UXTrades Review: Avoid UXTrades.Com at Any Cost
UXTrades Review, This is just another scam broker, who is trying to attract as many new users as possible with a fake site in order to carry out his scam. Most of the information on the site is incorrect. And lots of the information that should be transparent and presented in detail is largely missing.
All we found about the UXTrades company is a support email address, and different phone numbers for the different countries they operate in.
Company registration is completely unclear. All it says is the registration number: HE 367623. The address on the website is in the United Kingdom, London, 122 Leadenhall St.
If you want to get detailed information about why we do not recommend UXTrades broker, read our UXTrades review to the end.
|Headquarters||United Kingdom, London, 122 Leadenhall St.|
Regulation and Fund Security of UXTrades
When the provider of financial services is legitimate, its website provides its users with information about the ownership of the company, the licenses it possesses, detailed information about the headquarters of the company, and the conditions of delivery that it implements with users. UXTrades does not state any of that.
The lack of documentation indicates that it is a fraud. To further support this statement we’d also like to point to the fact that the terms and conditions as offered on the website are governed by Bulgarian law for some reason, and will be interpreted in accordance with English laws, according to UXTrades.
Any regulation they have would have to be strictly under the Financial Conduct Authority which is in charge of overseeing the Forex market in the United Kingdom. The FCA also prohibits issuing bonuses to clients, although on the UXTrades website you will see the conditions under which you can receive a bonus.
UXTrades is another broker that lies to its users about the company’s regulation, and we confirmed this by checking the FCA registry and finding no mentions of UXTrade. Most important of all, UXTrade has been identified as a fraudulent online trading platform by the FSMA and has a warning issued against them.
Trading Platform Available
As expected, the trading platform that UXTrades offers its users is a kind of web trading software. Given that UXTrades does not offer a Demo Account, we did not get to see what the trading platform looks like.
Regulated companies usually offer a Demo Account option, so that clients have time to explore the platform and see if it suits their needs before investing money.
Of course, this is not the case with UXTrades scam broker. Essentially, it is not important to check the trading platform when it comes to fraud, because even if it is a revolutionary trading platform, it will not mean much to you when you run out of money through it.
Account Type Offered at UXTrades
UXTrades has 3 account types that it offers to its customers. The accounts are Bronze, Silver, and Premium. Each features a different opening balance with higher-ranking accounts offering various benefits to clients.
Saving the best benefits for the most expensive account is a common tactic used by scam brokers to get their clients to immediately invest a high amount of money.
Detailed information regarding the accounts is displayed on UXTrade’s webpage. Each account differs by some parameters. Such an offer cannot be considered legitimate because not all users are offered the same business conditions.
Deposit and Withdrawal Methods
The currencies accepted by UXTrades for payment are USD, EUR, and GBP. After registration, the client cannot change the currency they used to pay. In order for a deposit or withdrawal to be successfully processed, UXTrades requires appropriate personal identification documentation provided by email.
Deposits are accepted via credit cards and the minimum deposit that UXTrades requires is $250. It seems that although this broker accepts credit cards, it requires that they be used to purchase cryptocurrencies which are then deposited into the account.
This is very risky and not uncommon with scam brokers, as cryptocurrency transactions can be difficult to track. Chances are you will never get your money back because of this.
The minimum withdrawal amount is $100 by credit card or $1,000 by bank transfer. With the fact that withdrawal becomes difficult if the account received a bonus. In this case, a minimum trading volume of 25 times the amount of the bonus plus the deposit is required for withdrawal. Fraudulent brokers often use these terms to disable withdrawal requests and buy more time.
How Does The Scam Actually Work?
UXTrades does not run its scam any differently than other scam brokers do. It is an established pattern according to which the main goal of brokers is to extract as much money as possible from as many users as possible.
After that, they will disable all ways for users to get their money back, and when they become too famous for the fraud they have carried out, they will shut down the website and later appear under a different name and with a new website. It is important to be warned in time and avoid trading with such companies.
In this case, UXTrades disables its customers’ requests to withdraw funds through bonuses, which require an additional trade that the user must carry out, which is risky and difficult to achieve in a certain period of time. Some scam companies just shut down the user’s account.
Even if UXTrades was a licensed broker, which it is not, we would not recommend it to you. The conditions in which their clients operate are simply not acceptable.
In addition, there is no need to waste time and money, when you can trade safely and conveniently with verified brokers.
We believe that UXTrades should be completely bypassed and blacklisted as a broker. We hope this article was useful and alerted you in time.
FAQs About UXTrades Broker
UXTrades is not a regulated company.
How Much Is The Minimum Deposit for UXTrades?
The minimum deposit at UXTrades is $250.
Does UXTrades Offers a Demo Account?
UXTrades does not offer its clients the opportunity to open a Demo Account.