The forex market undergoes daily transactions worth trillions of dollars, making it one of the world's most liquid and volatile markets. While volatility poses a significant risk to the safety of clients' investments, scammers also have found their way into this lucrative market, using various tactics to defraud unsuspecting traders. One such scam is the alleged Uniglobe Markets, where traders have reported losing their investments to this brokerage firm. This article will delve deeper, highlighting the broker's fraudulent activities to help you protect yourself from such scams.
Uniglobe Markets - A Quick Overview
Founded in 2020, Uniglobe Markets (https://www.uniglobemarkets.com/) is a forex and CFD trading firm. With its headquarters in the UK, the company claims to serve clients worldwide except for specific jurisdictions. While the broker boasts cutting-edge trading platforms and tools, it also takes pride in offering robust market conditions and round-the-clock customer service. However, we doubt the company's credibility as it neither discusses its regulatory status nor mentions the employed safety parameters.
Is Uniglobe Markets Regulated?
No! Uniglobe Markets does not appear to be regulated by any reputable financial authority.
Being headquartered in London, it should have FCA regulations to operate within the country. However, no matching results appeared on the British regulator website when we tried to trace it.
Uniglobe Markets' customer feedback is primarily negative. The significant issues reported at Brokersview relate to withdrawal difficulties and concerns about manipulated trades. These issues have resulted in a need for more trust in the company among some clients. From different online resources, the broker is suspected of paying positive reviews.
What Makes Uniglobe Markets A Scam?
· Firstly, the fact that the website needs to mention its regulatory status raises concerns about the legitimacy and transparency of the company's operations.
· Additionally, poor response from clients regarding withdrawals suggests that the company fails to fulfil its obligations to its customers. Reports of manipulated trades and sudden account losses only add to the doubts surrounding the company's malpractices.
· Furthermore, allegations of paid reviews further doubt the credibility of any positive feedback or testimonials about Uniglobe Markets.
· Lastly, the company provides a London address and contact phone number. Still, having no regulation in the UK or any other country raises red flags about the company's legitimacy and intentions.
How To Stay Safe?
Avoid companies with the abovementioned traits and always opt for regulated and transparent financial services providers. BrokersView plays a vital role in helping traders select a suitable broker and provide up-to-date information on the latest industry news and regulations. Besides reading clientele feedback, you must check a broker's regulatory status with concerned regulatory agencies before staking your funds.
Whatever you trade, conducting thorough research and seeking advice from trusted sources is essential before investing with any financial entity. Remember, a newly established regulated broker is better than a reputable non-regulated firm. At least regulations strengthen you to fight for your right should a broker breaches the code of conduct.