Universal FX Market – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Universal FX Market - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$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://universalfxmarket.com
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Visa, MasterCard, Razorpay, Bitcoin
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Shares, Cryptocurrencies
Trading Accounts and Conditions
Universal FX Market offer their clients three different account types for trading: Standard, ECN and Islamic. However, the broker hasn’t specified the trading conditions for each of these types of trading accounts.
It is on the broker’s Markets page that we found some trading conditions mentioned: the maximum leverage is 1:500, commissions start from 0.08%, and you don’t have to pay UK stamp duty. There is no mention of what the spreads may be and we do not know what the minimum deposit amount is.
Universal FX Market – Advantages
We could not find anything positive to highlight about Universal FX Market. This is not a broker you should trust.
Universal FX Market – Disadvantages
Here are all the reasons why we believe that Universal FX Market is a scam operation and needs to be either reported or avoided completely:
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Lies About Regulation
Universal FX Market goes out of its way to claim that they are a fully regulated brokerage. The broker boldly states that they are regulated by three of the top regulatory bodies: the FCA (Financial Conduct Authority) in the UK, the ASIC (Australian Securities and Investments Commission) in Australia, and the FSCA (Financial Sector Conduct Authority) in South Africa.
The problem is that this broker has not provided any proof of these claims. There is no license number, registration number or any other certification to prove that they are regulated as they claim.
Furthermore, the contact information that this broker has provided is fake. The phone number they have listed on their website is (888)000-000. The email ID is [email protected]. There is no company name provided and neither is there is a physical address given. So, we are basically dealing with an anonymous entity.
Despite all these red flags about Universal FX Market’s corporate identity, we did our due diligence in checking the online registers of all the financial regulators mentioned by this broker – the FCA, the ASIC and the FSCA. We were completely unsurprised to see that there is no broker by the name of Universal FX Market listed with any of these regulators. Therefore, we can safely say that this broker has lied about their regulation status.
All in all, our investigation has revealed that Universal FX Market is an anonymous and unregulated 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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Issues with Website
Universal FX Market’s website is so shabby that we need to show our readers what a scam website looks like. A large number of the links on this website don’t work. There are fake claims of having won awards – but no proof (such as links to the award sites). And half of the website is in Latin!
This is an incomplete website, put together in a hurry, and the only people it will fool are complete novices who have no idea what to expect from a good forex broker.
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No Legal Documents
Despite going through Universal FX Market’s website thoroughly, we could not find any legal documents anywhere. This is a clear sign of a scam. Legal documents are a critical part of any broker’s website, since this is what tells traders what to expect from that broker. It tells traders about the trading conditions, the policies, the terms of service, the fees and commissions, and so on. Without these documents in place, the broker can take serious advantage of a trader.
This is the reason why we strongly advise all traders to take the time to read through the legal documents on any broker’s website. And if there are no legal documents available, then that is a huge signal that you are dealing with a scammer.
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Lies About Trading Platform
Universal FX Market claims to offer their clients the world’s best trading platform – the MetaTrader 5 software. However, when we checked their website, we could not find a single link to that software – there is no way to download the MT5 platform or even access a web-based version of the software.
Therefore, we can conclude that this broker’s claims of offering the world’s best software is just another lie meant to attract traders to invest with them.
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Issues with Accessing Account
We would also like to point out that we were unable to open an account with this broker. When you click on the Open Account button, you are simply taken back to Universal FX Market’s homepage. This leads us to believe that this broker actually targets specific traders and gets in touch with them directly in a bid to con them into parting with their money. This is yet another tactic typically used by low-grade scammers.
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Issues with Trading Conditions
We could not find out what the minimum deposit was. We also could not get any information on the spreads. We did, however, find out that the maximum leverage is 1:500, which is extremely high – and illegal (in the UK and Australia, the maximum allowable leverage is 1:30). While commissions are mentioned, details on the types are not provided.
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High Returns Promised
The only thing this broker promises are high returns, but fails to put a number to them. We would like to point out that no broker can promise returns – high or otherwise. The forex market is volatile that traders lose more money than they make. This is the reason why regulators demand that brokers publish how many of their clients have lost money while speculating on the market (about 75% to 85% of traders lose money!).
Conclusion
Everything about Universal FX Market is a lie. We are clearly dealing with a really sloppy scammer that isn’t worth anyone’s time or money.
Universal FX Market
Pros
- None
Cons
- Lack of Regulation
- Issues with Website
- No Legal Documents
- Lies About Trading Platform
- Issues with Accessing Account
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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