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UberChains Review – Truth About UberChains.Com Broker
Table of Content
UberChains claims to be a prolific brokerage company that’s been in the business for over 20 years. It has allegedly won 18 awards, employs 16k experts and has numerous clients worldwide.
The first red flag found on UberChains is that this broker makes no mention of being regulated at all. No legal documentation whatsoever is provided on the site, so we cannot even make out what the owning company is.
Only apparent data given on the site is the broker bragging about their inexistent success. By applying their investment principles, UberChains is maximizing investors return and minimizing potential losses. These words would hold certain value if they were coming from a regulated broker.
Unfortunately, UberChains is yet another unregulated broker operating without a license or authorization and this UberChains review will show it.
|Minimum Deposit||10 000 USD|
Regulation and Safety of Funds at UberChains
UberChains claims the address of their HQ to be in the UK. When a brokerage company wishes to operate in the UK and provide financial services there, they have to be regulated by FCA (Financial Conduct Authority). FCA is the jurisdictional top tier regulatory body in the UK that implements harsh standards to be met by brokers who wish to be regulated.
Naturally, we have immediately checked the FCA database for UberChains and the result we got is concerning. There is no licensed company in the FCA register under that name!
Since UberChains hasn’t even bothered to even remotely mention any regulation, it is almost expected not to be able to find any proof of their license existing.
We have done additional checking of registers of other regulators like CONSOB, CNMV, BaFin, AMF, CySEC but all the results were negative.
In order to be regulated, brokers have to ensure the customer protection, segregated bank accounts for investors’ funds and full transparency, especially concerning transactions. FCA also forces rules like negative balance protection, compensation scheme and other risk-management strategies.
Being unregulated, UberChains cannot claim to respect any of these standards. Therefore, it is only rational to conclude that this broker is not to be trusted with your investment.
Trading Platform UberChains Overview
It isn’t clear if UberChains has a trading platform at all. This cannot even be confirmed unless a client makes a deposit first. Just making an account isn’t enough to access the trading area, like it is usually the case with licensed brokers.
UberChains asks for a deposit first. The only hint about any trading platform existing is a promise we get about a web based, neighborly interface with features for profitable trading. There are no download links and no information if there is a mobile app either.
UberChains Account Types Available
The broker offers several accounts available for ridiculous amounts of deposit required for any live account from the offer:
- Bronze – $10 000
- Silver – $25 000
- Gold – $50 000
- Platinum – $100 000
Even though every account type supposedly has a personal account manager, educational sessions, trading alerts, risk-free trades, high leverage, it comes at an insane price. Regulated brokers clearly state the features every account brings. UberChains piles up promises of extraordinary features but no concrete details on spreads, leverage, margin, signals, etc.
Trading Instrument at UberChains
Several groups of trading instruments are offered at UberChains:
The broker actually goes on explaining what Forex is, why trading with Forex is most notable today as well as what affects the forex market. There are also advantages of trading CFDs listed with UberChains. The broker is claiming to provide access to over 245 different financial products to choose from. Cryptocurrency is also mentioned to be available through CFDs. Several short articles try to explain what crypto is and how it exactly works.
Deposits and Withdrawals at UberChains
It remains a complete mystery how depositing is done with UberChains. They list no available funding methods at all. Most bogus brokers like this one usually prefer crypto depositing to keep their anonymity. One known detail is that it takes $10 000 to be able to open the lowest-priced account, which is just unacceptable.
No information is provided considering the withdrawal process, either.
If UberChains Defrauded Me, How Can I Get a Refund?
While scammers like UberChains defraud clients daily, it is still possible to get your money back. Seeking help from an authorized government institution will probably have to be the first step in getting your money back. If you have deposited via credit/debit card, requesting a chargeback is possible within 540 days.
No recovery agent can be trusted, as they are another screw in the great scam machinery. Their only goal and purpose is targeting desperate and robbed investors to steal some more.
- High initial deposit required
- No company background info
- No details on trading conditions
- No proof of a functional trading software
FAQs About UberChains Broker
Is UberChains Legitimate Broker?
No, this broker is not regulated or licensed by any financial authority.
Does UberChains Offer A Demo Account?
No, UberChains only allows live accounts to be opened on their website.
What Are The Funding Methods For UberChains?
It is not revealed what are the accepted ways of depositing at UberChains.