Beware! UK Further Trading 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.
UK Further Trading claims to be a UK based forex and CFD broker with offices in Hong Kong, Tokyo and Auckland, New Zealand, offering four account types with leverage as high as 1:200 and the MetaTrader5 platform.
And they seem to offer a variety of trading instruments, including 47 currency pairs, some of which minor and exotic like USDZAR, USDTRY, USDSEK, USDNOK, USDCNH, EURMXN, EURHUF, EURDKK and EURPLN, as well as CFDs on precious metals, indices and oil.
With their standard account spreads are advertised to start at 2,4 pips, which is at least a pip higher than what we would have expected. This however is not our main issue with UK Further Trading, but rather the fact that they are blacklisted by the UK’s Financial Conduct Authority (FCA) as a clone website of a legit company.
UK Further Trading regulation & safety of funds
Bear in mind that any company that wants to provide financial services in the UK, including brokerage services, should be licensed by the local Financial Conduct Authority (FCA), or by an official financial regulator from another EU country – in this case the EU license should be registered with FCA. And because UK Further Trading and UK Further Trading CO LTD – the company that supposedly runs the broker, claim to be based in the UK, we decided to check the FCA registers for their license.
And as it turned out, not only the broker and the company were not licensed, but also, as we already mentioned, they appear to be blacklisted by the British Regulator for illegally using corporate details of a legit, FCA licensed company – AMG Capital Partners Limited, in an apparent attempt to scam traders. See for yourself:
UK Further Trading deposit/withdrawal methods and fees
In their presentation UK Further Trading does not mention anything about the payment methods they accept. Just have in mind that most brokers accept payments with major cards like VISA and MasterCard, bank wire, and e-wallets like Neteller, Skrill and PayPal. And some even accept bitcoins.
As for the minimum deposit requirement – the 2000 USD UK Further Trading asks for with their Standard Account – this is simply outrageous, and are yet another proof that we are dealing with scammers. Bear in mind that the minimum deposit required by most brokers is seldom higher than 250 USD.
How does the scam work?
If you happen to come across one of the so called robo scam websites on the internet like Bitcoin Profit and Brexit Trader, you will be greeted by some rather bold promo video, where you will be told not to miss a “once of a lifetime” opportunity to invest with some innovative trading platform, that will make you rich in a matter of days. And all you will be asked in the beginning will be your e-mail and phone.
By registering, however, you will be immediately transferred to the home page of a unregulated broker, where you will fell into the hands of the real scammers by agreeing to open a trading account with about 250 USD.
Bear in mind, however, that scammers will not be happy to get just your 250 USD – that is not worth the effort to run a scam operation. The real goal is that you invest as much as you can and that is achieved by various means. You will be getting a lot of phone calls for example, with trading signals, but also with suggestions that if you really want to make some big money, you definitely have to invest more – like at least 10 000 USD. And scammers might even manipulate your trading account to trick you into investing more.
In any case, it will become apparent than you have been scammed the moment you decide to withdraw some of your funds. Than you will realize that you can not withdraw. Scammers will cite various clauses from your client agreement – for example, that you have not met some minimum trade volume requirement linked to your trading bonus. The excuse for canceling your withdraw requests might certainly be different, but the result will always be the same – you will not get a single dollar back.
What to do if scammed?
The one thing you can do in case you are a victim of a scam is to file for a charge back with your credit card company. Fortunately, currently both VISA and MasterCard will allow you to do that within 540 days.
And in case scammers have tricked you to tell them your credit card number and online banking password, immediately change the password and cancel your credit card.
Finally, if you do not what to get scammed a second time do not accept any offers by the so called recovery agencies. Those people will not help you in any way, but will simply collect some fees in advance, basically leaving you even deeper in to the red.