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UnionMarkets.com is nothing special even in its community of scammer brokers. It's one of them, and will remain a risk till the end.
UnionMarkets.com is based in Saint Vincent and the Grenadines. We care not if this is true or not. What matters here is that the country does not have an FX regulator ,, and so even if UnionMarkets.com is registered there the fact is that the broker is not regulated in Saint Vincent and the Grenadines.
There is also an official warning issued by the Austrian regulator Financial Market Authority (FMA), which may not be the most popular regulator, but is still an official license issuer. Therefore, any warning form it should be taken very seriously.
UnionMarkets.com is unregulated, and a risk to all. Deposits will be lost!
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. 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 requirements 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 had an issue with the account opening process. As in, there was no way to open an account. The problem was expressed in the fact that the website had no account opening section. At times like these, we figure one of two things are in place. Either the broker has a hidden registration form that is available on to those users that have been previously contacted by the broker. Once these users agree to invest, UnionMarkets.com redirects them to a registration form and then probably directly to the deposit area. The second possibility is that UnionMarkets.com does not have a user area, but this seems unlikely. We think the former applies here.
Yet, we can confirm that there is a trading software. Even without a registration, the broker presents a software.
The leverage on the broker is capped at 1:400 for the highest account type. The average one is 1:200 for the Standard account. As for the spread, the Standard account is said to offer a 2.8 pips which is supposedly the lowest spread on the Standard account. Apparently UnionMarkets.com is not aware than anything above 2 pips cannot be considered profitable to users, and a 2.8 pip spread will only benefit the broker.
The advertised tradeable assets are forex currency pairs, commodities, futures, shares, and indices.
A trading software called WebTrader is available here that is also accessible in desktop form. Immediately we felt that this is some kind of scam. And we might be right.
We did not open it because our PC warned us that the published is not known and therefore a risk. From this we can say that the software might not be worth it for it may contain a virus or a malware.
But, technically, there is a trading software used here.
UNIONMARKETS.COM MINIMUM DEPOSIT
Deposits will all be lost, with a very small, almost zero chance, or getting them back.
On the website it is revealed that the payment methods are credit cards, bank transfers, and probably other undisclosed means.
The minimum deposit is said to be $250.
The truth is that the payment details are very vague, and therefore we cannot be sure that they represent accurately the actual payment grounds. Without creating an account, we are in the dark.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
UNIONMARKETS.COM WITHDRAW TIME AND FEES
It's important to know that unregulated brokers do not return money. They will find a way to stall all withdrawal requests without giving a straight reason.
The only information that we could find is that withdrawals take up to 24 hours to get processed, which by itself is also a piece of information that cannot be verified.
No further details exists concerning withdrawals. Unfortunately, even with withdrawal details on the site, our reaction would not be very different form this one: the broker is a scam and therefore all withdrawals will not be accessible!
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from 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 chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
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!
Another day, another unlicensed and risky broker. UnionMarkets.com is a scam and not worth even a penny!
UnionMarkets.com compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines