Do you want to trade with UnitForex FX? Why is UnitForex.com not a genuine broker? Read detailed UnitForex review to know about this platform.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
UnitForex also known as UnitForex.com is an offshore brokerage company operated by UnitForex LLC with a lot of promises for forex traders. Here, the broker is incorporated in St. Vincent and the Grenadines.
Also, there are different account packages such as Standard, Premium, ECN and Pro account.
What is more, the broker offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
To clarify, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Deposit and Withdrawal
UnitForex Minimum Deposit:
UnitForex deposit is indicated $50 according the account type. Although this seems to be a good offer to start with, clients and traders must be more interested in investing in a licensed brokerage where they are sure of their funds.
In comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100.
As for the payment methods, the broker appears to accept options like Visa, Mastercard, Maestro, Bank transfer and others. Rightfully, you should not consider making any payment with this broker because it is a risk.
For a quick reminder, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
On the brokerage presentation, UnitForex withdrawal process can be instant for some funding option and 2 to 5 days on some payment methods. Meanwhile, the platform claims zero withdrawal fee on any withdrawal request.
UnitForex platform offers MT4 (Industry standard trading platforms). What you must know is that, the claim to offer MT4 does not make the broker legit because any scam broker can do the same to lure forex traders.
As for UnitForex leverage, it can get up to 1:500. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, however, it equally increases the risk of sudden and excessive losses. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50.
Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing more money than making more profits.
Why You Should Avoid UnitForex.com Forex Broker
First and foremost, UnitForex.com has no financial authority overseeing its financial services. As far as we’re concerned, we believe this broker is not worth your money because Financial Services Authority SVG does not monitor or regulate forex brokers.
Unfortunately, the brokerage is a clear UnitForex scam whose presentation of St. Vincent and the Grenadines (SVG) governance and regulation cannot be proved. We know SVG financial authority is not known for regulating forex brokers. This is a big warning for traders to avoid losing money with this broker. See excerpt from SVG
Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
UnitForex Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Lastly, UnitForex scam located at UnitForex.com claims to be a trustworthy trading broker, however, that cannot be ascertained. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
In case you found this information valuable, please share with us your experience on the comment section below.