Ontario Securities Commission is issuing a warning regarding investing with UnicoFX. The platform was exposed after failing to allow Canadian traders to withdraw. Most members get to invest and trade on the platform; however, withdrawal is a major problem. And now, Unico FX is turning its head to European investors. We have to expose the red flags found on unicofx.com and protect investors. Here’s more in our detailed UNICOFX REVIEW.
UnicoFX tries to sell its success story to investors on the about us page. The platform claims to have over 800 forex trading instruments under its wing. These are false narratives meant to lure investors into depositing and starting trading.
Several issues immediately caught our eye with the platform. One of them is that the platform has no background or history. For all we know, the platform could be led by naïve investors.
If you try and make a call, the receiver will take your information and promise to call you later. The receiver attempts to link you to a call agent who will insist on you signing up. These agents are mere call agents and earn commissions with every deposit made.
Looking at the homepage, the platform looks ideal to members. We have appealing aesthetics that make it look professional. But, under the glam, there’s a lot of missing information. And that’s where we have to point our readers.
You will note that the platform fails to mention any relevant information on the homepage. So we have a platform claiming to offer limitless trading opportunities. And yet, members face a withdrawal limit on the very same platform.
Experts recommend that you join a proven investment option before signing up. First, it will help give you a more insightful approach to trading. Then, go for the best investment strategies backed by experts.
You should also ensure you research a platform before committing to it. Make sure to check and confirm with the community regarding the expectations. Try and find out the experiences of other users before signing up.
UnicoFX furnishes investors with four trading tiers. These include Standard, Silver, Gold, and Platinum. Each of these accounts offers floating spreads, and hedging is possible on all these four accounts.
Here’s a closer look at each of these accounts;
Standard
For the standard account, the platform insists on a minimum deposit of €1,000. The maximum you can deposit with the standard account is €5,000. Members get expert advisors as the platform promises negative balance protection.
Silver
You have to deposit €10,000 and a maximum of €20,000 to start trading with the platform. Leverage of the silver account is 1:50, with members getting a personal trader. The minimum trading volume is 0.01 with no first operation risks.
Gold
Members have to deposit a minimum of €25,000 and a maximum of €50,000 to get started. There are three base currencies available on all three accounts. You also get a personal trainer with the gold account.
Platinum
It’s the most exclusive account, with members having to deposit a minimum of €100,000 and above. The maximum leverage is 1:200, with members getting 12 first free risk trades. We see a platform that targets institutional traders with this account,
We have to expose the blatant extreme features of some of these accounts. One of them has to be the exorbitant acceptable minimum deposit on these accounts. Again, you have a platform that doesn’t follow a set regulatory framework.
When it comes to the minimum acceptable deposit, the industry sets €$250 as the acceptable required amount. So any platform asking for more is taking advantage of investors. And this is especially so if the platform faces a warning from a reputable regulator.
The other issue is the maximum leverage found with the platinum account. You have to trade with a maximum leverage of 1:200. That’s not fair as the platform doesn’t follow set regulations.
High leverage means putting your trading position at risk. But, on the other hand, the platform will benefit greatly from your losses. That’s why regulators insist on a maximum leverage of 1:100 on all forex trading assets.
The so-called professional trainer or account managers are mere hired call agents. These agents will claim to have lucrative open positions for you. All you have to do is take part and wait for the profits to soar.
After a few weeks, you won’t have heard from the account manager. The platform replaces them with a new manager to fool you. We see a platform sending excuses as to why these managers are unavailable.
Opening an account with the platform is straightforward. You have to fill in the required fields, deposit funds, and start trading. Unfortunately, we have a problem with their account verification, another red flag.
The platform will wait until you hit the withdrawal tab for it to verify your account. And they do this knowing that you will do anything to have your funds. Some of the verification documents required include a copy of your ID, credit card information, and bank statements.
We don’t see why the platform asks for such vital documents. There are other ways of verifying documents, such as a two-factor authentication process. But unfortunately, that will not happen as the platform wants to sell your information to third parties.
There are five classes of trading instruments available on the platform. These include commodities, cryptocurrencies, forex, indices, and stocks. In addition, you get to trade commodities such as bonds, crude oil, natural gas, and more.
There are over 800 cryptocurrencies found on the platform’s available crypto list. In addition, the platform offers several pairs of cryptos against each other. We also see leading crypto coins paired against major currencies.
You get over 1,800 ticker matches available on the platform. It gives you a wide array of assets and a way to spread your risks. Unfortunately, there are indicators available on these assets which don’t offer accurate information.
Some of the indices found include well-known indexes such as Dow Jones and S&P 500. These indices are a gem for day traders who use the markets to determine prices. As a result, you get to trade on the world’s biggest market stage.
Stock trading happens to be at the core of the platform’s trading. You get to trade shares of leading companies. There are over 5,000 ticker matches from companies of different sectors. These include manufacturing, tech, textile, and more.
No name is available regarding the persons running the platform. Unico AUST PTY is the parent company we are told owns the platform. There’s no business registry matching this entity anywhere in the world.
And this makes UnicoFX an anonymous investment platform. You need to stay away from anonymous platforms or risk losing your entire funds. The platform in question has no way of protecting investors.
UnicoFX does not offer any protection to investors and fails to comply with industry regulations. These are the hard truth the platform wants to hide from investors. Don’t invest with an unregulated platform.
Your funds are far from safe with a platform that fails to follow a legal framework. In addition, the platform fails to offer insurance cover to deposits made by clients. We have to expose the store for failing to honor safety and security features.
Please stay away from the platform; it’s unregulated and offers harsh trading conditions.
Join reputable platforms and make strong investments that offer delight to investors.
Feel free to leave a comment or email us with any queries.
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