Beware! Ualgo 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.
Ualgo’s website is a definite attempt at simplifying things. By looks alone, we view this broker as one relying on minimalism to attract an audience. This minimalistic approach is rather compelling, as it has not been widely accepted as the norm. The question is whether Ualgo has adopted this as a statement, or as simple to conceal something it wishes to cover up? That is what this review will answer, and so we urge you to read on.
Signing up presented us with a simple process. The registration process gave us an error page, claiming that our email was already in use. However, when we checked our inbox we found login credentials. However, these credentials were wrong, as the Sign In page revealed.
Yet that did not stop us from accessing a trading software, a web-based one. This was accessible throughout the website, and it didn’t require any login details. There we found out that the EUR/USD spread was 0.2 pips, which we doubt. This is just too low a value for a suspicious broker. However, the software kicked us out before we could see what the leverage and trading assets were. So the rest of the trading details will be taken from the website.
The financial instruments that clients can buy and sell are forex pairs, cryptocurrencies, stocks, indices, and commodities. As for a leverage amount, we had no way to gather it.
The official and only language of the website is English.
UALGO REGULATION AND SAFETY OF FUNDS
The only place on the entire website that has some information concerning a regulation or the place of operations of the broker is the footer of the website.
The footer discloses that the firm is located in Saint Vincent and the Grenadines. This country is by far the most popular nation where unregulated brokers reside. The main reason for this is the lack of an FX regulator. And because of this, hundreds of scammer brokers have based their operations there. Ualgo might be registered there but by no means is it regulated there.
Aside from this deceptive information, Ualgo has not included any other information concerning a license. And so, it is our conclusion to deem this broker UNLICENSED and a risk to all investors.
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself, but the traders as well.
UALGO DEPOSIT/WITHDRAW METHODS AND FEES
As you might have guessed, all payment details will be taken from the website.
According to the Terms and Conditions, the payment methods are credit card and wire transfer. However, this cannot be verified. The website did not have any info on a minimum deposit.
Withdrawal requests are processed in some 7 working days. The withdrawal fee is said to be between €25 and €60 depending on the withdrawal method used. We believe that withdrawals are made through the same methods as the ones used for finding an account.
Overall, there is nothing special about the payment procedure at Ualgo. However, that does not mean that the user should invest init. This broker is not licensed, and as such cannot be trusted.
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.