If you’ve stumbled upon the UnitForex broker, you’re probably wondering whether this company can be trusted.
And you’re right to have doubts because this broker is hiding a dark secret behind the seemingly perfect website. Read the UnitForex Review to learn the truth about this offshore hoax.
Unfortunately, no. UnitForex LLC, the company behind this broker, is actually based in the offshore domain of Saint Vincent and the Grenadines (SVG).
This is bad news because SVG is known for being the nest of many scammers and tricksters. SVG’s Financial Services Authority (FSA) explicitly stated on its website that Forex trading is not regulated on the island.
Meaning, the UnitForex regulation claims are fake. This broker is not licensed to provide trading services and no authority oversees its business.
If you don’t want to feel paranoid about your funds, please ditch UnitForex and find an onshore broker that operates under strict jurisdictions, such as the European Securities and Markets Authority (ESMA), the CFTC (US), ASIC (Australia), FCA (UK), etc.
UnitForex is an SVG-based broker with no trading license that offers favorable conditions for Forex, CFD and crypto asset trading. This broker has mainly targeted traders from the UK, the US, Pakistan, Malaysia, and India.
On UnitForex’s website, one of the first things you read is “high regulatory standards”. This was put there to make the UnitForex reputation seem legit.
As we already debunked, SVG is a domain where Forex trading isn’t regulated. UnitForex is thus a dishonest broker and a true scammer.
UnitForex was all over the place in terms of areas of activity. Namely, the broker tried to claim victims from all over the world. Here’s a list of countries where UnitForex left traces:
So far, no regulator has reacted to this offshore threat. We could use all the info available to pressure financial market authorities to issue warnings about this unlicensed provider.
Based on the info we found on UnitForex’s website, this entity is active on social media. The broker has Facebook, Instagram, LinkedIn and Twitter accounts.
Aside from social media, we assume UnitForex also uses Google ads and online marketing campaigns to hunt for victims. Lastly, the broker has a phone number and email, which can also be used to find traders and persuade them to invest in this scheme.
Traders aren’t satisfied with UnitForex. We found some complaints against the broker. Turns out, the conditions that UnitForex offers are far worse than what the broker promised on its website. Read the complaint by this trade, which clearly points out the many cons of UnitForex:
I previously opened a real account with UnitForex, but my experience was not very good… I also found that their trading conditions were a little worse than other brokerage companies, such as higher spreads, so I would not recommend trading with this company.
UnitForex claims to offer the world-famous MetaTrader 4 software. According to the broker’s website, traders can download this platform on their desktop, Android & iOS phones, or access the online version via a browser.
MT4 is an amazing trading platform. It includes advanced tools such as automated trading and multiple timeframes. The broker also offers Fix API – traders can run automated algorithmic strategies or expert advisors around the clock on a remote server.
However, even a renowned platform such as MT4 is not enough to compensate for the lack of an official trading license.
Here’s a quick overview of UnitForex’s available trading instruments:
Based on the info on UnitForex’s website, the broker offers variable spreads that depend on the account type. Thus, the spreads for the Standard account start from 1.2 pips with zero commissions.
UnitForex also claims to offer a tight average spread of 0.1 pips for the benchmark EUR/USD pair. If these numbers are true, then UnitForex’s trading costs are great but as the afore-posted complaint said, this broker has much wider spreads.
Let’s look at UnitForex’s available trading accounts. The broker offers four different types:
UnitForex claims that the minimum deposit is 10 $ although we found other amounts on the website. Don’t you just hate discrepancies like this?
The maximum leverage that UnitForex allows is 1:500, typical of offshore brokers. Keep in mind that extremely high leverage is risky and often results in huge losses, hence why top regulators (ESMA, FCA, ASIC) imposed a 1:30 cap for retail clients.
Yes, UnitForex included a free demo account for clients. Maybe UnitForex got this one right but it stills doesn’t make this broker trustworthy.
Illicit brokers sometimes offer a free demo account to attract unsuspecting victims. The problems arise when you switch to a live account and invest real money.
UnitForex offers a welcome bonus of 30 $ and a deposit bonus of 30%. Bonuses are a clear sign that you’re dealing with an offshore or illicit broker.
Financial swindlers such as UnitForex usually award these hefty bonuses but always with strings attached.
By that, we mean the put clauses in customer agreements that stipulate that you have to reach an insane trading volume before allowing you to withdraw funds. At the time of this writing, UnitForex’s entire legal documentation was unavailable.
Let’s take a look at the UnitForex withdrawal policy. The broker listed several available payment methods on its website:
UnitForex says there are no deposit fees and that the processing time is instant except for wire transfers (2-5 business days).
This whole segment of the UnitForex brokerage looks good but it doesn’t mean that UnitForex has cleared its name. Withdrawal issues could easily occur.
If UnitForex violated any terms and conditions, please let us know. We know how frustrating it can be to deal with unregulated offshore brokers.
If you lost money to this scam, you must act fast and contact us as soon as possible. Global Fraud Protection can help you get it back. Our experts specialize in bank chargebacks, recalls and crypto-tracing software such as CipherTrace.
If this broker steals your money, contact us for help. Book your free consultation with us using Online Chart and find out what’s the next step.
No, UnitForex is an unlicensed Forex broker. Do not invest in this brokerage. If you’re having issues, call us immediately!
Yes, UnitForex does offer a demo account but you must be careful!
Yes. According to the broker’s website, users can download MT4 using Android or iOS operating systems.
MT4 is a great platform, arguably the best. However, UnitForex’s unregulated status is the biggest problem here.
No, UnitForex is an unlicensed Forex broker. Do not invest in this brokerage. If you’re having issues, call us immediately!
Yes, UnitForex does offer a demo account but you must be careful!
Yes. According to the broker’s website, users can download MT4 using Android or iOS operating systems.
MT4 is a great platform, arguably the best. However, UnitForex’s unregulated status is the biggest problem here.
The post UnitForex Review – This Broker Is Not Safe For Your Money appeared first on Global Fraud Protection.
