UNforex Information
UNforex is a brokerage company firstly registered in 2017 with its office in Australia. The broker offers services in trading for forex, CFDs on indices, commodities and cryptocurrencies. Trades can be executed via the advanced MT4 platform for enhanced trader experience. Besides, the broker also offers a proprietary “UMAM system” developed for professional asset managers. Moreover, protection measures such as fund segregation ensures safety of customers assets even during the insolvency of the company.
There are 3 tiered live accounts, however, minimum deposit requirement is $1 000, which is a high barrier for beginners or those with limited capital.
Furthermore, exceeding the regulation set by the Australia Securities & Investment Commission (ASIC) indicates that the broker's business activities might be in violation of the institution's standards.
Pros and Cons
Is UNforex Legit?
UNforex exceeds the regulation by ASIC (Australia Securities & Investment Commission), with a license number of 628606897. This indicates that the broker's activities may be operating outside the bounds of the institution's regulatory compliance, adding significant risks for traders to invest with them.
What Can I Trade on UNforex?
Account Type/Fees
UNforex does not provide a demo account for practicing as many peer brokers. However, there are 3 tiered live accounts available for traders to choose from based on their trading preferences.
- Standard account: Usually set for beginners, requires a minimum deposit of $1000, and offers a floating spread from 2.7 pips for EUR/USD.
- VIP account: Same entry point with $1000, but has tighter spread from 1.8 pips for EUR/USD.
- PRO account: You need to deposit at least $5000 to activate this account to enjoy the tightest spread from 0.5 pips for EUR/USD and the largest maximum position at 120 lots.
Leverage
Leverage is a kind of trading tool to enable you to control larger positions with small initial capital. Default leverage of UNforex is 1:100 and can be as large as 1:500.
But it's always suggested to use leverage prudently since it not only amplifies gains, but losses at the same time.
Trading Platform
UNforex offers the industry-leading MetaTrader 4 platform renowned worldwide for its robust functions such as automated trade execution, analysis charting tools and market updates, etc.
You can download the app version from Windows, iOS and Android devices.
Deposit & Withdrawal
UNforex accepts payments through bank wire, banking online and USDT.
Deposits can be made 24 hours a day, 7 days a week. And the broker processes withdrawals quickly within 24 hours after verification from clients.
UMAM System
UNforex offers a proprietary UMAM system developed for professional asset managers. The system enables asset managers and its investors to collaborate directly through UMAM's App and complete automatic profit distribution, automatic risk control, etc.
The UMAM app can be accessed via iOS and Android phones.
2022-11-28 10:39
2022-11-25 15:16
