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Forex Ukraine Review - Is it scam or safe?

Forex Ukraine Review - is forexua.com scam or good forex broker?

RATING: 1.8 / 0 REVIEWS Forex Ukraine
Forex Ukraine 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        

 10K 

$200 

0.1

1:100

3.0 pips, fixed

 100K 

$20 000 

0.1

1:100

3.0 pips, fixed

 

Forex Ukraine offers two account types that differ by the minimum initial deposit amount required. Otherwise, trading conditions seem the same: leverage up to 1:100, commission-free trading, fixed spreads on the MetaTrader 4 platform. Micro tradeable lots are not available for trade with this broker.

 

As this broker provides only fixed spreads and there is no ECN trading environment, it is probably one of the many Market Makers on the forex market. Worse still, it is not regulated and actually its spreads are too wide to be tempting. While most fixed spread brokers offer 2 pips spread for the EUR/USD pair (and some even lower), Forex Ukraine’s spread for this pair is fixed at 3 pips.

 

What is more, we find the minimum initial deposit required a bit too high for a forex broker without a license.

 

The Company. Security of Funds

 

Company

Country

Regulation

Forex Ukraine LLC

Ukraine

N/A

 

Active since 2002, Forex Ukraine is a Ukrainian broker that offers trading in more than 20 currency pairs, index and share CFDs and precious metals on the widely used MetaTrader 4 platform. The company operating the brand is not regulated in Ukraine, nor anywhere else.

 

We do not recommend investing with non-regulated (and offshore) brokers, because no authority is overseeing their activity and basically their clients have no protection if something goes wrong. You’d better choose among brokers regulated by the FCA, CySEC, ASIC or another reliable regulator.

 

Trading Platform

 

Forex Ukraine offers its clients the good old MetaTrader 4, available as desktop version and mobile applications.

 

The MT4 is a perfectly equipped trading terminal with all the tools traders need. It offers ease of use, advanced charting package, technical analysis indicators, back-testing capabilities, different order options, and the chance to create and use automated trading strategies (Expert Advisors).

 

Methods of Payment

 

Forex Ukraine offers its clients the following payment modes: credit/debit card, bank wire transfer, Skrill, Qiwi, WebMoney, EasyPay, PayPal, and liqpay.

 

Conclusion

 

It looks like Forex Ukraine is another unregulated MT4 forex broker (and supposedly a market maker). Here are, in a nutshell, the pros and cons of Forex Ukraine:

 

Pros

Cons

15 years of experience

Not regulated

MT4 available

High spreads

Commission-free trading

Market maker model

 

Latest news about Forex Ukraine
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Traders` reviews for Forex Ukraine

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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