Beware! United FCG is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
United FCG is a forex brokerage which chooses not to disclose much information about itself. As a matter of fact, we couldn’t get hold of any of the trading conditions of the brokerage, nor could we gather what kind of platform the brokerage provides potential clients. There is also no corporate information available and people behind the website remain anonymous.
United FCG regulation & safety of funds
As was said above, United FCG does not disclose any information about itself. This means that the people behind the website remain anonymous and there is no way they could be contacted. This is highly problematic and very typical of scammers. We could not even find the name of the company which is something rare even among shady brokerages. We can safely conclude that the brokerage is not regulated. Furthermore, we couldn’t register for a demo account which means there is no way we can guarantee if the brokerage does in fact provide CFD trading. While attempting to register for an account we stumbled upon very worrisome provisions regarding the deposit and withdrawal of funds. Here is a screenshot:
United FCG charge an annual maintenance fee of up to $100 and we also read of an execution fee of 7.50. There is further a monthly dormant account fee of $35. Such excessive fees only further give light to the ill-minded intention of the whole set-up. They probably wrest away an initial deposit from misinformed traders and afterwards skip town. All this highly inclines us to recommend interested traders not to risk it with United FCG.
Prestigious regulatory bodies, such as the UK’s FCA and CySec, require compliance with a number of strict rules that give significant assurance for the safety of the clients funds.
The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.
Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to scam traders.
United FCG deposit/withdrawal methods and fees
From the website we learn that the available payment methods for clients are the standard Visa and MasterCard, Bank transfer, UPayCard and Entropay. An interesting inclusion is Bitcoin, there aren’t many forex brokerages that accept Bitcoin. Here is a screenshot:
Irrespective of the execution and maintenance fees outlined above, there is no other mention of withdrawal fees on the website, nor in the terms and conditions of the brokerage either, but that is still no guarantee, because unregulated brokerages – especially those who present misleading information – often charge unexpected fees once the client has already invested funds. Precisely due to such instances we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Unfortunately, much of the forex trading world is overshadowed by the huge numbers of scammers. All a trader may do is be well-informed and, in case he is the subject of a fraud – stay calm and not panic! The chance for panic is greatly reduced if such a situation does not take you by surprise. Here are the available options for scammed traders:
In most cases through clicking a tempting ad with promises for fast money, you will be redirected to a website such as The News Spy or Bitcoin Evolution where registration will require you to give your address, email and phone number. Your personal information will be immediately shared with brokers in call centers who are just waiting for juicy leads. After a few minutes hearing how the millions are sure to flow your way, you decide to deposit some $200-250. And just like that – the scammers take a 25 per cent commission from this initial deposit.
After leading you by the nose for a few hundred bucks, senior scammers will take you up and begin pushing you to further invest. You may even be swayed and further give it a shot. At this point, regardless whether you are in the red or not, you probably begin to consider closing the account and getting back your money.
However, now comes the “recovery” part of the scam. After stating that you wish to withdraw your money, they will know its time to redirect you to the “recovery people” who will further stall you in any way possible. The angle here is simple – remove the last guard you may have – filing a chargeback with your bank. You may do that only during a limited time-window, once it passes – your money is gone for good.
What to do when scammed?
Unfortunately, much of the forex trading world is overshadowed by the huge numbers of scammers. All a trader may do is be well-informed and, in case he is the subject of a fraud – stay calm and not panic! The chance for panic is greatly reduced if such a situation does not take you by surprise. Here are the available options for scammed traders:
You may contact your bank or credit card provider and file a chargeback, , as was noted above. The high instances of fraud have provoked both Visa and MasterCard to take effective measures against scammers in the business. Keeping true to their intentions, MasterCard has already increased the previous time period of six months for filing a chargeback to a year and a half and Visa is expected to follow suit in December.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate and ready at anything to somehow retrieve their funds. They will say that in exchange for an up-front payment, you will get your money back, but no such thing will occur!
Simon Clayton
I would caution people that in my opinion, United FCG Ltd is definitely NOT a reputable broker and most probably a scam. Prior to Christmas 2018 I was contacted by a gentlemen called Aex Lowe who introduced himself as a Senior Account Executive at United FCG (Callng from Canada). To be fair I had clicked on a AD that had been forwarded to me from a site that I considered to be safe. Initially this gentleman sounded very plausible and knowledgeable. However, during the conversation there were a few signs that he may not be all he claimed to be. For example he had not heard of Procter & Gamble and had no idea of their business domain. Personally I am a very conservative investor and not at all likely to invest with some one who does not come with personal recommendation and who I cannot meet in person. Not wanting to be rude I listen to what he had to say and told him I would give it some thought although I had significant reservations. He was trying to convince me to invest a minimum of 5000$ after suggesting that a more appropriate investment would be around 25,000$ but we could start small and when I had confidence I could increase my investment to this level! I assumed (wrongly) that he would accept I was not serious and move on. However, he then started emailing me information to try and reassure me that FCG was reputable and not a Scam. He also harrasssed me with telephone calls virtually daily. When I did not answer he left long messages. Finally he called me from a different number and when I answered to he took a far more aggressive and almost rude tone with me. When I clarified I had no intention to invest he hung up abrubtly. I assummed that this was the end of the story until I opened my email in the new year and discovered he had sent me the email below. This should leave readers with no doubt about their level of professionalism!!!!
Alex Lowe
2:44 PM (21 hours ago)
to me
Simon,
Out of courtesy I would normally wish you a happy new year.
However, this is restricted to MEN who can make decisions.
Not spinesless, time wasting, bureaucrats, whose favourite TV show is probably the young ones.
On a more personal note your a petit bourgeois time wasting cunt that will never make money in the investment markets as you know everything of course because you have some third rate degree aka your a cunt,
Alex
Appreciatively,
Alex Lowe
Senior Account Executive
Toll – +1 888 878 3840 EXT 111
Web – UnitedFCG.com
Alex Lowe
Dear sirs:
I would like to express my deep regrets for my unprofessional behavior. It was inappropriate and disrespectful on every possible level. While i cannot alter what has transpired. I fully understand that my poor judgment is affecting my company’s reputation and image.
There’s a lot of difficult things going on in my life right now and I lost the balance between professional and personal. I understand that this was highly unprofessional to let my personal life destroy my career and slander the good name of the firm and all the good people I have been so fortunate to work with.I am ashamed. my actions, which only I am responsible for, have resulted in the loss of my job and the respect of my family.
I am taking the necessary steps through aa and anger- management courses to ensure similar incidents never happen again
Please accept my sincere and heartfelt apology to all my colleagues and all valued account holders of the firm.
I am truly sorry.
Alex Lowe
Harry Whine
Hi, I have been approached by these con artists who are just dying to make me money to establish a trusting relationship looking only for $5000 to start with. Assuring me that if I don’t make money neither do they. This I recognised as a pathetic attempt at imitating a “Model Home” pitch. The clueless mug had no close but said his senior manager would contact me, “Was it okay?” The senior manager was as pathetic as his canvassing stooge. I led them along by the nose saying I had a financial problem looming up, a $1.6 million investment maturing shortly and no idea where to park it. I record the conversations to replay to my class of direct salesmen who I give classes of guidance and creative selling and structured closing. After the lessons I run the tapes and they find them entertaining and informative as I point out that in my pitch to them I am hanging hooks on the wall for my eventual close and provide them with examples of combining a pitch with a close element, not direct such as used by reps with making a motherhood statement and asking ” You would agree with that” Mind you, some of the responses leave the class in stitches. I have a small brass bell, I ring it during my “Negotiations” with the senior Executive, who asks and I say that is the bell for visitors to commence leaving, he askss me who I am visiting and I say I am an inmate at the clinic, he asks if I am in a hospital and I tell him its a clinic for the Criminally Insane, but that I am not a criminal. It goes completely over their heads, That 1.6 is a powerful drug. They are calling me back on Monday 3 days times for me to hand over a trifle 50,000. If these guys were smart cookies I would consider giving them 5000 on the basis that they at least double my money for me so that in chasing at least half a million they would actually give me 10,000. Of course these guys are so dumb they would try for the half million with excuses instead the 10,000 so my final act would be to reject the chicken feed investment of 5 grand and insist on half a million, but I need them to collect a bank cheque in person here in Australia, I have done favours for a number of people and one particular guy, a motor cycle rider, always asking me if there is something I need.