UniqueFXTrade Review: this is the name of a Forex broker that claims to be based in the United States and offers an excellent trading platform. Is it safe to invest funds in UniqueFXTrade? 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.
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UniqueFXTrade discloses that it is based in the United States of America and also in Belize. Forex activities in these regions are under the jurisdiction of the CFTC and IFCS. When we checked the online register of these authorities, there was no mention of the UniqueFXTrade.
Instead, what we found are online warnings against trading with the broker. In fact, its website was suspended.
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 UniqueFXTrade
As we could not access the website of UniqueFXTrade, there is no way we could find out what advantages it claims to offer to its clients. Yet, even if they offer juicy trading environments, don’t fall for it.
It is common for Forex brokers to claim that they provide the fastest trade execution speeds 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.
UniqueFXTrade Trading Platform
No useful information is provided about the trading platform provided for clients of the UniqueFXTrade Forex broker. Our research shows that it only provides a third-party trading terminal that displays charts that are not clear about what.
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.
UniqueFXTrade does not mention trading instruments that it offers to traders. This is not advisable for any serious brokerage. 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 maximum leverage offered to clients is also hidden. It is equally important to know that while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders
It does not also mention what spreads it uses. 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 UniqueFXTrade
We are discouraged that UniqueFXTrade does not reveal its withdrawal and deposit methods to the public.
This is not a characteristic of a legit broker because they usually make 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 not also announced. This is quite dubious because we cannot determine if it is higher than 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 not listed, which is suspicious.
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 UniqueFXTrade Licensed?
No. UniqueFXTrade is not a licensed brokerage and cannot be trusted. It falsely claims to be registered in the US and Belize and licensed by the CFTC and IFCS.
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.
There is no way for customers to get more information about this broker as it does not provide any means of contacting it.
UniqueFXTrade has proven to be a broker unworthy of trust and thus, we rate it low. It does not reveal enough information for us to go on with and tries to falsify some claims. Do not invest with any company that intentionally withholds information from the public.
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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- Unclear trading conditions
- No license
- No customer support
- Unclear deposit and withdrawal