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Universal Wealth Group Review – Who Is Behind This Broker?
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Universal Wealth Group review will provide all the details one needs to know to see what kind of brokerage we’re dealing with here. There’s absolutely no information about Universal Wealth Group to be found on their website, which alone is a huge red flag.
Legal documents on their website contain no information about the owner, regulatory status, where they’re based and other relevant information regulated brokers are bound to disclose. Although this is not unusual for scamming brokers, most of them at least put in a bit more effort and provide some (usually false) information. But Universal Wealth Group chose to stay completely anonymous.
|Leverage||Up to 1:600|
Universal Wealth Group Regulation and Safety of Funds
It’s safe to say the safety of funds with Universal Wealth Group is non-existent. Actually, the public has been warned about this scammer not by one financial institution, but by at least 3.
We can confirm that the warnings against this fraudulent brokerage were issued by FINANTSINSPEKTSIOON (Estonia), CNMV (Spain) and AMF (Canada).
So here we’re talking about an outright scam and we strongly advise against investing with this fraudulent brokerage.
Trading Platform Overview
Besides a broker’s regulatory status, the trading platform offered to their clients is among the most important factors which should be considered. The broker advertises ProWave trading software, which is nothing more than an overly simplified web based platform. Features available are very limited and couldn’t even be compared with MT4 and MT5, which have been the industry standard for quite some time.
It’s also important to keep in mind that manipulation of trading platforms is possible and is often practiced by scamming forex brokers.
Universal Wealth Group offers 4 account types:
- Novice account
- Basic account
- Premium account
- Business account
The minimum deposit is $250 and it’s sufficient to open a Novice account. This is a standard amount for most scam brokers. To open the Basic account you’ll need to deposit $1,500, the Premium deposit is $3,000 and for the Business account you’d need to deposit $10,000.
Leverage varies depending on the chosen account and it goes from 1:100 to 1:600. Spreads are quite reasonable though, going from 0.18 to 0.0.
From the website we could conclude that there are 4 options to choose from:
Their FAQ page is mainly focused on answering forex-related questions and providing definitions of terms such as trailing stop, swap, etc.
In general, trading with foreign and digital currencies has been the two most popular trading types in recent years, so no surprises here. Regardless, keep in mind that the broker is a fraudulent brokerage after all, and should be avoided.
Deposit and Withdrawal
As mentioned above, the minimum deposit needed to start trading with this broker is $250, for the Novice account. As for the payment methods available, we could see logos of MasterCard, Visa, e-wallets, and wire and bank transfers.
Transaction fees are quite high, going from $25 for e-wallets to $50 for bank transfers. Also, there’s a 10% fee if one requests a withdrawal without reaching a 200x turnover beforehand. Nothing unusual here, impossible to reach withdrawal requirements set by scamming brokerages like Universal Wealth Group are just one of the ways scammers discourage their victims to try to get their assets back.
Got Scammed by Universal Wealth Group?
If, by any chance, you got scammed by this broker or any other scam forex broker, keep reading and see if the next lines can help.
In the case of wire transfers, it would be best to contact your bank as soon as you notice any illicit activities regarding your trading account and consult about what options are available.
Depositing funds with crypto is a bit trickier, but it could be possible to get reimbursed. Although crypto is virtually untraceable, it could be possible to trace it to a certain wallet. If the exchange could be traced, in that case, a request for a refund could be possible.
Chargeback Is The Answer
If the transaction was done with a credit/debit card, a refund is a lot easier to obtain. Chargeback is basically a tool used by banks to resolve transaction disputes. Card holders like MasterCard and Visa offer the chargeback option which is valid for up to 540 day from the day the transaction in question was made.
Chargeback is usually done by the issuing bank and the refund is done without the receiver’s approval.
Universal Wealth Group Summary
- The broker was blacklisted by financial institutions in Estonia, Spain, and Canada.
- The identity of this broker is completely anonymous.
- Universal Wealth Group is an unregulated forex broker and doesn’t hold any relevant licenses
- They offer an oversimplified web trading platform which they introduced as ProWave.
- The minimum deposit is $250.
FAQs About Universal Wealth Group Broker
Is Universal Wealth a Good Broker?
Universal Wealth Group was blacklisted by regulatory bodies in at least 3 countries and is completely anonymous, so it’s safe to say it’s a scam.
Is Universal Wealth Group a Regulated Broker?
Universal Wealth Group is definitely not regulated, and is also blacklisted due to numerous complaints for fraudulent brokerage.
What Is The Minimum Deposit For Universal Wealth Group?
Minimum deposit needed to open an account on Universal Wealth Group’s website is $250.