Beware! UKGforex is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
In this post, we are going to review a shady brokerage that’s obviously running a scam scheme. We claim so for several reasons. Firstly, their website is terribly awful, and it’s simply impossible to comprehend anything about their services whatsoever. Then, we found a plethora of fraudulent statements and pieces of conflicting information, which clearly indicate this is a fishy broker and very likely a scam. Find the rest of the details you need to know in the full UKGforex review.
UKGforex REGULATION AND SAFETY OF FUNDS
UKGforex boldly claims to be a regulated business, but that’s not the case, so they are knowingly misleading the public. That’s solid evidence of a scam. They say to hold offices in the UK and New Zealand, but we found no companies in any way linked to this broker, so it’s an unregulated enterprise and most probably a scam. Your funds are in danger if you deposit with UKGforex.
You’d better see the high-rated EU brokers and British brokers on both lists by following the links provided. We strongly recommend those companies because Europe is one of the few places where deposit insurance funds protect clients’ funds. For instance, CySEC brokers’ traders can claim 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. If you can open an account with a European company, go ahead. It’s a no-brainer.
UKGforex TRADING SOFTWARE
UKGforex provides with MetaTrader5, but it turned out that their distribution is dysfunctional. We couldn’t register due to some errors we know nothing about, so we only managed to open a demo account that was totally useless. For more information, have a look at the picture at the bottom of this section.
As UKGforex can’t actually deliver trading software, check the high-rated MetaTrader4 brokers and MetaTrader5 brokers on these lists. Both MT platforms are leading the market and provide sophisticated features such as Expert Advisors, Algo Trading and many complex indicators, to name a few. MetaTrader also features a marketplace where you can find more than 10 000 apps and third-party developed solutions you can easily fit into your strategy.
The EUR/USD spread is seemingly 2 pips, but we can’t validate this information as the platform is inactive. Real-time spreads may significantly differ, so make sure to stay away from this dodgy business. Anyway, the Buy/Sell difference, also known as spread, forms part of the trading costs, so lower rates brokers are better for traders. As the FX market is highly competitive, it’s effortless to find better companies to trade with, so do not waste your time with suspicious entities like UKGforex.
The leverage levels…well, that’s even worse. We saw too much conflicting information about it that we can’t verify anything whatsoever. On different web pages, UKGforex claims to offer a maximum of 1:200, 1:400 and 1:1000, but when we opened a demo account, the highest possible ratio was 1:100. This needs no comments!
Nevertheless, we are going to mention some regulatory restrictions because leverage can be a dangerous financial tool that many regulators already put under control. As a result, EU, British and Australian brokers are limited to 1:30, while the Canadian brokers and the US brokers can’t provide more than 1:50. However, if you are risk-tolerant, you may as well have a look at Swiss brokers, which are reliable but not leverage restricted.
UKGforex DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with UKGforex is $100, which actually meets the industry standards. The funding methods available are Credit/Debit cards, Wire Transfers and UnionPay, but we can’t verify this either. As already mentioned, we couldn’t sign-up, and it was impossible to test their deposit systems. Still, bank card deposits are considered safest because people are granted chargeback rights by the card issuers and can theoretically get a refund within an extended period of time.
However, if there is a payment system you trust, see the Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers. The high-rated companies on the lists are adequately regulated, so you won’t stumble upon scammers.
The minimum withdrawal is also $100. There aren’t request processing time and fees specified, but again, we can’t verify anything that they claim. That’s most probably a scam, so don’t expect any withdrawals at all.
There are no provisions related to dormant account/inactivity fees, refunds, bonuses etc. In fact, UKGforex’s legal documents are an absolute mess where you can find almost no useful information whatsoever.
Overall, UKGforex is a highly suspicious unregulated broker, and that’s enough for you to stay safe and avoid this business.
HOW DOES THE SCAM WORK
New types of investment scams come about literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets but very similar from country to country.
Nowadays, scammers search for victims on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record, and they promise high returns, seamless trading and guaranteed profits. The scammers deliberately make people believe that the Forex market isn’t a risky place, but actually, the opposite is true.
What usually happens is that scammers just pocket traders and investors money. Sooner or later, clients would ask for a withdrawal, but scammers would delay or straightforward refuse to send any money back. Whenever traders persist, the guys standing behind the fraudulent broker would usually cut the communication or even ask for additional deposits. Either way, traders are likely to lose some or all of the capital invested. The end is always the same. When fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!
Rich Snippet Data