Warning! Universe Markets is an offshore company! Your deposit may be at risk.
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It’s hard not to label Universe Markets as a shady broker the first time one sets eyes on it. The ugly simplicity of it all is one of its biggest giveaways. Read more to find how shady Universe Markets really is.
The holding company of the broker is WhiteSquare Trading LTD, which is located in the UK. This should immediately put it under the regulatory oversight of the FCA. For this one, we didn’t even have to go through the FCA registry; one quick Google search and we were brought to the FCA website, where the agency warns against WhiteSquare Trading LTD and Universe Markets, and states that they are UNREGULATED by the FCA.
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 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).
The leverage we got on the platform is 1:10, which is very low. This isn’t your typical leverage. Most shady brokers offer at least 1:300. But, if looked from a different angle, a lower leverage means that traders will have to deposit more often.
The EUR/USD spread taken from the platform is 0.4 pips, which is considerably favorable for the trader and not for the broker. But seeing as this is an illicit broker, there have to be some hidden commissions.
Trading instruments offered by Universe Markets are Forex Pairs, Commodities, Crypto, Stocks, and Indices.
The only languages that are available are German, English and Spanish.
UNIVERSE MARKETS LOGIN
As mentioned, this seemingly proprietary platform can be opened and used without a registration, which is not necessarily a bad thing. But seeing as the platform offers very little in terms of options, the only reason for one to open it is to check the assets.
The leverage is 1:10, and the EUR/USD spread is 0.4 pips. Such a small spread is 99% of the time issued some kind of a commission. Oddly enough, but not surprisingly, there is no mention of a commission, which leads us to believe that this version of the platform serves as a demo, or the broker will launch incoming commissions with no warning.
The trader is solely web-based.
UNIVERSE MARKETS MINIMUM DEPOSIT
Without a proper registration we could not take any deposit information from a dashboard, so all of the following information is taken from either the legal documents or from texts in the website.
According to the FAQ the minimum deposit amount is either $250 or $100. There are two questions tackling the issue and both of them answer differently.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Furthermore, 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
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, often times 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.
UNIVERSE MARKETS WITHDRAWAL TIME AND FEES
Withdrawal information, like the one for deposits, is taken from the website and the legal docs, for we were not allowed to register, and so a personal dashboard, where the real information is usually gathered, is out of our reach.
With that said, the minimum withdrawal amount as per the T/Cs is $100. However, there is a minimum trading turnover that must be achieved before a withdrawal can be requested. The turnover is equal to the total of all the deposit in the account. Furthermore, a request for withdrawing funds must be made at least a month after the initial deposit. Here’s the entire section for your convenience:
Withdrawals are processed for up to 7 days. After that, a trader must wait another 7 days tops, for the money to arrive into his or her account.
All Wire withdrawals will be charged with a $25 fee.
ADDITIONAL FEES AND TAXES
A concerning paragraph in the Refund Policy and Bonus (the only article) claims that the company will debit “the payment” directly from a client’s credit card. Your guess is as good as hours concerning the meaning of “the payment”. After that, is says that if a client applies for a refund, then all his/her logins and memberships will be deactivated. Take a look for yourself, for the clause is as ambiguous as it is ridiculous.
Next is a trading volume requirement of 300 time for each $1 bonus. This is an exaggerated amount for sure. What’s more is that any attempt to withdrawal before reaching the required volume of trade will be canceled and removed from the account.
The final clause mentioned here, is one that ties them all together by exempting the broker from any damages it has done to its users, be they as a result from the use of the website, its services. This technically pardons them for any losses a trader might experience, and at the same time absolves the broker from reimbursing the client, if need be.
Be certain that 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 advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
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.
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 only way to recover is by filling for a charge back, and hoping it’s not too late.
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.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
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!
What Universe Markets really is, is an arrogant attempt at taking your money. There is nothing more to it. Do keep away if you cherish the content of you wallet.