Unionstock – Can You Trust Them With Your Money?

Website URL: https://unionstock.co

Founded: 2021

Regulations: Unregulated

Languages: English

Deposit Methods: Credit Cards, Bank Wire Transfers, Bitcoins, and Paytrio

Minimum Deposit: As high as         $250

Free Demo Account: N/A

Number of Assets: N/A

Types of Assets: Crypto, Forex, Commodities, and Stocks

Unionstock differs from other offshore brokers that are offering account tiers upon registration. Instead, they offer only one account type for everyone, which isn’t very well explained on their website, unlike other brokers, even if they are considered a scam. One main criticism that we can give right off the bat is how the website looks, as it isn’t intuitive and user-friendly at all, and browsing through it isn’t a pleasant experience.

The information they present isn’t straightforward; that’s why we can’t get that much information about the account that they provide. However, we can see Unionstock’s minimum deposit, which is $250, a very high amount when compared to other popular brokers in the competition. The account leverages are also speculated to go as high as 1:200, which isn’t beginner-friendly leverage at all. Anything from 1:200 and 1:500 is considered dangerous and will only prove a risky investment, even for those who already have experience with trading.

Unionstock – Advantages

There’s no clear advantage when using this website, and we don’t recommend spending any dime on them as they are clearly a scam and are only here for your money.

Unionstock. – Disadvantages

• Offshore Regulation

After some research, we have concluded that Unionstock is being operated in the Commonwealth of Dominica, somewhere in the Caribbean Islands. This region, in particular, is a hotspot for scammers, mainly because they lack regulations from financial authorities. Even though they have regulation agencies in Caribbean Islands, we have found out that Unionstock isn’t licensed and regulated in any way since Dominica is an unregulated area.

It would help if you always were careful when it comes to offshore brokers as, most of the time, they are proven to be a scam. They’re unregulated for a reason, and you don’t have any way to get your money once deposited.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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

Start Trading

Read Review

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.

• Exposed Company

Felicity Group LTD is the company that owns Unionstock, and it has been identified by European financial authorities as a scam recently due to their fraudulent activities that multiple clients are reporting.

• Trading Platform Issues

Unionstock was able to secure a MetaTrader 4 trading platform alongside a web-based one that can be used depending on your preferences. While they are marketed as the same but different in features and specifications, there are apparent differences on both trading platforms, a very heavy red flag that everyone should know. The MetaTrader4 platform has five pips more than the web-based one, which is a breach in terms and conditions, a classified violation by most financial authorities that regulate brokers.

Offshore brokers are already known for behaviors like this, manipulation of data, rules, and conditions on their website and existing trading platform. Despite having a MetaTrader4 trading platform, we don’t recommend Unionstock for anyone to try because of its predatory conditions and outright lying to clients.

• Very High Minimum Deposit

Having a very high minimum deposit for an offshore broker is pretty standard, mainly because they are only after your money, and they aren’t concerned with withdrawal. The standard minimum deposit for legitimate brokers hovers around $10 to $20, and some may even run promotions that offer deposits for as low as $5. An amount as high as $250 isn’t recommended for beginners as it is a total waste of money, considering the risk provided by this website.

• Manipulative Fees

Unionstock doesn’t specify their applicable fees that much, but we are confident that they are charging withdrawal requests, which is a very unusual move for a forex broker. Most popular ones don’t do this, and this is a trademark move that offshore brokers are highly known for. It is a hazardous one since they can easily manipulate the fees without even telling the clients. In the end, you will be just shocked that the fees have been modified, and you don’t have anything to do about it because you have agreed to the terms and conditions. Even if you could get past the fees, you wouldn’t still get your money since they are already verified, scammers.

To add to the withdrawal fees, they are also imposing a very long time frame for the withdrawal request, which they will process for an average of 7 days, which is a very long time compared to the 48 hours turnaround time by legitimate brokers.

• Dormant Account Policy

Unionstock has a dormant account policy that is a major red flag and is another predatory move from the forex broker. However, uncertain about this policy since on the terms and conditions, they state that accounts will be considered dormant after three months of inactivity. On their deposit and withdrawal policy section, it is said to be six months. If the company isn’t sure about its policies, then there’s no reason for you to be trusting them with your money. Three months and six months are still quite long and are a very early dormant period.

They also charge dormant accounts up to 10% per month, which is a very high percentage to be implemented on a dormant policy. Most legitimate brokers nowadays are only charging flat amounts for inactive accounts, which doesn’t hurt their balance since they are usually only ranging from $5 to $10.

• Presence of Bonuses

Deposit bonuses are almost present in many offshore brokers, but Unionstock’s website doesn’t specify what they are genuinely trying to imply. They clearly say that they have bonuses for their available clients. Still, they fail to provide any description for it, making it a very suspicious move, especially when it comes to depriving clients of information.

Conclusion

In conclusion, Unionstock is a predatory offshore broker that deprives its clients of information and resorts to using false terms and conditions to lure them into depositing money. They are also very uncertain of their policies, resulting in discrepancies in their implementation. The website alone is enough testament that Unionstock can be trusted as it looks very poorly and unoptimized. Deposit your money in legitimate brokers and not in offshore ones that are suspicious in the first place.

Unionstock

2.6

User Experience

3.3/10

Payment Options

2.4/10

Security

2.5/10

Support

2.5/10

Reputation

2.1/10

Pros

• None

Cons

• Offshore Regulation
• Exposed Company
• Trading Platform Issues
• Very High Minimum Deposit
• Manipulative Fees