Ualgo claims to skyrocket your trading strategy by providing excellent trading conditions. However, the parent behind this company is facing warnings from CNMV and the FMA. And this proves that we are dealing with an unregulated platform. Ualgo.com is a high-risk platform whose owner might decide to close shop and leave members hanging. So we have to expose the risks seen on the platform. Learn more in our exclusive UALGO REVIEW.
There’s little to write home about regarding their background and history. Ualgo hides such details and is only interested in members signing up with the platform. The platform claims to be a respected CFDs provider in the industry.
No one has heard about them despite claiming to gain recognition all over Europe. The parent company also has another blacklisted platform, TradeVtech. And this is one of the reasons that made the platform stand out.
The owner wants to enlarge his trap after the initial trading platform was flagged down. We have seen this happen before, and you need to be extra vigilant. It’s a group of offshore brokers who want to penetrate the European market.
When looking for a viable way to invest, you need to sign up with proven platforms. Go for platforms backed by experts. Industry-recommended platforms guarantee safety and a chance to make reasonable ROI.
Ualgo, on the other hand, offers investors lame excuses as to why they can’t withdraw. Just like their sister platform, members, too, can’t withdraw from the platform. And this is the reason we have to expose the platform.
You should ensure you do a thorough investigation before signing up with a platform. One way is by reading our reviews on crypto and forex investment platforms. Our insight will help you make a more informed decision.
Ualgo offers four account types to choose from. These accounts include Bronze, Gold, Platinum, and Diamond. The accounts come with a different set of features. We must, however, point out the platform doesn’t list the acceptable leverage.
Let’s take a closer look at the four accounts;
Bronze
It’s the most basic account, with investors having to deposit $500 to get started. You should know the industry has set $250 as the acceptable minimum deposit. Any platform asking for higher amounts is taking advantage of investors.
Gold
For the Gold account, members must deposit $1,000 and get little to no trading advantage. However, some of the available features include equities and indices at $13 per lot. You also get a free online financial course.
Platinum
There’s an acceptable minimum deposit of $2,500 with this plan. Members get one-on-one training and a trade size of 0.2. Members get equities from America and Asia at $9 per lot. There’s no leverage or maximum order size.
Diamond
It’s the most exclusive account, with investors having to deposit $5,000. In addition, the account comes with an account manager and all the above features. Without leverage information, we believe the platform plans to take full advantage of it.
Regulators have set 1:100 as the acceptable leverage. In the states, regulators insist on 1:50 for retail trades. We suspect Ualgo.com is going for leverage of up to 1:1000. It’s in clear violation of trading regulations.
Diamond and Platinum account holders have analyst managers on their features. These managers are instead soliciting funds from members. Instead of offering advice, the managers ask for deposits to invest in other ventures.
You will receive a call from these managers urging you to invest funds with them. The analyst will claim to have an exciting investment opportunity. With limited slots left, you are to sign up and deposit fast.
One thing the analyst fails to mention is when the members will start receiving the payouts. Weeks will go by without any word from the analyst. When you contact support, there’s an excuse the analyst is away.
The platform will replace the analyst with a new one, and hope you won’t bother. But, unfortunately, those who keep pestering the platform have their credentials deleted from the system. And this is how some members have lost funds with the platform.
UMedia LLC is the entity that runs the platform. As we mentioned earlier, the company is facing several warnings from regulators. The FMA was the first regulator to flag the entity due to unreasonable trading conditions.
We also get to know that the platform hides their true identity. So, for example, the names of the CEO or CFO are not found on any company documents. We also don’t get to see the names of staff members working for the platforms.
And this goes to prove Ualgo is an anonymous investment platform. Anonymity is the last feature you would want in an investment platform. The best way to move forward is to ignore unknown platforms.
There’s no direct contact as the chat uses bots to answer usual questions. So the platform ensures there’s no direct communication with users. And this is the reason why we have to shun utilizing the platform.
A trading platform should be open to members at all times. Members need to contact support during the investment period. What we have is an attempt by the platform to avoid communication with investors.
You can only deposit via bank and wire transfers. The platform doesn’t allow anyone to deposit via crypto. Depository channels include Maestro, MasterCard, Skrill, and Visa. Once you deposit funds, the amount will appear in your trading account within 24 hours.
There’s no need to deposit funds as withdrawing your profit is another different ball game. So for weeks now, the platform doesn’t allow anyone to withdraw funds. And this is the reason why we have to flag the platform.
Ualgo is not a regulated platform and faces warnings from CNMV and the FMA. These regulators have flagged the parent company for non-compliance. And this means your funds are at risk with the platform.
An unregulated platform will evoke any conditions they feel like. And this means imposing high depository amounts and harsh trading conditions. So it’s best to shun such platforms and go for regulated entities.
When selecting which platform to use, ensure you choose one regulated by credible institutions. These include ASIC, BaFIN, CFTC, CNMV, CONSOB, CySEC, FCA, NFA, and the SEC. The regulator ensures all parties adhere to trading rules.
You get a custom-built trading platform that is highly unstable. Members have been complaining of slow market execution. The platform also lacks advanced trading tools to help investors make better trades.
We recommend using world-class trading terminals with a proven track record. These include MT4, MT5, and SIRIX. In addition, you will have over 50 indicators and technical analysis tools. These are the best trading platforms to use.
Your funds are far from safe with an anonymous and unregulated platform. The platform fails to comply with regulations and faces a warning. There’s no segregation of accounts or insurance cover for deposits made.
With complaints coming in by the droves, it’s best to stay away from Ualgo.com.
There’s no way we would recommend a platform blacklisted by CNMV and FMA. So please stay away from it.
Go for verified investment platforms that offer innovative solutions. It’s the best and safest way to invest.
If you have any queries, drop a comment or write to us.
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