Mar 2020 when crypto currency crashed due to COVID pandemic. Was told to invest more to protect my investment or take my chances that the market could stabilize. It did and my investment was saved. July 2020 my account went in the negative due to a bad trade. No phone call no email no form of communication telling me this happened. Called Yorkbit on 11/19/20 and was informed of the negative balance in my account. The man I spoke to couldn’t explain what happened and I was told someone will call me. Still waiting on that call. I did get an email saying a trade was made in July causing the collapse in my account. Do not trust these people. Untrustworthy and deceitful
I too started a account with Yorkbit , January 2019 . 1000 down. Frank said they would double it so after 30 days it would be 2000. I talked to a few people at work and referred them to frank at Yorkbit. That would be 500 each person I referred. Later that year but coin was doing great . Frank said get a personal loan and you will see the money roll in. I did not do it. I asked to close out my account with them . Said I can’t tell the agreement was done. Called frank several times and he got pissed at me told me there is nothing in my account he traded it all away. I only had 45 dollars left . I said send it to me . To this day nothing they won’t call me text me nothing. How does that work at one point was at 14000.00 to nothing. That’s not wright it’s a scam . Sorry to all I referred you to them . Really sorry . God knows I was only trying to help .
I invested 500$ in yorkbit. Or should i say…LOST 500$.
I created the account in yorkbit to get bitcoins, and move them to an external wallet, to use them for shopping.
However, after buying some Bitcoins, they didn’t allow a transfer out, saying there is a minimum to withdraw. so i exchanged the full 500$ and tried again. Now the minimum to withdraw have increased also, and they want me to buy more.
There is no option to exchange back to the cash wallet, so i can not even submit a cash withdraw request.
So i contacted support. It didn’t matter how many times i told them i want to withdraw, they cut me off and say i need to invest more, and to diversify, and how much money they made with their own money. Till i escalated to a manger. The manager offered me a 500$ bonus for depositing another 500$ in a different website that he represents, and he will help me get my first 500$ back from yorkbit, which he also represents.
At this point, and after seeing the credit card transaction being “york education”, i realized that i was scammed.
As a last option, I raised a charge back claim from my mastercard, and i am waiting for the investigation. However, yorkbit made sure i have no proofs. their platform wouldn’t even allow a withdraw request to go thru, and they call me the minute I login to HELP MEE INVEST MORE!
My experience with YorkBit started of sceptical in March 2020. I was enrolled by Frank and was passed over to Philip Andrew. Philip didn’t have too much trouble getting $500USD out of me because I was curious and got taken in by a misleading ad of an important person. Philip tried to explain the process and automatic algorithm but talked so fast and as if he had marbles in his mouth at the time. I made the decision to go ahead and made the deposit. It grew, and I was hounded to add more money. Two month later I put in another $500USD and they matched it. My $1,000 plus $1,000 of their money with the $300 approx that the account had grown. About four trades, twice a week were made and I would gain about $15-30 each of the two days, so the money was growing very well. They started off at $25 trades for the first 500 and then went to $50 once the 1000 was in there and once their 1000 showed up they went to $100 trades approximately. The account was growing at a faster rate until it hit $2,800 and things started to change. Apparently, Philip Andrew was gone into isolation and Alex Hofmann took over my account and when I eventually asked what had happened and he advised that Philip Andrew had passed away. I wasn’t hounded anymore and I guess I told them how I felt about their method of solicitation and now trades were increased in numbers and decreased in $, left open unchecked and I suspected the algorithm had gone bad. A year later my account is down to $2000 and I have had some trades/positions that have been open for over a month. The algorithm is no longer working. Now I understand that I am not purchasing bit coin but dealing in trading bit coins exchange. Conversational emails have been insulting and my 40% gain is going back down to 4% gain that is all they promised. Withdrawal attempts had led nowhere explained once to not meeting the requirements for their bonus. The requirements were never ever explained fully to me. They in my mind were 30 times the money I put in, in trades. Even working that out didn’t satisfy their requirements. I tried just taking out my money plus the earnings, still nothing. The bit coin had gone from a low of $4-5000 in March to above $50,000 in the time that they were making exchange trades for the account, which I no longer consider mine.
i created an account with york bit for 500.00 and every time i try to get a withdraw its a problem,you have to pay so much to make a withdraw i believe i have been scam do not attemp to do any business with this copmany
Yorkbit took me for 10,500. They ruined my life. My wife divorced me due to it. F*** Philip Andrew.
I invested 500 and lost all inspite the promiss and their initial commistment they have software which take care of any negative busness and i will get 5% monthly securely with out risk now they toled me you have 275 balance in investement and i shuld do more investment to protect my investment i asked them to close my business when i closed they are showing 18 negative they transfer all money this is total fraud they jsut fool you to attract with high profit ad security once you invets they play and gradually they siphen your money gradually this is my currrent experience with them i usually invets small amount and keep it to check the company appetite as you prlong they become impatient and grab your investment same happe in my expriment i prolonged my investment finally they cant resist and grab my money i thanks i dint invetsment any huge amount and saved my self from big fraud.
Same comment here. I put in $500 initially, and then fell for the “We’ll match it” scam. Frederick Pierce is the guy I dealt with. Put in another 42500. He said it might be December before I could withdraw some funds. Well, it’s six months after that date, and I’m still getting their B.S. when I try to get my money back.
I think everyone should file a complaint with the BBB, the SEC, and more importantly with the FCC, which can get after their internet access. Also write your Congressman. These clowns need to be brought down.
Yohkbit is a fraud these individuals will get what’s coming to them.All they do is lie about money that if you invest that you will never see.Do not invest nothing with them their pathletic for taking advantage of people to come up they have no heart or empathy for people hard earned money.i invested$2500 with these faked failed Bitcoin advisers or whatever they call themselves with the support of other these criminals will be brought down and face justice.
If you are even vaguely considering invest with Yorkbit, then I just have one word for you: RUN!!! Liars, thieves, cheats…..Frederick Pierce, Frank Caputo, Tim Welsh, Ryan, Samantha….. everyone of them is a thief. For my personal experience with them, look them up on TrustPilot.com and read my review and their pathetic response. Keeping spreading the word to anyone that will listen….AVOID AT ALL COST!
I to loss money with this company a few years back. Same scenario they start out fine ask to invest more they have this bonus plan that will match what you put in. I was able to make one withdrawal at the beginning after I promised to put in more money. After putting in $2500 the money started to grow but I wasn’t able to make any more withdrawals. I wondered why at the time there were very little negative comments about them. Before investing I did some DD and they seemed to be legit. But I have found that they are scammers. Stay away!!!
Yorkbit and their employees are nothing but liars and theives. I checked my account daily and even created my own tracking sheet. I started in January of 2019 by March of 2020 they kept calling me and asking for more money or my account was going to be liquidated. I reminded my account manager they they are making the trades not me and that he told me at the beginning he was going to make me a lot of money. I told him I was not going to send him anymore money, they already got me for 12K. Miracously, my account was not liquidated. I started checking my account daily and actually started closing out trades myself. Eventually, by June of 2021 I had over 19 BTC that was worth over 1 million dollars. I then called to talk to my account manager and was told he passed away. From that point on my account declined because of losing trade after losing trade. I went through 3 more account Managers. One account manager (Sam Wesley) told me that if I would send him 5K more that I would have access to my account by March 2022. So like an idiot I fell for it and sent him the additional money. However, my account kept losing BTC. Every trade that was placed was closed out as a loser. When I called to talk to him I was told that he was in a bike accident. Everytime you send them money they would switch your account manager. I eventually ended up with Tim Walsh and he continued to lose everything but 2.5 coins. Then on 2/15/22 I called him and told me that if I did not buy more bitcoin my account would by liquidagted in 72 hours. I told him what I thought of him and Yorkbit and then told him to liquidate my account so I would never have to deal with their thieves and lieing employees. This company needs to be stopped. If anyone knows of any legal entities I can report them to please let me know. Stay away, these people need to be in prison.
I got screwed too..did you ever find someone to help…I even turned all onto over to authorities….still nothing. My story, including managers are exactly like yours. Is there any class actions available? If so, I’m in . I have a ton of info and emails.
Totally agree that Yorkbit is a scam, been trying to get my money out for two years. Now they claim my account is upside down and all my Bitcoin is gone. They are thieves and con artists. Do not invest a dime with them!!
York it as a company is a scam. I was dealing with a Fred Pierce he’s a absolute ConMan and this is a company you should not deal with. they made good micro investments in the beginning and you can see where they wasted my bitcoin and took no accountability for it. They have no idea what they’re doing. No accountability and no oversight. Unfortunately they’re stealing from my father-in-law and they keep asking for more money to cover their margin calls and they have no regard for the customer do not invest with them.
yorkbit is the scam, Fred Pierce is a LIAR and a Thief. They do great things in the beginning and then start asking for more $ because they made some bad investments and don’t want to see you loose your account. At one point I made $30,000 then 3 months later they told me
they lost it all. Goes back to if it is to good to be true then……
Fred and the whole organization is corrupt I’ve heard from anonymous sources that they’ve been embezzling peoples money at the very least making risky trades and taking fee’s on losses which I am very intimately affected by. These people are disgusting boiler room Con men. Do not invest with them do not give them any money. If you are invested with them they will keep asking you to send them bitcoin to cover the margins that they risked your coin with. I don’t mean to be facetious but a monkey could throw a dart at a bitcoin chart and do better than these guys.
If I could give negative stars I would. This company has scammed me out of the majority of my investment in bogus fees, with absolutely zero support. Still trying to get my money back and they have now gone radio silent. Alexander is no where to be found and the so called support they off is non-existent. I am in process of getting my money back through legal methods.
(1/5)
They are a complete criminal scam. Your account on screen may look good but you can never get your money out. I tried numerous times but there was always a reason why I could not withdraw. Sorry you haven’t met minimum trading requirements or some other bullshit. They are crooks ,liars, scam artists, low life thieves. May they burn in hell for what they have stolen from many folks.
My aunt invested in them with a promise of a grata return of investment. They pressed for her to invest and invest again. She didn’t. And now she can’t get her money back at all. This is so sad and so unjust. It’s not their money and she needs it now. What can we do to really have this people repaying what they owe? This needs to stop! Can someone help!?