Beware! Unifiedchase 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.
There are so many things that are wrong with this broker that we simply don’t know where to start from. First of all, Unifiedchase isn’t authorized to offer financial services despite its claims to be regulated. In fact this firm doesn’t hold a forex license therefore operates against the law.
Secondly, Unifiedchase offers very risky and disadvantageous trading conditions and shady payment methods with crypto coins only. It also doesn’t allow the customers to see its trading platform before they make their first deposit, which is highly unfair and of course a red flag for scam. All in all this broker is certainly not to be trusted. If you want to know more about Unifiedchase then keep reading.
Regulation and safety of funds
First and foremost, Unifiedchase claims to be registered in New York, the United States. It also declares that the company is authorized and regulated by the Financial Services Commission (FSC) of the US and provides a license number as well. Everything may seem completely credible to uninformed traders, however things happen to be much more shady in reality. The truth is that FSC doesn’t regulate forex brokerage in this country, so what Unifiedchase claims is in fact a straight-up lie. To be precise, in order to operate legally in the US a broker must be a member of the National Futures Association (NFA). We searched the registers of NFA so we can be absolutely sure and there was no data about Unifiedchase, take a look:
So apparently this broker isn’t an NFA member and therefore operates on the forex market absolutely illegally. Not to mention that it isn’t supervised by any financial watchdog and obviously doesn’t comply with the rules. Remember that dealing with unregulated brokers comes with the risk of getting deceived and if such an unfortunate event really happens, no entity can really help you. The reason being that as unregulated brokers don’t operate under any jurisdictions you can’t have any client protection as well.
So for your own safety you better turn to a legitimate broker with a proven reputation. Regulated brokers in the US must keep up with the rules, not to mention that the license comes with a minimum capital requirement of 20 000 000 USD. What’s more, genuine brokers in the US are also obligated to keep their client’s deposits in segregated accounts apart from their own capital. This way you can be calm that your funds won’t be stolen or misused.
Unifiedchase claims to offer the industry standard MetaTrader 4 and MetaTrader 5.
We managed to register really quickly and were ready to go. But unfortunately we couldn’t see the trading software itself, as this broker requires us to make a deposit before we can access its platform. A very disturbing fact to be honest, as most reputable brokers even display its software beforehand so you can decide if it suits you.
In the case of Unifiedchase, this broker doesn’t provide any web terminal so you can’t preview its trading software. Moreover it falsely claims to offer a free demo account, however the only thing you can do is to open a live one. And even after you register you still can’t access the platform as you have to deposit first, as we already mentioned. So far Unifiedchase bears a bunch of scam alerts already, so don’t invest here for your own good.
On the other hand many reputable brokers offer MetaTrader 4 or MetaTrader 5 anyway, so better look for some of them.
MT4 and MT5 are appropriate even for both advanced traders and beginners. You can be assured that the safety of your funds and personal information is granted as all transactions are encrypted as well as your IP address.
You can also choose between a wide range of educational resources, forex news and technical analysis tools. Most of the customers consider the trading bots to be the best part however. These bots, also called Expert Advisors, analyze the forex market in a search of certain conditions and then perform trading operations once they find them.
MT5 and MT4 can be easily downloaded on PCs, smartphones and tablets and have regular updates. Unfortunately, since Apple removed both MetaTrader 4 and 5 from its AppStore, these platforms can’t be downloaded any more from iPhone/ iPad users. All of you that have already installed the apps can continue using them, but without the above-mentioned updates. On the contrary you can still download MT4 and MT5 from Google Play Store.
Unifiedchase claims to offer two types of accounts, take a look at them:
The Standard account offers a spread of 1 pip which is fine in general as any spread below 2 pips is known to come with lower trading costs. However we simply don’t trust this broker for the reasons stated above. Investing with a legitimate broker would be a better choice indeed – plus you can expect tight spreads for real.
The leverage of 1:500 which this broker provides is very risky without a doubt. In fact it looks more like gambling rather than actual trading, as we have explained before. Not to mention that there is a leverage cap of 1:50 in the US, so Unifiedchase clearly can’t be licensed there. Still, if you want to trade with higher leverage you can look at some of the offshore subsidiaries of reputable forex brokers.
As for the minimum deposit, Unifiedchase requires 200 USD in order to start trading. This is a standard amount for the sector but still can’t compensate for the fact that this broker is totally unlawful. Moreover many genuine brokers even offer opening a micro account with as little as 10 USD.
Deposit/Withdrawal methods and fees
However after we registered and tried to add funds in our account we were quickly disappointed once again. This broker displays a couple of payment options – transactions with crypto coins like Bitcoin and Ethereum, as well as Western Union, MoneyGram and PayPal payments. Take a look:
Or at least this is how it seems. It turned out that we can’t use for example PayPal right away – instead we have to send a request first. And the answer was shocking – we received an email saying “Kindly make your deposit via the company bitcoin payment gateway”. So obviously this broker accepts cryptocurrencies as the only option and just tries to mislead its customers. Needless to say that the crypto payments worked perfectly fine. In addition, be careful with crypto transactions as they are not eligible for a chargeback, that’s why scammers tend to insist on using them.
It’s unbelievable how shady this broker can get, so stay away from it by all means.
How does the scam work
Be very careful to whom you provide your personal information like email or phone number. The moment scammers have your number they will start calling you in an attempt to make you invest right away.
They will most certainly assure you that trading with them is risk-free, which is highly doubtful at least to say. Also be prepared to hear that you can get a fast and incredibly high return on investment – this is also a shameless lie of course. Scammers tend to sweet-talk traders into making a deposit and then vanish like thin air.
Before that however they might try to manipulate their trading software so it looks as if your money is being invested. They might also fool you into believing that your results are very profitable. This is done with one specific purpose – to make you invest even more before you find out that everything is a lie.
Expect all kinds of hidden fees the moment you try to withdraw even a cent and what is the worst part – to find out that a withdrawal is declined no matter what you do.
What to do when scammed
If you have been scammed, the first thing you can do is to turn to the bank that issued your credit or debit card and ask for a chargeback. If you have paid with your Visa/ Mastercard, a chargeback is eligible within 540 days.
Wire transfers are more difficult to return, and the best thing you can do in this situation is to change your online banking username and password as soon as possible.
Using payment methods like Neteller, Paypal or Skrill also gives you the opportunity to open a dispute in case of online scam.
Unfortunately crypto transactions are irreversible as we already stated and therefore your money can not be returned. All in all we advise you not to trust brokers that use only crypto coins such as Bitcoin or Ethereum.
Last but not least, certainly don’t trust people on the internet offering to return your funds only after you pay a certain fee. They might also be scammers so don’t risk losing more money than you already have!