Forex Scam Designed To Rob Traders

UniversalTrade.io is presented as a legitimate Swiss Forex brokerage firm, properly regulated and adhering to the highest security standards. However, there is no evidence to support this claim. The Swiss address and UK phone number do not match.

Is the broker a fraud? We shall take a closer look at the platform in our UniversalTrade.io Review to learn the truth. Read our analysis to find out more about cyber schemes and how to avoid them.

Legal Info: Is Universal Trade Regulated?

Contrary to the website’s claims, UniversalTrade.io lacks a regulatory license from the Swiss FINMA, a key financial regulatory body in the country. 

On the other hand, the French Autorité des Marchés Financiers (AMF) issued a warning against the platform on December 8, categorizing the broker as an unauthorized broker and thus emphasizing potential risks for traders. 

Since France is part of the European Economic Area (EEA), the AMF enforces common European Securities and Markets Authority (ESMA) regulations. Each broker must obtain a MiFID passport from ESMA to legally operate across the EEA.

In light of these concerns, we strongly advise you to avoid conducting business with entities such as InvestMarkets that are not approved by ESMA.

Instead of trusting unlicensed phonies, you should stick to regulated providers operating under the watchful eyes of renowned financial authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), BaFin (Germany), JFSA (Japan), MAS (Singapore), etc.

Who Are UniversalTrade.io’s Targets?

According to godaddy.com/whois, the universaltrade.io website domain was created on July 14, 2022. Since then, the cyber con artist has been targeting primarily unsuspecting traders who reside in the following countries:

• United Kingdom;
• France;
• Albania.

All these countries have heavy regulations for their respective markets and laws in force to prevent unauthorized imposters from scamming local traders and investors. 

One common rule stipulates that each financial market participant must obtain a necessary permit. To reiterate, UniversalTrade.io was exposed earlier this month by the French financial watchdog. 

Trader Reviews – Sharing Experiences

UniversalTrade.io reviews on trustpilot.com are scanty; there were just four at the time of this writing. Nevertheless, all were negative, i.e. complaints against the platform. 

Three French and one Canadian trader expressed their frustrations with the platform and the vexing issues they had experienced on it. “Absolute scam. You will send money. No return. Do not get involved with them,” it was stated on the forum. It’s illegal for a broker to demand an upfront fee before fulfilling withdrawal requests.

Which Trading Platform Is Available?

The UniversalTrade.io platform is a simple web trading terminal that supports popular trading instruments such as Forex currency pairs, indices, commodities, stocks, and cryptocurrencies.

Since there is no demo account, we could not check it out as the broker required us to register and deposit funds first. Nevertheless, browser-based platforms are generally rudimental and ineffective, lacking sophisticated tools and reflecting the broker’s unreliability.

If you want a real trading experience, you should find a licensed provider that supports recognized third-party software such as MetaTrader 4, MetaTrader 5, or cTrader. 

MT platforms are arguably the best in the industry, enabling traders to utilize cutting-edge tools such as automated & algorithmic trading, advanced charting, live market reports, API integration, 20+ timeframes, EAs, lightning-fast order execution, etc.

UniversalTrade.io account types

Leverage, Spreads, Commissions, Bonuses

The maximum leverage UniversalTrade.io offers is 1:30, which is surprisingly in line with ESMA’s legal cap for retail clients. 

Non-European brokers such as GSTrade do not usually adhere to the leverage rule, offering clients much more than 1:30. Keep in mind that high leverage is a double-edged sword. It can amplify potential profits but also lead to unbearable losses. 

As for the trading costs, i.e. spreads and commissions, the broker claims spreads start from 0.4 pips, which is incredibly competitive. However, the website is full of discrepancies. The home page states that the spread for the EUR/USD is fixed a 1 pip, which is again decent but we doubt UniversalTrade.io is being honest.

Moreover, the broker also grants clients bonuses. These pesky “awards” often come with strings attached, resulting in ESMA banning them. 

The shady policy stipulates that “bonuses issued to Client by UniversalTrade may only be withdrawn subject to execution of a minimum trading volume of 25 times the deposit amount plus the bonus issued,” which is an insane trading volume requirement and not something you want in your contract.

Deposit and Withdrawal Process

The website listed three payment methods that can be used to fund live trading accounts and withdraw generated profits:

• Credit/debit cards;
• Wire transfers;
• E-wallets.

The UniversalTrade.io minimum deposit is 5,000 USD, which is too much for such a cutthroat platform. Legit brokers would charge you much less. Given the platform’s dubious background, you’re unlikely to receive customer support in case of withdrawal issues.

If you deposited funds via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction. Wires can be reversed via a recall but this action can only work for transactions yet to be completed.

Key Facts To Consider About UniversalTrade.io

UniversalTrade.io is an anonymous trading scheme mainly targeting users from the UK, France, and Albania. The platform has been blacklisted by the French AMF for violating European regulations. We do not recommend the firm because it is unregulated. In case you’ve lost money to the UniversalTrade.io scam, you must seek our professional help to recover your funds!

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

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