Broker Unity – Can You Trust Them?

Website URL: https://brokerunity.com/

Founded: N/A

Regulations: Unregulated

Languages: English, German and Spanish

Deposit Methods: Wire Transfers and Credit/Debit Cards

Minimum Deposit: $250

Free Demo Account: Yes

Number of Assets: N/A

Types of Assets: Forex, Gold, Silver, Metals, Indices, Commodities, Stocks/Equities

Trading Accounts and Conditions 

In order to open a trading account with Broker Unity, you need to register on their website. Upon registration, you’ll be asked your complete name, country of residence, phone number, and email address. A link will be sent to your email address to verify your account. Only then you’ll be able to see the complete scope of its offerings.

There are four types of accounts that you can select from. Unfortunately, the website doesn’t display the capital requirements for each account, but the leverage is discussed.

• Silver – The cap on leverage is 1:200 for forex and stocks/equities; and 1:50 for gold & silver (metals), indices, and commodities.
• Gold – The cap on leverage is 1:100 for gold & silver (metals), indices, and commodities, 1:300 for forex, and 1:40 for stocks/equities.
• Platinum – The cap on leverage is 1:125 for gold & silver (metals), indices, and commodities, 1:400 on forex, and 1:50 on stocks/equities.

Though the capital requirements aren’t stipulated on the website, the minimum deposit an investor can make is $250.

Broker Unity   – Advantages

With Broker Unity’s bad reputation in the trading industry, and with it being blacklisted by the FCA, we can confidently say that there are no advantages if you choose to trade with this firm.

Broker Unity   – Disadvantages 

Below are some of the disadvantages you’ll experience if you choose to trade with this broker.

• Unauthorised and unregulated, also blacklisted by the FCA

Broker Unity was officially declared as a scam broker by the Financial Conduct Authority, UK’s authorized regulatory body, last October 2020. With this, it is now blacklisted across the globe by financial regulators.

As shown on its website, Broker Unity is operated and owned by a company called Kode Tech Solutions LTD which is headquartered in the Marshall Islands. This offshore location is associated with several unlicensed and scam brokers due to the leniency and even absence of rules and regulations.

With it being blacklisted by the FCA, your funds are never safe with it and therefore you should avoid it at all cost.

To avoid getting scammed, we advise that you only trade with brokers that have received their licenses from the FCA or CySEC, the authorised regulators in the UK and the EU, respectively. Aside from the strict requirements imposed by them on aspiring brokers, they also require brokers to participate in compensation schemes that guarantee clients to receive financial compensation amounting to 20,000 EUR per client from the Investor Compensation Fund in Cyprus or 85,000 GBP per client from the Financial Services Compensation Scheme in the UK in case your broker can’t fulfill its financial obligations.

• High leverage

The broker offers MetaTrader 4 as its trading platform, which, as we all know, is one of the best in the market. However, the leverage offered to traders is as high as 1:400. It claims, however, that this leverage is only offered to expert traders, but it failed to explain how it’s going to screen the novice ones from the expert ones.

Regulators from the jurisdictions of the UK, USA, Australia, and the EU have all agreed to impose a leverage cap of 1:30 on the forex market. Anything exceeding this number is already considered illegal. Hence, brokers that offer extremely high leverages are considered suspicious. Don’t trust such firms, or else you’ll lose your funds.

The pip offered is good though. The USD/EUR spread rests at 0.1 pips. Nevertheless, this broker was already declared as a scammer, so staying away from it is the best thing to do.

• Shady deposit and withdrawal methods and fees

The minimum capital requirement with Broker Unity is $250. This amount is slightly higher compared to the industry standards which are as low as $5 to $10.

Moreover, the minimum amount you can withdraw from the firm is $50 or the corresponding equivalent in other currencies.

When we checked its account policy, we haven’t found anything that’s related to dormant account fees. But this is another red flag because even the legit brokers impose a minimal fee of $20 per year for inactivity. Offshore brokers, however, usually plunder your account. This means that instead of charging you with a small fee, they will deduct a significant percentage from your account balance. Some scam brokers deduct as much as 10% and it would be difficult to recover this amount if this is not clearly stated in their terms and conditions.

Usually, scam brokers change their terms and conditions anytime they want which will include policies that are advantageous to them.

• Unfair trading conditions

Broker Unity offers trading incentives to its clients. However, the requirement imposed to traders is quite unfair. Within 60 days, you need to execute at least 25% of trading volume and the reward you’ll receive will be in terms of lots. With this condition, it’s possible that you’ll get stressed and pressured and has the tendency to make wrong decisions.

Bonuses and incentives were prohibited in the UK and the EU. But scammers don’t adhere to these rules and still offer these kinds of tricks in order to attract investors. Just always remember that bonuses are not for free, there are certain conditions associated with them and are usually used as a leverage tool to push you to trade more and increase your risks.

Conclusion 

Broker Unity is an offshore broker that is unregulated and has been blacklisted by the world’s most renowned regulator, the FCA in the UK. It’s definitely a scam broker and one that can’t be trusted at all. We strongly advise that you don’t entrust your funds with them. Instead, choose legit brokers that are regulated by the FCA or CySEC which are the leading regulators in the world. All firms that have received licensing from them are surely legit and trustworthy.

Broker Unity

2.6

User Experience

3.5/10

Payment Options

2.3/10

Security

2.5/10

Support

2.4/10

Reputation

2.2/10

Pros

• None

Cons

• Unauthorised and unregulated, also blacklisted by the FCA
• High leverage
• Shady deposit and withdrawal methods and fees
• Unfair trading conditions