Something was awfully suspicious about this broker’s website. After doing an analysis, we concluded that UltraPrimeFX is a trading scam.
There’s plenty of evidence that this broker’s legal background, trading platform, accounts and conditions are fraudulent. It’s all here in the UltraPrimeFX Review.
Let’s first analyze UltraPrimeFX’s regulation. No company name or license number/ID. But, the broker did leave an address so that’s where we had to start.
London, UK? If UltraPrimeFX were a legitimate UK-based broker, there would have to be some data about the brokerage in the register of the Financial Conduct Authority (FCA).
Known for its tight regulation and no tolerance for fraud, the FCA is a renowned Tier 1 financial market watchdog. If a broker claims to be based in the UK but is not found in the FCA’s register, that’s bad news.
Thus, UltraPrimeFX is not a legitimate broker. Rather, it’s a cyber training scam and you should avoid it. Another fake UK broker we covered is FutureProfit.
Our advice is that you find an FCA-regulated broker or a provider that’s compliant with the regulation of the European Securities and Markets Authority (ESMA). If you’re from the US, make sure your broker is registered with the CFTC and the NFA.
When it comes to picking traders to scam, UltraPrimeFX is particularly interested in three countries. Here’s the list:
Both France and Switzerland belong to the EEA zone, which is under ESMA’s jurisdiction. And we already said that UltraPrimeFX does not comply with the trading rules imposed by ESMA.
As for Indonesia, the vast majority of this country’s population is Muslim and yet UltraPrimeFX doesn’t offer an Islamic account.
UltraPrimeFX included a phone number and an email. We suppose that’s how this fraudster contacts potential clients. However, the phone number doesn’t start with the +44 code, which corresponds to the UK.
As for social media such as Instagram and Twitter and messaging platforms such as WhatsApp, we’re not sure whether UltraPrimeFX uses them.
This unscrupulous broker advertises some kind of cutting-edge proprietary platform. Since UltraPrimeFX doesn’t offer a demo account, we weren’t able to check out this mysterious platform.
Nevertheless, we highly doubt that this software is reliable as MT4, MT5 or cTrader. UltraPrimeFX also offers a mobile trading app but we wouldn’t trust this unregulated broker.
Last but not least, the broker offers WebTrader, a simple browser-based platform with limited features. It offers basic charts, indicators and graphs but that’s about it. No advanced features such as automated trading.
UltraPrimeFX offers five different trading asset classes, including FX pairs, CFDs and crypto assets:
Depending on the different account types, UltraPrimeFX offers variable spreads. The spread for the Beginner account is around 2 pips, which is too wide to be competitive.
The Pro account offers spreads from 0 pips but the broker didn’t disclose the account price. As for the commissions, UltraPrimeFX only charges 3.5 $ per lot for the Pro account.
Let’s take a look at UltraPrimeFX’s trading account types:
The shady thing is that UltraPrimeFX didn’t disclose the minimum deposit requirements for the latter two accounts. And when it comes to leverage, all accounts offer up to 1:1000.
There’s your proof that UltraPrimeFX isn’t a legit UK broker. The FCA imposed a 1:30 leverage cap for retail clients. Super-high leverage is extremely dangerous and often results in losses.
UltraPrimeFX doesn’t offer a free demo account. Major red flag, folks. Without a demo account, the financial swindler forces you to invest real money straight away.
The main problem is that you haven’t even seen the trading platform or tried out trading. Hence, you’d best avoid a broker like UltraPrimeFX.
Keep in mind that scam brokers sometimes offer a demo account to deceive the unsuspecting victim. Aiko Markets is a perfect example.
When it comes to UltraPrimeFX’s withdrawal and deposit methods, the broker allegedly accepts the following:
The minimum deposit is 250 $, with no related fees. A huge issue we have with UltraPrimeFX’s website is that there is no Terms and Conditions document.
Pros: None
Cons: No regulation; No demo account; Extremely high leverage; Vague trading platform; No Terms and Conditions, Privacy Policy, etc.
To recap, UltraPrimeFX is a foul and anonymous trading scam. If you’re having withdrawal issues, please notify our team.
We can assist you in getting your hard-earned money back. Global Fraud Protection’s experts have experience with bank chargebacks, recalls and advanced crypto-tracing methods such as CipherTrace.
If this broker steals your money, contact us for help. Use Online Chat to book a free consultation with our team and find out what you should do.
No. UltraPrimeFX is not a regulated broker. Please, do not invest in this trading scam. If you already have, contact us for help.
No. UltraPrimeFX does not offer a risk-free demo account for practice.
Yes. However, the mobile trading app is suspicious. We don’t recommend you download it.
UltraPrimeFX’s proprietary platform is a mystery. As for the other platform, WebTrader, it’s not an effective and advanced platform.
No. UltraPrimeFX is not a regulated broker. Please, do not invest in this trading scam. If you already have, contact us for help.
No. UltraPrimeFX does not offer a risk-free demo account for practice.
Yes. However, the mobile trading app is suspicious. We don’t recommend you download it.
UltraPrimeFX’s proprietary platform is a mystery. As for the other platform, WebTrader, it’s not an effective and advanced platform.
The post How We Exposed This Scam In the UltraPrimeFX Review appeared first on Global Fraud Protection.
