de | cn | ru

Utrade Review - is it scam or safe?

Utrade Review - is utrade.online scam or good forex broker?

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

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Min. deposit Min. trade size Maximum leverage Spread
Mini $250 0.01 1:50 Fixed at 2.5 pips
Standard $10,000 0.01 1:200 Fixed at 2.1 pips
Gold Trader $20,000 0.01 1:400 Fixed at 1.8 pips

 

Utrade (which operates from the utrade.online domain) is a Forex and CFD broker that should not be confused with Singapore-based UtradeFX  (utradefx.com). The company offers the account types listed in the table above, all of which are said to be commission free and offering fixed spreads.

 

Read the full review to understand why we gave Utrade such a poor rating.

 

 
Utrade Advantages

  
Solid choice of trading instruments
Utrade offers a relatively wide variety of financial instruments for trade: currency pairs, as well as CFDs on commodities, indices, stocks and even Bitcoin. If you are into cryptocurrencies, we would advise you select another broker, as this this one is not regulated and might be a scam.

 


 
>> Looking for a better Bitcoin broker? <<

 

 

Utrade Disadvantages


Not regulated, FCA warning against it

Utrade is owned and operated by CALLPOINTLTD SRL, a company with registration address Romania, Bucharest, which is not licensed by any financial authority. Unregulated brokers can basically do whatever they like with your account and the money you have invested, so we generally advise traders to stay away from them. What is more, you’d better not open an account with Utrade in particular, as the UK’s financial watchdog, the FCA, has issued a warning against it.

 

 

Some of these unregulated brokers knowingly run investment scams, and even if they don’t, clients of such companies don’t have any protection, if something goes wrong. 

 
 
Announced spreads above the average
According to the information on their website, the spread on EUR/USD on Utrade’s most basic account is fixed at 2.5 pips. Those of you who are familiar with the industry will know this is a high level in the current competitive environment. Even a 2-pips spread is more than expected for a major pair. Below, you can check out our real-time spread comparison page, featuring some of the best brokers in the business.

 

 

>> Compare the spreads of the top rated forex brokers <<

 

 
Unproven web platform

Utrade claims to provide both MetaTrader 4, the most globally popular software for trading in currencies, as well as Sirix, which has great social trading feature. When we offered a demo account, however, the only option available was some browser-based solution. It is indeed slightly reminiscent to Sirix web, but has no social trading stream. Nonetheless, we have to say that the charting of this web-based platform is not bad.

 

 

Utrade’s web-based platform. Click to zoom in.

 

Most of you will surely prefer the industry’s most popular trading software, the MetaTrader 4. This platform has stood the test of time, and is equipped with everything a trader needs: ease of use, flexibility, many tools to analyze price dynamics, great charting, and automated trading strategies.

 

 

>> A list of MT4 Brokers <<

 


High leverage levels not available on basic accounts

Although leverage is a controversial issue, as it may both work for you and against you, many will surely miss the option to use high ratios on Utrade’s mini account. Clients of this broker have to invest at least $10k in order to be able to use leverage of 1:200.

Relatively high deposit requirement 
The minimum investment at Utrade is $250. While not too drastic, this will still limit a lot of people who want to try out trading for the first time. Many reliable and licensed brokers require less. For example, you can open an account with the UK-based industry leaders at IG by depositing just a few bucks.

 

 

Conclusion


Utrade is an unregulated broker, and even the FCA has put warnings out about them, which should be enough to prevent you to open an account with it. On top of that their actual offering isn’t that impressive – the MT4 is not available, the leverage provided on basic accounts is somewhat low, and the spreads they have announced are a bit high.

 

Unfortunately, there are too many fraudsters in the world of forex, so you’d better avoid offshore and/or unregulated brokerages and choose among comoanies that are licensed by reputable governmental agencies, such as the United Kingdom’s Financial Conduct Authority (FCA).

 


>> Reliable FCA regulated brokers <<

 


All UK brokers must be regulated by it and meet a set of requirements, including for capital adequacy, client account segregation and frequent reports on client activity. On top of that, there is the Financial Services Compensation Scheme (FSCS) to save you. In case your FCA regulated broker goes bankrupt, your account will be protected, up to £50,000.


 
Here is our summary on the pros and cons of this broker:

 

Pros Cons
Many CFDs offered Unregulated broker, present in FCA’s warning list
  Unproven web platform, no MT4
  Wide spreads announced
  High leverage levels not available on basic accounts
  Initial deposit a bit high

 

Latest news about Utrade
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Utrade

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

 

 

Utrade withdrawal

I have submitted a request last week to withdraw money from my account till date i have not received any response from them

Ibrahim 11/06/2018
de | cn | ru