Welcome to our Yuan Pay Group review and scam investigation. The Yuan Pay Group scam by the fictitious Li Fang is supposed to be a company which developed the E-Yuan. A new cryptocurrency designed to combat Facebook’s Libra coin. In the Yuan Pay Group sales page, we are told that the E-Yuan is backed by the Chinese Central Bank, “one of the largest and most stable financial institutions in the world”. Yuan Pay Group is also advertised as the largest sales and exchange management provider in China, and positioned to be one of the first companies to trade E-Yuan. According to our investigation, sometime during March 2020 it was reported in mainstream news outlets that the Bank of China had completed developing certain basic functionalities related to it’s proposed new digital currency, and is in the process of legalizing the implementation process. But for some unknown reason the digital Yuan project (AKA Renminbi) was never implemented by the Chinese CBDC, despite some pilots that were conducted in the provinces of Shenzhen and Suzhou.
Today, the Yuan Pay Group scam is being aggressively promoted because greedy scammers are devious, and decided to piggyback on this latest development in Blockchain technology in order to promote their filthy Yuan Pay Group get-rich-quick scheme. As usual, we were informed about this latest scheme after receiving a complaint about offshore CFD (contract for difference) broker named “Brokerz”, which has a registered business address in St Vincent and the Grenadines. The complaint was sent by one of our readers from the Netherlands who was referred to the Brokerz website after registering for the Yuan Pay Group software. This comes as no surprise since the Yuan Pay Group fake app and bogus automated trading platform got picked up by a few affiliate networks that specialize in search engine optimization tactics. In other words, the internet is packed full of fake Yuan Pay Group reviews and that is extremely troubling. So if you are interested in finding a genuine Yuan Pay Group review, keep reading because we exposed the crooks behind this fake trading app as well as their methods of operation.
Official Website, Login Page, and Members Area: There are Multiple Yuan Pay Group websites and the all claim to be “official”
Check out the Yuan Pay Group main website and registration area below. Notice the main sales pitch where it says “access the Yuan Pay Group app today and trade the cryptocurrency markets”.
Now take a look below. You will see the exact same sales page which is used for 3 different scams, and they are all using an identical sales pitch with minor variations.
Yuan Pay Group Fake Testimonials
There are no testimonials at all on all versions of the Yuan Pay Group we investigated. This is a true break with tradition where crypto scams are concerned, since fake testimonials are extremely popular with scammers who will spare no effort at convincing you to make a purchase through their service.
Fake Yuan Pay Group Reviews
The whole first page of Google and Bing is plastered with fake Yuan Pay Group reviews. TrustPilot, Reddit, and other forums are also fully packed with fake reviews. Below is an example of of one fake review we spotted. There are many more like it.
Yuan Pay Group Fake Celebrity Endorsements
There are fake Forbes articles with images of Chinese billionaires and the words “digital Yuan”, and “Chinese digital currency” next to them. While the articles may be authentic, the images and content is taken completely out of context and used in a very manipulative manner. We have added images of this above as a point of reference for you to see.
What Is Yuan Pay Group, How Does It Work, and Who Is Li Fang?
Yuan Pay Group is promoted as the company which founded the E-Yuan. An new cryptocurrency that is backed by the Chinese Central Bank, a well-known and globally recognized financial institution. Li Fang is presented to us as the founder of this project and the main reason why the coin was adapted by so many users across the globe. But that is a lie, Li Fang does not exist and was created for promotional purposes.
Yuan Pay Group Review, Is The E-Yuan Project Scam Or Legit?
First and foremost Yuan Pay Group is not the sole or exclusive distributer of the E-yuan. Secondly, the new Chinese digital coin has nothing to do with algorithmic or robotic trading, albeit some review website would have to believe otherwise. Additionally, this bogus trading platform is unable to buy or sell crypto contracts based on market rates because there is no legitimate trading engine which powers it. In other words, all this double talk about price predictions, and cross-chain and interbank transactions is really just a pile of rubbish designed to draw your attention so that you would register and fund a real-money trading account with an unlicensed offshore CFD broker.
The Yuan Pay Group Review: Bogus Sales Pitch In Detail
In the sales video the scammers are saying that the Chinese construction bank is expanding its trade blockchain platform with new abilities designed to dominate the cryptocurrency market. Whilst Facebook’s Libra is facing issues with Visa and PayPal, China’s financial institutions are seeing a huge void and plan to exploit it. It is stated that the E-Yuan is perfectly positioned to take Libra’s place as “the next big thing”, and that the “anti-Libra coin” China is adopting will transform the financial markets.
The con artists continue to say that “according to reliable sources”, the E-Yuan has been under testing for a few years, with the Chinese Central Bank controlling the development roadmap and release date. They also mention that their new coin will “make a splash in global financial markets” after their government-backed pier-to-pier currency rolls out and mass-adoption occurs. It is also mentioned that E-Yuan will not only be restricted to digital markets, but also designed for every-day tasks such as shopping or e-commerce-related purchases. Finally, they say that Chinese billionaires are endorsing it (more lies) and that you need to get in on the action now before its too late. They say that much like Bitcoin, the E-Yuan will become very expensive and as a result the return on investment will be significantly lower.
Special Settings, Strategies, and Indicators
Sadly, you will not have the ability to adjust your settings or select various indicators such as MACD or Stochastics. That is because these features don’t exist no matter how convincing or enticing the fake review websites make it seem. As for strategies, you will need to think about an exit strategy after you lose your initial investment, and that’s the only strategy you will need if you decide to try your luck with the The Yuan Pay Group app.
Is It Free?
No it is most definitely not free. It will cost you at least €/$/£250 in order to get started, and that money will be charged to your credit card by thieving offshore brokers like “brokerz”.
Yuan Pay Group Regulation Check
The Yuan Pay Group scam has been blacklisted by the Financial Markets Authority in New Zealand. In the warning the FMA is clearly stating that the promoters of the Yuan Pay Group scam are using fake celebrity endorsements and in that way misleading the public. It’s also stated that the operators of this scheme are “not permitted to provide financial services or financial products” in New Zealand. Below we have attached an image of this communique for you as a point of reference. It’s also been blacklisted by HANFA in Croatia for the same reasons.
The Yuan Pay Group scam is not regulated and has no legal patent anywhere in the European Union, United Kingdom, Oceania, the Americas, or for that matter anywhere in the world. In most cases ISO 27001 and ISO 50001 is granted to software developers in the European Union, and Australia. This certification means you have passed the internationally recognized Information Security Management System (ISMS) screening process. Other areas pertaining to the certification process include privacy of data, confidentiality, and safety procedures related to documentation of financial information on hosting servers.
There is also a PCI compliance check which primarily has to do with firewall configurations in regards to cardholder data as well as encryption protocols and data storage. Yuan Pay Group fails on all fronts, and has no legal address or entity which we can turn to in case we want to get proper answers to our questions. Suffice it to say, the platform has no regulatory license and unauthorized to buy or sell contracts on behalf of paying clients, manage investment portfolios, or provide ancillary services for Forex traders.
Our screening process includes a list of key rating parameters which we examine before passing judgement about a certain software or trading app. We invite you to look at our list since these are questions you will want answers to every time you consider joining a new program or service.
Demo Versus Live
The Yuan Pay Group scam offers no demo mode, but that is not always a bad thing. In many cases demo mode is rigged and set to win, but when traders invest real money they start losing very quickly.
Yuan Pay Group customer service is non-existent. There’s not much more we can say about that. We tried messaging them via the contact form on the website and a response never arrived.
Making a deposit through the broker software is quite simple. They will sweet-talk you and tell you everything you want to hear just to get your money. But try making a withdrawal and see how that feels like. You won’t be able to cash out. We tried it and were merely deferred and deflected numerous times until we just gave up and moved on.
Yuan Pay Group FAQ
Here are some of the frequently asked questions associated with the Yuan Pay Group scam.
- Are there any fees or charges which are incurred when using the app?
No, there are no fees because it’s not needed. When you invest the scammers just keep all the money for themselves.
- Are there any cryptocurrencies which are not supported by the platform?
It doesn’t matter, but since people asked us about this it’s worth mentioning that most cryptocurrencies are supported.
- Is the E-Yuan traded on coin exchanges?
The original digital RMB can be bought and sold since it is legal tender. But the currency which is being promoted by affiliate networks doesn’t exist so it can’t be traded anywhere despite what these websites say.
- Can I purchase the E-Yuan using regular currencies?
Again, the digital RMB can be exchanged just like any other currency but not the E-Yuan which is being promoted by Yuan Pay Group affiliate networks.
- Is it necessary to answer the phone before investing?
This depends but in most cases it is a requirement. The scammers like to know they can get their victims on the phone since that is the most effective persuasion tool.
- Is Yuan Pay Group Mobile Friendly?
Yes it is and can be accessed via the fraudulent app as well either on Google Play or IOS.
Yuan Pay Group User Interface
As we have previously mentioned, there is no user interface. Yuan Pay Group is a kind of landing page which includes a design and text which was created in order to get you to register for a scam CFD broker. There are no signals or any kind or genuine software which powers the app. There is however an app developer named “Everyone” which has recently launched a cloned Yuan Pay Group app on Google store. The app merely displays an amalgamation of news snippets and some random code which fluctuates according to certain parameters. Avoid that as well, just read the user comments if you must, they have a 2.0 rating out of 5.0.
Limits, Fees, and Payouts
The limits are minimum €/$/£25 per trade for the Yuan Pay Group trading app, and the minimum withdrawal amount is usually €/$/£500. There is a withdrawal fee of €/$/£50, but that is really irrelevant because you will never be able to cash out. We know because we tried it and eventually got locked out of our account after demanding to speak with a manager.
Yuan Pay Group Risk Management
There is no way to manage your risk by adjusting the amounts you wish to invest. The broker simply accepts the trades and gobbles up the money.
Yuan Pay Group Bonus Structure
Bonuses are usually provided by illegal offshore brokers as a way to “lock in” customers who accept them and as a result are required to execute trades a certain amount of times. This requirement is almost never met and victims accepting the bonus will end up losing their investment. In many ways this is similar to bonuses given to gamblers who are subject to wagering requirements which must be met in order to cash out.
Some of our members are concerned about how much taxes they will be required to pay once they start making the large amounts. You needn’t concern yourself with taxes because you will only be losing money and not making it so there is nothing to declare.
Bitcoin Mining and Exchanges
Contrary to what some review websites are saying, Yuan Pay Group has nothing to do with any form of bitcoin mining or cryptocurrency exchanges. This is just another red herring designed to legitimize another get-rich-quick scheme, and unfortunately these type of baiting tactics work.
We always say that most systems that are launched these days are complete flops designed to generate money for affiliate networks as well as offshore brokers by ripping off victims. However, once in a while our researchers spot a system which has potential. After we test it and invest using our money we usually add it to our recommended section based on performance levels and accuracy of signals.
Yuan Pay Group Review Summary, Conclusions, and Recommendations
We have decided to blacklist the Yuan Pay Group scam, and we are doing so after producing viable proof which validates our claims. We never blacklist a software without making sure all the facts and evidence are gathered and presented in a very clear and transparent manner. The last thing we want to do it to besmirch a genuine product or service, and that is why we engage in some rigorous fact-checking before publishing our conclusions. Still, if you believe we have made a mistake and would like us to correct our review, we kindly ask that you leave a detailed message through our contact page and explain why we need to fix or amend our views.