Beware! UniteStocks 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.
UniteStocks is a forex broker trading in stocks, indices, fiat, cryptocurrencies and commodities. The company’s website does not stand out in any way and looks like one of the many run of the mill forex brokers.
UniteStocks Regulation and safety of funds
UniteStocks is the website for Demure Consulting LTD with address in the Dominican Republic. For your information, the Dominican Republic is an offshore zone and as such, there is no guarantee for the safety of the clients’ funds. The implications for you as a potential client of this broker are that if the company declares bankruptcy or simply decides to shut down the site, your funds will be gone.
Our advice is to look for a broker that is licensed in one of the well-established jurisdictions around the world. In the first place, our recommendation is to look for a licensed broker in the EU or the UK jurisdictions because there exist the best conditions for forex traders. First of all, thanks to the high amount of the initial capital that is required from these brokers, which amounts to 730,000 EUR, and the fact that brokers must report their transactions on a daily basis, companies are protected from scammers sneaking in. Also, forex brokers in these jurisdictions must contribute to a local compensation scheme from which traders can be compensated if the broker is declared insolvent. For example, CySec regulated brokers deduct funds towards the local Investor Compensation Funds from which traders can be compensated by up to 20,000 EUR. In the UK, FCA regulated brokers contribute to the local Financial Services Compensation Scheme from which guarantees up to 85,000 GBP per trader. For the moment, these conditions are unbeatable by forex brokers regulated in other jurisdictions although in Australia and in the USA the high initial capital that is required from the forex brokers there serves as a wall against scammers – in Australia, it is 1 million AUD and in the USA it is even higher reaching the staggering amount of $20 million.
You will be well advised to use the links we provided above and look up licensed brokers from these jurisdictions which will provide you with a peace of mind that you won’t be scammed.
UniteStocks Trading software
The trading platforms offered by UniteStocks are web trader and the MetaTrader 4. What you see in the screenshot below is the MetaTrader 4 platform provided by Demure Consulting for a live trading account. In the top horizontal bar, you see the menu for placing an order, the auto trading option and the chart designs. In the left-hand side, you see the menu for the forex currency pairs with their bid/ask price and beneath is the navigator for the trading accounts, indicators, expert advisors and scripts. In the middle of the screen are displayed the charts and their number may vary according to the trader’s needs. Here, you see displayed 4 charts of 4 major currency pairs along with the price fluctuation in a given time frame. If we look at the top left currency pair, EUR/USD, we can calculate that the spread for this pair is 9.4 pips. This spread is very high and if you look at the trading platforms of licensed forex brokers, you will see that it is quite above the industry average. The implications for the forex traders trading with such high spread is that it increases the cost of trading and practically makes it impossible to achieve sustainable profit. In addition to that, if you look at the company’s website in the section for margins and leverage, you will see that the leverage offered by this broker starts at 1:100 and goes up to 1:500. Tempting as it may look, such high leverage in practice amplifies your risk of losing your funds.
For your information, licensed brokers do not offer high leverage. In fact, there is a cap on leverage in the EU, where it cannot exceed 1:30. Similarly, in the US, leverage cannot ve higher than 1:50. Australia will soon follow in these steps and have a leverage cap of 1:30 on forex major currency pairs as of March next year.
Our advice here is to select a licensed broker that offers low leverage and low spread so that you don to put at risk your hard-earned money.
We must point out here, that the choice of a trading platform made by UniteStocks is actually good because the MetaTrader 4 is one of the leading platforms despite being on the market for already 15 years. The trading tools and instruments offered by this platform are still unbeatable. We already mentioned some of the features of this platform. We want to add that it also offers an app market, code base with scripts, VPS, trading signals and others. The charting package is out of this world and traders can select different chart types time frames, colours, create templates, use the indicators that help them predict the future direction of exchange rates and make a profit.
However, as you could see from the values of the spread and the leverage above, offering an excellent platform is not enough. You need also a licensed broker that not to put at risk clients’ funds.
UniteStocks Deposit/Withdrawal methods and fees
To its clients, UniteStocks offers 4 different account types – Silver, Gold, Platinum and VIP. The minimum deposit amount for the Silver account is $5,000 and it comes with a 10% bonus. We want to mention here that the minimum deposit amount for the Silver account is extremely high. If you look up the licensed brokers in the links we provided, you will see that some of them offer as little as $1-5 for a minimum initial deposit amount!
For the Gold account, traders must invest $10,000 and they can receive a 20% bonus. The Platinum account starts at $25,000 and the bonus is 30%. The VIP account’s initial deposit is $500,000 with a 50% bonus.
In the Terms and Conditions documents, there is a mention about credit card and a bank transfer as payment methods, but when you open a trading account with this broker and you click on the ‘deposit’ button, what appears as payment methods are Paytrio, credit card and cryptocurrency.
As we mentioned above, UniteStocks offers non-deposited funds in the form of bonuses which appear in the traders’ account but belong to the broker. Normally, to withdraw the bonus amount, the trader must meet certain obligations. However, there is no information on the broker’s website about what these obligations might be. Our advice to potential traders is to stay away from brokers offering non-deposited funds or bonuses as it can seriously mess up your funds and affect your withdrawal options. Also, please be aware that licensed brokers do not offer bonuses or any other free gifts and when you see ‘bonuses’, think ‘scammers’.
How does scam work?
If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.
What to do if scammed?
If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.
padilha
exactly as described, I was yet another customer cheated and robbed by this network of professional scammers, don’t believe anything and we don’t answer the phone. it’s all very well organized fraud and scam
Edoardo
attention !!!
do not fall for this gang of fraudsters, professional scammers and very well organized. You will never see your investment back. They make contact as soon as you register, call to try to raise more money at any cost, and then say that you have to wait to reimburse if you want your money, but they are only saving time. You will NEVER see your money again. They are professional thieves.
I lost all the financial reserve I had for them and now I have nowhere to turn to get my money back. They used my card to make a DHL purchase of Ikoying in Nigeria.
frustrated, cheated, stolen and unable to resort to any authority, as they are not regulated by any financial agency.
karstin gamboa
i invested $500 last Dec. 2020 and no one talked to me after that, the website still open my money keeps on increasing without any form how to withraw, so frustrating, the next day i went to my bank and reported what happen using my debit card i canceled my debit card they will do something to get my moneyback.
Zoltan Tácsik
I’m in the same shoes. At my bank (Erste) I was told there was nothing they could do to recover my initial transfer. They hadn’t even heard of “chargeback options. What is it they can do for you there? Regards from Hungary, Zoltan
Peter
Yes, Unitestocks is a scam. My withdrawal request has never been processed. Glad I did not send them more than just the entry 250€ despite their regular phone/WA push!
Wolfram
Hello …. yes the Unitestocks are scammers. I should pay 25% tax so that I can get my money. I don’t even get my stake back. And if you got the name Jakob Arens supposedly from Sweden then CAUTION.
Does anyone know how to get the mission back?
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Hallo….ja die Unitestocks sind Betrüger. Ich solle 25% Steuen zahlen damit ich mein Geld bekomme. Nicht mal mein Einsatz bekomme ich zurück. Und wenn ihr den Namen Jakob Arens angeblich aus Schweden dann VORSICHT.
Weiß jemand wie mann den Einsatz vielleicht doch wieder zurück holen kann?
Javier
Be careful, they scammed me with more than 1000 dollars money Unitestocks is a criminal organization some of these mobile phones some are +357 96136011, +357 96229719, +357 96106643 There is no business in tax havens like the Republic of Dominica and others .Lajusticia it does not reach them but the Governments of the British Commonwealth are accomplices because there they keep the garbage of the world.
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Tengan cuidado a m me estafaron con mas 1000 dólares dinero Unitestocks es una organización criminal algunos de estos teléfonos móviles algunos son son +357 96136011 , +357 96229719 , +357 96106643 No hay que hacer negocios en paraísos fiscales como Republica de Dominica y otros .Lajusticia no los alcanza pero los Gobiernos de la Mancomunidad Británica son cómplices porque alli guardan a la basura del mundo.
Cristina
Hi,
Be careful, they changed their website for https://uniteex.co/. The first page is different from unitestocks.com, but after you login, the same page appears as before. Be aware of this new website.
Regards
Tong
Hi Cristina, should I withdrawal now? If yes, please advise how to proceed with withdrawal. Thanks.
Peter
They’re scammers, I haven’t been able to sign up for a week and my money is asleep.
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Su to podvodnici už týžden sa neviem prihlásiť a moje peniaze spat..Pomožte mi čo mam robyt!
adriana
Hello everyone I’m in the same boat luckily I invested little. After a week I had tripled the amount after a month I saw my money disappear and I can’t talk to consultants anymore, I didn’t think I would find many dishonest people to get to cheat people for a few money.
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Ciao a tutti sono nella stessa barca per fortuna ho investito poco .dopo una settimana avevo triplicato importo dopo un mese ho visto sparire miei soldi e non riesco piu parlare con i consulenti , non pensavo di trovare tante persone disoneste per arrivare a truffare persone per pochi soldi .
Adriana
Hello everyone, unfortunately I realize that I was really a fool. I first invested € 250 and then another 5,000. After three months the accumulated figure was 65,000. when I asked for a part refund they told me that I had to pay 26% of the amount as UK tax if I wanted it to be paid into my account. Unfortunately I fell there and now I can no longer have any contact, email or telephone. It was a part of my severance pay when I retired (I’m 72) and I’m an idiot
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Ciao a tutti, purtroppo mi rendo conto di essere stata veramente una cretina. Ho investito prima 250€ e poi altri 5000. Dopo tre mesi la cifra accumulata era di 65.000. quando ho chiesto il rimborso di una parte mi hanno detto che dovevo versare il 26% della cifra come tasse del Regno Unito se volevo che mi fosse versati sul mio conto. Purtroppo ci sono caduta e ora non riesco più ad avere nessun contatto ne mail ne telefonico. Era una parte del mio TFR quando sono andata in pensione (ho 72 anni) e sono una cretina