Beware! Unions Market 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.
UnionsMarket is indistinguishable from numerous other scam companies we have reviewed. If such brokers happen to have any sort of regulation, it is never in a county where strict laws are imposed. Usually, when such scammers get their hands on something so small as a Certificate of Incorporation, they will use that on numerous websites, for numerous companies. On Unions Market`s website, you could find all the shady terms you need, as well as an abundance of empty words that mean nothing to these scammers – “Always do the right thing”, “Strive for excellence”, “Always say the truth”. None of these statements are true as we will prove in the following review.
Unions Market REGULATION AND SAFETY OF FUNDS
Unions Market claims to be registered in St. Vincent and the Grenadines. We found out that this is completely true and such a company is registered there which does not mean in any way that they are regulated. The St. Vincent and the Grenadines Financial Services Authority has stated multiple times that they do not regulate forex brokers so a registration means completely nothing by itself. This broker is not answering to any sort of financial authority and that makes them dangerous.
We dug a little deeper and found out that this broker`s agent- EURO-CARIBBEAN TRUSTEES LTD – is also completely fake. This is a literal screenshot from their website.
To make matters worse, we searched for the address Unions Market has provided and found multiple hits for other scam companies. Some of them like AZAForex, FXctInvestments and Olymp Trade we have already reviewed so be sure to check those reviews out.
There is no reason for you to trust such scammers when you could use the services of a trustworthy, licensed broker. If you work with a UK or an EU broker, you can be sure they can offer you some of the things Unions Market only claims to provide – because they are obligated to do so by strict regulators. Negative balance protection is a must – this means the amount of money you lose can be no larger than the amount in your account. Transparency is ensured by thorough documentation. Additionally, such brokers keep client deposits in segregated accounts – which means the broker could not reinvest them elsewhere even if they wanted to. Unions Market also claims to offer these things but there is nobody actually making sure of that. Choose your broker wisely – among licensed companies.
Unions Market TRADING SOFTWARE
With Unions Market, we got access to a web platform exactly like the platforms many scammers offer these days. Such platforms are simple and inexpensive – scammers would not want to spend too much money on more expensive, functional platforms like MetaTrader 4 or MetaTrader 5. Some still do and rely on MT`s good reputation in the community as the best trading software. With MT you have pretty much all the functions you might need – from customizable indicators to different strategy-testing options. Such tools are not available on web-based platforms like the one offered by Unions Market:
Unions Market TRADING CONDITIONS
We were far from impressed with the trading conditions Unions Market had in store for us. The starting deposit is $250 – reasonable but since these are scammers, we would not suggest you transfer any sort of money to them.
The spread was supposed to be as little as 0.1 pips for a basic account. However, the platform manifested spreads from around 3 pips which is far too wide a spread. Consider the fact that the industry average is around 1.5 pips and there are enough legitimate brokers that could offer you such terms.
The leverage for the most basic account is 1:100 but it could go up to 1:500 if you choose to open a “Professional account”. Unions Market is trying to fool you into thinking that you automatically become a professional client – one that could qualify for such high leverage – if you deposit $25 000. That is, of course, not true as professional clients in the EU should actually prove capital of $500 000 and experience in the financial sector to become such. For anybody else, lower leverage would be much safer and will protect you from the inevitable losses if you have zero experience and humble capital. That is why the leverage legally allowed in all of Europe is 1:30 – far less than 1:500.
Unions Market DEPOSIT/WITHDRAWAL METHODS AND FEES
The deposit and withdrawal methods we are offered on the website are credit/debit card or bank transfers. On the platform, however, there was no mention of bank transfer and clients could choose between credit card, Bitcoin and various other cryptocurrencies. We soon found out that even that is not true since the only cryptocurrency that was actually available for deposit was Bitcoin. You won`t have to face such inconsistencies with legitimate brokers.
Another red flag is the mention of bonuses – a welcome bonus of a different size depending on your account type and a referral bonus. You won`t find such offers on a legitimate broker`s website as bonuses are strictly banned at most locations where some sort of financial regulator is operating. And you could not just access Unions Market`s bonus – you have to reach a turnover of 25 times your deposit plus the bonus which is far from ideal.
HOW DOES THE SCAM WORK?
It does not take a genius to design such a scam but they are surprisingly effective.
What usually happens is that you see an ad for a broker while scrolling on the Internet and get tempted by the opportunity to make some quick and easy money. The scammers` websites will show you pictures from the luxurious lifestyle you want to be leading and drown you in satisfied clients` testimonials. In reality, none of the promises you get would turn out to be true.
Once you have provided scammers with your contact details, the game is afoot. You will start getting calls and emails asking you to make a deposit. Soon enough you will have an account open, usually under incredibly good conditions, and you will probably be making money too. That is what the scammers want you to believe anyway – so you would invest even more money.
The problems start when you start trying to make a withdrawal. There will usually be some sort of complication preventing you from doing so like more and more additional fees and more and more waiting periods. The moment you start figuring out that something is not as it should be, the scammers will stop returning your calls and will disappear into the blue.
WHAT TO DO IF SCAMMED?
The most important thing now is to remain rational and not trust any “recovery agents” promising to retrieve your money for a small fee. This is just another type of scam, sometimes performed by the same people that ran off with your money in the first place.
What you should do is contact your bank or card provider and ask for assistance. If you were using a credit or debit card, you can file for chargeback within 540 days. Sometimes, if you have verified your account with the scammers by sending them a picture of your face and ID, they will use that to prove that you were indeed their client and invested voluntarily. In such cases, retrieving your money would be pretty impossible.
Make sure to change any passwords you gave the scammers access to. Contact authorities and share your story with your friends and acquaintances. Post about it on the Internet. The more people know about this type of scams, the harder it will be for scammers to lure in unsuspecting victims.