Universal FX Review: Is it a Scam or a Legit Broker?

Universal FX is an offshore brokerage firm that offers trading services to clients worldwide. They claim to offer different investment instruments such as forex, stocks, commodities, crypto, bonds, and indices. In this review, we will explore Universal FX’s features, trading platforms, regulatory status, fees, and customer support. Our goal is to provide you with accurate and reliable information to help you make an informed decision on whether to trade with Universal FX or not.

Regulation and Licensing

First of all, it is important to note that Universal FX claims to be licensed and regulated by various financial regulators such as the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the South African Financial Sector Conduct Authority (FSCA), and the Securities Commission of the Bahamas. However, we conducted a thorough search of the financial regulators’ databases and found no evidence of Universal FX being regulated or licensed by any of them.

Furthermore, Universal FX does not provide access to the Client Agreement or any other documentation that can provide information on their regulatory status. This lack of transparency is a red flag and suggests that Universal FX may not be a legitimate brokerage firm.

Trading Platforms

Universal FX claims to offer the MetaTrader 5 (MT5) platform for trading. MT5 is a popular trading platform used by many reputable brokerage firms. However, we found that the platform download links on the Universal FX website were empty, and logging into a newly registered account was impossible.

This suggests that Universal FX may not actually offer the MT5 platform and could be misleading potential clients with false information.

Fees and Deposits

Universal FX does not specify its minimum deposit requirement or the deposit methods it accepts. This lack of transparency is concerning as it may suggest that the brokerage firm has hidden fees or charges that could negatively impact clients’ trading funds.

Moreover, offshore brokerage firms such as Universal FX are known to accept cryptocurrency as a means of payment. While this can be convenient for some clients, it also raises concerns about the anonymity of transactions and the potential for fraudulent activities.

Customer Support

Universal FX provides various communication channels for clients to contact their support team, including phone, email, and live chat. However, we found that their response times were slow, and the support team was not very helpful in providing detailed answers to our questions.

This lack of quality customer support can be frustrating for clients, especially if they encounter technical issues or have questions about their accounts.

Is Universal FX a Scam or a Legit Broker?

Based on our findings, we believe that Universal FX may not be a legitimate brokerage firm. Their claims of being licensed and regulated by various financial regulators cannot be verified, and they do not provide access to the Client Agreement or any other documentation that can prove their regulatory status.

Furthermore, their lack of transparency regarding fees and deposits, as well as their poor customer support, are additional red flags that suggest that Universal FX may be a scam broker.

In contrast, we recommend trading with regulated and licensed brokerage firms such as Fortrade. Fortrade is a reputable brokerage firm that offers trading services in various investment instruments, including forex, stocks, commodities, indices, and cryptocurrencies. They are regulated by the FCA in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus, and IIROC in Canada, which makes them a reliable and trustworthy trading platform.

Summary

Universal FX is a brokerage firm that claims to provide a wide range of investment opportunities to traders. The company boasts of offering a variety of financial instruments, including forex, stocks, commodities, crypto, bonds, and indices. However, there are some concerns about the legitimacy of Universal FX, and traders need to be cautious before investing with this broker.

One of the major red flags about Universal FX is the lack of clear regulatory information. The broker claims to be licensed by several regulatory bodies, including the UK’s Financial Conduct Authority (FCA), as well as regulators in Cyprus, South Africa, and the Bahamas. However, a check of the FCA register shows that the company is no longer authorized to provide financial services, and the other regulators do not have the broker listed on their databases.

Another concerning factor is that Universal FX does not offer a money-back guarantee, which means that traders are putting their funds at risk by trading on this platform. Additionally, the broker does not provide access to the Client Agreement or other documentation, making it difficult for traders to know exactly who they are dealing with.

Another area of concern is the lack of information about the minimum deposit required by Universal FX. Licensed forex brokers typically spell out their regulations and license credibility, and clients can start trading with as little as $100 with the assurance of the safety of their trading funds. It is unclear what deposit methods Universal FX accepts or what transaction fees are associated with these methods.

Universal FX claims to offer the industry-standard trading software MT5, but the platform’s download links are empty, and logging into a newly registered account is impossible. Traders need to be wary of brokers that offer unreliable software, as this can cause significant losses.

It is important for traders to do their due diligence and research brokers before investing with them. Licensed and regulated brokers are safer options, as they are required to comply with industry standards and adhere to strict regulations. For example, Fortrade is a UK-based broker that is regulated and licensed by the FCA, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus, and IIROC in Canada. They offer trades in numerous assets, including stocks, commodities, currencies, indices, and cryptocurrencies, and accept traders from around the world.

In conclusion, while Universal FX may appear to be a trustworthy trading broker, traders should exercise caution before investing with this broker. The lack of clear regulatory information and the absence of a money-back guarantee are concerning factors, and traders need to be aware of the risks associated with trading on this platform. It is advisable to invest with regulated brokers like Fortrade, which offer greater safety and security for traders’ funds.