UnitForex Review – Avoid This Broker If You Care About Your Money
At first glance, the company looks very promising. From stable trading software and funds protection measures to transparent legal documents. However, the owner Unit Forex LLC is registered in St. Vincent and Grenadines. Thus, the company claims they are regulated.
|Unit Forex LLC
|St. Vincent and Grenadines
|From 1.2 pips
UnitForex Compliance and Safety
The first safety measure that the broker promotes is negative balance protection. Which is a great way to ensure traders don’t get into debt. Also, the company states they have segregated bank accounts for deposits. Important to realize that they claim to have those accounts in top-tier banks and financial institutions. But one thing can make all these statements irrelevant. It’s regulation.
St.Vincent and Grenadines have one financial regulatory body – FSA. However, FSA has on its website stated that Forex trading is not regulated in the country. Therefore, companies must opt for other licenses. Not only that UnitForex doesn’t have a domestic license, but also any other. Since many legit companies tend to provide Tier 1 regulations we are checking those first.
But, institutions like FCA, BaFin, ASIC or CFTC never had this company in their registers. Important to mention is that the broker claims to be regulated. So, everything they said so far is fake. Therefore, you can forget about all security they are promising. Let’s be honest, if the broker is licensed they would present their license number transparently.
Trading Platform at UnitForex
To try to present themselves as reliable, scam brokers often opt for trusted trading software. For example, Meta Trader and cTrader. But have in mind that trusted software doesn’t necessarily mean a trusted broker. Like in the case of the Unit Forex broker scam.
The company provides its traders with access to Meta Trader 4. It’s a great choice for novice and pro traders. With the availability of numerous advanced trading features it quickly gained a lot of users. However, the Unit Forex scam uses that only as a dirty trick to scam its traders. In the end, what’s the use of so good software if they will rip you off in some other way?
The only positive thing about it here is that you can use a demo account and mobile versions of the app.
UnitForex Offers Bonuses and Promotions
Another weird thing for a licensed broker is the bonus offer. Simply because many worldwide regulators have banned bonuses. Mainly because of policies that scam brokers are using to their advantage. Once traders find out that they have a clause to make a withdrawal it’s too late. They have invested so much money that it’s practically impossible to get it out.
That’s exactly why the UnitForex investment scam offers bonuses of up to 30%. But nobody knows if those bonuses go even higher once you start trading with them. Since their bonus policy is not available for download we can’t check what are exact terms of trading with the bonus.
Account Types Available
Since this scam broker obviously scams traders for everything they have, their account types become irrelevant. The spread’s starting range is between 0.1 and 1.8 pips. However, some traders in UnitForex broker reviews complained about spread irregularities. But with lower spreads, you can expect a high commission. As in the case of UnitForex broker.
In fact, for ECN the commissions are $7 and for Pro $3. Thus, not clarified if it’s for a round turn or not. Also, the leverage goes up to 1:500. Which is above the maximum allowed by any trusted regulator. Besides a low minimum of $10, there is nothing positive about their offer.
Anyway, their offer consists of:
Deposit and Withdrawal Method
Funding methods available are:
- Debit/Credit cards
- Wire transfers
- Crypto payments
Many deposits or withdrawals are processed instantly. However, the cards are not accepted for withdrawals. But without a regulation and transparent withdrawal policy, you can’t check any other terms. Which is suspicious at best.
How the Fraud was Perpetrated
Offshore swindlers mainly lure traders through marketing campaigns and social media. Once you are in their register you can expect numerous calls from aggressive agents.
As soon as you invest even $10, you can expect issues. But firstly, persuasions from agents to deposit more money. But you won’t see the same energy once you want to withdraw those. As we can see from UnitForex reviews, that’s exactly where traders experienced the most issues.
The company is openly lying about regulations. With this in mind, you know that without a license they don’t need to comply with any laws or regulations. Even though they provide an MT4 platform, it’s not enough to build credibility. Moreover, this company is not offshore without a reason.
To avoid any similar brokers and their tricks, you can consult with our experts. But more importantly, start a fund recovery process. Book your first free consultation today!
FAQs About UnitForex Broker
Is UnitForex Legitimate Broker?
No. They are not licensed and they openly lie to traders about it.
What is the Minimum Deposit for UnitForex?
The minimum deposit requirement is below the industry average and starts already at $10.
What Trading Products Are Available With UnitForex?
There are 4 major categories: Forex, Indices, Crypto and Commodities. Thus, stocks are missing.