UberChains – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
UberChains - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://uberchains.com
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Unspecified
Minimum Deposit: $10,000
Free Demo Account: No
Number of Assets: Not Specified
Types of Assets: Forex, CFDs, Stocks, Commodities
Trading Accounts and Conditions
UberChains offers their clients the following trading account types:
- Bronze: The minimum deposit is $10,000.
- Silver: The minimum deposit is $25,000.
- Gold: The minimum deposit is $50,000.
- Platinum: The minimum deposit is $100,000.
Trading conditions are not mentioned anywhere on the broker’s website. And since we were unable to access their trading platform, we could not get this information for ourselves.
UberChains – Advantages
There are no advantages to trading with UberChains.
UberChains – Disadvantages
Listed below are all the reasons why we have branded UberChains a scammer:
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No Regulation
The first sign of a scam is the fact that a broker is operating illegally – without the proper authorizations, regulations or licenses. And UberChains fits the bill to a tee.
This broker has no corporate identity. There is only one single address provided on their website, but the broker does not specify which country that address belongs to. Upon Googling that address, we found that the exact same address could belong to either the UK or to Canada.
Besides this one address, there is no other information about the entity that runs this brokerage – no company name, no contact details, no country, nothing. There is also no information provided about their regulation status. Thus, we are dealing with an anonymous entity.
Just to be sure, we checked the online database of the FCA (UK’s Financial Conduct Authority, the country’s financial regulator). We were not surprised to see that there was no company or brokerage by this name listed there.
All in all, we are dealing with an anonymous and unregistered broker – a scam.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Lack of Appropriate Legal Documentation
Regulated brokers are required to present detailed legal documents on their website, containing their Terms and Conditions, Privacy Policies, KYC, and so on. These documents are what constitute the contract between you and them, which is why they need to be extremely thorough.
These are the documents that will tell you what trading conditions to expect, what the cost of trading will be, what the policies are for you to use the broker’s services, what types of trades you are allowed to carry out and so on.
If you sign up with a broker that does not have these documents in place, you are basically allowing the broker to do whatever they want with your funds and whatever information you may have provided them.
Scammers typically avoid providing the required detailed legal documents and they can then be held liable and can be traced easily. And with UberChains, you can clearly see their scam in that they do not have any legal documents in place except for a very brief Privacy Policy.
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Issues with Trading Software
UberChains claims to have their own trademarked web trading platform, which they have called Uberchains Trade. The broker claims that this is an advanced software designed to offer the client every possible advantage during trading.
These, of course, are just lies.
First, despite several attempts, we were unable to create an account with the broker. Which means that there was no way for us to check if this broker actually does have a real, working trading software. And since there was no demo account available either, we could not check what kind of software this broker actually offers their clients.
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Issues with Trading Conditions
We also have serious issues with this broker’s trading conditions. First of all, the minimum deposit requirement is ridiculously high. A first deposit of $10,000 in order to register an account with UberChains is just a scam. The industry average for regulated brokers is between $100 and $250. And there are many very good brokers who will allow traders to open an account with them for less than $50.
So, the $10,000 deposit is nothing but a way to get as much money off of their victims before they are revealed as a scam.
Furthermore, there are no spreads mentioned anywhere. And there is only a single vague reference to a maximum leverage of 1:300. However, to which asset classes that leverage applies is not specified. No other trading conditions are available.
All the information that is missing, and the lack of clarity about the trading software tell us that we are dealing with a shoddy scammer, one that couldn’t even be bothered about making an effort to create a believable scam!
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No Information on Payments
The paucity of information continues throughout this broker’s website. We do not know what payment methods are available to traders. This is not because we could not find the payments section on UberChains’ website. It is because this broker has omitted to provide any of that information at all.
Furthermore, since there are no legal documents in place, we do not know what the withdrawal and deposit policies are. We do not know what the minimum withdrawal amount is, or how much a withdrawal costs, or if there are any fees at all! And finally, there is no place where we can see how you would be able to deposit or withdraw funds.
All that we have uncovered about their legal documents, platform, trading conditions, deposits and withdrawals makes us suspect that this broker actually targets specific novice traders through various marketing channels (such as social media). Once the potential client expresses interest in this broker’s offerings, someone from their side gets in touch with them and then asks them to make deposits over the phone using their credit cards.
This is a typical scam.
Conclusion
Unfortunately, the answer to our question is yes. UberChains is nothing but a low-cost scammer with whom your funds are not safe.
UberChains
Pros
- None
Cons
- No Regulation
- Lack of Appropriate Legal Documentation
- Issues with Trading Software
- Issues with Trading Conditions
- No Information on Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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