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abstrak:The broker claims that it should be able to open a demo account, but clicking the button will take you to the same form as for a live account.
UAG Trade Asia is forex, index, commodities-precious metal, and energy trading broker.
We promote three types of accounts: Micro, Standard, and ECN.
The first two have the same minimum deposit requirement of $ 10 but differ in terms of spreads and fees, but the third requires a higher minimum deposit and offers a lower spread:
The broker claims that it should be able to open a demo account, but clicking the button will take you to the same form as for a live account. In the screenshot above, it says “You need an introducer to open an account with UAG TRADE ASIA”. However, on the form itself, the Introducer field is marked as an option and can be left blank. After all, I couldn't create an account with the broker because this field is required. Reviews are based solely on information from the broker's website.
UAG Trade Asia claims to be fully regulated by Company No. 00031021, licensed under Derivative License No. 014 / SECC / SB, by the Securities and Exchange Commission of Cambodia (SECC). However, the website does not have a contact phone number or address. The Cambodian SEC has a list of companies authorized as derivative brokers, which contains the name of the broker. The broker's website and trade name are not listed, so I'm not sure if they are the same company. Also, the broker's email is from another domain.
Please check for yourself.
The website may be a clone, so advise your readers not to invest in this broker.
Cambodia has regulated the forex and CFD markets since 2016, but licensing requirements are less stringent. A minimum working capital of $ 250,000 and a deposit of 15% of the company's stock is required, but that's it. The broker's allegations regarding the security of customer funds by being stored in separate accounts are unfounded and unsupported by a regulatory framework.
In addition to separating funding and minimum capital requirements, these institutions have other rules designed to minimize the risk to traders and investors. European brokers need to participate in a compensation scheme that provides additional guarantees for investors' funds in the event of a bankruptcy-up to £ 85,000 in the UK and up to € 20,000 in the EU, a negative balance protection policy. Must be compliant. Traders are not allowed to lose more than the total amount deposited and can therefore effectively prevent over-debt accounts.
UAG Trade Asia is not regulated by these authorities and is not bound by these rules or guidelines. Readers are informed that their money may be at risk when investing in this broker as no claims regarding good trading conditions and tight spreads or the security of client funds are guaranteed by the regulator. I would like to warn you.
The broker provides the MetaTrader 4 (MT4) trading platform as a desktop and mobile application (iOS and Android). MT4 is the world's leading platform and is preferred by over 80% of users. It provides an intuitive and user-friendly interface, advanced charting and analysis tools, copying, and automated trading options. You can further customize and create different trading strategies using your MQL4 programming language.
However, there is no download link for the desktop version. Also, I'm not sure if this is another empty statement because I couldn't register for a live or demo account.
UAG Trade Asia claims that they are straight-through processing (STP) without dealing desk (NDD) brokers. That is, orders are sent from the dealer to the liquidity provider to direct them through the trading desk. Unlike market makers who profit from trading differences (spreads) offered to traders, STP brokers usually offer lower spreads, but charge a fee for trading.
Spreads offered by brokers from 2.5 pips of micro accounts are very wide-reputable brokers typically widen 1.01.5 pips of major currency pairs. For other accounts, spreads appear to be more competitive on paper, but cannot be verified without a real account. However, commissions of $ 20 / lot are also quite excessive, and more acceptable $ 7 or $ 8 / lot commissions are only available for higher accounts.
UAG Trade Asia promotes leverage up to 1: 1000. Leveraged trading carries significant risks, especially for inexperienced traders. It allows for greater profits, but can often cost far more than the money invested. This is why most regulators set leverage caps on non-professional traders. 1:50 in the US, but 1:30 in EU and UK licensed brokers. The Australian Securities and Investment Commission (ASIC) has also begun limiting the leverage of major currency pairs to 1:30 on March 29, this year.
The information on financial trading methods on the broker's website is very limited. They only mention direct bank transfers. Standard options such as credit and debit cards are not advertised, and sellers prefer common methods such as PayPal and eWallets. Skrill and Neteller are also not supported.
What we have learned from their website is that the minimum deposit is $ 10 and the deposit will be processed within 24 hours. Withdrawal processing times of 13 working days are also not excessive. The broker also claims they do not charge any fees for deposits or withdrawals via the Local Bank method, but this cannot be confirmed without a Live account.
Overall, we must say that UAGTrade is not like most scammers. They offer the MT4 trading platform and their trading and financial conditions are tolerable. What is most important, however, when choosing a broker to invest with, is whether they are regulated by a recognized authority, and UAG Trade Asia is NOT, so we would advise not to invest with them.
Users are often the victims of very simple but very efficient scams. The first trap is usually an internet ad that promises great profits in a short period, and all you have to do is provide your personal information, usually your email address and phone number. Then you will receive a call from the fraudulent broker. Scam brokers continue to sell their wins quickly and easily until they make an initial deposit of $ 200 to $ 300. Fraudsters receive high fees for these funds and send them to experienced “brokers”.
These experienced scammers are smooth speakers who start to persuade them to bet more money because “the moment is perfect” or “the more you invest, the more profit you get”. Usually, around this time, most traders will start to feel fraudulent and want to withdraw money and get out immediately.
Unfortunately, scammers don't give up easily. First, they try to convince you not to withdraw now because you are missing a “big win”, and if that doesn't work, they find many reasons to reject or delay your request and you There are several other reasons why the withdrawal will not be carried out asking for additional documentation or this claim. The ultimate goal of such delays is to trick traders into missing an important time frame in which they can make chargeback requests, thereby losing the opportunity to get their money back.
What to do when scammed? If you used a credit card to deposit with the scammers you should immediately file for a chargeback. Both VISA and MasterCard have increased the time in which you can file to 540 days, in part specifically to fight such online scams.
If you used bitcoin or some other untraceable source, however, chances of recovering your funds are slim. You might get approached by so-called “recovery agents”, but don`t fall for their tricks. They demand a prepayment to get your money back, but this is just another scam and you never get back anything.
Philippine traders should be aware of this website utacap.com or UAG Philippines as many traders from other countries are giving bad feedback to this forex broker.
Disclaimer:
Ang mga pananaw sa artikulong ito ay kumakatawan lamang sa mga personal na pananaw ng may-akda at hindi bumubuo ng payo sa pamumuhunan para sa platform na ito. Ang platform na ito ay hindi ginagarantiyahan ang kawastuhan, pagkakumpleto at pagiging maagap na impormasyon ng artikulo, o mananagot din para sa anumang pagkawala na sanhi ng paggamit o pag-asa ng impormasyon ng artikulo.
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