UniversalWealthGroup.com review – 5 things you should know about universalwealthgroup

UniversalWealthGroup.com review – 5 things you should know about universalwealthgroup

Rating: 1

Beware! UniversalWealthGroup.com is an offshore broker! Your investment may be at risk.

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UniversalWealthGroup.com is very much the typical textbook modern scammer broker. If ever there was a reason to study these, look no further than UniversalWealthGroup.com and its tools of deception. It only takes care of its own, i.e itself, and does not lift a finger for its users, nor did it even care for them to begin with.

The sign up process, the client area, and the web trader are all part of the same package; a set of pre-made templates that a ton of unregulated brokers recycle. There is nothing made here by UniversalWealthGroup.com, as it is all taken from other unregulated brokers, which took is from past ones, and if you follow the path long enough you should be find, in theory, the original creator of these. But it’s a waste ot ime really, and these OG brokers are long gone.

Anyway, out point is that all these are shady elements, revealing the scammer nature of UniversalWealthGroup.com.

From the web trader, the broker allows for trading with forex currency pairs, commodities, cryptocurrencies, indices, and shares. The EUR/USD spread is 0,2 pips, which is without a doubt a superb value and a very lucrative cost of trade, however we have some proof that the broker may in fact apply commissions as seen in the legal documents, not the website where we are told not to worry about commissions. Such a low spread when offered by unlicensed brokers arouses our suspicions.
The leverage is capped at 1:200.

UNIVERSALWEALTHGROUP.COM REGULATION AND SAFETY OF FUNDS

The terms and conditions claim that the Estonian laws are what govern the broker but we have a very hard time believing this. First of all, Estonia as a jurisdiction is used a lot as a scapegoat by unlicensed brokers for reasons we are yet to discover. And second, there is no proof that the broker ever set foot there.

Speaking of the terms and conditions, they were brimming with very shady clauses; like the indemnification one that completely absolves the broker from all the harm it will cause the user; or the non deposit funds provision stipulating that all profit gained form trading is not up for withdrawals.

We don’t need any further information to know that UniversalWealthGroup.com is unregulated, and there aren’t further details anyway. Do not invest here!

Always aim to invest in regulated brokers, and not illicit ones. It may not be easy to distinguish them from one another, but there is a way to make the process much easier. The crucial point is to check the legitimacy of the broker’s regulatory or registration claim. If nothing’s there, you close the site and move on to any EuropeanUKUS, or Australian broker, or any other with a legal status. Being regulated is not just encompassed in a simple permission to offer FX trading service. It comes with a ton of responsibilities, most of which are concerned with the way the broker treats its users. Misconduct on the side of the broker either results in financial penalties or in total closures of the brokerage website in question.

UNIVERSALWEALTHGROUP.COM TRADING SOFTWARE

We cannot be impressed by this web trader because it is one of the most popular ones among the scammer entities, and is not that good either. It barely matches with other legit web traders, and the things it does do are very shallows.

Essentially, all such softwares are uses to attract an audience base, and to retain it for as long as possible; as long as it takes to solicit money form them. By the time the broker is done, it would have become obvious to all that this web trader is pretty much redundant.

UNIVERSALWEALTHGROUP.COM DEPOSIT/WITHDRAW METHODS AND FEES

The depositing section in the user area is virtually non existent, as you can see form the below snip:

There is no clear answer that can solve this mystery. Probably because we are not verified? Or perhaps the broker has ran its course? The same thing happened with the withdrawal area.

According to the site, the minimum deposit is $250, which seems fair but you never know with these brokers. The payment methods revealed in the deposit and withdrawal policy are bank trasnfer, cards, and undisclosed e-wallets.

Moreover, there are withdrawal fees: $50 for wire transfer, $35 for card withdrawals, $25 for e-wallets, and a 10% charge applied to all accounts that have not reached a 200x turnover prior to the issuance of a withdrawal request.

This policy is a very popular one, basically copied and pasted by hundreds of brokers in the past. Rarely does it differ from scammer to scammer.

HOW DOES THE SCAM WORK

Scammers use a couple of tricks that make up a big scheme that has not changed since its inception, meaning that it’s fairly easy to avoid it.

The fraud starts when the broker contacts the user, who has unknowingly provided his or her contact details in the past through some seemingly innocent channel.

Communicating with the broker might seem like a pleasant experience as the other side sweettalks its way to your wallet. The reason why most frauds target non-trading audiences is because they are more susceptible to this kind of verbal manipulation. Otherwise, users might start receiving emails with unbelievable good investment deals, none of which are actually lucrative.

The tipping point is the first deposit that scammers are so eager to sell. After this first investment, the user has fallen into the clutches of the fraudster. Either he will be pushed to invest more by false promises of further “profit”, or the client will want to get back his initial deposit, a request to which he is told that further investments are needed.

On whichever side of the coin you the user is, she will most likely never be able to withdrawal. All withdrawal requests will be denied for a plethora of equally ludicrous reasons.

WHAT TO DO IF SCAMMED

Once scammed, your safest bet is a chargeback. Contact your credit or debit card company and move on from there. It’s good to know that MasterCard and VISA have a chargeback period of 540 days.

Bank investments are more difficult to reimburse but not impossible. Most banks have some sort of strategy for dealing with lost capital, so the client’s best bet is to contact her corresponding bank and proceed from there according to the bank’s plan of action. We also recommend that users change their bank account username and password if defrauded.

As for crypto investments, it is unfortunate to say but there is no real way of getting lost money back through these channels. All crypto investments are untraceable, and there is no telling where the investor’s funds will end up.

Don’t trust recovery agents or agencies. These are either independent scammer looking to charge users “service fees”, or extensions of illicit broker schemes.

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