Beware! UKTrade 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.
UKTrade looks like a website that just came from a first years university student project, that received an average mark. This is as far as we will go with the description of the site, as we think it paints a decent enough picture. In terms of accessibility, UKTrade is manageable, but this is only because the site is composed of less than a dozen subsections, all of which have close to nothing helpful and are compiled of filler text. Rest assured that this lacklustre nature spans throughout all of the broker’s sides. Read the review to find out more.
The website is extremely limited in terms of quality and quantity. Most, if not 90%, of the usual info that brokerage websites include has been completely evaded here.
Unfortunately, there was no way to register. Let us rephrase that: there was no register button anywhere, and each time the website gave us the opportunity to “Start Now”or “Invest Here”or even “Open Demo Account Here”, we were always led to the same log in page, which requires a pass and a user name. As is with other such brokers, out theory remains the same: user are contacted by phone by a rep of the broker who, through different social media outlets and surveys, has acquired her or his (the user’s) phone number. The representative then urges the user to deposit, and when she eventually agrees, the caller gives away all the log in information. This is the basic premise of the most popular investment scam out there. Please read the end of the review for our full take on it.
Without registering, we cannot access a user area, which in turn means that we cannot give away any actual trading condition nor any payment details. We had to turn to the website for this sensitive information. However, the website is not a reliable source for the sole reason that there is nothing to reference. There is no spread info, no leverage, no nothing. We will discuss more on this in the Software section of the review.
The website is available in English.
UKTRADE REGULATION AND SAFETY OF FUNDS
We assure you that UKTrade has little to do with the UK, even if it is technically incorporated there. We say this, because a broker must be regulated by an agency in order to provide legit trading services to investors. The mere act of registering a company somewhere will never be enough to guarantee the safety of user’s funds and the integrity of the trading conditions. And anyway, the FCA, UK’s financial watchdog, will never allow for a company like UKTrade to be licensed, we assure you.
Aside from what the name of the firm suggests, there is absolutely no regulatory info on the website. Thus, we have no choice but to conclude that UKTrade IS NOT REGULATED, and therefore a risk to all investments!
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.
UKTRADE TRADING SOFTWARE
As we did not register, there was no way to get our hands busy on a trading software. What’s more worrying, is that there is no clear indication on the website that there is an actual platform.
In any case, we have decent evidence to believe that UKTrade is a binary options trader. There are mentions in the website that it jst might be so.
Binary options traders allow users to bet whether a asset’s price will go up or down. It’s as simple as that. The website claims that there is such a terminal allowing for this, yet we will forever be sceptical, until we see proof.
UKTRADE DEPOSIT/WITHDRAW METHODS AND FEES
Believe us when we say that there is absolutely no information on payments, both deposits and withdrawals, anywhere on the website. And seeing that there was no way to be granted access to a user area where the payment terminal is, we cannot even guarantee that users can withdraw funds.
Just to make it clear, there is no minimum deposit revealed, no withdrawal fees, not payment methods, no nothing!
Without legal provisions, there is no lawful agreement between user and broker. If a user is able to register, the broker is not only not supervised but it also does not bind itself with the user in a any way. Thus UKTrade can do anything with its registered users, and if they comply, UKTrade can easily drain your account out of all your funds. Furthermore, UKTrade is not a holder of a license, which further expands its fraudulent status!
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 will 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.