Beware! Uniteex.co 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.
Uniteex.co employs many of the common scammer broker tropes openly without worrying that it will be discovered. This type of audacity is extreme and dangerous, especially to novice users who have never before dealt with shady brokerages. The enter website of Uniteex.co is chock-full of useless information and claims, that the broker itself seems to contradict on every turn. In other words, we are dealing with a potential illegitimate broker here. Please read the review to find out more.
In order to get the best out of a shady broker, one must absolutely register an account. The account creation tool is simple and fast to complete, and in no time we were given access to a user area. However, the dashboard was familiar, and we immediately remembered from where. More than a hundred scammer brokers had previously adapted the same user area interface!
Anyway, we were able to open a trading platform, but not before encountering some issues that will be explored in the relevant section of the review. We got a spread value of 3 pips for the EUR/USD currency pair, a most unfavorable and quite useless cost of a trade. The leverage is capped at 1:100 which is surprisingly low for what will prove to be an untrustworthy broker. The available tradeable assets are forex currency pairs, commodities, cryptocurrencies, indices, and shares.
The website of the firm is available in English only.
UNITEEX.CO REGULATION AND SAFETY OF FUNDS
What we learn from the broker’s site is that, in essence, it’s completely anonymous. Take a look at the Contact Us page and tell us differently.
There is no seeming way to contact the broker or locate it. In fact, Uniteex.co is completely anonymous and untraceable. We believe that this is purposefully done so. The purpose of this is so that the broker itself finds and targets its users!
The closest thing we get to any regulatory information is the following claim we found in the Regulatory Environment of the broker:
The Markets and Financial Instrument Directive is a legislative framework issued by the European Union and does not constitute a regulation. All EU brokers must abide by it, however, it’s useless when mentioning it outside the context of a proper license, as Uniteex.co has done.
The evidence speaks on its own: Uniteex.co is NOT IN POSSESSION OF A LICENSE, and so is a risk to all those that invest in it!
Investing in unregulated brokers is one of the biggest mistakes you will make. Before doing anything, even registering, please check for a license. Even if the broker claims to be regulated you should double-check with the watchdog itself to see if you can find the broker in its database. Usually, we advocate for all FCA or CySEC regulated entities, for these regulators oversee some of the best and most popular brokers out there. Not only that, but these two entities also offer to all users under their brokers a compensation scheme that reimburses them any money that the broker cannot pay due to some reason or another. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
UNITEEX.CO TRADING SOFTWARE
The user area promotes two trading platforms, one MT4 and another web-based trading office.
Yet, we encountered a big issue with the MT4. Instead of it being offered in the name of today’s broker, it comes with servers from a completely different firm, one WarpEnterprise. This entity has nothing in common with Uniteex.co, aside from the possibility that it too is unregulated. Moreover, the desktop version of the MT4 is burdened by the same issue; it too comes with servers under this mystery WarpEnterprise.
However, Uniteex.co has a WebTrade that fortunately comes with the broker’s servers, so not all is lost!
The trading software is rather decent in that it offers some solid features, like pending orders, info bar on each individual asset, live news feed, price alerts, one-click trading, and some chart customization options. However, it will become dull for the more advanced users.
UNITEEX.CO DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250 as indicated in the user payment area. The payment methods are a credit card through Cashir, as well as a plethora of cryptocurrencies. However, the cryptocurrency options encourage users to pay into a number of wallets, and the broker in no way guarantees that these payments will be reflected in a client’s account wallet.
Unfortunately, the withdrawal section reveals nothing, because one must deposit in order to withdraw! We believe that the withdrawal methods are the same as the depositing ones, however, the Withdrawal & Deposit Policy claims these to be credit cards, debit cards, and wire transfers. What ever the case, we do not recommend depositing in Uniteex.co. There is no information on withdrawal processing times and fees! However, always be on the guard for commissions and charges because unregulated brokers will issue them!
In a common move taken by most illicit brokers, Uniteex.co includes a plethora of paragraphs that aim to absolve the firm from any responsibility should a user become entangled in the scammer scheme. At Uniteex.co these indemnification provisions are presented somewhat differently but their essence has not changed.
Furthermore, we have on our hands the notorious Non-Deposited Funds clause that aims to prohibit any withdrawals of profit. Yes, Uniteex.co does no allow its users to withdraw any profit made from trading! This is the epitome of scammer moves!
Aside from this bundle of provisions, we found no others of interest. That is because the broker’s Terms and Conditions are very short and cover only things that are of interest to the company itself. It’s a very selfish move, undoubtedly a part of the fraudulent experience. We do not recommend to our readers to deposit; there is nothing to gain from doing so.
How does the scam work?
The scheme that unregulated brokers apply is a very popular one that other fraudsters from different industries are also known for practicing. Its structure is the same across brokers, with small differences in the delivery.
The first step is falling for fake ads online usually those that offer an easy lifestyle that comes from investing big and winning even bigger. These ads come plastered with beautiful women, cars, and exotic houses, and because of the prospect of allure, most of these ads are located in popular social media sites and similar sources.
These ads will redirect users to either a scammer broker or an intermediary website. Wherever you end up, these ads are there to trick you into giving your email and phone number. If the user gives her contact info, she will surely start receiving calls from solicitors whose job is to push you to deposit, whatever it takes. They will be annoyingly stubborn because they get a chunky commission from initial deposits.
If a deposit is made, then it’s time for the expert scammers who are disguised as the “account managers”. These have years of experience behind their backs and are usually part of the core team of the shady broker. They are even more stubborn and will stop at nothing. The ultimate goal here is to make the investor deposit as many times as possible. This is achieved through long and tedious conversations filled with false promises and carefully concealed lies and manipulative tactics.
The time will come when the user will want her money back. This is always expected and a risk of the craft for the scammers. That is why they are prepared to counter every withdrawal request. Usually, they stall users as much as possible by calling them and telling them that a big spike in a given asset is about to happen. Sometimes the broker may block the account or simply deny requests. More extreme examples include fraudulent brokers who completed shut down their websites!
What to do if scammed?
Filing for a cashback is probably the first thing you should do once you realize you have been scammed. Chargebacks are available through your credit and/or debit card company. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer investment frauds are slightly more difficult to handle. The first thing you should definitely do is change both the username and password on your bank account in order to prevent the broker from accessing or hacking your account. Next, victimized users should call the bank and explain to them the situation. Some banks may have a plan for such cases.
As for investments with any sort of cryptocurrency, they are most certainly lost. That is why it is advisable to never invest in crypto coins!
There are others that can profit from your loss. Once your funds are stolen you will start noticing these recovery agencies or agents who will promise all your money back. They just need a payment in order to offer their services. It’s obvious that once paid, these expert scammers will disappear leaving you at an even bigger loss!