Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighThe Mauritius FSC issued YA GROUP LTD an offshore dealer licence in 2019, but UAE and Indian regulators warn against the brand and the VFSC list lacks the claimed licence.
Identity & transparency
6/10 · HighCompany names and a Mauritius address were published, but licences sat with different entities and the managers stopped answering after the shutdown.
Withdrawals & conduct
9/10 · CriticalAbout 30 specific reports of unpaid withdrawals on 2 platforms, rising sharply from August 2025 until the May 2026 shutdown.
Reputation
9/10 · CriticalTrustpilot score of 1.7, expulsion by the Financial Commission, and warnings from the UAE Capital Market Authority and the RBI.
Website claims
7/10 · HighThe site advertised a VFSC authorisation the VFSC list does not show, promised same-day withdrawals, and showed certificate images without register links.
Operational history
7/10 · HighThe domain dates from 2016, but the business closed in May 2026 with claims open, and its team appears to continue as NXG Markets.
Who they are
A quick desk file on the company behind the brand.
- Brand: YaMarkets, also written Ya Markets.
- Legal entity: YA GROUP LTD, a Mauritius company. YaMarkets called itself a trading name of YA GROUP LTD.
- Other companies: YaMarkets Limited, registered in Saint Vincent and the Grenadines as company 26065 BC 2020, and NXG Markets Limited.
- Registered: c/o Legacy Capital Co. Ltd., Level 2, Suite 201, The Catalyst, 40 Silicon Avenue, Cybercity, Ebene, Mauritius.
- Office: 701 Nassima Tower, Sheikh Zayed Road, Dubai. Press reports also mention service offices in India.
- Website: yamarkets.com, registered in August 2016. The yamarkets.com site now shows only an 'Under Construction' page.
- Protection: Mauritius and Mwali are offshore centres. Licences from those centres come with no investor compensation scheme.
- Unconfirmed claims: a Vanuatu number, 14819, that the VFSC dealer list does not show, and a South African FSP number, 51192, that we could not confirm.
- Offered: forex and CFDs (contracts that pay out on price moves) on MetaTrader 5, with leverage up to 1:1000, which lets a trader control 1,000 times the deposit.
- Extras: copy trading through ZuluTrade and PAMM accounts (pooled accounts run by a money manager).
- Main markets: India and the Gulf, with Hindi and Arabic versions of the site.
- Not accepted: residents of the United States, Cuba, Iraq, Myanmar, North Korea and Sudan.
- Age claim: 'since 2016', which matches the August 2016 registration of yamarkets.com.
- Status: closed all services in May 2026.
- Related brand: NXG Markets (nxgmarkets.com), named with YA GROUP LTD in the UAE warning.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Vanuatu Financial Services Commission (VFSC)
Financial Sector Conduct Authority (FSCA), South Africa
Mwali International Services Authority (MISA), Comoros
Saint Vincent and the Grenadines (company registration)
Why we reached this verdict
How the evidence adds up.
Two regulators warn against YaMarkets by name, clients describe months of unpaid withdrawals, and the broker closed while those claims stayed open.
- The UAE Capital Market Authority published a warning on 3 April 2026 against YA GROUP LTD and NXG Markets. The warning names yamarkets.com and says the companies are not licensed to provide regulated financial services. YaMarkets ran its business from an office in Dubai.
- The Reserve Bank of India added Ya Markets to its Alert List in November 2023. The list covers firms that are not authorised to deal in forex in India, the main market of YaMarkets.
- About 30 Trustpilot reviewers say YaMarkets did not return their money. Reports name account numbers and amounts, such as a US$1,037 withdrawal from account 392375 in December 2025.
- The complaints rose sharply from August 2025 until the shutdown in May 2026. Other clients posted similar withdrawal complaints on Forex Peace Army in 2022 and 2023.
- Several clients say YaMarkets refused withdrawals after accusing them of hedging (holding opposite trades in linked accounts) or of breaking a 3 minute trade rule.
- One client says YaMarkets staff asked for a pending US$3,100 withdrawal to be converted into the broker's own 'YAGC' token. The client says the token site later went offline.
- YaMarkets staff posted that their salaries went unpaid for months before the shutdown. In May 2026 a trade news site reported that senior staff appeared to have changed their phone numbers.
- The Financial Commission, a private complaints body for brokers, expelled YaMarkets on 5 November 2025 for repeated failures to follow its rules. YaMarkets clients lost access to the Financial Commission compensation fund.
- The YaMarkets partner site said in April 2026 that YaMarkets Limited was 'authorized and regulated' by Vanuatu's VFSC under number 14819. The VFSC list of licensed financial dealers does not include YaMarkets, YA Group or that number.
- The YaMarkets team appears to continue as NXG Markets. A December 2023 Mwali registrar list gives yamarkets.com as the website of NXG Markets Limited, and both brands share the UAE and RBI warnings.
- A client says NXG Markets refused their withdrawal in 2026. The client visited the office on the 7th floor of Nassima Tower, the Dubai address YaMarkets used.
- A Mauritius licence does not cover clients in India or the UAE, and a Mauritius licence comes with no compensation scheme.
- No regulator or court has ruled on whether YaMarkets acted dishonestly. A business failure could explain part of the losses, so we rate YaMarkets a likely scam, not a confirmed one.
- The age of under 10 years comes from the August 2016 registration of yamarkets.com. We could not establish when YA GROUP LTD was incorporated, so the age figure is an upper bound.
- The business closed in May 2026 with client claims open, so the length of its history does not lower the risk.
Evidence ledger
Every finding, with its source and how strongly it points.
E1On 3 April 2026 the UAE Capital Market Authority warned investors against YA GROUP LTD and NXG Markets. The entry names yamarkets.com and nxgmarkets.com. The CMA says the companies are not licensed to provide regulated financial services.
E2The RBI Alert List, updated as on 19 November 2025, shows Ya Markets with yamarkets.com at entry 74 and NXG Markets at entry 94. The RBI added Ya Markets in its November 2023 update. The list covers firms not authorised to deal in forex in India.
Hard proofReserve Bank of India Alert ListE3Trustpilot shows 139 reviews with a 1.7 score, and 63 of them are 1 star. About 30 reviewers say YaMarkets did not pay withdrawals or removed balances. Many give account numbers, amounts and dates, and more than half posted between August 2025 and May 2026.
E4Finance Magnates reported on 13 May 2026 that YaMarkets and its B2B brand YaPrime had shut down. The report cites the UAE warning and growing complaints about withdrawals and access to funds.
E5TradeInformer reported that the YaMarkets website went offline and its Instagram page was deleted. A technology supplier said YaMarkets had not answered for 2 months, and senior staff appeared to have changed phone numbers.
ModerateTradeInformer, 8 May 2026E6The Financial Commission, a private complaints body, expelled YaMarkets (www.yamarkets.com) effective 5 November 2025 for numerous failures to follow its rules. YaMarkets clients lost access to the Financial Commission compensation fund.
E7The VFSC list of licensed financial dealers holds 67 firms. None is YaMarkets, YA Group or number 14819, the number YaMarkets gave for its Vanuatu authorisation.
E8The YaMarkets partner site said YaMarkets Limited was 'authorized and regulated' by the VFSC under 14819. The same page named YA GROUP LTD in Mauritius and a Saint Vincent company, 26065 BC 2020.
E9The Mwali registrar list shows licence T2022091, issued 19 April 2022, for NXG Markets Limited, with yamarkets.com as its website. NXG Markets later ran nxgmarkets.com and shares the UAE and RBI warnings with YaMarkets.
E10The FSC register entry for YA GROUP LTD is an investment dealer licence (full service, excluding underwriting) dated 4 June 2019. The entry shows the Ebene address that YaMarkets published. A Mauritius licence does not cover India or the UAE.
E11yamarkets.com was registered on 23 August 2016, which matches the 'since 2016' claim. Archived copies show the site running from 2017 to April 2026.
E12Forex Peace Army shows 24 reviews and a 2.35 score. Clients from Turkey and Vietnam describe refused or partial withdrawals in 2022 and 2023. Moderators removed a 5 star rating posted from a YaMarkets email address.
E13The yamarkets.com website shows only an 'Under Construction' page, and the partner site shows a blank hosting page. Clients have no account access or contact route on either site.
Moderateyamarkets.comE14In July 2025 the YaMarkets regulations page linked certificates for YaMarkets (Pty) Ltd and a Saint Vincent company. By February 2026 both certificates were gone. The page linked only to certificate files, not to any regulator's own register.
E15The YaMarkets closure notice asked clients with pending claims or account questions to contact its support team. The notice described no repayment process.
E16Trustpilot also shows 65 five star and 9 four star reviews. Many came in bursts from new single-review accounts, for example in October 2021, so those reviews carry little weight.
The other side
The strongest case in this broker’s favour.
Some facts point to a failed business rather than a planned scam.
- YaMarkets used its own company names and addresses, so YaMarkets is not a clone of another firm.
- YaMarkets traded for several years, and many clients reported fast payouts between 2021 and 2024. Some of those reviews arrived in bursts from new accounts, so those reviews carry less weight.
- YaMarkets answered many complaints in public and asked clients to email its support team.
- In its May 2026 closure notice, YaMarkets told clients to contact support about pending claims.
- The RBI Alert List also names many large international brokers. A place on the RBI list means a firm is not authorised in India, not that the firm took client money.
- No regulator or court has ruled on whether YaMarkets acted dishonestly.
What would change this
What we would need to see to revise the verdict.
Proof that clients got their money back would lower the risk rating.
- A statement from the Mauritius FSC, a liquidator (the official who closes a company and pays its debts) or YA GROUP LTD showing that pending withdrawals were paid in full.
- The UAE Capital Market Authority withdrawing its warning of 3 April 2026.
- Evidence that NXG Markets is independent of YaMarkets, its managers and its Dubai office.
- A VFSC record showing that YaMarkets did hold a dealer licence under number 14819.
- A regulator or court finding of fraud against YaMarkets would raise the verdict to a confirmed scam.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
UAE Capital Market Authority warning list
Search 'YA GROUP' to see the warning of 3 April 2026 naming yamarkets.com.
Reserve Bank of India Alert List
Entry 74 is Ya Markets and entry 94 is NXG Markets.
FSC Mauritius Online Public Register
Type 'YA GROUP' in the Name box and press Submit to see the YA GROUP LTD entry.
VFSC Financial Dealers Licensee List
The Vanuatu dealer list, where YaMarkets and number 14819 do not appear.
Financial Commission notice on YaMarkets
Expulsion of YaMarkets in November 2025.
Trustpilot reviews of yamarkets.com
Client reviews, including withdrawal complaints from 2025 and 2026.
Frequently asked questions
Quick answers about this broker’s safety.
Is YaMarkets a scam?
YaMarkets is likely a scam. YaMarkets closed in May 2026 while many clients reported withdrawals that were never paid. Regulators in the UAE and India had already warned against YaMarkets.
Is YaMarkets a fraud?
No regulator or court has found that YaMarkets committed fraud. We assess the risk of fraud as high because of the unpaid withdrawals, the regulator warnings and the sudden shutdown.
Is YaMarkets still open?
No. YaMarkets announced in May 2026 that it had closed all services and operations. The yamarkets.com website now shows only an 'Under Construction' page.
Is YaMarkets regulated?
A Mauritius licence is offshore and comes with no investor compensation scheme. The UAE Capital Market Authority says YaMarkets was not licensed in the UAE, where its office was. YaMarkets also claimed a Vanuatu authorisation, number 14819, which the VFSC dealer list does not show.
Can I still withdraw my money from YaMarkets?
Probably not through YaMarkets itself. The broker closed in May 2026, and clients report that support stopped answering. Keep your records and complain to the Mauritius FSC and to your bank.
What should I do if YaMarkets owes me money?
Collect your account number, withdrawal requests, emails, chats and payment receipts. Send a written complaint about YA GROUP LTD to the Financial Services Commission of Mauritius. Ask your bank about a chargeback or a recall, and report the loss to the police. Never pay an upfront fee to anyone who promises to recover the money.
Who owns YaMarkets?
YaMarkets described itself as a trading name of YA GROUP LTD, a company registered in Mauritius. A separate YaMarkets Limited was registered in Saint Vincent and the Grenadines. Press reports name Lalit Matta as co-founder and chief executive.
What is NXG Markets, and is it linked to YaMarkets?
NXG Markets is a related brand that appears to continue the YaMarkets business. A December 2023 Mwali registrar list gives yamarkets.com as the website of NXG Markets Limited. The UAE warning of 3 April 2026 names YA GROUP LTD and NXG Markets together, and the RBI Alert List names both brands.
Which regulators have warned about YaMarkets?
The UAE Capital Market Authority warned against YA GROUP LTD and NXG Markets on 3 April 2026. The Reserve Bank of India added Ya Markets to its Alert List in November 2023. The Financial Commission, a private complaints body, expelled YaMarkets in November 2025.
Is the YaMarkets Vanuatu licence real?
We could not confirm a Vanuatu licence. YaMarkets said the VFSC authorised YaMarkets Limited under number 14819. The VFSC list of licensed financial dealers does not include YaMarkets, YA Group or that number.
How old is YaMarkets?
The domain yamarkets.com was registered in August 2016, which matches the broker's 'since 2016' claim. The business closed in May 2026, so YaMarkets traded for less than 10 years.
Did YaMarkets pay withdrawals before 2025?
Many clients reported quick payouts between 2021 and 2024. Complaints about unpaid withdrawals also go back to 2022. Those complaints rose sharply from August 2025 until the shutdown.
Is YaMarkets a clone of another broker?
No. YaMarkets used its own brand, company names and addresses. The risk comes from the conduct of YaMarkets and from regulator warnings, not from copying another firm.
What should I check before depositing with any broker?
Search the regulator's own register for the exact company name and website. Check warning lists such as the UAE Capital Market Authority list and the RBI Alert List. Read recent reviews for withdrawal problems, and test a small withdrawal first.
What we recommend
The practical takeaway from everything above.
Do not send money to YaMarkets or to NXG Markets.
- Both brands appear on the UAE Capital Market Authority warning list and on the RBI Alert List.
- If YaMarkets owes you money, keep your account number, withdrawal requests, emails, chat logs and payment receipts.
- Send a written complaint about YA GROUP LTD to the Financial Services Commission of Mauritius.
- If you paid by card, ask your bank about a chargeback, which is a refund claim through the card network. For a bank transfer, ask your bank about a recall.
- Report the loss to the police cybercrime unit in your country.
- Ignore anyone who offers to recover your money for an upfront fee. Recovery offers often come from a second group of scammers.
- Before you use any broker, check the regulator's own register yourself. Certificate images on a broker website prove nothing.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed November 11, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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