Beware! UKSelectFund.com is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
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We could not hold our laughter the moment we opened UKSelectFund.com for it opens with a clear picture of Elon Musk looking straight at the user with a very severe gaze. This is a purely comical thing for us because there is nothing serious about this, even more so today when you must consider that he is the centre figure of multiple scandals. Moreover, the website UKSelectFund.com is full with signs that it is unregulated. The website itself feels like it was not updated in a while and there is a certain lack of professionalism and not to mention that everything feels very old. There are of course many other signs and aspects to the broker that we will disclose here. All of them to the fact that UKSelectFund.com is not worth the risk.
The registration process and the user area all use a very popular template. This template is used only by unregulated brokers. So many unlicensed brokers let me have reviewed in the past have used the exact same template for both their registration process and their user areas, that’s we consider the usage of this template a clear sign that the company is not regulated.
We accessed a web-based trading software and were able to read the following trading condition. Clients can trade with forex currency pairs, stocks, commodities, cryptocurrencies, and indices. The EUR/USD spread is said to be 0.7 pips, which is a very good spread but it cannot redeem the broker. The leverage is maxed out at 1:100.
In terms of the language, the broker is available to speakers of French German Italian Spanish and English.
UKSELECTFUND.COM REGULATION AND SAFETY OF FUNDS
The main thing that the broker claims is that it is registered in the United Kingdom however with this assertion comes a big package of responsibility. The footer of the website reveals that the broker is regulated by the FCA.
And there is actually a link to the FCA registry where we find mention that one UK Select Fund is licensed.
However, as it turns out this is not the actual broker we are reviewing but an actual fund that is approved by the British regulator. Therefore, what we find on the FCA’s website is not information concerning the broker but a completely different and irrelevant project. This fund is regulated by the FCA and has nothing to do with the company we are reviewing.
UKSelectFund.com has simply taken the name of the fund and made it its own. This is a very interesting case and can be considered a kind of a copycat approach.
UKSelectFund.com does not claim anything else but this British registration and license with we know now to be completely fake. Therefore the broker is unlicensed and a risk to all not to mention a proper scam. Do not invest here.
Investing in unregulated brokers is basically throwing your money out of the window. They will very rarely return your money, and even if that happens it would cost the user an incredible amount of headache and time.
That is why we encourage users to only trade with regulated brokers. Please, once you enter a broker that you think is worth investing in always check for a license before doing anything else.
We recommend UK, EU, US, or Aussie brokerage firms. All such regulated brokers are very trustworthy and offer safe and secure trading grounds.
Furthermore, agencies like the FCA and CySEC offer user compensation funds that are applied only when the broker at hand is not able to pay back to user due to insolvency. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
UKSELECTFUND.COM TRADING SOFTWARE
The trading software is one that we have seen hundreds of times being used by unlicensed brokers. The charts themselves are not owned by the company but by a third-party graph provider which is also a very popular approach used by unregulated brokers.
Other than that there are a couple of helpful trading options and opportunities but we do not recommend anyone using this software nevertheless.
UKSELECTFUND.COM DEPOSIT/WITHDRAW METHODS AND FEES
From the user area we find investment to be available by means of Coind and Cardpayz, two not so very popular alternative payment methods that use credit or debit cards. According to the websites the minimum deposit is $250.
We cannot take any withdrawal information from the user area; everything that we will reveal is taken from the website so please do not consider it to be as accurate as we would like it to be. As an example of this lack of accuracy, the terms and conditions reveal very unrelated payment methods from those that we found in the user area.
It takes around 7 working days to process a withdrawal request and there is a 0.5 percent on every withdrawal. If the percentage equals $30 or less the fee will automatically be $30.
UKSelectFund.com is your very Common fraudulent broker. Never invest here.
How does the scam work?
It’s almost ironic that’s one of the most popular ways to get scammed by a forex investment fraud is incredibly simple to grasp. If you look at it constructively, the way a scam works is that it follows a couple of incredibly simple steps that nevertheless take a lot of experience and authority to pull off.
In fact, investment scams are so effective not because of the way they are structured but because the people that are behind them are very talented at human manipulation. They have an arsenal of psychological and behavioral tricks.
Indeed, the hardest part of any scam is to actually be introduced to the scammer in person which happens most of the time by phone but it can also occur by email correspondence.
The quickest and most effective tool they have is online ads. Fake and misleading ads are ubiquitous over the internet. They continually evolve into becoming more and more legitimate-looking while retaining their complete scammer nature. Everybody has seen at least a couple of these ads: they promote a carefree life, luxurious products on the go, beautiful women, and other very expensive and realistically unattainable stuff.
Behind these ads are the investment scammers. Once you end up on the website you will be asked to provide a phone number or an email address for the sole purpose of being contacted by the broker.
The representatives of the scam will ask you to invest. He or she will use an array of tactics to make you invest. This is a solicitation and nothing else. Investing an initial deposits will build trust with the scammer and can potentially lead to more and higher investments.
If the user continues to invest and trusts the broker, he or she will continue to invest money that will be very hard to retrieve.
And once the time comes to actually get your money back or at least withdraw a profit, the true scammer nature of the company will reveal itself. The broker will either block your accounts, close off all communications with you, shut down the entire website, or stall all requests. At times it can even pay you back a percentage of your deposit and profits in order to create a false sense of security.
What to do if scammed?
Now, the quickest way to get your money back is to file for a chargeback with your credit or debit cards provider. However, this applies only to those users that have actually lost money by means of a card. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to get back. First of all, we always encourage users to immediately change their bank account username and password. And then to contact the bank itself and try to find a solution to the problem together. The banking institution might have a specific section that deals with similar issues.
One sure way to lose all of your deposit is to invest in a regulated broker via any sort of cryptocurrency. Even in today’s world, crypto transactions are untraceable making crypto deposits the most popular investment gateway used by unregulated brokers. All funds invested through a crypto wallet are definitely lost.
And a warning to all readers! Do not trust the self-proclaimed recovery agency or agencies whose promises of returning all your funds are as misleading as the broker scam itself. They will take the initial fee charged for the false services and will disappear with the money.