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No Regulation
Score
1.52 /10
Danger
UkTrade
5-10 yearsSuspicious Regulatory License
Suspicious Scope of Business
High potential risk
Add brokers
Comparison
Quantity 2
Exposure
Time Machine
Website
Score
Regulatory Index0.00
Business Index7.04
Risk Management Index0.00
Software Index4.00
License Index0.00
Time Machine
Website
Licenses
No valid regulatory information, please be aware of the risk
VPS Standard
No restriction on the broker account. Support service provided by WikiFX
Single Core
1G
40G
open now
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Warning: Low score, please stay away!
Previous Detection :
2024-12-25
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
WikiFX Verification
Exposure
2 pieces of exposure in total Pyramid scheme complaint
ExposeGENERAL INFORMATION AND REGULATION
UKTrade Global is a binary options broker that stands out with its sheer incompetence. Even though this broker claims to offer Forex trading, UKTrade is actually a binary options brokerage. Binary options trading has been banned in the UK, Europe and the US for some time now because of the manner in which unscrupulous brokers were scamming traders. Therefore, this broker is not just operating illegally, but is also offering illegal trading.
The broker is owned by a company called UK Trade Global Limited, based in the UK, and with offices in both England and Wales. We did find the company‘s registration on the UK’s Companies House website, but it they had not submitted their confirmation statement, which was overdue. This means that this registration has lapsed.
Furthermore, it isnt the Companies House that issues licenses to operate to forex brokers. To be able to offer its financial services in the UK, UKTrade needs to be regulated by the Financial Conduct Authority (FCA). Ironically, this broker has no such license from this regulator.
All this information means one thing – this broker is operating illegally; it isnt regulated
MARKET INSTRUMENT
The brokers offical website is not reachable and therefore doesn't give details on on it's Tradeable Instruments offered. And also no review from other third-party website.
ACCOUNT AND LEVERAGE
UKTrade has not given any information on its website about the types of accounts it offers. The broker has also omitted to mention what its trading conditions are.
TRADING PLATFORM AVAILABLE
This broker does not specify the type of trading platform it offers its customers. As we couldn't even get access to their website. A broker will usually clearly display the kind of platform it offers, especially if it is the MetaTrader 4 or MetaTrader 5 software. This is because the trading software is the key to trading with any broker. So, its absence clearly indicates that things are not right with UKTrade.
DEPOSIT AND WITHDRAWAL
there is absolutely no information on payments, both deposits and withdrawals, anywhere on the website. And seeing that there was no way to be granted access to a user area where the payment terminal is, we cannot even guarantee that users can withdraw funds.
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