Beware! Ultimate Forex Trade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We can easily spare you the following review of Ultimate Forex Trade by saying that this broker is definitely not legal, There is nothing on the website that suggests otherwise. Either it has been forgotten and left for dead, or its operators of the site do not care for the awful look and broken design. The entire site feels like 4 or 5 different sites put into one big mess without thinking of the consequences. Almost all the tropes of unregulated brokerage are evident here, and it is the job of this review to uncover them for our readers.
We registered in a matter of seconds, and what followed was an interesting trader’s user area, nevertheless riddled with issues. The main one was the constant presence of the TradingView chart variations. The other noticeable problem was the Google Translate tab giving the portal area a sloppy and unfinished feel.
We cannot talk of trading conditions, because, frankly, Ultimate Forex Trade does not offer any platform on which to trade. But more on this in the appropriate section of the review.
The website is available only in its original English.
ULTIMATE FOREX TRADE REGULATION AND SAFETY OF FUNDS
Ultimate Forex Trade is completely anonymous. There is nothing on the website to suggest a regulation of any kind. Gone is also any hint of a probable location for the broker’s operations. Ultimate Forex Trade is as if it does not want to be found. This leads us to think of the possibility that the broker is one of those firms that singles-out its customers based on how easily manipulated they are. We have given a more detailed explanation of how this fraudulent process works in the last two sections of the review.
The website also lacks all of the essential legal documentation that keeps a steady bind between the broker and the user. Out of all the brokers we have reviewed thus far, those without any legal documentations have all proven to be complete and shameless scams!
There is no error in our conclusion that Ultimate Forex Trade is a broker whose UNREGULATED nature makes it a risk to all investments!
Investing in unregulated brokers is synonymous with losing money. Never be too quick to deposit! Always check for a regulation prior to depositing. This should always be any trader’s priority! If the broker at hand has a regulation, preferably FCA or CySEC., then you are good to go. From there on it’s all a matter of taste and the offered trading grounds. These two agencies are in the top 5 list of the best regulators in the world. All brokers under their gaze abide by the strictest of rules and guidelines. Furthermore, both the FCA and CySEC have a compensation scheme covering all users of brokers that cannot pay their dues, due to insolvency or other similar reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
ULTIMATE FOREX TRADE TRADING SOFTWARE
The user area present TradingView, a third party chart provider, and its graphs as part of the Ultimate Forex Trade trading experience. We are here to say that there is no such thing.
Not only is TradingView far from a trading software, but it also is utterly useless with most scammer brokers, including this one.
Ultimate Forex Trade’s take on trading is hard to miss. On the main page of the user dashboard, the client is led to believe that trades are put through a process similar to a registration one. Check it out for yourselves:
This is as far as you can get from actual FX trading. It seems that Ultimate Forex Trade underestimates the FX audience. The broker proves again that it is a scam!
ULTIMATE FOREX TRADE DEPOSIT/WITHDRAW METHODS AND FEES
The only way to get a hold of the payment methods, and associated info, is through the user area! The website is useless when it comes down to this. And the missing legal document smake things even more ambiguous and suspicious.
The minimum deposit is $300. Accounts can be replenished through wire transfer, a bitcoin payment wallet, and credit card.
The minimum withdrawal amount is $300 as well, while the payment meths are wire transfer, a BTC wallet of some sorts, and “others”. What these others are, we do not know. We can only suppose that they have something to do with alternative payment methods or additional crypto-based payment means.
We challenged ourselves to find one reason to invest in Ultimate Forex Trade, proving this experiment futile. We assure our readers that any deposits made in this broker will be lost!
How does the scam work?
The scam tactics that brokers use come under a common denominator. Most of them have a similar structure, with small touches that some brokerages choose to include. When users fall for these they will sooner or later realize it!
The very first step resolves around the fake internet ad, found mainly in social media websites. These high-promising advertisements promote a care-free lifestyle where money is made with easy trading on assets like forex or/and cryptocurrencies. Clicking on one of these will redirect users to a website (usually the broker’s website, but sometimes an intermediary site) where they will be asked to provide contact details. Sooner or later, traders will start receiving calls or emails with alleged opportunities on huge profits in exchange for a minimum deposit, an amount that depends on the broker, but also on the user herself (high income vs low income).
If the user deposits her first deposit, then she has fallen into the scam, and the broker is ready to initiate the second stage of the scam. Enter the account managers (sometimes called senior managers). These will push for more deposits, while slowly taking over your account. They will be very aggressive with their solicitations, trying anything and everything within their ability.
At this point, the user has not yet withdrawn! When she attempts to do so, she will be greeted by a very unpleasant reality: her deposit(s) and profits can never be returned. The broker usually enforces one of the following: either it will block the account, it will close down the website, it will stall withdrawal requests, or delete the account!
What to do if scammed?
The first thing you can do, and the most crucial, it to file for a chargeback with your credit or debit card company ASAP! MasterCard and VISA have extended their chargeback period to 540 day.
Deposits that were initially invested through a bank, and were lost as a result of the scammer brokers, should stimulate users to CHANGE their bank account details- both username and password! Furthermore, it wouldn’t hurt them to contact the bank and check with them.
It is crucial to know to never invest in suspicious brokers through a crypto wallet. A majority of these payments are untraceable, and you are risking to lose all your money with no hope of ever seeing it!
The scammer, or other related parties, have a last card to play. Deposit/Investment recovery agents are notorious fraudsters that promise to recover all your lost capital in exchange for a fee. Once the commission is paid, these will disappear with the money, which leaves you at an even bigger loss!
Rich Snippet Data
Ultimate Forex Trade