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UXTrades Review – Learn More About UXTrades.Com Broker
Table of Content
UXTrades is allegedly a company based in the UK that offers its clients the opportunity to invest in forex and CFD.
However, after further investigation, it is obvious that this broker is operating offshore and the address is fake.
On their website we also found many licenses they allegedly have so to someone who is new to this whole world of trading, they may appear legit.
In this UXTrades review we conducted, we tried to make clear how this type of scam broker operates and what can you do to keep clear of investment scams of a similar kind.
|Headquarters||122 Leadenhall St, London, United Kingdom|
Are You Safe at UXTrades? Regulation and Security
No, you are not safe while investing with a UXTrades broker. They are an unlicensed firm, but still on their website claiming to comply with the law of both the UK and Bulgaria.
This is a common trick many scam brokers use to deceive people and give them a false picture of being legit.
In order to be regulated for providing these trading services in the UK, the company needs to follow guidelines set by FCA. This authority banned brokers from issuing bonuses which the UXTrades scam does.
The same goes for Bulgaria, which is an EU member state and therefore brokers must follow strict rules in order to operate.
UXTrades Trading Platform
A lot can be said about the manipulative trading software they are offering. First of all, you can’t access it without signing up.
The trading platform available is some sort of web trading software but it demands a deposit before you can take a further look into it. This is another red flag as legitimate brokers always provide demo accounts that clients can use to see what they are getting into.
Offshore companies like this one, operate with just one goal and that is to scam you out of your money, and that’s why it is impossible to check anything out before you make a hefty payment.
Always look for brokers who offer either MT4 or MT5 as they are the industry standard now and give you numerous features to make your trading experience fast and enjoyable.
UXTrades Account Types Available
UXTrades offers three account types:
- Bronze with an opening balance of $25,000
- Silver with an opening balance of $75,000
- Platinum with a balance from $150,000
And of course, like with any other scam company, there are no demo accounts available.
Furthermore, any legit broker will let you start with as little as $10.
Trading Instruments Available
Trading instruments that this broker offers are:
Although that may sound like some good options for making money, we came upon many complaints made against a broker that they don’t even help you understand the trading process.
UXTrades scam broker accepts deposits via credit cards only. However, after further investigation, it seems like they actually require you to buy crypto with your credit card which you would then deposit.
This is done so it would be much harder for you to retrieve your money once you see they are nothing more than a scam.
And as for withdrawal, the minimum amount is $100 and 1000 UXTrades by wire transfer. Additionally withdrawing funds becomes very difficult if the account has received a bonus. In that case, the withdrawal requires a minimum traded volume of 25 times the bonus amount, plus the deposit.
This is a common scam tactic so it would make it impossible for you to actually take any profit you allegedly made.
Be sure to always choose a broker who hasn’t violated any terms and conditions so you know you aren’t just getting scammed.
How Can I Get My Money Back If UXTrades Scammed Me?
Even if they managed to take money from you, know that getting your money back is possible
First of all, don’t feel ashamed. The agents calling are trained professionals who scam people for a living.
In case you made your deposit with a Master or Visa card, you have up to 540 days to file for a chargeback.
Always think twice before taking any risks while investing money and never forget to read reviews online to see if there are any withdrawal issues or other complaints people are reporting.
- They are providing false address and calming to be a UK-based company when in the reality they are no more than an offshore scam
- They are an unregulated company claiming to follow legal guidelines and offering online financial services.
- The minimum required deposit is $250 even for beginners and there is no demo account for you to try.
- They don’t even have proper trading software you can check out.
FAQs About UXTrades Broker
Is UXTrades a Reliable Broker?
No, UXTrades is not a reliable broker and just wants to scam you out of your money so you should avoid it at all costs.
How Long Does It Take to Withdraw from UXTrades?
Withdrawing the money from this scam broker can take a long time as they have many steps in place in order for you to never get your funds.
What Is the Minimum Deposit for UXTrades?
They are demanding a minimum deposit of $250 in order for you to start investing.