Beware! United-Asset Finance 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.
United-Asset Finance is a Forex broker claiming to offer “the latest and most cutting-edge service delivering trading in cryptocurrencies”. They enlist an address in Central London, but at the same time provide personal bonus schemes, and that immediately raises suspicions. The British financial regulator prohibited trading incentives long ago, so United-Asset Finance is either an illegal broker or breaching the UK laws. Find out which one is true in the full United-Asset Finance review.
United-Asset Finance REGULATION AND SAFETY OF FUNDS
United-Asset Finance lists a UK address, but to our surprise, we saw the Terms and Conditions applied are governed by Japan’s laws, which is really strange. As an allegedly British company accepting European clients like ourselves, United-Asset Finance needs an FCA license. We researched the authority register but found nothing about this website. There is a duly authorised company bearing a similar name, but they have nothing to do with this broker. We also checked for a Japanese license, but there is none. United-Asset Finance is an illegal broker operating without authorisation on regulated markets, breaching the European financial laws. Your funds are not safe if you deposit with United-Asset Finance, avoid this broker and find a legit company to trade with.
See the European brokers and the British brokers we’ve shortlisted. We chose these companies because Europe is a safe place for trading. The financial authorities strictly regulate the financial markets, and customer protection is a top priority. There are various rules brokers have to comply with to get a license, but most importantly, the European deposit insurance funds protect clients’ money. If you trade with CySEC (Cyprus) broker, you can claim up to 20 000 EUR in compensation, while the UK guarantees are of up to 85 000 GBP per client. Each EU member is obliged to operate similar money protection schemes seen as the last resort for traders if a broker, unfortunately, goes bankrupt. If you trade with illegal or offshore brokers you are entitled to nothing, but problems.
United-Asset Finance TRADING SOFTWARE
Warning! United-Asset Finance supply only with a web-based platform! These platforms are unreliable, lack of functionality and are difficult to use. Worse though, the web-based trading software offshore and illegal brokers develop by themselves is considered prone to fraud and price manipulation. Very few brokers actually managed to create a stable proprietary platform, but all of these companies are genuine and regulated. United-Asset Finance is an illegal broker with suspicious trading software, a solid reason to stay away from this broker.
It’s worth mentioning that they also offer a downloadable desktop platform. But it’s a distrustful piece of software we dared not install on our computers due to security reasons.
See the regulated MetaTrader4 brokers and MetaTrader5 brokers instead. MT is the most popular retail Forex trading platform globally, which traders prefer for its reliability and ease of use. It features sophisticated trading tools such as Expert Advisors, Algo Trading, Complex Indicators, reliable Strategy testers and even a marketplace with more than 10 000 trading apps available by the time.
The EUR/USD spread is 0.7 pips, a favourable Buy/Sell difference, but as already explained, United-Asset Finance is a fishy business creature, so do not even think about wasting your time with them. The spread is a fundamental element in trading, forming part of the trading costs for the clients. Lower Buy/Sell difference benefit traders by improving the profit potential, but it also largely determine whether the broker is good to trade with, or not. The European legit brokers’ standard is 1 pip and below, and some the companies even offer as low as 0.1 pip difference with their entry accounts.
The maximum leverage United-Asset Finance provides is 1:100, which is a risky ratio we do not recommend. But worse for them, FCA prohibited levels higher than 1:30 as a customer a protection measure. That undoubtedly again proves United-Asset Finance is an illegal broker, which most probably a scam. The leverage is a financial tool increasing the size of the trades, but bearing tremendous risks simultaneously. Its hazardous nature also made the EU and Australia impose a leverage cap of 1:30, except for the UK. The US brokers and Canadian brokers cannot provide more than 1:50, and we do not recommend FX companies offering higher levels due to the lack of adequate financial regulation. The Swiss brokers are not leverage restricted, but an FX license in Switzerland costs more than 22 million USD, which certainly keeps scammers away.
United-Asset Finance DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit with United-Asset Finance is $250, more than twice higher than the regulated brokers’ requirements on average- $100. United-Asset Finance pretends to offer various funding methods, but we can’t confirm any of these are available because it’s impossible to deposit by yourself. The deposit form is merely a call request, and literally, a minute after we filled it, they rang us. It’s common fraudulent tactics among scammers. They are experienced manipulators who prefer catching people over the phone, striving to get the bank card 16-digit number. We’ve experienced it by ourselves over and over again.
The minimum withdrawal amount is $50, but $300 for Wire Transfers, which is totally unacceptable. The fees are also monstrous- $20 per bank card withdrawal and $20 plus 1% of the amount per bank account withdrawal. We found no information about the withdrawal request processing time. On the other hand, the legit FX companies impose minimum requirements and small fees, processing the withdrawal request within 48 hours on average. The unfair withdrawal policy is yet another reason to avoid United-Asset Finance.
There is no information about inactivity fees or dormant account policy, the lack of which is a red flag we need to raise. This is an essential set of rules concerning the inactive accounts- no login, no trading, no deposit/withdrawal.
United-Asset Finance offers personal bonus schemes, but they fail to determine the Terms and Conditions applied comprehensively. The only thing they mention is that traders have to trade 40 times each bonus unit granted. If clients withdraw before reaching the minimum trading volume, United-Asset Finance will bite 25% of the balance as a penalty. A scam clause whatsoever! We advise traders should be cautious when accepting trading incentives because it’s not free money, but a leverage tool further increasing the risks. Also, brokers more often than not introduce additional provisions worsening the trading and making it impossible to withdraw.
Overall, United-Asset Finance is an illegal broker, and that’s an argument enough to avoid this broker.
HOW DOES THE SCAM WORK
A group of scammers usually operates many scam brokers, scam websites and call centres. They rely on the quantity and create as many brokers and fraudulent websites as possible. Then scammers would be waiting for traders and investors with little or no experience to bite. Nowadays, it’s cheap to create a swindling website, and it looks like a profitable strategy, as the scammers carry on doing it.
Internet and social media are bustling with scammers. They approach people on Facebook, Instagram, Telegram; you name it. Pages showing lush lifestyle, cars, yachts, celebrities etc. lure people all over the Internet. Often the scammers give free advice or a tryout, and before you know it, they will be asking for a deposit. They’ll show you pictures of their trading accounts displaying huge profits and Bitcoin earnings, and if you have no FX experience, you might easily believe in your eyes. The scammers also post tons of positive comments and reviews about their phony brokers all over the Internet, so you should remain wary. Always look for more information before sending any money to a broker.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to fraud. In case you got scammed, you need first to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment, but do nothing to help you recover your losses and pocket the money you’ve sent!
Share online your experience; it’s important to protect others, as well. Be responsible!