Beware! Union-Wallet.com 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.
Union-Wallet.com is one of those one-page website deals where everything is compressed to fit a single page. Now, this approach never really worked or works for anyone, so when we see it being put into action we immediately know that the website in question will no be good, simply put. And we were not wrong with Union-Wallet.com, for this entity is one of many other like it: scammer, confusing, useless, and very risky. Make sure to read the review, before you decide on something that you will eventually regret.
We were able to open an account within seconds, which actually showcases one major thing, a defining element of most scammer brokers. That they are greedy and impatient to scam you!
We cannot really decide if the user area is good or not. It’s no the best we have seen, neither is it the worst; it’s just in between. But that’s not the real trouble here. What really worried us was the complete lack of a trading platform.
That’s right, we have yet another broker without a software, which means that this is no broker at all. There are no applicable trading assets, no spreads, and definitely no leverages.
UNION-WALLET.COM REGULATION AND SAFETY OF FUNDS
The broker’s entire interface is in French, and also the broker refers to it being based in Europe, meaning that the firm suggest a European, and more precisely French, presence. In France it’s the Autorité des marchés financiers (AMF) that regulates the FX market industry, so in theory Union-Wallet.com should be present in its database of regulate FX firms. Well, it isn’t as you might have expected, meaning that Union-Wallet.com has nothing to do with the AMF, and is thus not licensed in France. The fact that it is in French means that the scam targets users from France or other French speaking jurisdictions.
As we said, the broker claims a deeper European presence, more specifically in the US, UK, France, Germany, and Spain. What Union-Wallet.com is trying to tell us is that it is regulated in all of these nations, which are some of the leading FX markets in the worlds, and are thus regulated by some of the most austere watchdogs. But none of the overseers regulates or are affiliated to Union-Wallet.com. The broker’s EU presence is all but real.
Thereofre, Union-Wallet.com is without a license and a risk to all! Do not invest in this scam for you will lose all your money.
If you are investing in an unregulated broker better not invest at all; at least in the latter occasion you will not be ensnared in an investment scam that will not only take your money but will greatly waste your time and energy. Better yet, if you have the will to invest, and either are skilled at it or want to expand your knowledge, there is no better way to go than any of the European, UK, US, or Australian brokers we have compiled for you. These are all regulated, and so are up to industry standards, but are also limited in the amount of freedom they can have by some of the top regulators!
UNION-WALLET.COM TRADING SOFTWARE
We found a web trader and an MT4 on the user area. However, both were unavailable.
First of all, the web trader was nothing more than a collection of useless third party charts. While the MetaTrader 4 download file came under a different name. This means that the trading servers are owned by a different broker.
So, no trading software owned or operated by Union-Wallet.com, and thus no applicable trading conditions.
UNION-WALLET.COM DEPOSIT/WITHDRAW METHODS AND FEES
The user area payment subsections were both unresponsive, and we are not sure that the user can actually invest or withdrawal. In our experiences both actions are out of reach.
Unfortunately, we cannot provide our readers with any payment details because the website does not offer any payment information, and the user area is pretty much useless.
Usually with brokers such as Union-Wallet.com, the minimum deposit is between $1 and $200, while the payment methods are mostly concentrated around crypto wallets, making all transactions untraceable. As for withdrawals, all we know is that most scammer employ certain fees, either directly concerned with withdrawing or not.
And that’s all we can say about that. It’s crucial to remember that Union-Wallet.com is a risk to all and a scam!
HOW DOES THE SCAM WORK
Scams have surprisingly little evolved over the past decades since their inception. It’s basically the same principle being rendered through different sites and by a plethora of different agents.
The core remains the same. The broker tries to grab the client’s attention either by advertising false profit gains, or by directly contacting the user, who is the vastness of the internet let his guard down at some point and either provided an email or a phone number to some now forgotten source.
Should the user get contacted (or fall for the ads) he or she will be shown to the website of the investment fraud and promptly be pushed to invest, either by sweet talking representatives of the scam, or by the account manager which is also the one that keeps the whole thing in check.
The ultimate goal is to compel the user to invest once, and after that the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.
Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.
WHAT TO DO IF SCAMMED
The best thing to do is to file for a charge back with your credit or debit card provider, provided that you had previously invested via them. MasterCard and VISA have a chargeback period of 540 days, so its relatively easy to get reimbursed, and that’s why fewer and fewer scammer brokers are offering card payments.
An easier way to lose money is through wire investments. The only advise we can give you is to contact the bank as soon as the money has been lost (or when you realize you have been played). That and to change your bank account password and user name!
We come to the favorite investment methods of unlicensed brokers – crypto wallets. These are untraceable, and thus once a payment goes through it’s finished! There is no real way of getting one’s money back.
Also do not trust recovery agent or agencies promising to get your money back. These will fee you a hefty sum in return for their services, but as soon as you pay them they will disappear!