Unfortunately, when it comes to UniversalTrade, the red flags scream “scam” louder than any marketing promise of riches. While they may boast a slick platform and tempting offers, digging deeper reveals a web of red flags that should send any prospective trader running for the hills.
What is UniversalTrade?
UniversalTrade presents itself as a forex and CFD broker, promising access to a wide range of financial instruments and lucrative returns. They paint a picture of easy profits for beginners and seasoned traders alike, with attractive bonuses, leverage options, and educational resources.
UniversalTrade Details:
Regulated by | Unlicensed Scam Broker |
Is This Company Safe? | No, the platform is unregulated |
Known Websites | |
Have Warnings from | AMF |
Registered in | Switzerland (allegedly) |
Operating since | 2022-07-14 |
Trading Platforms | Web |
Maximum Leverage | 1:30 |
Minimum Deposit | 5,000 USD |
Deposit Bonus | Available but Undisclosed |
Trading Assets | Forex, Indices, Commodities, Stocks, Cryptocurrencies |
Free Demo Account | Unavailable |
How to Withdraw from This Company? | If you have been scammed, you can contact us to get help. |
Deposits and Withdrawals
Three payment options were provided by the website to fund live trading accounts and withdraw profits:
- Credit/debit cards;
- Wire transfers;
- E-wallets.
For a platform that is so ruthless, the $5,000 minimum deposit required by UniversalTrade.io is excessive. Reputable brokers would bill you far less. If you have problems with your withdrawal, you probably won’t get customer service from this site because of its questionable history.
If you have lost money to companies like Worldwidetrade, or BTrade.net; please report it to us on our Report a Scam form.
Account Types:
UniversalTrade offers several account types, each with increasing spreads and leverage.
Account Type | Blue Member | Silver Member | Gold Member | Elite Member |
Minimum Deposit | 5,000 USD | 20,000 USD | 50,000 USD | 150,000 USD |
Maximum Leverage | 1:30 | 1:30 | 1:30 | 1:30 |
Spreads | Floating from 0.4 pips | Floating from 0.2 pips | Floating from 0.1 pip | Floating from 0.1 pip |
Red Flags and Warning Signs:
Despite what the website says, UniversalTrade.io is not licensed by the Swiss Financial Market Authority (FINMA), one of the nation’s major financial regulators.
Nevertheless, on December 8, the French Autorité des Marchés Financiers (AMF) warned users of the platform, designating the broker as an unlicensed broker and highlighting the possible risks for users.
The European Securities and Markets Authority (ESMA) common laws are enforced by the AMF since France is a member of the European Economic Area (EEA). To lawfully conduct business throughout the EEA, brokers are required to obtain a MiFID passport from ESMA.
Customer Complaints and Negative Reviews:
Ignoring customer complaints is a surefire way to identify a scam. UniversalTrade is no exception. A multitude of negative reviews detail:
- Withdrawal Delays and Rejections: Many users report extended wait times and ultimately denied withdrawal requests, essentially trapping their funds within the platform.
- Unresponsive Customer Support: Attempts to contact customer support often fall on deaf ears. This lack of communication leaves clients stranded and frustrated.
- Platform Manipulation: Some users allege manipulated spreads and price changes, essentially rigging the game against traders and siphoning profits away from them.
These stories paint a bleak picture of UniversalTrade’s unethical practices, preying on unsuspecting investors and lining their pockets with ill-gotten gains.
UniversalTrade Alternative Brokers:
Instead of risking your hard-earned money with UniversalTrade, consider reputable and regulated brokers, such as:
- IG: A well-established broker with a global presence and strong regulatory credentials.
- AxiTrader: Offers competitive spreads, a user-friendly platform, and excellent customer support.
- Pepperstone: Renowned for its low fees, advanced trading tools, and commitment to transparency.
These brokers offer a safe and secure environment for traders of all levels, prioritizing client protection and fair trading practices.
Got Scammed by UniversalTrade? We Help Victims!
If you’ve fallen victim to UniversalTrade’s deceptive practices, there are organizations that can help. Consider:
- Financial regulators in your jurisdiction: Report the fraud to the relevant authorities to help dismantle their operation and prevent future victims.
- Chargeback services: Certain credit card companies may offer chargeback options to reclaim lost funds.
- Fraud recovery specialists: Experienced professionals can guide you through the process of recovering your scammed assets.
Remember, you are not alone. By speaking up and taking action, you can help hold UniversalTrade accountable and protect others from falling prey to their schemes.
If you have been scammed by this scam broker, you will get a free consultation and recovery service recommendations to get a help in recovering the lost funds or You Can report to us today by the below form.
