Beware! UnixBroker 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.
There are hundreds of similar websites to UnixBroker, that we can easily redirect you to one of them, and end the review here. Yet, we still have to check the firm for any unique irregularities, and the following is what we found out. Please read it, before doing anything that you might regret.
The registration process was very simple, and this has always made an impression on us. As one of the first things we do, the sign up process carries a heavy load because, in a way, it showcases how serious the rest of the broker is, but most importantly how professional it is. With UnixBroker we were not at all impressed. The leading user dashboard was sealed of, in most parts, because we had to verify our account by providing legitimate ID documents. Even if this is a good sign, we are not quick to trust UnixBroker.
Crucially though, we had no access to a trading platform, even if we were able to open one. In other words, we could not create an account which to use with the trading office. So, all trading details will have to be taken from the website.
The leverage information is all over the place. The Terms and Conditions claim it to be capped at 1:400, while the Risk Disclosure give us a maximum value of 1:500. So, it’s either one of these, or it can be something totally different. Typical confusing information from shady firms.
What we also have no idea of is the spread for any of the unknown financial instruments.
The languages are English, Russian and Polish.
UNIXBROKER REGULATION AND SAFETY OF FUNDS
Z Line Corporation LTD, the parent company of the broker, is located in the Marshal Islands, which explains very much. The reason for this is because the Marshal Islands do not have a FX regulator. Just being located in the country does not automatically mean that you are providing legitimate trading services. And what’s more, is that the island nation is notorious among the legit FX community because there are hundreds, if not thousands, of unregulated brokers located there.
There is no other regulatory information, or anything close to it, on the website. Thus, there is no way avoiding it: UnixBroker is UNREGULATED, and as such is a risk to all investments, not to mention personal information.
There is only one thing left to do! All user who are interested in trading Forex or CFD, are urged to do so only with the real regulators of the industry. Some of the most renowned and secure are the FCA and CySEC. These regulators act upon a set of rules that have been put into a legal framework with the local governments, and that is why users should trade only with brokers regulated by them; once a broker is granted a license from one of these watchdogs, they immediately adapt these legal frameworks as their own rules of conduct. What’s more is that the FCA and CySEC make it is obligatory for all brokers under their gaze to participate in financial compensation schemes; 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
Here is something to worry about. The broker is not to be held liable in case a user’s personal data reaches a third party. This can be viewed in light of UnixBroker’s lack of regulation. Unlicensed firms will most likely share personal info with third parties, for a number of shady reasons. Be careful!
UNIXBROKER TRADING SOFTWARE
We can confirm that the MT4 has made its way to UnixBroker, even if we were unable to trade with it. It comes both in desktop variant and as a webtrader.
The MetaTrader is by far the most popular platform in the industry. And this popularity is due to its capabilities and incredible functionalities, that make it irreplaceable to date.
However, the inclusion of the MT4 is in no way repentance for the lack of a regulation. UnixBroker is first and foremost an unregulated firm, and even the MT4 cannot save it.
At a margin level lower than 50%, UnixBroker has given itself the right to start closing open trading positions.
UNIXBROKER DEPOSIT/WITHDRAW METHODS AND FEES
The deposit declaration was the only source of info concerning making payments. There is was indicated that the minimum deposit amount might just be $250, yet we cannot be entirely sure about it. The payment methods, we think, are credit cards, debit cards, and wire transfers, as per the deposit declaration. However, we cannot confirm this.
According to the Terms and Conditions withdrawal requests will be processed within the first 30 days of an account being opened. However, what happens after 30 days is a question left unanswered. The minimum withdrawal amount is $50. There are no clearances on withdrawal fees, but seeing as this is an unlicensed brokerage, we thing that there are some hidden charges applied.
Here is evidence that there are fees, other than those (supposedly) attached to withdrawals. However, as with the withdrawal fees, these here are also not given any numerical value. In fact, this is the only mention of such fees and taxes, and we don’t known to what end they apply.
There is a bonus scheme, and with it, as is expected, a trading volume requirement. However, here the requirement is not at all heavy, and is easily achievable. Basically, users have to trade an amount equal to the bonus amount divided by 4.
In all honesty, the legal documents did not hold what we expected from an unregulated broker. Many such firms have very heavy and demanding clauses, most of which border or even surpass the ridiculous. However, at UnixBroker things have been made more simpler. Yet, that does not mean that we recommend you deposit any capital in it. At the end of the day, what truly matter is that the broker is not in possession of a license, and thus cannot be entrusted with any investment.
How does the scam work?
Scammers have been known to use the same type of scammer structure, with just different hues and approaches. With that said, the way the scam works is actually incredibly easy to grasp, and once yo know how it works, yo will always be able to detect it.
The first step to being scammed, if we can express ourselves so, is to be lured in by an ad online. These are found all over the internet, but especially on social media websites. Illicit FX firms advertise false promises and fake trading conditions. Internet users that are tempted by these will either be redirected to a so called robo-scam websites, or straight to the unlicensed entity. These websites will require you to register with an email or a phone number, and once you provide these details, you will start getting contacted by reps of these scammer firms. These reps require a minimum deposit from users, and will probably achieve to convince you because they are charismatic and confident in what they do.
However, they are no match for the expert scammer, whose goal is to talk you into making more deposits, and in the end will tell you that you cannot withdraw your funds for a number of reasons that will sound suspicious. In the end, what matters is that the client will not be able to withdraw his or her money back.
What to do if scammed?
The only thing to do in that case is to file for a chargeback with your credit card provider. VISA and MasterCard have extended their chargeback time span to 540 days, so good news for those tat have deposited by either of these methods.
If you have deposited via bank transfer, be sure to block the account or change the password. Or you could contact your bank and see what they can do.
Never deposit funds using crypto methods into an unregulated broker. These methods are untraceable, and there is no way to get you money back.
Last but not least, do not trust the so called recovery agencies, who are nothing more that fraudsters in disguise. If you get scammed, you might get contacted by someone claiming t be a recovery agent who is willing t fight for you money back, in exchange for a small hiring fee. Once you pay them the fee, they will disappear.