Beware! UGreenFX 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.
Looking at UGreenFX forex brokers you are probably wondering will trading via this company help your funds multiply before your eyes. We can help you by looking at some key features.
UGreenFX trades in forex, goods, indices and stocks. To its clients, the company offers 4 different accounts – Standard, Silver, Gold and Diamond. To register is an easy process, you just need to fill out your basic information and almost instantly you receive a confirmation email and you are ready to trade.
UGreenFX Regulation and safety of funds
Before starting to trade with any forex company you should first check its registration to find out if the company is legit or scam. Unfortunately, nowhere on the company’s website could we find its registration. It is missing in the Terms and Conditions document, in the footer of the company’s website and in the ‘contact us’ section. Do you know what that means? It means that this company is 100% scam trying to lure you to invest your money into their scheme.
You should stay away from such company and instead you should look into forex companies from well-established jurisdictions around the world. By choosing a forex company that is registered and regulated by a financial authority, you will have a guarantee for the safety of your funds. If we take for example EU and UK, we’ll see that forex companies in those jurisdictions must meet stringent requirements consisting of 730,000 EUR initial capital and making regular contributions to compensation funds. What will happen if the forex company you have chosen to trade with goes belly up? If the company is not regulated, then you are going to lose your money. If the company is regulated, you will be compensated up to 20,000 EUR if the company is regulated by CySEC or 85,000 GBP if the company is regulated by FCA. See the difference? UGreenFX is neither registered nor regulated, so our advice is to stay away from it if you don’t want to see your money disappear before your eyes.
UGreenFX Trading software
UGreenFX offers the MetaTrader 4 trading platform to its clients. We must admit that this is an excellent choice. Although being ‘ancient’ in the fast developing world of technology, MT4 is still considered one of the best trading platforms and is number one choice for 80% of the brokers! It offers a lot of trading tools and instruments, including auto trading option, code base with customs scripts, trading signals (for a subscription fee), a financial calendar, an app market, VPS, etc.
The screenshot below shows the MT4 platform with the menu on the left side showing the currency pairs and their bid/ask price and in the center is displayed the EUR/USD pair with the fluctuation in its price in a given time frame. From the bid/ask price, we find that the spread for this currency pair is 0.7 pips. You can click on the sell, close or buy buttons to execute your transaction.
Although UGreenFX offers such an excellent trading platform, it is not enough to compensate for the fact that the company is not regulated and again, we strongly advise you not to choose it as your brokerage.
UGreenFX Deposit/Withdrawal methods and fees
We found the information about minimum deposit as displayed on UGreenFX’s website to be controversial. First, in the deposit and withdrawal section (screenshot below), we see that the minimum deposit $500. Then when we look at the account types (first screenshot), we see that it is $1,000. Such controversy once again proves that his is a bogus company and you shouldn’t entrust your money to these scammers.
As per the company’s website, the payment methods are via VISA, MasterCard, Maestro, wire transfer, Мир, Yandex Money and QIWI Wallet
The minimum withdrawal amount with a credit card is 200 USD/EUR, and if it is a bank transfer, then it is 500 USD/EUR. However, there is a condition saying that to be able to withdraw, the client must make a turnover which depends on the leverage – the higher the leverage, the more lots the client must trade. For example, with leverage 1:100, the client must make a turnover of 1 lot and for a leverage of 1:500, the client must make a turnover of 5 lots to be eligible to request a withdrawal of the full deposit with profits. This without any doubt will put a lot of pressure on the client to be able to meet the withdrawal requirements. Such is not the case with legit and regulated brokerages.
Another stipulation in the Terms and Conditions document that we are not happy with, is about the dormant accounts. According to the company, an account that stays inactive for 2 months is considered ‘dormant’ and in order to re-activate that account, the client will have to submit again identification documents.
In the same document, we also see clauses about trading credit which in fact represents non-deposited funds – they belong to the company but are given to the client to trade with. In order to withdraw funds, the client must meet the trading volume requirement which is to execute trade of 1 lot per each $25 of the given trading credit. This definitely is not to the client’s benefits and will put more pressure and stress in fulfilling these requirements. A legit forex company does not offer trading credits/non-deposited funds or bonuses of any kind and you will be well advised not to trade via a brokerage that offers such ‘incentives’.
How does scam work?
Actually, it’s quite simple and users often fall into the trap of experienced scammers. We bet you have seen those attractive ads on the Internet promising big and quick profits over a short period of time. Just provide your personal information, and voila! The scam brokers are waiting for you and you will be inundated with phone calls promising easy profit. Tempting, right? You think ‘ok, I can spend $200-300 and see what profit it brings me’. Congratulations, you just provided a fat commission for your scammers that will be distributed down the food chain. Now you have ‘graduated’ to be handed over to a senior ‘broker’, a smooth talker who will try to convince you that there is no more perfect time like now to invest more money. After all, you want to make more profit, right? However, something starts to feel off and now you start asking yourself questions and all you want is to withdraw your money and get out fast.
Unfortunately, it is too late! Someone has pulled the cheese and you are trapped because scammers don’t give up easily. Scammers will do anything in order to delay you so that you miss the deadline for chargeback.
What to do if scammed?
Our advice is to immediately file for chargeback if you have been lucky enough to make your deposit via credit card. VISA and MasterCard allow for 540 days chargeback period, so you still have a chance to get your money back.
Things don’t look so good if your currency of choice has been Bitcoin or bank wire. In that case, you may have to wave your money goodbye.
There are some other things that you can do in case of being scammed – cancel your credit card if you have given your CVV code to the scammers. Also, erase any software from your computer that gives scammers access to your private data.
Be warned, as well, that some so-called ‘recovery agents’ may approach you promising to recover your funds for a fee. It could be another form of scam where scammers prey on your misfortune. Should you choose to use one, you must make sure that you are dealing with a genuine and legitimate agency by checking their credential and company’s information and transparency.