Universe.co.com – Can We Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Universe.co.com - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
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://universe.co.com
Founded: 2023
Regulations: No Regulation
Languages: English, Russian, German, Polish, Bulgarian
Deposit Methods: Bank Wire, Credit Card, Cryptocurrencies
Minimum Deposit: €250
Free Demo Account: Not Given
Number of Assets: Not Specified
Types of Assets: Forex, Stock, Commodities, Indexes, Cryptocurrencies, Bonds, CFDs, ETFs
Trading Accounts and Conditions
Universe.co.com does not seem to offer their clients different types of trading accounts. From what we can make out, all traders simply have to register for one single account, for which the minimum deposit requirement is €250.
The broker also does not mention any of their trading conditions.
Universe.co.com – Advantages
There are no advantages to trading with Universe.co.com.
Universe.co.com – Disadvantages
Here are all the serious issues that tell us that Universe.co.com is a scam:
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Issues with Regulation – Clone Firm
The first sign that a broker is a scammer is their lack of regulation.
A regulated broker ensures that all information related to their regulation status is clearly provided on their websites. This means giving details of their company identity, location and contact numbers as well as the name of the authority regulating them and their registration and license numbers.
With Universe.co.com, we have little information. The broker claims to be headquartered in Ireland, and provides us with a UK number. However, they do not tell us the name of their company, or what their registration or license number is.
The lack of information is a red flag, but to give the broker the benefit of the doubt, we checked the online registers of the CBI (Central Bank of Ireland) to see if this broker was registered with them. We found out something interesting.
There is another broker – one that is regulated by the CBI – that has almost the same credentials, but not the same domain name. This revelation means that Universe.co.com is not just unregulated, they are actually a clone firm. A broker that steals another legitimate broker’s information and tries to pass if off as their own in a bid to appear legitimate themselves.
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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Blacklisted by FCA
The Financial Conduct Authority of the UK has also noticed Universe.co.com’s perfidy. This regulator has issued a warning against this broker, stating that they are operating in their country without the required permissions. Added to this, the authority has also stated that if traders do business with Universe.co.com, then they will not be given the protection that traders gets when they deal with regulated brokers.
Being blacklisted by a financial authority is clear proof of this broker’s scam.
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Issues with Trading Platform
Like many other scammers, Universe.co.com claims to offer their clients the best trading software in the market. This, of course is a lie, and here is how we know.
Legitimate brokers make the registration process easy so that we can check their live trading platform for ourselves. Added to that, they offer a free demo account where all prospective clients can check their platform and trading conditions in a safe environment.
This broker offers neither facility.
In fact, we were not even able to complete the registration process. This broker demands a secret key without which the registration process cannot be completed. This means that you would need to be expressly invited by the broker to be able to open an account with them.
This is a typical scam tactic, and the people who are usually given these invitations are novices who do not know any better.
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No Trading Conditions
The trading platform and the trading conditions are the only two offerings a broker has on the table. Therefore, they have to be world-class for a broker to be competitive.
We do not know what kind of trading platform this broker has, and now we also do not know what their trading conditions are. We do not know what the spreads and commissions – which tell us the cost of a trade – are. We also do not know how much risk (leverage ratio) a trader is allowed to take. We do not know the fees, the order execution methods, lot sizes and so on.
Without any of this information, it is almost impossible to decide whether it would be advantageous to trade with a broker or not.
Therefore, if you see a broker without trading conditions, then it is a warning to stay away from them.
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Unknown Payment Options
On their website, there are logos of multiple payment methods. We could be led to believe that Universe.co.com offers their clients credit card payments, bank transfers, e-wallets and even cryptocurrencies. However, since we could not access their client area, we could not check the real payment methods for ourselves.
We do need to mention that a crypto option does raise our suspicions. Scammers usually end up manipulating clients into making crypto payments (simply by eliminating all other payment options once you commit to dealing with them). This is because such payments are all permanent as well as being completely anonymous.
So, before you commit to a broker it is very important to check – and verify – their payment options. It would be best to use a credit card payment option if you are dealing with a broker for the first time. This way, if you do get scammed, then there is a possibility that you could get your money back by filing for a chargeback.
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No Withdrawal Policy
Despite having their legal documents in place, Universe.co.com has no withdrawal policy in place. The withdrawal policy tells us what the minimum and maximum withdrawal amounts are. We are also told what the fees (if any) for withdrawals are, and also if there are any conditions for withdrawal.
This lack of information is typical of scammers.
Conclusion
Universe.co.com is a clone firm, a total scam and trusting them with your funds would be a really bad idea.
Universe.co.com
Pros
- None
Cons
- Issues with Regulation – Clone Firm
- Blacklisted by FCA
- Issues with Trading Platform
- No Trading Conditions
- Unknown Payment Options
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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