Offshore Forex Broker Honest Review

TradeUltra is a pure offshore Forex and CFD trading company. The business has offices in three locations – Labuan, Mauritius, and Saint Vincent and the Grenadines (SVG), to cover the international landscape.

But is this brokerage legit and can you trade safely knowing that your funds are kept stored in a secure account? We investigate in our TradeUltra Review so be sure to read our analysis just in case you want to know how to get your money back.

Legal Info: Is TradeUltra Limited Regulated?

TradeUltra is based entirely offshore. As we mentioned, the company has multiple offices around the world under three offshore jurisdictions.

First, the firm is registered with the Labuan FSA. This regulator oversees the market in Malaysia’s offshore federal territory. As such, it’s considered a tax haven with lax regulations, not up to par with recognized onshore jurisdictions.

The following license was issued by the Mauritius FSC in January 2022. Again, the rules and laws in force in this country are not credible enough to be considered safe. Brokers operating under Tier 3 regulators often give their clients headaches. Take Limit Prime for instance. 

Last but not least, TradeUltra has a subsidiary in SVG. We strongly recommend you avoid all SVG-based platforms because Forex trading is not regulated in that country. Trading with unlicensed providers is extremely risky.

Unreliable Compensation Scheme

TradeUltra offers a compensation scheme worth up to 1,000,000 USD, which seems implausible. The company is allegedly partnered with Africa Merchant Assurance Company (AMACO) Ltd, the entity that’s supposed to compensate clients.

AMACO is a rather obscure and unfamiliar insurance company. You cannot call it a safe bet. If you truly want a reliable insurance firm, some of the best in the market are the UK’s Financial Services Compensation Scheme (FSCS) and Cypriot Investor Compensation Fund (ICF).

Who Are TradeUltra’s Clients?

According to godaddy.com/whois, the tradeultra.com website domain was created on February 26, 2015, although the company was founded in 2013. Since then, the offshore brokerage has mainly been providing trading services to traders who reside in the following countries:

• United Kingdom;
• United States;
• United Arab Emirates;
• India;
• Malaysia.

The reason why traders often opt for offshore platforms such as TradeUltra or Coinomi is that these providers offer much higher leverage than available under heavy jurisdictions like the UK or the US.

For instance, TradeUltra’s leverage can be set as high as 1:500 whereas in the UK, the legal cap for retail clients is 1:30, and in the US, it’s 1:50. The limit is there for traders’ safety because high leverage is extremely risky and may result in career-ending losses. 

Trader Reviews – Sharing Experiences

At the time of this writing, TradeUltra received 22 reviews and an average score of 4.1 (great) on trustpilot.com. The vast majority of the reviews are positive and traders seem satisfied with the platform.

Still, you should be cautious about the platform if you’re still interested in trading on it. In case you experience any withdrawal-related issues, we can help you solve them.

Unsure about a certain platform? We can help you find the perfect broker!  

Which Trading Platform Can Be Used?

TradeUltra offers the most well-known trading platform in the world – MetaTrader 5, in order to cater to the diverse needs of traders. MT5 is a popular choice among both beginner and experienced traders. It provides algorithmic trading, rapid execution, and advanced charting tools, and supports EA integration and APIs for automated trading.

In addition to MT5, TradeUltra also supports a mobile trading app for Android and iOS mobile devices. It’s a convenient tool that enables traders to trade on the go and quickly adjust to market movements.

Leverage, Spreads and Commissions

Traders can set the leverage as high as 1:500 for TradeUltra CFD and Forex trading, and up to 1:20 for stocks. It can be used to amplify profits but also losses. We already emphasized the risks of high leverage.

Spreads on TradeUltra’s platform are variable, starting as low as 0.7 pips for Forex major pairs and 1.2 pips for major indices. When trading Forex and CFDs, there is a commission of 20 USD per round lot traded. 

On the other hand, stock trading on TradeUltra is commission-free, which can be attractive to traders looking to invest in equities without incurring additional costs.

TradeUltra withdrawal process

The website listed two available payment methods for deposits and withdrawals:

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

If you’re still interested in this broker, be sure to first try out the demo account on the TradeUltra login page in order to get familiar with the platform. Do not invest real money right away! Uncertain platforms such as GlobalFX with no demo accounts are dangerous.  

You should know that funds deposited via MasterCard and VISA credit/debit cards can be refunded via a chargeback, which can be requested at the issuing bank within 540 days. Wire transfers can be reversed via a recall but this action can only work for transactions that are not yet complete.

Key Facts To Consider About TradeUltra

To sum up, TradeUltra is an offshore Forex trading platform, registered in Labaun, Mauritius, and SVG. This brokerage has been providing services mainly to traders from the US, UK, UAE, India, and Malaysia.

It is not excluded that you may experience withdrawal issues or platform malfunctions with this broker. If that happens, you must seek our professional help.

Here, you can book your free consultation with us and tell us more about what happened. If you need professional assistance in recovering your funds, 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.

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