UnitForex Review: Reasons to Stay Away From this Broker
UnitForex Review, As there are many ads online that promise you fast and easy earnings by trading, it’s very easy to fall victim to one of them. And surely, UnitForex can seem very convincing with their cool-looking website, but the truth is much different.
Mainly, they are just one of many investment scams that are lurking out there and just waiting for innocent people to fall into their trap. UnitForex broker is based in the offshore haven, St. Vincent and Grenadines and they are unregulated.
This and many other things about this broker, you will find in this UnitForex review, so sit back, relax, and read on.
|Unit Forex LLC
|Unregulated scam broker
|1st Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown,
Saint Vincent and the Grenadines
|Deposit bonus 30%
UnitForex Regulation and Security
The most important information about a financial services provider is its regulatory status. This ensures that you as a trader will be safe when conducting your business with a company in the trading world.
But in the case of the UnitForex, we can say confidently that there isn’t any regulation whatsoever. This is because the first thing that strikes us about the UnitForex website is it doesn’t name an owning company.
We checked the Terms and Conditions in hopes of finding anything, but both the T&C and legal documents are blank. Because of that, the UnitForex is completely anonymous and we don’t know who we are dealing with.
Additionally, the only address the broker provided was in the favorite scam haven, St. Vincent and Grenadines. And even though the SVG does have a regulatory body, we have to inform you that the SVGFSA doesn’t actually overlook forex and CFD trading.
In other words, UnitForex is an unregulated scam broker that you should avoid at all costs. On top of that, Top Assets Trades is also an unregulated offshore scam that you should avoid.
Broker’s Trading Software Overview
On the UnitForex website, we saw that the broker offers an industry veteran, MetaTrader4 trading platform.
With over 25 years in the industry, MetaTrader4 offers a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
But just because UnitForex has a good trading platform, you still shouldn’t overlook the fact that they don’t hold any regulation. It’s not unknown for illicit brokers to manipulate the platform in order to get you to deposit more.
Deposit and Withdrawal Process
UntiForex offers the following deposit methods:
- Visa or Master credit or debit card
- Wire transfers
- Crypto (BTC, ETH, USDT)
- E-wallets (Skrill, Neteller)
On the website, we saw that the broker doesn’t charge any fees for both deposits and withdrawals. As for the withdrawals, it’s stated that the processing time is instant except for wire transfers where it takes between 2-5 business days.
Account Types at UnitForex
Let’s look at UnitForex’s available trading accounts. The broker offers four different types:
- ECN Pro
We were a bit confused when it came to the minimum deposit because the broker stated that both the $10 and $50 are minimum deposit requirements.
Either way, as much as the minimum deposit requirement is small and sounds tempting, you still shouldn’t forget the fact that they have no regulation, so don’t deposit anything with them.
Additionally, the leverage UnitForex has set the leverage at 1:500 which automatically violates the rules ESMA has set, where it is stated that the leverage can’t cap 1:30.
The only good thing we saw is that the broker does offer a Demo account. This is a good way to test out the broker before deciding to deposit with them.
How Does the Scam Implement?
Trading scams basically have the same principle that is being carried out through different websites and by different brokers.
Nonetheless, the core remains the same. The broker first gets your personal information if you have left it on some sketchy sites and then the constant harassment starts.
It is important to note that scams like this one can happen to anyone. The agents calling you are persuasive professionals who scam people for a living. Even if you say no, they will continue to call you until you agree to make an initial deposit. If you are being harassed in this manner, we suggest you contact the local authorities.
In this UnitForex broker review, we gave you a good insight into how this offshore broker operates. It comes as no surprise that they are just an unregulated firm that not only has no licenses for providing trading services but has also been issued an official warning by Switzerland’s FINMA. In terms of trading, they allegedly offer forex, commodities, crypto and indices.
The platform they advertise is MT4 and there is allegedly also a demo account so you can try it all out. As for the minimum deposit it is fairly low with it being $50, but the leverage is too high with the maximum being 1:500. Something you will never see with a well-regulated broker.
FAQs About UnitForex Broker
Is UnitForex Regulated?
UnitForex is not only unregulated but they have also been issued a warning by FINMA for providing fake trading services.
Is My Money Safe with UnitForex?
No, this broker has no regulations in place to ensure your money is safe so stay away from them.
Does UnitForex Offer a Demo Account?
This broker does allegedly offer a demo account if you want to sign up and try out their MT4 platform.