UFT Group – Can They be Trusted?

| Publish date: 08/24/2020 (Last updated: August 24, 2020 01:03 PM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

UFT Group - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Deposit
X

updated 2020

The trading accounts offered by UFT Group are:

  • Regular: The minimum deposit you are asked to make is $250. The spreads begin at 3 pips and the minimum trade size is 0.01 lots.
  • Silver: The minimum deposit is $5,000. The spreads begin at 2 pips and the minimum trade size is 0.1 lots.
  • Islamic: The minimum deposit required is $10,000. The spreads begin at 3 pips and the minimum trade size is 0.5 lots.

There is no information with regard to the maximum leverage offered by this broker.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Plus500CY Ltdauthorized & regulated by CySEC

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: www.uftgroup.vip

Founded: 2020

Regulations: Unregulated

Languages: English, Russian, German

Deposit Methods: Credit Card/Debit Card

Minimum Deposit: $250

Free Demo Account: N/A

Number of Assets: N/A

Types of Assets: Commodities, Stocks, Cryptocurrencies, Moex (Moscow Exchange), Currencies, Indices

Trading Accounts and Conditions

The trading accounts offered by UFT Group are:

  • Regular: The minimum deposit you are asked to make is $250. The spreads begin at 3 pips and the minimum trade size is 0.01 lots.
  • Silver: The minimum deposit is $5,000. The spreads begin at 2 pips and the minimum trade size is 0.1 lots.
  • Islamic: The minimum deposit required is $10,000. The spreads begin at 3 pips and the minimum trade size is 0.5 lots.

There is no information with regard to the maximum leverage offered by this broker.

UFT Group – Advantages

There are no advantages that we have found to trading with UFT Group.

UFT Group – Disadvantages

Here is the list of disadvantages that we have found with this broker:

  • Unregulated Broker

UFT Group claims that it was founded in 2008 in London, UK. Then the broker claims that it opened offices in the Seychelles and Austria. However, the address provided is located in Cyprus.

To operate in the UK, Cyprus, Austria or even the Seychelles, a broker needs to be regulated by a financial authority of that jurisdiction. However, when we checked the online registers of the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Austrian Financial Market Authority (FMA) and the Seychelles Financial Services Authority (FSA), we found that this broker is not licensed to operate by even one of them.

What this means is that this broker has been operating illegally without the requisite licenses.

Dealing with an unregulated broker puts your funds at risk because you are not guaranteed protection from the government in case you are scammed.

Plus500
$100
Minimum Deposit

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.

 

AvaTrade
$100
Minimum Deposit

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.

 

  • Using Client Data

Regulated brokers use client data for verification purposes only. However, when you go through UFT Group’s Privacy Policy, there is a very strange and worrisome condition in place. The broker states that besides using your personal information for verification, it can use this data for account manipulation. The broker does not clarify what this phrase means, except with an example of withdrawal of funds.

  • Third Party Risks

There is another clause that raises a strong red flag. The broker clearly states that your money can be passed on to third parties (such as banks, clearing houses, settlement agents, etc.) in order to ensure that Clients’ obligations to provide collateral are satisfied. Any loss you may suffer because of the broker passing your money on to these third parties is not UFT Group’s responsibility.

The really worrisome condition comes immediately after. The broker boldly states that there may be no segregation of funds in place when your money in passed on to these third parties.

A regulated broker has to – by law – ensure that their clients’ funds are segregated from their own.

  • Limited Trading Platform

Visually, UFT Group’s trading platform looks attractive. However, when you actually examine this web-based trading terminal, you realize that it does not offer any solid trading tools. You can only do a little chart customization or see some pending orders. Besides that, there isn’t much you can do with this platform.

It is best to find a broker that offers a much more professional trading platform such as the MetaTrader 4 software. This software is easy to use, has loads of tools such as charting, market analysis and automatic trading tools – all of which are customizable.

  • Misleading Information about Deposit Methods

When you check UFT Group’s website, you will see the logos of a large number of payment providers: Visa, MasterCard, Visa Electron, Skrill, Neteller, QIWI Wallet, WebMoney, Wire Transfer and Yandex Money.

However, when we checked the payments section in the client area, we found out that the only way you will actually be able to make payments is via debit or credit cards. The rest of the options advertised are not available.

  • Issues With Withdrawals

According to the withdrawal policy, clients are expected to have a free margin level of more than 30% before they will be allowed to withdraw their funds. Additionally, withdrawal requests will take up to 5 business days to process.

These conditions are unfair. No regulated broker demands that you have a minimum margin requirement to be able to take your own money out. And they definitely do not take 5 long days to process a simple withdrawal request. Most brokers take 24 hours or less to process such requests.

Now here’s the real kicker. All these conditions are pointless since there doesn’t seem to be a withdrawal section in the client area. You can only deposit money – not withdraw it.

This is a clear sign that this broker is a scammer that only wants to take your money!

  • Unknown Charges and Taxes

In its terms and conditions, UFT Group states that all its clients are subject to taxes and charges and they should go through their website in detail to understand what they are. The broker also states that these charges could change at any time without notice.

However, when we went through UFT Group’s website, we could not find any information on the kinds of charges that customers would incur. So, if you contract with this broker, you will be agreeing to pay fees and taxes – but you won’t know that they are until you are actually charged. Yet another scam tactic!

Conclusion 

There are so many troublesome clauses and conditions on UFT Group’s website that we have not been able to list them all. What we can say is that they are all designed to take your money – without you having a way to get your funds back.

UFT Group is a scammer and if you trade with them, you will lose your funds.

UFT Group

2.6

User Experience

3.5/10

Payment Options

2.5/10

Security

2.4/10

Support

2.4/10

Reputation

2.3/10

Pros

  • None

Cons

  • Cons Unregulated Broker
  • Using Client Data
  • Third Party Risks
  • Limited Trading Platform
  • Misleading Information About Deposit Methods

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

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.

 

AvaTrade
$100
Minimum Deposit

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.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.

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