Read this comprehensive UTrade Markets review to gain insight into the broker’s operations and the potential implications for investors. UTrade Markets presents itself as a leading broker in the Forex industry, a claim that appears impressive but is easily debunked. Unregulated entities like Utrade Markets often operate as scams, exploiting unsuspecting users. What exacerbates the situation is the broker’s dishonesty regarding its licensing status, making it capable of deceiving users into believing it is legitimate.
Utrade Markets epitomizes the archetype of a modern offshore broker, mirroring the characteristics typical of many fraudulent entities we scrutinize. With its unlicensed status, UTrade Markets poses a significant risk to users and their investments.
Website – utrademarkets.com
Address – Mauritius
Regulation Status – Unregulated, Offshore
Warning – Not recommended by review website like Brokers Complaint
Domain Age –
|November 10, 2022
|1 year, 2 months, 29 days, 14 hours, 58 minutes, 11 seconds
Is UTrade Markets legit or a scam?
The sole legal assertion made is that UTrade Markets is a fully incorporated broker in Mauritius, purportedly registered and regulated by the Mauritius Financial Services Commission (FSC). This designation would classify the broker as an offshore entity subject to regulation by a reputable offshore licensing authority.
However, the reality contradicts this claim, as UTrade Markets lacks regulation by the Financial Services Commission. Our direct inquiry on the regulator’s website yielded no evidence of UTrade Markets’ regulation. Consequently, it becomes evident that UTrade Markets’ assertion is unfounded. In essence, UTrade Markets operates without regulation in Mauritius, implying potential illegal incorporation within the country.
Compounding the issue, the firm fails to provide any legal documentation. Without such documentation, UTrade Markets operates with impunity, free to engage in actions that may harm users without any regulatory oversight to intervene.
UTrade Markets Review: Trading Software
Utrade Markets provides a trading platform that utilizes the widely recognized Metatrader 5, available in both web and desktop versions. While MT5 is considered an industry standard and offers unparalleled features, the mere presence of this software does not guarantee the credibility of a broker. Numerous fraudulent entities have utilized MT5, highlighting the risk associated with trading with unlicensed firms. Unregulated brokers may manipulate the software, undermining its reliability and safety. It is advisable to opt for licensed companies offering exceptional platforms, refusing to settle for anything less.
Registration was effortlessly completed, suggesting the broker’s haste to engage in potential scams, a common tactic. Therefore, all trading information is sourced directly from the website.
The leverage is capped at 1:500, accompanied by an average spread of 1.5 pips. While these trading conditions appear favourable, the broker’s dubious nature undermines their value. Available assets include forex currency pairs, commodities, indices, stocks, and cryptocurrencies.
Despite the promising trading conditions, it’s crucial to reiterate that the broker is operating illegitimately and lacks proper licensing, making any engagement with it highly risky.
Deposit and Withdrawal Conditions
Within the client portal, payment options are clearly listed as credit cards, debit cards, Match2Pay, an undisclosed crypto payment method, and bank transfers. Similarly, these methods are utilized for withdrawals. Notably, the minimum deposit indicated in the client portal is merely $1, starkly contrasting with the site’s claim of $1000, showcasing a significant discrepancy. Moreover, the site frequently contradicts the client area.
Allegedly, there are no deposit or withdrawal fees, a statement met with scepticism. Adding to the scepticism, legal documents reveal an array of fees, including VAT taxes, storage charges, delivery fees, clearinghouse commissions, contract fees, and client-broker relationship maintenance fees. Other undisclosed fees and commissions compound the risk associated with engaging with UTrade Markets. This discrepancy in fee disclosure is just one of the numerous reasons why placing trust in UTrade Markets is ill-advised.
UTrade Markets Review: Conclusion
If you’ve been ensnared by scams such as UTrade Markets scam, Forex scams, Cryptocurrency scams, or romance scams, don’t hesitate to take action by filing a complaint through our website. We offer free consultation concerning the fund recovery process. Our committed team specializes in aiding victims of diverse scams, offering invaluable guidance and assistance to assist you in navigating the intricate journey of reclaiming your funds.
Check Brokers Complaint Facebook Page
Visit Brokers Complaint Twitter Page
Like Brokers Complaint Linkedin Page
Visit Brokers Complaint Quora profile
Check OSC blacklisted brokers here.Brokers Complaint is a team of Fund Recovery Experts. We have helped scam victims recover millions of dollrs from Forex Scams, Cryptocurrency Scams, Bitcoin Scams, Investment Scams, Pet Scams, Tax Scams, Pension frauds, Dating/Romance Scams and all other scams.We have more than 10 years of experience in this field. We offer a Free Consultation when you file the complaint with us. SO you can throw your trust upon us.