Once you glance at UnicoFX’s website, you’d say you’re in the right place. The site itself looks solid, and there’s plenty of information, including an ASIC license. However, don’t take everything you see for granted. Make sure to check all the broker has served you before you rush to trust and invest your funds. Read our UnicoFX broker review, and you’ll see why we’re extra cautious about this firm.
|Broker Status:||Unregulated Scam Broker|
|Broker Regulation:||Unlicensed Forex Provider / No Regulation|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||OSC|
|Broker Owner:||Unico Aust Pty Ltd (allegedly)|
|Headquarters Country:||Australia (allegedly)|
|Mobile Trading:||Not Available|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||Forex, commodities, indices, shares, cryptocurrencies|
|Islamic Account:||Not Available|
|Demo Account:||No, only live trading accounts|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Team:||Don’t Invest in This Scam Broker!|
Is UnicoFX a Scam Broker?
UnicoFX broker is allegedly owned by Unico Aust Pty Ltd. Furthermore, UnicoFX regulation comes from ASIC, number 649 547 571. Again, allegedly.
Upon checking, we confirmed that Unico Aust Pty Ltd is a legitimate investment company but unrelated to UnicoFX Forex broker. In fact, the Terms and Conditions of UnicoFX suggest that the governing law is the law of Estonia. Thus, the broker chose a similar name on purpose so that you will be convinced that you’re dealing with a registered business.
The truth is, the broker UnicoFX is not regulated by ASIC, FCA, BaFin, or any Tier1 regulator and provides financial services illegally.
UnicoFX is not a legitimate broker. The company claims to be based in Australia, under ASIC regulation, but it’s untrue. The company has been blacklisted in Canada for providing unlicensed trading services.
Scam Warnings Against UnicoFX Broker
As proof of the UnicoFX trading scam, we have an OSC warning. The Canadian regulator discovered that the firm provides illegal financial services and, upon receiving numerous complaints, added it to the list of fraud firms. According to it, UnicoFX is not authorized to offer financial services in Canada. Along with this firm, OSC blacklisted another scheme firm, TradeTheBit.
Where Is UnicoFX Trading Scam Active?
UnicoFX has quite a wide operating area. The majority of victims come from:
UnicoFX WebTrader Platform
At first, the UnicoFX trading platform looked solid. It’s a proprietary WebTrader with a nice general overview. However, if you try and find some advanced features, this is when you’ll understand that the design doesn’t matter as much. The platform is bogus and is missing automated trading, social trading, and every other perk you would get with MT4 or MT5.
What About a Mobile Trading App?
The broker insists that there’s no installation. Based on that, we can conclude that the mobile app doesn’t exist, and the only possible UnicoFX login method is a mobile web browser.
What Can I Trade With the UnicoFX Broker?
UnicoFX offers access to all five major markets, including:
- Currency pairs – EUR/USD, GBP/USD, USD/JPY
- Indices – NASDAQ, Dow Jones, S&P500
- Shares – Amazon, Apple, Google
- Cryptocurrencies – BTC, ETH, XRP
- Commodities – gold, silver, crude oil
Trading Accounts Review – What’s the Difference?
If you still wish to test this broker’s platform, you can sign up for one of the four UnicoFX account types. They are:
- Standard – 1,000 EUR
- Silver – 10,000 EUR
- Gold – 25,000 EUR
- Platinum – 100,000 EUR
Accounts differ in leverage, personal trading trainer, VIP support, and access to risk-free trades. Despite this table, the main page indicates that UnicoFX’s minimum deposit is $250. Yet, you seem to get no perks or assistance and you’re on your own.
Can I Trade With a UnicoFX Demo Account?
We tried to find access to the UnicoFX Demo account but couldn’t. If you want to test the system, you will have to invest your funds. Investing even a penny in unregulated firms is never recommended. In fact, we advise you to run as far as possible from this firm and find a really regulated broker. Only then will you be sure that your funds won’t vanish together with the investment company.
What Can UnicoFX Fraud Victims Do? – Do Not Give Up
If you or someone close to you has been a victim of the UnicoFX scam, don’t give up. Yes, it’s devastating, and you might be embarrassed to share what happened, but it’s the only way. If you want to recover your funds, you need to tell your story. You need to provide as many details as possible and our chargeback experts will start building the case.
Don’t let scammers keep your hard-earned money. Act now, and let’s stop them before it’s too late.
All In All, Don’t Let the Scammers Get Away for Free!
What Is UnicoFX, and Should I Invest Money In It?
UnicoFX is an online trading Forex and CFD provider without a license. If you have been scammed by this bogus firm, let us know. Our chargeback experts may be able to help you recover your money.
Does UnicoFX Offer a Demo Account?
UnicoFX doesn’t offer a Demo account to its customers. You will have to deposit the money first.
What Is the UnicoFX Minimum Deposit?
UnicoFX requires a minimum deposit of $250, but you get no perks unless you upgrade to at least 1,000 EUR.
Does UnicoFX Have a Mobile Trading App?
No, UnicoFX doesn’t have a mobile or a desktop app. The firm provides only a WebTrader.
We hope you found our UnicoFX Broker Review helpful! We will continue to provide you with the best reviews and guides on brokers such as UnicoFX. If you want to stay up to date with us and our reviews, you can follow us on our blog, fakebrokerwatchdog.com