UnicoFX-Overview of Minimum Deposit, Leverage, Spreads

General Information & Regulation

UnicoFX, a trading name of UNICO AUST PTY LTD, is allegedly a suspected fake clone financial services company registered in Australia, authorized and regulated by ASIC No. 649 547 571. The broker claims to provide its clients with over 2,500 tradable financial instruments with flexible leverage up to 1:200 and floating spreads on the Webtrader, as well as a choice of four different account types and 24 hours live support service.

Market Instruments

UnicoFX advertises that it offers more than 2,500 trading instruments in financial markets, including forex, commodities, stocks, indices and cryptocurrencies.

Account Types

There are four live trading accounts offered by UnicoFX, namely Standard, Silver, Gold and Platinum. Opening a Standard account requires the minimum initial deposit amount of €1,000, while the other three account types have much higher minimum initial capital requirements of €10,000, €25,000 and €100,000+ respectively.

Leverage

Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Standard account can experience a leverage of 1:25, the Silver account has a leverage of 1:50, the Gold account has a leverage of 1:100, while the Platinum account can enjoy the maximum leverage of 1:200. Inexperienced traders are advised not to use too much leverage since leverage magnifies gains and losses.

Spreads

UnicoFX claims to offer floating spreads for all account types, yet it didnt directly reveal any information about the specific value. As tested on its Webtrader, the spread on the benchmark EUR/USD pair was floating around 0.1 pips.

Trading Platform Available

The platform available for trading at UnicoFX is the Webtrader. The broker says that there is no need for download or installation and Web Trader offers a very effective charting package, news, live prices, economic events, notifications in real-time, multi charting screen and a very easy procedure to set up your account.

In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.

Deposit & Withdrawal

UnicoFX accepts deposits and withdrawals via wire transfers, credit/debit cards and e-payments. The minimum initial deposit requirement is said to be $/€/£250. The minimum withdrawal for wire transfers is $/€/£250, while on any other method is $/€/£100.

Withdrawals are subjected to withdrawal processing and handling fees. Those fees will be deducted from the transferred withdrawn amount. In particular, $/€/£50 for wire transfers, $/€/£25 for credit cards plus a processing fee of $10/€7/£5 and $/€/£25 for e-payments. A levy of 10% of the withdrawal amount will be charged to any withdrawal from an account that has not executed more than 200 in turnover and/or from accounts that have not been verified.

It may take up to five business days for the money to reach your credit card or bank account. Due to the additional security procedures in place, withdrawals to bank accounts might take longer. UnicoFX usually processes requests within 2 to 5 working days of receiving them.

Bonuses & Fees

UnicoFX claims to offer some bonuses. However, the bonus can only be withdrawn subject to execution of a minimum trading volume of 25 times the deposit amount plus the bonus issued.

Apart from withdrawal fees that have been mentioned before, the broker also charges a dormant fee. If you did not log in and trade from your account within six months, your account becomes dormant and will be subject to a deduction of 10 % each month.

Customer Support

UnicoFXs customer support can be reached by telephone: +1-3524-3356, email: contact@unicofx.com or send messages online to get in touch. Company address: OAKLEIGH SOUTH VIC 3167, MELBOURNE AUSTRALIA.