UOBE FX – Not A Licensed Forex Trading Broker

UOBE FX is a Forex trading platform registered in the United Kingdom and allegedly regulated in the United States. Does that make the brokerage firm legitimate?

There is plenty of evidence that says otherwise, which is why we consider it important to read our UOBE FX Review and learn the whole truth. In case you lose funds to schemes such as UOBE FX or GT Markets, find out more about the chargeback process.

Legal Info: Is UOBEFX Regulated?

UOBEFX Global Limited was incorporated on June 26, 2023, in the United Kingdom, per the Company House register. However, the entity is not registered with the local Financial Conduct Authority (FCA), which is in charge of regulating the financial market in the UK.

In the firm’s defense, the website points out that the trading platform is registered as a Money Services Business (MSB) with the United States FinCEN, which, although true, is irrelevant. 

The reason is that the “inclusion of a business on the MSB Registrant Search Web page is not a recommendation, certification of legitimacy, or endorsement of the business by any government agency,” according to FinCEN.

Moreover, the website claims that UOBE FX “includes all companies and divisions within the Hota Crypto Ltd family of companies.” We covered this shady firm in our Hota Crypto review so be sure to read it. 

Instead of trusting unlicensed providers, you should stick to regulated brokers operating under the supervision of a reputable financial authority such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), CySEC (Cyprus), etc.

Who Are UOBE FX’s Targets?

According to godaddy.com/whois, the uobefx.com website domain was created on June 27, 2023. Since then, the financial swindler has been targeting mainly unsuspecting traders who reside in the following countries:

• Italy;
• France;
• Germany;
• Myanmar.

All these countries are heavily regulated in terms of the financial market. Three out of four regulators are European, meaning they implement and enforce common laws and regulations of the European Securities and Markets Authority (ESMA).

One of the laws stipulates that a certain provider must possess the necessary permit in order to operate in Europe. UOBE FX does not!

Trader Reviews – Sharing Experiences

Whichever trading forum we checked, we found mostly complaints against this broker. On trustpilot.com, there were only two reviews, both negative. According to one trader, UOBE FX is “targeting women who live in the UK, through Tinder,” which is a common method scammers such as Bull Sphere use to find victims.  

More complaints against this unscrupulous platform can be found on forexpeacearmy.com where traders go into detail about how the shady scheme works. If you deposit money into this platform, you won’t be able to withdraw it. 

Please avoid trading on unregulated platforms and instead stick to transparent brokerage firms with safe trading conditions.     

Which Trading Platform Is Available?

UOBE FX offers a custom platform that can be accessed via desktop, mobile, or browser. It supports popular trading assets such as Forex currency pairs, indices, stocks, commodities, and cryptocurrencies. 

We were unable to check out the platform because there was no demo account option, despite the broker’s website advertising it. In general, unknown platforms can easily be rigged to display fake trading profits.

For that reason, you should stick to licensed providers that support recognized third-party trading software such as MetaTrader 4, MetaTrader 5, or cTrader if you want a true trading experience. 

Leverage, Spreads, Commissions, Demo Account

Leverage allows traders to control larger positions in the market with a relatively smaller amount of capital, potentially amplifying both profits and losses. The higher the leverage, the higher the risk, hence the legal cap of 1:30 in Europe. UOBE FX, on the other hand, did not disclose the maximum leverage.

Trading costs, i.e. spreads and commissions were not revealed either. Whether the platform enables competitive trading is unknown but it’s highly unlikely. There is no demo account option either, which diminishes the broker’s attempt to appear legitimate and honest.

Deposit and Withdrawal Process

UOBE FX did not specify which payment methods can be used to fund a live trading account. The minimum deposit and withdrawal requirements, as well as the fees, weren’t disclosed either. Brokers usually accept payments via credit/debit cards, wire transfers, and crypto.

In case 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. Wire transfers can be reversed via a recall but this action can only work for transactions yet to be completed.

For cryptocurrency payments, though, you will need to seek out professional assistance. We offer our expertise so be sure to contact us in case you need help.

Key Facts To Consider About UOBE FX

To sum up, UOBE FX is a fraudulent trading platform. The cyber con artist mainly targets traders from Italy, France, Germany, and Myanmar.

We do not recommend this platform because it is unregulated. In case you’ve already deposited funds into your account, you must seek our professional help to recover your money!

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 chargeback process and assist you every step of the way.

Book your consultation with us today and start the chargeback process.

FAQ Section