Table of contents
It’s never a good sign when a broker claims that it is registered with “relevant authorities” but gives out no names.
If the sloppy design hasn’t lifted some eyebrows, then the lack of regulatory obscurity will surely do.
Ultrontradefx claims to be regulated by the GSC on the Isle Of Man. GSC stands for the Gambling Supervision Commission, which as as the name conveys, regulates land-based gambling operation, but not online forex brokers. Not to mention that the address given in the footer is completely irrelevant and serves no purpose. The location given is New York, which would put Ultrontradefx directly under the watchful and stern gaze of the NFA and CFTC. Not only is this untrue (because there is no mention of such licenses anywhere on the site) it’s even preposterous to consider since no regulated broker would carry itself the way Ultrontradefx does. Furthermore, Ultrontradefx is a binary options trader:
But this type of trading is banned in Europe and in the US (exchange traded binary options being the only exception to the rule).
Safe to conclude that Ultrontradefx is UNREGULATED, and thus a risk to anyone who invests with them.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
Ultrontradefx is said to be a binary options broker: users bet on the probability if a currency/stock value will increase or decrease. That's all there is to it.
Judging by the demo platform, there are only three assets to trade with: EUR/USD, GAZPROM and Apple stocks. This is laughable and should indicate, yet again, just how botched this broker, if you can even call it that, is.
Surprisingly there are a bunch of languages to choose from: Arabic, English, French, German, Portuguese and Spanish.
Ultrontradefx does not give us anything to work with. The demo platform is a simple line graph that offers NO trading choice, but since the broker concern itself with binary trading, we are prone to understand. However, we have a hunch that the pricing is completely random and does not come from any liquidity provider. We leave it for you to see:
Meanwhile, once registered, a process that requires no ID verification of any kind, users will be allocated to the very lackluster Dashboard. There you will find what looks like a widget that serves as platform:
There is nothing here even close to a trading platform… no buy or sell options, and no forex/CFD betting options, which renders everything else useless, so calling this a trader would be overselling it.
By the looks of it there are no desktop or mobile/tablet traders.
ULTRONTRADEFX MINIMUM DEPOSIT
There is no minimum deposit indicated by the broker.
The funding methods are unsurprisingly in contradiction with one another. On the one hand the FAQ gives us 5 methods: Western Union, Moneygram, Bitcoin, Paypal and Bank Transfer. Meanwhile the payment method offers only three options: Western Union, MoneyGram and Bank Transfer.
Ultrontradefx is one untrustworthy broker and everything that we have said about till now furthers our claim that your funds will NOT BE SAFE with it. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The broker explicitly does not mention a CVV warning anywhere on its website, which is a required inclusion for licensed brokers. For safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Another novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
ULTRONTRADEFX WITHDRAWAL TIME AND FEES
The minimum withdrawal amount is 70% of the users traded account. This is as perplexing to you as is to us. It’s probably that you can withdraw 70% max from your total account funds, or maybe solely from your initial deposit, which leaves all winnings out of reach. Best not dwell on it: the just of it is that traders will never get to see their money if they choose to fund an account at Ultrontradefx.
Withdrawal request are processed instantly, but we will remind you once again that with Ultrontradefx it is certain that no such processes are in operation.
ADDITIONAL FEES AND TAXES
Even without any serious fees, we still want to remind readers that unregulated brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advice you against withdrawing, or they will ask more deposits needed if one wished to withdrawal.
The dormant fee is activated after 36 months of inactivity, and charges $30 until the account is used for trading or all funds are withdrawn. Usually scam brokers give a maximum of 3 months time frame for dormant fees to be activated. Why wait 3 years is a mystery.
Ultrontradefx doesn’t require ID or proof of address for depositing, but be warned that once you start requesting for a withdrawal they will suddenly raise the question and demand these from you. They will use this to build a stronger case against you in the event that you request a chargeback.
Best to completely avoid this broker as it will, without a doubt, never return your funds and profits. 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.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a charge back with you credit card company.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them
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
Ultrontradefx is most likely a scam. There’s nothing to counter this fact. Do yourself a favor and stay away from this mess of a “broker”.
Ultrontradefx compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines