Ultra Cryptocoin FX Review – Truth BehindThis Scam Broker
Crypto, crypto, crypto. You must have heard something about it or you certainly know at least one person who’s invested in it. As much as it may have become popular during the last few years, it provoked the rise of scamming schemes based on it. One of them is Ultra Cryptocoin FX.
Anonymous and unauthorized online financial services providers from SVG pop up every day, we lost count. Some of them the regulatory organizations do recognize as scammers. So they post public documents that warn traders in the area not to invest there. That’s what FCA did with Ultra Cryptocoin FX. You can find the report here: https://www.fca.org.uk/news/warnings/ultra-cryptocoin-fx-ultra-cryptofx
Eventually Ultra Cryptocoin FX shut down their site. Who knows how long it will take before the fraud shows up again with a completely new domain.
Our Ultra Cryptocoin FX review gets to the bottom of this, so keep reading for more bothersome facts about this unscrupulous firm.
|Ultra CryptoFX/ Ultra Cryptocoin FX
Ultra Cryptocoin FX Regulation and Security of Funds
The US office but the main HQ being in SVG had us suspicious right from the start. Top financial regulatory institutions in the US are CFTC and NFA. All brokers that gain a license for performing transactions and offering online financial services are members of NFA.
Luckily for us and everyone else interested, NFA keeps an online register of its members. Turns out, our broker in question here, Ultra Cryptocoin FX, is not one of the companies that own a trading certificate.
To even be able to apply for a regulation Ultra Cryptocoin FX would have to bring proof of owning at least $20 000 000. All brokers have to confirm they’re serious in their intentions of running a legitimate brokerage business so that is the amount they have to invest.
Furthermore, all future brokerage agencies have to store clients’ cash in segregated bank accounts and limit the leverage to 1:50. Just for reference, Ultra Cryptocoin FX offers double the allowed leverage, so it’s clear they do not follow the regulatory standards.
Since the financial authority of SVG doesn’t license the broker companies in the area, we had to expand our search further. We went through the registers of CySEC, CONSOB, ASIC, IIROC, FCA and BaFin. All we found while searching for Ultra Cryptocoin FX was the warning issued by FCA.
The UK watchdog for the broker business alerts the public of the threat that Ultra Cryptocoin FX is and implores traders not to invest in this fraudulent project. When one of the most influential financial authorities in the world declares this, you can trust that Ultra Cryptocoin FX is a confirmed scammer.
Ultra Cryptocoin FX Trading Platform Overview
It’s uncertain what the idea behind the Ultra Cryptocoin FX trading terminal was. With only one chart and few basic customizing options, the platform is unresponsive to other inputs. You apparently can’t place new trades but you sure can deposit.
Ultra Cryptocoin FX doesn’t make excessive promises of trading on dream-like trading software. However, that doesn’t make their bogus platform any more credible. Built for web trading, it doesn’t have a desktop and mobile version.
Not only is the trader plain and simple but it greatly lacks the advanced features that industry leader MT5 offers. New order types, widgets, timeframes, indicators, testers, expert advisors and other features make MT5 extremely reliable, fast and flexible. Choose that instead of risking with a fake software that Ultra Cryptocoin FX has.
Funding Options Available
The single payment method at Ultra Cryptocoin FX is of course none other than Bitcoin. Clients make direct deposits to the company’s Bitcoin wallet. This makes the transactions hardly traceable, so the funds you put in are potentially irreversibly gone. Becoming the client at Ultra Cryptocoin FX costs $300. That’s how much you need to invest to open a live trading account.
Ultra Cryptocoin FX probably doesn’t allow withdrawals at all, since they don’t bother to disclose the rules defining withdrawals. Expectedly there’s also no policy that states how much time is necessary to process the requests or how much are the fees that follow.
The Fraudulent Techniques
Investing in crypto currency trading may yield profitable results at times. Bear in mind that investing with a scammer however is a dangerous game to play. Although it may not look like a fraud in the beginning, every cyber theft starts off with promises of great returns and wealth earned in no time. Well-trained scam agents have the verbal and social skills to convince you to do almost anything, so beware of the sweetalking online sellers.
The beginnings are always great. You invest a little yet by what the platform shows it looks like you’re already winning. Sadly, that profit is only an illusion, placed there to make you put more money into it.
When the time for withdrawal comes, the unexpected obstacles start appearing. They come in the form of irrational fees, trading volume requirements and additional charges that make your head spin.
Ultra Cryptocoin FX Summary
We strongly believe everything you could read in this Ultra Cryptocoin FX review could serve you in the future as a small guide to avoiding getting scammed. Another important advice we could give you is never to refrain from checking who your broker really is. You can easily do that by consulting the jurisdictional regulators.
As soon as you start suspecting that the brokerage house you chose isn’t following the legal directives, give up and walk away. They just aren’t worth your time and money. If you’ve already invested there and are trying to take your money back, contact the local authorities, your bank and other organizations engaged in fighting cyber crime.
FAQs About Ultra Cryptocoin FX Broker
Is Ultra Cryptocoin FX a Safe Place for My Money?
Ultra Cryptocoin FX is anything but safe. Unlicensed and unregulated they cannot provide the safety measures as legitimate brokers do.
Can I Open A Demo Account with Ultra Cryptocoin FX?
You won’t be able to open a demo account with Ultra Cryptocoin FX. The site only accepts live trading accounts, which cost from $300.
What Accounts Ultra Cryptocoin FX offers?
Starter ($300), Platinum ($1500) , Bronze ($4500) and Gold($10 000) are the account types that Ultra Cryptocoin FX offers.