Warning! UltimateFXTraders is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
At first UltimateFXTraders seemed to be an ok broker, but as our stay with it prolonged we kept finding concerning aspects that led us to believe otherwise. Read the review for more.
The broker keeps claiming that UltimateFXTraders is operated in the Marshal Islands. Readers should be aware that the island nation does not have a financial regulator. Which means that UltimateFXTraders is unregulated there. Even if it is registered in the Marshall Islands that does not change the fact that it is unlicensed.
Next we have a mention in the About Us page, and several other subpages, claiming that the broker is located in the UK and licensed under the UK watchdog. This is not at all the case, and as such UltimateFXTraders is not regulated.
Brokers that do not have a license are capable of stealing your investment. We urge traders never to deal with such fraudulent brokerage firms. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We easily opened a live account, yet without verifying it we were unable to proceed. So trading info from the dashboard is out of limits. Anyway, the website claims that the broker offers forex pairs and crypto as its sole assets, which we, personally, do not trust. As for a spread or a leverage value there is none. As we shall soon see there is one important aspect of UltimateFXTraders that completely eradicates the need for both leverage and spread.
The website is solely in English. However, the client dashboard can be translated in over 90 languages, courtesy of google translate. This is one of may clear signs that the broker is clearly working outside of the law.
The reason that the broker has so few alleged trading assets is simple- the client dashboard opened a binary option trading gadget that explains quite a lot. Needless to say, binary trading is risky and illegal in Europe. What’s interesting is that UltimateFXTraders does not disclose that it is a binary options trader anywhere on the website.
However, we must acknowledge the fact that the dashboard required verification documents before revealing most of its content, like deposit/withdrawal info, and a “place trade” area. So there is a slight chance that UltimateFXTraders is a broker in the classic term. However, we doubt it.
ULTIMATEFXTRADERS MINIMUM DEPOSIT
As revealed in the previous section, payment info in the dashboard is concealed from clients who have not verified themselves.
As per the website, the minimum deposit is $500 for the standard account, while payment methods are bitcoin, wire transfer, and cards. However, the terms and conditions claim that the minimum deposit is $250. Which one are we to trust, we do not know.
This broker is unregulated, and if you choose to fund an account with it, it will put you directly at risk of losing all investment money. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
ULTIMATEFXTRADERS WITHDRAWAL TIME AND FEES
Overall, users have to wait on average 10 days for their withdrawal amount to appear in their account. The broker processes it in 3 days, and then from there the wait time extend to 7 days at times. Furthermore, the broker says that it requires telephone approval prior to a withdrawal.
The broker requires a 200 times turnover for any deposit before a withdrawal is made. In the case where a user sends a withdrawal request before completing the trading volume requirement, he or she will be charged with 10% of the withdrawal sum. What’s more is that there are actual withdrawal fees: $50 for wire transfer, $25 plus a $10 processing fee for credit or debit cards, and $25 for epayments (a method which is vaguely mentioned). Last but not least, customers that withdrawal less than $500 by bank transfer will have to pay an additional $50 on top of the aforementioned charge.
ADDITIONAL FEES AND TAXES
First on our agenda is one of the oddest clause we have ever come across, concerning a, what we presume is, tax for receiving profits after withdrawing. We are not sure what the actual number is, so here is this ridiculous clause:
Next is the dormant account fee, which in this case comes with a twist. The 5% fee is subtractable from any deposited amount after 30 days of inactivity. Users have to deposit at least 5 times in order to revive their account, meaning that for every times they deposit they will be charged with 5% if their account has been inactive for more than 30 days. Another ludicrous clause that showcase the arrogance of UltimateFXTraders.
The terms and conditions are riddled with clauses that protect the broker from literally any type of damage it will inevitably cause to a client. However, we have attached the most important one, the indemnification clause:
Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable of realizing their schemes, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. Do not expect anything of the kind from this broker; it will only bring you financial anxiety.
HOW TO RECOVER
Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
UltimateFXTraders is loaded with ways to steal you money. Once users deposit, they will be attacked by numerous fees that will completely drain their account. That and the fact that they will never be able to withdrawal. Do not invest in UltimateFXTraders!