The offshore-based forex and CFDs broker Universal Markets has four different trading accounts. The constant leverage is provided on all the four trading accounts, but spreads are variable depending on the accounts. The broker operates from overseas with no proper regulation, and it is a worrying fact. Apart from no regulation, other problems are there. In this Universal Markets review, we will cover all of the issues step by step. Readers are requested to read it thoroughly.
About Universal Markets:
The four trading accounts are Beginner, Advanced, Pro, and Expert. As mentioned above, constant leverage of 1:200 is provided on all the four accounts—the spread of 2.6 pips, 1.2 pips, 0.7 pips, and 0.2 pips, respectively. The possible pro of the Universal Markets could be its leverages. The leverage of 1:200 available on all of the four trading accounts. These leverages are considered moderate. Another pro could be a trading platform available called Sirix. Sirix yet another trading platform that is known to most of the traders. Unfortunately, it can not be compared with the MetaTrader trading platform. UM Media LLC owns the broker Universal Markets that is situated on Saint Vincent and the Grenadines. Saint Vincent and the Grenadines is a home for many scam brokers, and it does not come under any financial regulation. The broker is restricted in the regulated market like the European Union and more. The required minimum deposit is not mentioned on the broker’s website. This means it wants to hide the necessary trading information. Also, the spreads available are quite high, and they contribute to a rise in trading costs. The terms and conditions mention very salty fees associated with Universal Markets. 20 to 50 Euros are charged for bank wire transfer, an administration charge of 5% is charged every month. Also, traders of Universal Markets clients do not get the MetaTrader trading platform. It comes with advanced features like Expert Advice, Automated Trading, World-Class Charts, and more. It also provides easy management of multiple sub-accounts.
Is Universal Markets scam or legit?
The broker is not regulated and operates from overseas. Saint Vincent and the Grenadines based nature is a real fact of worry as many scam brokers come from this particular area. The trading condition is not fully disclosed, and available spreads are high. The absence of the MetaTrader trading platform is also a negative sign. The broker charges salty fees to its traders. The broker Universal Markets is a potential scam broker 2020.