Beware! UFT Group 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.
UFT Group possesses the visuals and the name to make you wonder why you haven’t deposited yet. However, visuals are one, and trading conditions are a totally different category. In fact, the two can be separated, without an issue, and a broker can still offer good trading terms by looking unattractive, and vise versa. Under which category does UFT Group fall? Read the review to find out.
Registering an account was very easy, and what we were left with was a web based trading terminal which also served as the main page for the user dashboard. This way of doing things has just recently become a trend with illicit brokers…
Anyway, the trading terminal gave us a spread of 2 pips for the EUR/USD pair, which is too high to be profitable to users. The leverage is not shown in the trading software; the website does not reveal in either.
The service of the broker are offered in English, Russian, and German.
UFT GROUP REGULATION AND SAFETY OF FUNDS
Apparently the company was launched in the UK, and if one check the Contact Us page, one will see that the page claims it to be located in Cyprus. However, there is absolutely no mention that UFT Group is licensed by either the FCA or CySEC.
We, nevertheless, checked both agencies’ database of regulated brokers, and, without being surprised, found no result of UFT Group.
Furthermore, there is actually no mention in the website that the firm is regulated at all. So, we have no choice but to deem UFT Group an UNREGULATED broker, and a risk to all deposited funds!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
Money deposited by a user may be passed by to a third party. What worries us here, is that in case these undisclosed third parties become insolvent, the money may be at risk. In such a case UFT Group will not be liable for any losses experienced by the user.
UFT GROUP TRADING SOFTWARE
What can one expect form the trading software of an illicit brokerage firm? Exactly what we gave at UFT Group. This terminal does come with some handy tools such as pending orders and chart customisation options, but aside from these two features it falls very short.
This is one of many software that tricks users into thinking that it comes equipped with numerous tools, and that is it complicated to use, whereas this terminal is anything but complicated and, most importantly, is very limited in execution. Our advice is to stick to the MT4. However, our biggest message to you is to stay clear UFT Group altogether!
UFT GROUP DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit according to the payment area in the registered client area is $250. Users can deposit only via Credit and Debit cards.
The broker will pay out withdrawals within 5 days of the request. Furthermore, a user’s free margin level must be above 30% prior to withdrawing, otherwise she will not be able to withdraw. The minimum withdrawal amount for wire transfer is $10.
However, we could not find the withdrawal section in the dashboard. We located easily the deposit gateway, however the same cannot be said for the withdrawal section. How can you expect to withdraw when there is literally no way to do so? This is one of the biggest sign that UFT Group will not allow you to get your money back!
There are taxes and charged issued to the user for the broker’s services. The broker may change such fee structures at any time and without notice.
The broker will issue a maintenance charge after 90 days of inactivity. The maintenance cost is 30%, with no less than $80. Furthermore, there is a dormant account fee of $100 activated after the same 90 day period. The following months of inactivity will be penalised by a monthly charge of $30.
The company may change the Terms and Conditions without notice and at any time, meaning that it can easily release new provisions without telling its users.
The user has to pay for the so called investigation of funds that have not been deposited. In essence, if a deposit doe snot go well, the broker will initiate an investigation which the user has to pay for. This means, that literally any time a user deposits, the broker can do this.
There are bonuses, and their subsequent policies, however once we tried to open said provisions, we were met with an error message.
UFT Group is obviously a scam, and will stop at nothing to steal your money. There is no reason to deposit here… However, if you chose to do so, our only advice left for you is to fund your account with the minimum requirement!
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.