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Unions Market Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-12-03 10:44

Abstract：Unions Market, a trading name of Bodacious Consulting LLC, is allegedly a forex broker registered in Saint Vincent and the Grenadines that claims to provide flexible leverage up to 1:500 and variable spreads from 0.1 pips on the web-based trading platform, as well as a choice of three different live account types. However, it has no valid regulations currently.

　　Note: Unions Market' official website: https://unionsmarket.group/ is currently inaccessible normally.

Unions Market Review Summary
Founded	2022
Registered Country/Region	Saint Vincent and the Grenadines
Regulation	Unregulated
Market Instruments	Forex currency pairs, stocks
Demo Account	❌
Leverage	Up to 1:500
Spread	From 0.1 pips
Trading Platform	Web-based
Min Deposit	€250
Customer Support	Tel: +37282243643
	Email: technical_support@unionsmarket.group, compliance@unionsmarket.group
	Address: First floor, First St Vincent Bank Ltd Building, James Street Kingstown, St.Vincent and the Grenadines

　　Unions Market, a trading name of Bodacious Consulting LLC, is allegedly a forex broker registered in Saint Vincent and the Grenadines that claims to provide flexible leverage up to 1:500 and variable spreads from 0.1 pips on the web-based trading platform, as well as a choice of three different live account types. However, it has no valid regulations currently.

Pros and Cons

Pros	Cons
Multiple account types	Inaccessible website
Flexible leverage ratios	Unregulated broker
	Limited trading assets
	No demo accounts
	No MT4 or MT5
	High minimum deposit
	Limited payment options
	Withdrawal fee charged

Is Unions Market Legit?

　　Unions Market claims to be owned and operated by Bodacious Consulting LLC, an offshore company based in St. Vincent and the Grenadines. However, this is the extent of our information about its owners, as there is no corporate background available, and the website appears entirely anonymous, aside from an offshore post box address. Additionally, the platform is unregulated, and its official website is currently inaccessible.

What Can I Trade on Unions Market?

Tradable Instruments	Supported
Forex currency pairs	✔
Stocks	✔
Commodities	❌
Indices	❌
Cryptos	❌
Bonds	❌
Options	❌
ETFs	❌

Account Type

　　Unions Market claims to offer three types of trading accounts, namely Standard, Premium and Professional.

Account Type	Min Deposit
Standard	€250
Premium	€2,500
Professional	€25,000

Leverage

　　Traders holding different account types can enjoy different maximum leverage ratios.

Account Type	Max Leverage
Standard	1:100
Premium	1:200
Professional	1:500

　　However, higher leverage means potentially greater profits, but it also comes with increased risks. Be cautious when using high leverage to protect against substantial losses.

Spread

　　Unions Market claims that different account types can enjoy quite different spreads.

Account Type	Spread
Standard	From 0.1 pips
Premium	From 1.2 pips
Professional	From 1.3 pips

Trading Platform

　　Unions Market offers a web-based trading platform. However, such web-based trading platforms are basic and cost-effective—scammers prefer to avoid spending more on sophisticated, functional platforms like MetaTrader 4 or MetaTrader 5.

Trading Platform	Supported	Available Devices	Suitable for
Web-based	✔	Web	/
MT4	❌	/	Beginners
MT5	❌	/	Experienced traders

Deposit and Withdrawal

　　Unions Market says to work with numerous means of deposit and withdrawal choices, consisting of credit/debit cards like VISA and MasterCard or bank transfers. On the platform, however, there was no mention of bank transfer and clients could choose between credit cards, Bitcoin and various other cryptocurrencies. We soon found out that even that is not true since the only cryptocurrency that was actually available for deposit was Bitcoin.

　　The minimum initial deposit requirement is said to be €250, while there is no mention of what the minimum withdrawal amount is.

　　The broker also charges some withdrawal processing and handling fees, however, it states that it is simply not committed to any time frame.

　　The typical withdrawal processing time is said to be 5 business days.

Bonus

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

　　In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.