Online trading is a very risky yet exciting activity. It not only helps you in making tons of profit but also can trap you in a debt trap if not used properly. The readers must keep this fact in their mind that not all the brokers and trade companies who claim to work in this trading market are legitimate and original. Some of them are not professional and are unregulated. Today, we are going to review yet another scam broker by the name uTrader.
We will be providing all the kinds of information that we could collect about this broker company and let you decide for yourself. Read the full uTrader review here.
One of the main aspects that determine the quality and authenticity of any company is its history. This history basically consists of how long have they been in the market and how well their company has taken off in the market or grew in that time period. As for the company we are reviewing today, uTrader cannot be classified as a legit broker company with a good reputation and history. Founded in 2011, this company claims to have its headquarters in Riga, Latvia. However, after doing some research, we have found out that this broker, uTrader, is owned by another corporation that goes by the name Day Dream Investments LTD.
Moreover, this corporation is registered in the Marshall Islands. Now, for the readers who don’t know, Marshall Islands is an offshore zone that does not regulate trade brokers. Illegal or unregulated brokers often claim to have their company registered at such unregulated places in order to lure customers. They often call the customers and convince them to invest in their company. They will lie about having a license of their own and also a registered headquarters. We recommend our readers to never trust these phone calls and always do their research before investing or trading their valuable money. This will help you in becoming more aware of the investment market and also save you from falling into debt traps.
To add to these things, uTrader is an unregulated company. For a trading company or investment broker to operate in the trading market, they must have in their possession an approved licensed by the regulatory authority of the country that they operate in. This company not only is unregulated in most of the countries but is also blacklisted by the ASIC which is an acronym for the Australian Securities and Investment Commission. It has also been observed that uTrader has been failing to get a license from CySEC which stands for the Cyprus Securities and Exchange Commission, even after constant efforts. This clearly means that something is definitely wrong with this trading company.
Even though this trading company assures that they will return any money that you have lost in any trade with their company. However, we recommend you all to not fall for these traps and go through their terms and conditions carefully before investing. uTrader claims to be a risk-free company which is not possible for any binary trading company as the trading market itself is full of risks. Upon researching, we also observed that uTrader does not offer a demo account. This company only gives 5 trading account options plus one Islamic account. The five options are start, silver, gold, platinum, and VIP. This makes it almost impossible for first-time traders and new customers to start an account with a company as they do not know anything about it. The five accounts provided by the company are almost the same except for the minute differences in their minimum deposits requires. A minimum of $350 is required to start trading.
Is uTrader a scam or legit?
Taking into consideration the fact that this company is an unregulated body and does not have a valid license from any of the regulatory authorities, we recommend our readers not to trade with this company. Impractical promises and unrealistic claims are just a few of their tricks to lure in innocent customers. the company is entirely illegal and we strongly suggest not to have any ties with such a dishonest brokerage company.