UKTrade Review: this is the name of a Forex broker that hides its location details from the public but claims to offer excellent trading condtions. Is it safe to invest funds in UKTrade? Consider our reviews and see our expert take on this.
The most vital part of our reviews is uncovering if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
UKTrade does not mention where it is based but from its name, it appears to be parading itself as a UK-based Forex broker. Forex brokers in the UK are under the regulation of the Financial Conduct Authority (FCA). This authority, needs to give brokers a license for them to operate legally in the region.
But when we checked the online register of the FCA, we found that UKTrade was not registered as a broker.
Thus, we conclude that this is an unlicensed broker. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of UKTrade
UKTrade says that it offers ‘the world’s leading trading technology platform’. It also boasts of being the leader of forex market trends in developing trading platforms on the blockchain platform. for them to be ‘profitable’ by investing in bitcoin. Additionally, the broker assures clients that it will recover their capital in just one minute.
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It is common for Forex brokers to claim that they provide the best trading environment in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
UKTrade Trading Platform
The broker does not mention what trading platform it offers to clients. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots. Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
UKTrade does not also mention what trading instruments that traders would be able to use on its platform. This is a discouraging find. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The broker does not even mention the maximum leverage that it offers to clients as well. It is important to note that while some leverages may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders.
It also hides what spreads it allows for trading, this shows that the broker is not really serious. Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal Methods UKTrade
We found that UK Trade mentions supporting many withdrawal and deposit means but it does not mention them.
This is discouraging because one of the characteristics of a legit broker is allowing deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required is also not disclosed. This makes it impossible for us to know if it is within the average minimum obtainable among top brokers or not. Usually, many legit brokerages require between $100 – $250 or even lesser. The withdrawal conditions of this broker are hidden which is suspicious. Traders should know what withdrawal terms and conditions brokers use.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is UKTrade Licensed?
No. UKTrade is not a licensed brokerage and cannot be trusted. It tries to pass itself off as a UK-based broker operating but as we revealed, this is false.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
The Forex broker provides a message form for customers and an email address email@example.com
UKTrade has proven to be a broker unworthy of trust and thus, we rate it low. It also does not reveal enough information for us to go on with and tries to falsify some claims. Do not invest with any company that falsifies claims and hides many of its trading conditions.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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- No trading conditions detail
- No trading platform
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- No withdrawal and deposit information