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UAGTrade Review - is it scam or safe?

UAG Trade Review - Is uagtrade.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz UAGTrade
UAGTrade is an offshore broker. Your money is not safe.

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Trading Accounts


 

Account type Minimum deposit Maximum leverage Spread
Classic $100 1:200 From 3.0 pips
Pro $100 1:200 From 0.6 pips + $17 commission per lot
ECN $10,000 1:200 From 0.6 pips + $5 commission per lot


UAGTrade is a forex broker, offering multiple account types. The company appears to be targeting Muslim clients, as all account types are swap-free.

 

The Company. Security of Funds

 

Company Country Regulation
UAG Network Ltd, St. Vincent & the Grenadines N/A

 

UAGTrade is a part of UAG Network Ltd, a company registered in St. Vincent & the Grenadines. Judging by their news page, the company is operated out of Malaysia, but this does not change their legal status. An off-shore, unregulated broker is highly dubious.



For those of you who are not familiar with the financial services industry, the regulatory conditions under which a company operates are crucial. An un-regulated broker can simply take your money and not allow you to later withdraw your investment. When dealing with such an entity their honest word is the only guarantee for your funds. This is why most countries have some sort of financial regulatory body.



To give you an example the Financial Conduct Authority (FCA) is the institution which oversees UK forex brokers. It requires multiple periodic reports to be submitted. But more importantly (in terms of the security of your funds) it forces companies to store client money in segregated accounts. What this means, is that the broker doesn’t have access to one’s trading capital at all time. Transfers can only be made when certain conditions are made, and they can’t “borrow” form it. Additionally, the FCA forces all brokers to participate in the Financial Services Compensation Scheme (FSCS). This is a mechanism (pretty similar to an insurance company), which guarantees client funds against broker bankruptcy. The level of coverage, with participating brokers is £50,000.

 

Trading Conditions


 
Minimum Initial Deposit
UAGTrade has set the minimum deposit at $100. This is basically the current industry average, with a lot of companies demanding such levels. While this is a reasonable amount, some brokers have set the entry bar even lower, in pursuit of new clients. For instance the FCA-regulated forex broker and spread-betting provided IG will create a new account with whatever sum you deposit – there is no minimum.



That being said, this isn’t such an important factor, presuming you can afford the investment. There is no shame in trading with a small account, especially when learning, but be sure to never risk money you can’t afford to lose.
 
Average spreads & Commissions
The costs of trading at UAGTrade vary drastically for the different account types. We presume the Classic one offers a fixed spread, which isn’t very competitive with the contemporary offers of other brokers. As an example, if you deposit more than $250 with easyMarkets, you would get fixed spreads, starting from 1 pip.



The ECN account at UAGTrade is more competitive with the industry. The effective spread amounts to 1.1 pip ($5 in commissions is basically 0.5 pips in the pairs, where the USD is the quote currency). For a comparison on the variable spreads offered by some of the world’s leading brokers, visit our special platform.

Leverage

The maximum leverage, provided by UAGTrade is 1:200. This is a level, which will suffice most traders, although the less experienced ones may think they need more leverage, with the plethora of brokers offering 1:500.



This is probably one of the biggest misconceptions in trading – you don’t need high leverage to perform better. The only thing which a higher leverage ratio allows you to do is take more risks. And while this may sound tempting, the potential for swift losses is also present.

 

 

Trading Platforms


 
 UAGTrade offers MetaTrader4 (MT4) trading. This is the most popular forex trading platform and there are a lot of reasons for that. First and foremost, the charting provided by MT4 is pretty nice. Additionally it is relatively light on the hardware and last, but not least, it provides a lot of custom add-ons. New technical indicators and automated trading systems (or Expert Advisors) are easy to install and use.



MT4 also has outstanding mobile versions, for both Android and iOS. They offer almost all of the functionality of the desktop platform.



That being said, we couldn’t get the newly created demo account running. For the purposes of this review. This may be a temporary issues.



Methods of Payment


 
The payment options at UAGTrade are Bank Transfer, Skrill, Neteller and Worldcore. This is a solid line-up overall, but the lack of Credit Card support is rather strange.


 

Conclusion


 
UAGTrade is an off-shore forex broker, which appears to be operated from Malaysia. The company focuses heavily on Muslim clients, as all accounts are swap-free. That being the case, trading conditions are not very competitive with the current offers by other brokers, with the exception of the best account type, which requires a relatively big deposit. To summarize:

 

 

Pros Cons
MetaTrader4 Platform Unregulated company
Competitive spreads for the best account type Off-shore registration
  Wide spreads (except for the best account type)
  No Credit Card deposit


 

Latest news about UAGTrade
No news about UAGTrade. Check back later.
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Traders` reviews for UAGTrade

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

 

 

PAMM account disappear

Is not a good broker.
I do not know what happened to my PAMM account
It just disappear like that.
The Chatting Customer Service could not help.
Maybe I got scammed by the PAMM manager

Reza 01/31/2019

UAG Licensing Brokerage

UAG have financial license from SEC Cambodia. Can contact them for more detail.

They never offer fixed spread. All was variable spread.
And UAG offer 3 type of account:-
- PRO : variable start from 0.5 pip + $17 per lot
- Classic : variable start from 2.8 pip
- Supreme : variable start from 1.3 pip

And they offer ECN account too.
UAG never offer Local Deposit. All transaction deposit and receive money will be made by their company.

Ray 10/24/2018
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