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Uniglobe Forex Review - is it scam or safe?

Uniglobe Forex Review - is uniglobe4x.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Uniglobe Forex
Uniglobe Forex is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads (& Commission)
Micro $20 0.01 1:300 Up to 2.3 pips
Mini $100 0.01 1:300 Up to 2.0 pips
ECN $500 0.1 1:200 Raw spread + $15 /lot
VIP $5 000 1 1:300 1.2 pips + $12 /lot    

 

Uniglobe Forex offers several forex trading account types, based on the minimum initial deposit. All of them offer variable spreads and access to MetaTrader 4 platform. The mini and Micro accounts are commission free, while the other two offer tighter spreads and feature commission fees.

 

According to the information on the broker’s website, Expert Advisors (EAs) are allowed on VIP accounts only, and Trading Signals are available on VIP & ECN accounts.

 

While the minimum investment amount required is attractive, we cannot say the same about Uniglobe Forex’s spreads. The broker’s trading costs on all account types, including ECN and VIP, are above 1.5 pips on EUR/USD (commission included), which is the industry’s average.

 

By comparison, if you open an ECN account with FXTM, you can use average spreads of 0.7 pips, featuring commission of $4 per lot round trip.

 

The Company. Security of Funds

 

Company Country Regulation
Uniglobe Markets Limited India, Marshall Islands N/A    

 

Uniglobe Forex offers online trading in more than 40 popular currency pairs and CFDs on major global stock indices, precious metals, and commodities. Judging by the address provided on its website, the broker has presence in India, and obviously targets local investors, as minimum deposit amounts are also indicated in Indian Rupees. Nonetheless, the website does not provide any information regarding its regulation, nor about the company operating the brand. This is not as strange is may appear, considering the fact that retail forex trading is formally illegal in India.

 

When we downloaded Uniglobe Forex’s MT4 platform, we noticed it is provided by Uniglobe Markets Limited, a company registered on the Marshall Islands, that operates the Uniglobe Markets brand.

 

We do not recommend non-regulated, nor offshore brokers as a general rule. What is more, there are predominantly negative reviews about this company, both on our website and in famous forex trading forums. So, you’d better stay away.

 

>>Why is trading with offshore brokers risky?<<

 

Instead, you’d better be careful where you invest and select among brokers that are licensed by reputable financial regulators, such as UK’s FCA, or Cyprus’ CySEC. If you reside in India, for example,, you can check out the offerings of CySEC-licensed broker FXTM, which is active there and even accepts local deposits.

 

Trading Platforms

 

Uniglobe Forex supports the renown MetaTrader 4 (MT4), available as a desktop download and mobile apps.

 

Apart from its reliability and ease of use, the MT4 provides a lot of useful functionalities: solid charting, fast order execution, the ability to handle simultaneously many instruments, wide range of technical indicators, Eas, and the MQL marketplace. This is an online store, where you can buy, sell, lease or even use free custom add-ons for the MT4.

 

Methods of Payment

 

Uniglobe Forex’s clients can use a wide range of other payment methods, including bank cards and bank transfers, online payment systems Skrill, PayPal, WesternUnion, AliPay and Bitcoin.

 

Conclusion

 

Uniglobe Forex is a forex and CFD broker that supports the popular MT4 platform. It is a brand of an offshore company, that seems to target mainly investors from India. We don’t recommend this broker, because it is not licensed to provide financial services and besides, we find its trading costs too high to be competitive. To sum things up, here are the advantages and drawbacks with regards to Uniglobe Forex:

 

Pros Cons
MT4 platform offered Not regulated, company with rather bad reputation
  EAs not available on most accounts    
  High spreads or high commission fees

 

Latest news about Uniglobe Forex
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Traders` reviews for Uniglobe Forex

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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