Uniglobe Markets Forex broker has been around for some years now. The broker offers online Forex and CFD trading services to clients around the world. There are several things that every Forex trader should pay attention to before opening an account with any broker. In order to save your hard-earned money and also avoiding the anguish of knowing you have been conned, let us go through some of the features of this broker.
Uniglobe Markets Review
What is Uniglobe Markets Forex broker?
Uniglobe is a company formed and registered to offer trading services in currency pairs, commodities, indices, CFDs, and metals. The official website displaying the broker’s information is owned and operated by Uniglobe Markets Limited. The address of the company is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands. According to the website, Uniglobe Markets is mandated to offer financial services through its official website under the Regulatory Laws of Marshall Islands, Registration #78101.
Absent from the website are details on whether the broker is licensed by any well-known body to offer Forex trading services. The main regulatory bodies which issue FX trading license include FCA, FSB, and CySEC. Almost every other online broker will proudly display their license details and yet Uniglobe has nothing to show. In this Uniglobe markets review, we will find more reasons why you should keep away from this broker.
It is not hard to see why the people behind this firm picked the Marshall Islands to set up a Forex brokerage firm. For starters, the sprawling islands are well known for being among the top tax havens of the world. As such, it becomes hard to follow up on any money that enters the territory. The other reason is that the Marshall Islands is not among the best financial regulators in the world. Based on the licensing and registration aspect alone, you should consider giving this broker a wide berth.
Trading at Uniglobe markets
There are five different types of accounts which you can choose from. The most basic is the Micro account which allows you to deposit only $10 as the initial deposit. While this account may seem attractive, you will find that the leverage provided by the broker is a whopping 1:500. Such a high leverage almost always leads to a trader not only losing their investment but more than what they have in their account. Little wonder then that Europe is fighting to have brokers maintain leverage at 1:30 and Japan at 1:25. The second account is Mini which requires a minimum deposit of $100. The Standard and ECN accounts require $500 while ECN Elite requires $10,000. As for the spreads, the broker is competitive as it starts at 1.3 pips for a standard account.
Is Uniglobe legit?
There are several Uniglobe Markets reviews which claim that it is impossible to withdraw money from your account. Some of the traders claim that more than 400 days later after they submitted a request to withdraw, the firm is still giving excuses. www.uniglobemarkets.com scam is likely to be affecting many of those who have not taken their time either to review the broker’s website or read a Uniglobe Markets review.