Is UniversalTrade Legit or Scam?
UniversalTrade is not a legitimate forex broker and should be avoided. Here’s a breakdown of the red flags that expose their scammy practices:
- Unregulated Broker: A critical aspect of a trustworthy broker is regulation by a recognized financial authority. Unfortunately, UniversalTrade lacks this essential oversight, raising serious concerns about its legitimacy.
- False Claims and Warnings: Despite claiming to be a reputable Swiss broker, they are not registered with the Swiss Financial Market Supervisory Authority (FINMA). Furthermore, the French regulatory body, Autorité des Marchés Financiers (AMF), has issued a stark warning against them, highlighting their dubious practices.
- Unreliable Trading Platform: The platform offered by UniversalTrade lacks essential trading charts, rendering it inadequate for serious trading.
- High Minimum Deposit: The minimum deposit for their basic account is a hefty $5,000, significantly higher than what legitimate brokers typically require. Their Elite account demands an exorbitant minimum deposit of a staggering $150,000.
- Limited Payment Options: They primarily rely on an obscure online payment system called Game Changers, raising doubts about their integration with established financial channels.
- Unclear Costs and Fees: UniversalTrade’s website lacks transparency regarding spreads for various instruments and charges fees for withdrawals.
Company Overview
Feature | UniversalTrade | Reputable Broker |
Regulation | Unregulated | Regulated by recognized financial authorities (e.g., FINMA, FCA, CySEC) |
Minimum Deposit | Starts at $5,000 | Typically starts much lower (e.g., $100 or less) |
Trading Platform | Unreliable, lacks essential features | Established platforms like MetaTrader 4/5 |
Customer Support | Unclear | Reputable brokers offer reliable customer support channels |
Services or Products
UniversalTrade claims to offer forex trading, but with major limitations due to their platform’s inadequacy and lack of transparency.
If you have lost money to companies like Cryptex, or FxWinning; please report it to us on our report a scam form.
Trading Platform & Leverages
The provided platform lacks essential charting tools, making it unsuitable for serious trading. While they offer leverage of up to 30:1 (considered standard), other crucial details regarding leverage for specific instruments are missing.
Spreads and Cost of Trading
UniversalTrade fails to disclose spreads for various instruments on its website. Additionally, they charge fees for withdrawals, further impacting trading costs.
License and Regulations
UniversalTrade is not licensed by any reputable financial authority. This lack of regulation allows them to operate without proper oversight, increasing the risk of scams and fraudulent activities.
Legal Warning Against UniversalTrade
The AMF warning specifically highlights UniversalTrade’s dubious practices, serving as a strong deterrent for potential investors.
Deposit and Withdrawal Methods
Their limited payment options raise concerns. Relying on an obscure system like Game Changers raises red flags compared to established payment methods used by legitimate brokers.
UniversalTrade Pros and Cons
Pros | Cons |
None Identified | Unregulated |
Falsely claims registration in Switzerland | AMF warning |
| Â | No reliable trading software |
| Â | High minimum deposit requirements |
| Â | Limited payment methods |
Why Dealing With An Unlicensed Broker Is Risky
Unlicensed brokers operate outside the regulations that protect investors. This lack of oversight creates a breeding ground for scams and fraudulent activities. Here’s what you risk by dealing with an unlicensed broker:
- Loss of Funds: Without regulatory safeguards, there’s a high chance your funds could be lost or misappropriated.
- Unfair Trading Practices: Unlicensed brokers can manipulate prices or employ unfair trading practices to exploit investors.
- Limited Dispute Resolution: If you encounter problems, resolving disputes becomes difficult due to the absence of regulatory oversight.
Client Feedback
Independent client reviews of UniversalTrade are scarce, further raising doubts about their legitimacy.
How Can “ReviewsAdvice” Help You If You Get Scammed?
Unfortunately, recovering funds lost to a scam broker is difficult. However, “ReviewsAdvice” can help you:
- Warn Others: Share your experience to prevent others from falling victim.
- Report the Scam: Inform relevant authorities to help shut down the fraudulent operation.
We will provide you recovery service recommendations, which will help you in recovering the lost funds or you can report to us today by the below form.
Get Your Money Back from Scammers.
Final Thought
UniversalTrade exhibits all the hallmarks of a scam broker. Their lack of regulation, dubious claims, and unreliable platforms make them a risky proposition for any investor. Always prioritize your financial security by choosing a reputable and licensed forex broker. Conduct thorough research and ensure the broker operates under the supervision of a recognized financial authority.
