UKTrade – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
UKTrade - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2020
The broker is owned by a company called UK Trade Global Limited, based in the UK, and with offices in both England and Wales. We did find the company’s registration on the UK’s Companies House website, but it they had not submitted their confirmation statement, which was overdue. This means that this registration has lapsed.
Furthermore, it isn’t the Companies House that issues licenses to operate to forex brokers. To be able to offer its financial services in the UK, UKTrade needs to be regulated by the Financial Conduct Authority (FCA). Ironically, this broker has no such license from this regulator.
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://uktrade.global
Founded: 2020
Regulations: Unregulated
Languages: English
Deposit Methods: Unknown
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Foreign Currencies
Trading Accounts and Conditions
UKTrade has not given any information on its website about the types of accounts it offers. The broker has also omitted to mention what its trading conditions are.
UKTrade – Advantages
There are no advatanges to trading on UKTrade’s platform. In fact, we recommend that all users avoid doing business with this broker.
UKTrade – Disadvantages
UKTrade is clearly a scammer. Here are all the reasons why we say this:
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Unregulated Broker
The broker is owned by a company called UK Trade Global Limited, based in the UK, and with offices in both England and Wales. We did find the company’s registration on the UK’s Companies House website, but it they had not submitted their confirmation statement, which was overdue. This means that this registration has lapsed.
Furthermore, it isn’t the Companies House that issues licenses to operate to forex brokers. To be able to offer its financial services in the UK, UKTrade needs to be regulated by the Financial Conduct Authority (FCA). Ironically, this broker has no such license from this regulator.
All this information means one thing – this broker is operating illegally; it isn’t regulated.
There are two key reasons why we strongly recommend that all traders only do business with regulated brokerages. Brokers can go bankrupt due to the inherent volatility of financial markets. And the second is that there are a lot of scammers who operate in this industry.
If you deal with a regulated broker, you are protected from both these risks. Regulated brokers are required to protect their customers’ funds by segregating client accounts from their own. And they have to participate in compensation mechanisms that will protect their customers in case the broker goes bankrupt.
Scammers cannot be regulated because to get a license with most financial authorities the applicant is required to a minimum capital requirement. For example, to get a license from the UK’s FCA, you need £730,000 as capital at all times.
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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Binary Options Broker
Even though this broker claims to offer Forex trading, UKTrade is actually a binary options brokerage. Binary options trading has been banned in the UK, Europe and the US for some time now because of the manner in which unscrupulous brokers were scamming traders.
Therefore, this broker is not just operating illegally, but is also offering illegal trading. What can be a clearer sign than this that this broker is scam?
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No Option to Register
On UKTrade’s website, there are multiple links inviting you to open an account on its platform – there is a Invest Here, Start Now and Open Demo Account Here button. However, when you click on any of these links, you are taken not to the registration page, but to the account login page.
It seems to us that this is one of those scam brokers who will only give you your registration details once they contact your themselves. This suspicion seems very plausible considering the broker states that you can login with the details that have been sent to you by email.
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Unknown Trading Platform
This broker does not specify the type of trading platform it offers its customers. The only hints we get is from the pictures they have displayed on their website.
A broker will usually clearly display the kind of platform it offers, especially if it is the MetaTrader 4 or MetaTrader 5 software. This is because the trading software is the key to trading with any broker. So, its absence clearly indicates that things are not right with UKTrade.
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Lack of Key Information
All the information that you need to help you decide whether you wish to do business with a broker or not is missing here. UKTrade has not given details of the trading accounts available. Plus, critical information such as trading conditions, payment options, the trading platform and so on are also missing.
As we said, we do not know what kind of trading platform this broker is offering. Plus, we do not know the trading conditions being offered. Therefore, if you contract with this broker, you will go in blind – you will not know your trading costs. You will not have any information about the leverages offered, or what the spreads are, or, for that matter, any other trading costs.
The only hint that this broker gives about its payment conditions is that it offers many options. That’s it. There is also no information about the minimum deposit requirements.
This broker seems to be a blackhole of information, which clearly tells us that this is a scam operation from which you should stay far away.
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No Legal Documents
Even the legal documents are missing from UKTrade’s website. And this is a massive warning to all to stay away!
The legal document is an extremely important document as it is the contract between the broker and the client about the terms of service. Without this document in place, this broker can do whatever it wants with your money and there is no way you will be able to protect yourself.
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Very Poorly Designed Website
You would think that the broker would at least make an effort to create an attractive – and intelligible – website. Unfortunately, no. This is a tacky website. The website is available only in English and the language is very poor.
Conclusion
UKTrade is a scammer and if you invest your money with this broker, you will never see that money again. We recommend that you stay away from this broker and find another broker – one that is regulated and honest.
UKTrade
Pros
- None
Cons
- Unregulated Broker
- Binary Options Broker
- No Option to Register
- Unknown Trading Platform
- Lack of Key Information
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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