UWMTrading Review: Not the Reliable Trading Partners They Claim To Be

Proprietary trading is a relatively new addition to the palette of financial services providers. This branch of the industry remains largely unregulated, allowing various con artists to slip by unnoticed.

See the remainder of our UWMTrading review to see our take on this company, and provide an alternative solution with a reliable firm.

Not a Legally Incorporated Entity

The company we’re reviewing apparently doesn’t like to disclose their firm’s data. One address given on the website is incomplete and says: Business Centre, Sharjah Publishing City Free Zone, Sharjah, United Arab Emirates. Therefore, we tried searching for the entity called UnionWealthsManagement FZE. 

Unfortunately, this firm doesn’t show up in the UAE Department of Economy register. Moreover, if you try to check for the trade name availability in the company registry for the zone of Sharjah, you also won’t find any clues.

When a firm lacks the mandatory transparency and registration with a local authority, regardless if their line of business needs a license or not, they can’t be considered trustworthy. Hidden or misleading corporate information is a common trait of scammers like Formed Funding.

Slammed for Fake Reviews

There aren’t a lot of UWMTrading reviews, and there’s a good reason for that. The prop firm turned out to be engaged in a deception campaign that saw review seller networks boost their reputation on TrustPilot.

As a consequence, the platform admins have deleted a large number of comments. The commenters that have negative opinions about the company complain about their payouts being inexplicably denied, and being ignored by customer support.

Downplaying the Trading Risks

Many prop firms find an audience through social networks, and this one may be found on X, Instagram and TikTok. Traders may also participate in an open Discord community chat room.

The content in social media forwards the usual “trading is easy, you just need to be patient” rhetoric, followed by advice from someone claiming to be a successful trader. Another example of a firm with similar advertising is Omni Wallet.

To distinguish itself from the competition, the company advertises a withdraw anytime policy. This, in theory, would let traders request a payout at any time rather than in predetermined intervals.

Challenges

Before being able to unlock the funded trading account, every trader has to pass a challenge of their choice. 

Since there’s several of them, the prices per account of the challenge are different and depend on other factors, such as the platform available and the providing broker. Traders also have the option to choose a swap-free account if they follow the laws of Sharia.

Evaluation 2 Step

This type of challenge includes two evaluation phases and these are the available account sizes:

• $10,000
• $25,000
• $50,000
• $100,000
• $200,000
• $300,000

Since there are many factors that participate in the price forming, we tried some of the elements and found out that the minimum fee to pay is $109, while the biggest account costs a whopping $1.370.

As for the target profit, you have to make 8% during the first phase and 5% during the second. Maximum drawdown is 10% with the minimum of 5 trading days.

Prime (8 Day Payouts)

This is said to be the most popular and most preferred challenge by the majority of clients. However, the choice of accounts is somewhat smaller:

• $10,000
• $25,000
• $50,000
• $100,000

With the basic trading parameters, the price of the smallest account is $99, while the priciest one demands a deposit of $549. Profit target here is 6-8% with no minimum trading days.

Express 1 Step

The Express One Step is a bit of a more demanding evaluation as traders have to reach a higher profit of 10%, with a maximum overall drawdown of just 6%. These are the available account sizes:

• $10,000
• $25,000
• $50,000
• $100,000
• $200,000

As previously noted, the prices may vary, depending on the platform chosen and the preferred broker. From our testing, we found that $129 is the fee for the cheapest package and $1.010 is needed for unlocking the biggest funded sum.

3 Step Evaluation

These evaluation challenge types offer some of the best funding options, but have the largest number of stages. As with other evaluation-type challenges, the maximum overall loss is 5%.

The account sizes are as follows:

• $10,000
• $25,000
• $50,000
• $100,000
• $200,000
• $300,000

We have managed to gather that the entry level 3 Step plan costs $70, making it the most affordable. The 300k account will set you back as much as $895.

Confusion Around the Broker Partner

Browsing the company website, you will find numerous inconsistencies about various scopes of the business. The challenge purchase page has clients opt to trade through ThinkMarkets or Purple Trading SC, while elsewhere on the site, 8Cap was advertised as an affiliate broker.

To verify these claims with the brokers, we contacted their customer support. The only one to confirm the affiliation was ThinkMarkets. The other firms denied any involvement.

Trading software availability by the selected evaluation plan and the choice of broker. UWMTrading platform choices include Match Trade, DXTRADE and the industry standard cTrader.

Overview of Trading Costs

One of the main issues with this prop firm is that you don’t get a page that contains clearly defined trading costs. Instead, you’ll have to sift through FAQs and look for each topic individually.

Still, we did manage to pull out some information for our readers’ convenience. The trading commissions range from $6 to $7 per loot for PurpleTrading and ThinkMarkets respectively.

Leverage varies from 1:50 for Forex, 1:20 for indices and gold to 1:2 for crypto assets. Additional fee of 2.5% per month is charged for account scaling. Transaction fees, however, remain undisclosed. 

Profit Split and Payout Terms

The only available payout methods are cryptocurrency transfers, covering BTC, LTC and ETH coins. Depending on the different evaluation plans, you can expect profit splits starting with 80%, and rising to 85% and 90% with scaling.

The first payout is available 30 days from the first trade, and the minimum payable sum is 1% of account balance plus the original challenge fee. Subsequent payouts are 14 days since the start of the next trading cycle. Many traders, however, openly complain about their payouts being denied.

Interested in Prop Trading? Take a Look at Our Offer!

In the current financial landscape, various predators and con artists are lurking around, trying to capitalize on the lax regulation of prop trading firms.

We offer a track record of reliable service, enjoyed by thousands of retailers. With our proprietary trading, you receive up to $180,000 in funding. Contact our representatives for a free Zoom meeting via the live chat.

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