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UKI Review - is it scam or safe?

UKI review - Is forexuki.com scam or good forex broker?

RATING: 1 / 0 REVIEWS UKI
UKI is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


UKI is an anonymous website, presenting itself as a forex and CFD broker that falsely claims to be regulated by the Financial Conduct Authority (FCA) in the UK. That is why we strongly suggest you to read this review before depositing any funds with them.

 

Trading account  Min. deposit Max. leverage Spread

Mini Account

$1000 1:200 n/a
Standard Account n/a 1:100 n/a

 

UKI Advantages:

 

Leverage as high as 1:200

 

We always try to credit the brokers we review with any possible advantages they may offer their clients. And with UKI this might be the leverage they support. Actually ever since the regulators throughout Europe, the U.S., Canada and Japan restricted the forex leverage available to retail clients, the only brokers still offering leverage above 1:75 are either unregulated offshore brokers or brokers licensed by the Australian Securities and Investments Commission (ASIC) – the last major regulatory hub, where leverage remains unrestricted. And if you are based in Australia, or you have an account with an Australian bank, here you may check our list of brokers regulated there:

 

>>Brokers regulated in Australia<<

 

Supposedly good selection of trading instruments

 

UKI says to be offering over 30 currency pairs as well as CFDs on precious metals like silver and gold, indices, oil, other commodities and stocks. And although that sounds fine, as we were not able to open a demo account immediately, we are not able to confirm this. In any case, as no cryto assets are mentioned, here you may also check our list of brokers, trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

UKI Disadvantages:

 

Falsely claim to be regulated by FCA

 

UKI and the company behind the website - UK Insurance Limited claim to be regulated by the Financial Conduct Authority (FCA) in the UK. That, however turned out not to be true. We diligently checked the registers of the regulator, but our search yielded no result. See for your self:

 

 

A legit forex license by an official financial regulator such as FCA in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) is of prime importance for the safety of any investment in the retail forex market. 

 

So here you may check our list of brokers regulated by the FCA, with which your funds will even be covered by an insurance of up to 85 000 GBP, which will be payed back to you in the unlikely case your broker files for bankruptcy:

 

>>FCA Regulated Forex Brokers<<

 

Unacceptably high minimum deposit requirement

 

UKI wants you to invest at least 1000 USD to trade with their Mini Account and that is simply unacceptable. Bear in mind that with most brokers you can start trading with about 250 USD, while some big names like IG and FSB will let you start trading with virtually 5 USD or even less.

 

MetaTrader4 not available

 

UKI says to be offering the MetaTrader4 platform, but we were not able to download it from their website. In any case here you may also check our list of brokers, which do support the platform – one of the most popular trading systems on the market, featuring over 50 modifiable market indicators, and also csutomizable trading robots, designed especially to help you run automated trading sessions. And besides, the platform is also equipped with an excellent pack of advanced charting tools, so here is our link:

 

>>MT4 Brokers<<

 

Few payment methods

 

As UKI is mainly targeting the Chinese market it is understandable that they accept payments with UnionPay – the most popular payment method in the country. The other available option is bank wire, but we miss some popular e-wallets like NetellerSkrill and PayPal, as well as major credit or debit cards like VISA and MasterCard. And we also miss the option to pay with creypto coins, so here you may check our list of brokers, accepting payments with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

UKI tries to lure customers, by falsely claiming to be regulated by the FCA in the UK. Bear in mind that if you want to avoid getting scammed, you should always check everything a broker might tell you, including to verify the domain name at the registers of the respective regulator. 

Latest news about UKI
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Traders` reviews for UKI

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