Beware! UnitedCapitalTrade 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.
UnitedCapitalTrade is introduced as MiFID compliant, but at the same time, it offers 1:500 leverage and bonuses to retail clients. Well, we need no more to realise that there is something wrong with this broker because long ago EU prohibited bonuses and capped leverage to 1:30. Even worse, though, those people claim to be headquartered in Canada and give some fraudulent business license numbers, making things even more suspicious. In essence, UnitedCapitalTrade is a scam scheme, and we are going to prove it in the following review.
UnitedCapitalTrade is unregulated, and your funds will be in danger if you deposit. We claim so because no licensed companies are standing behind this questionable broker. As already mentioned, UnitedCapitalTrade pretends to be EU regulated, so the fraudulent professions strongly indicate it’s a scam. In fact, the so-called broker is nothing else but merely an anonymous fishy entity that’s going to rip you off your hard-earned money.
As we are reviewing a scam, you can check the high-rated EU brokers and British brokers instead. That’s our recommendation because the licensed European companies are covered by deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can get up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. It’s worth opening accounts with European companies if eligible to do so.
UnitedCapitalTrade TRADING SOFTWARE
UnitedCapitalTrade has no platform. We registered and found a chart serving for information purposes only, so no real trading is actually possible. The broker promises to deliver MetaTrader4, MetaTrader5 and Ctrader, but that’s a big fat lie. Eventually, UnitedCapitalTrade can’t provide Forex services. That’s a scam!
While on platforms, we can suggest the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists to our readers. The MTs are market leaders packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which is an unrivalled advantage. Recently, MT5 surpassed MT4 in terms of numbers, but it’s still lagging in trading volumes. Overall, both platforms are on par leading the markets, so a MetaTrader broker is the obvious choice.
As a result, we can’t discuss real-time spreads and leverage as there is no platform. Nevertheless, UnitedCapitalTrade fraudulently offers 1:500 leverage, a risky ratio that’s no longer allowed in the EU and other jurisdictions, as well. Namely, due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are trustworthy but not leverage restricted, so experienced and risk-tolerant traders eligible to open an account in Switzerland can safely go for it. The rest of the brokers offering excessive ratios are either poorly regulated or not at all, so you should be careful with those.
UnitedCapitalTrade DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $100, which is pretty much in line with the industry standards. However, too many legit companies nowadays let traders begin with as little as $5, so it’s useless wasting your time with the otherwise swindling UnitedCapitalTrade.
The funding methods are unknown, and we didn’t find a way to make a direct deposit either. Obviously, those scammers simply want to get you over the phone and manipulate you to reveal your bank card numbers. We are just speculating, but whatever the case, you should be cautious if they reach you.
As UnitedCapitalTrade is a scam, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are sufficiently regulated, and you won’t face scammers, so you can safely open accounts.
Information about withdrawals and transaction costs is unavailable as the broker’s legal documents links are not working. Upon a click, you get redirected to the Home Page. As expected, UnitedCapitalTrade apparently tries to hide something, and we know what. That’s a scam!
There are deposit bonuses available, but we know nothing about further provisions as there are no legal documents. Anyway, you should decline bonus offers made by this broker.
Overall, we just exposed UnitedCapitalTrade as fraudulent, so make sure to stay away.
HOW DOES THE SCAM WORK
Scammers are liars and thieves. They’ll promise opportunities that sound too good to be true, get-rich-quick schemes, guaranteed risk-free profits and so on. By creating a false sense of hope, they are trying to entice people into their fraudulent plots.
It all starts with the ads. Scammers create numerous websites and social media profiles to promote their fictitious services. You can see Instagram pages showing lush lifestyles, yachts, cars, money and pictures of winning trades. Such a showcase make people interested and easier to suck into the fraud.
Once you provide your phone number, scammers won’t stop calling you. They’ll promise you the moon and the stars to make you start investing ASAP. If you agree, they’ll pretend to manage your account, and out of the blue, you’ll see mind-boggling profits on your name. You’ll probably sincerely believe that’s true and will most likely ask to take your money out. Well, they won’t let it happen but will skillfully manipulate you to deposit again, promising much more lucrative deals. Before you know it, you may depart with your savings waiting for scammers to make you a millionaire overnight. That’s not going to happen, though, and those crooks will carry on asking for additional deposits. They’ll shamelessly announce to you that you have to pay to withdraw your money. At this point, the scam should be pretty obvious. From then on, scammers will cut communication, and you’ll never hear them again.
WHAT TO DO WHEN SCAMMED
Getting scammed may have long-lasting consequences. However, the first thing you have to do is to start actively looking for assistance and reduce further possible risks. Deactivate your bank card immediately and call your bank.
Quickly report what happened to the authorities, file a complaint, call the police. Seek help actively!
Then, it’s critical not to act hastily because fraudulent fund recovery agencies and individuals can double-scam you.
Share online your experience; it’s important to protect others, too. Be responsible!