What is UNITED FX TRADE？
UNITED FX TRADE, an international brokerage firm headquartered in the United States, provides a broad selection of financial instruments and services. The broker provides investment and trading in Forex, Indices, Metals, Cryptos, Stocks, Energies and at the same time offers services such as Wealth management, Investment advisory to traders. Despite its wide range of instruments and services, the broker currently operates without valid regulatory oversight, which raises concerns about its legitimacy and liability.
In our upcoming article, we will present a comprehensive and well-structured evaluation of the broker's services and offerings. We encourage interested readers to delve further into the article for valuable insights. In conclusion, we will provide a concise summary that highlights the distinct characteristics of the broker for a clear understanding.
Pros & Cons
Pros:
Multiple Account Types: United FX Trade offers 6 account types for traders with different experience levels and preferences. This flexibility allows traders to choose an account that aligns with their trading goals and financial capabilities.
Wide Array of Market Instruments and Services: The platform provides access to a diverse range of market instruments and services, including forex, indices, stocks, metals, cryptocurrencies, energies, wealth management, and investment advisory. This comprehensive offering enables traders to explore various asset classes and investment strategies within a single platform.
Cons:
Unregulated: One significant drawback of United FX Trade is its lack of regulation. Operating without regulatory oversight raises concerns about the platform's reliability, security, and adherence to industry standards.
High Minimum Deposit: United FX Trade imposes high minimum deposit requirements across its account types starting from $250, which poses a barrier to entry for some traders. The elevated minimum deposit amounts limit accessibility and affordability, particularly for novice traders or those with smaller capital bases.
Limited Information on Spreads, Payment Methods, and Trading Platforms: The platform's lack of transparency regarding key details such as spreads, payment methods, and available trading platforms is concerning. Traders require comprehensive information to make informed decisions and assess the suitability of the platform for their needs. The absence of detailed information leads to uncertainty and frustration among traders, hindering their ability to effectively evaluate the platform's offerings and services.
High Commission Charges: United FX Trade imposes high commission charges on 20% per lot traded, which significantly impact traders' profitability.
Is UNITED FX TRADE Safe or Scam？
When considering the safety of a brokerage like UNITED FX TRADE or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
User feedback: To get a deeper understanding of the brokerage, it is suggested that traders explore reviews and feedback from existing clients. These shared insights and experiences from users can be accessed on reputable websites and discussion platforms.
Security measures: UNITED FX TRADE implements a robust Anti-Money Laundering (AML) policy, employing stringent security measures to prevent illicit activities.
In the end, choosing whether or not to engage in trading with UNITED FX TRADE is an individual decision. It is advised that you carefully balance the risks and returns before committing to any actual trading activities.
Market Instruments & Services
United FX Trade offers a comprehensive range of market instruments and services across various categories to satisfy diverse needs of traders and investors.
In the forex category, clients can trade over 40 major, minor, and exotic currency pairs, providing ample opportunities to capitalize on global currency movements.
For those interested in indices, United FX Trade offers access to 15 of the most renowned global indices as CFDs, allowing for exposure to broader market trends.
The platform also facilitates trading in stocks, enabling users to engage with the most covered and highest-profile asset classes.
Additionally, United FX Trade provides opportunities to trade metals like Gold and Silver, as well as cryptocurrencies such as Bitcoin, Ethereum and Ripple, catering to both traditional and digital asset enthusiasts.
Moreover, traders can explore energy markets with options to trade Brent Crude Oil, WTI, Natural Gas, and Coal.
Complementing these offerings, United FX Trade provides wealth management services, including dedicated financial consultants to assist clients in achieving their specific financial goals, along with investment advisory services offering a wide selection of investing strategies curated by seasoned portfolio managers.
Account Types
United FX Trade offers a variety of account types, each with its own minimum funding requirements.
The Classic account requires a minimum deposit of USD 250, providing a basic entry point for traders. The Standard account, with a minimum funding of USD 2000, offers additional features compared to the Classic account.
The Platinum account, requiring a minimum deposit of USD 5000, provides further benefits and personalized support. The Gold account demands a minimum funding of USD 15,000.00, granting access to exclusive perks and priority services.
For traders with larger capital and experience, the Diamond account requires a minimum deposit of USD 25,000.00, offering elite trading conditions. Lastly, the VIP account, with a minimum funding of USD 150,000.00, caters to high-net-worth individuals with tailored support and privileges.
While these account types allow traders to choose the option that aligns with their trading goals and financial capabilities, the minimum deposit is relatively high comparing to most brokers, traders should take these into consideration before making final decisions to trade.
How to Open and Account？
To open an account with UNITED FX TRADE, you have to follow below steps:
Complete any verification process for security purposes.
Once your account has been approved, you can set up your investment preferences and start trading.
Spreads & Commissions
United FX Trade adopts a non-disclosure policy regarding spread information, leaving traders in the dark about crucial details of their transactions. Instead, the platform imposes a hefty commission of 20% per lot traded, significantly impacting traders' profitability.
This lack of transparency raises concerns about the fairness and trustworthiness of the platform, as traders are unable to assess the true costs of their trades upfront. Thus, we urge traders to communicate with the broker directly to thoroughly evaluate the cost implications before engaging with United FX Trade.
Customer Service
UNITED FX TRADE offers a range of customer service channels for trader support, including phone and email assistance, a physical address for inquiries and a convenient contact us form on their website.. This multi-channel approach ensures timely and accessible support for traders' queries and concerns.
Address: Mountain View, CA 43239-0443.
Phone: +1 (505) 891 9900. MONDAY - SATURDAY: 09.00AM TO 6.00PM.
Email: info@unitedfxtrade.com.
Conclusion
In summary, UNITED FX TRADE is an online brokerage firm located in the United States, offering a wide range of trading instruments and services including trading and investing in Forex, Indices, Oil, Gold, Stocks, and CFDs as well as wealth management and investment advisory. However, it's crucial to note that UNITED FX TRADE currently operates without valid regulations, raising concerns about its accountability and commitment to client safety.
Therefore, you should be cautious when deciding to trade with this broker and consider alternative brokers with established regulatory oversight to mitigate potential risks.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2023-03-03 16:36
