UnicoFX seems like a rather solid brokerage based in Australia, claiming to “aim to make you feel safe and secure.” Realistically, that’s all you want from a broker. To trade and be safe doing so. However, if you go underneath the surface, you will discover many red flags about the firm. Read our UnicoFX review and find it all out.
| Broker status: | Unregulated |
| Regulated by: | Unlicensed brokerage |
| Scammers Websites: | unicofx.com |
| Blacklisted as a Scam by: | OSC, AMF Quebec |
| Owned by: | Unico Aust PTY LTD |
| Headquarters Country: | Australia |
| Foundation year: | 2021 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | $250 |
| Cryptocurrencies: | Available |
| Types of Assets: | FX, commodities, shares, indices, cryptocurrencies |
| Maximum Leverage: | 1:200 |
| Free Demo Account: | No |
| Accepts US clients: | No |
What About UnicoFX Regulation?
UnicoFX is a brand of Unico Aust PTY LTD, based in Australia. Therefore, the firm should have an ASIC regulation, considered one of the firmest. And that would imply that safety is on a high level. Besides ensuring that companies follow regulatory rules, ASIC requires them to form a significant compensation fund to reimburse potential victims.
In addition, we strongly advise you not to invest in Icorp Securities,IGC TradesandChase Capital Onlinefraudulent brokers.
Why Must a Broker Have a License?
As explained, ASIC, FCA, BaFin, and other Tier1 license providers ensure that you can easily get your money back in case of an issue.
However, upon checking the ASIC register, we discovered that this authority body does not regulate UnicoFX. Furthermore, the Terms and Conditions suggest that the governing law is the law of Estonia, making even more confusion.
Our conclusion is this – UnicoFX is not actually an Australian broker, and you can easily be defrauded.
UnicoFX Warnings From Financial Regulators
Canada gave us an official confirmation that UnicoFX is a scheme. After many clients filed complaints, OSC of Ontario and AMF of Quebec published official warnings against the UnicoFX trading scam.
OSC stated that UnicoFX operated under the name Tradethebit before, and none of these brands are authorized to provide financial services in Canada.
AMF of Quebec simply added unicofx.com to the list of fraudulent domains.
Traders Reviews About UnicoFX Scam
Since the firm seemed to exist for quite a while and changed its domain when there were too many complaints, no wonder that investors are having issues withdrawing their funds. Scheme firms are designed like MLM – luring clients into investing, giving them bonuses to bring new clients until they’ve vanished and clients are left with no money.
Also remember the names of theStrategic FX,Liquidspro andValiant Marketstrading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Supported Trading Platforms – Available Trading Software
UnicoFX offers proprietary WebTrader, and there’s no app for desktops or mobile devices. Basically, you will have to be satisfied with the web browser version.
Allegedly, there are two different WebTraders, but it’s not important. This kind of platform can never be anywhere near MT4 or MT5 and has fewer charts and indicators. Also, there are no EAs and social trading is not enabled.
In the end, scam brokers usually offer unregulated trading conditions, so regardless of the platform, your funds are at risk.
Everything About UnicoFX Trading Accounts
UnicoFX has 4 account types:
- Standard – 1,000 EUR
- Silver – 10,000 EUR
- Gold – 25,000 EUR
- Platinum – 100,000 EUR
However, the main page indicates that the minimum deposit is $250.
Accounts differ in leverage, spread, personal account manager, and VIP support.
There’s no Demo account, so verifying any allegations on the website is quite hard, as we’re not willing to invest a penny with this scam firm.
UnicoFX Range of Trading Instruments & Markets
UnicoFX offers to trade on the following markets:
- Currency pairs
- Commodities
- Indices
- Shares
- Cryptocurrencies
UnicoFX Deposit, Withdrawal Methods, and Bonuses
UnicoFX requires a minimum deposit of $250 and accepts debit/credit cards and wire transfers. If the account is inactive for more than 6 months, the company claims the right to charge a 10% dormant fee every month.
When it comes to withdrawals, you can use the same payment method you used to deposit, but there are many hefty fees. The company charges 50 units for wire transfer withdrawals and 25 units for cards and alternative methods.
Besides, you will be charged a levy fee of 10% if you have not reached 200 in turnover prior to withdrawing funds. Yet, it’s not specified whether it’s 200 trades or 200 lots.
If you accept the bonus (10% on the initial deposit), you will have to repay the bonus amount plus the initial deposit 25 times before being able to withdraw your funds. So, suppose you started with the minimum deposit and got a $25 bonus; you will have to repay $6,875 in turnover before withdrawals.
Account Manager Scam At UnicoFX
Since the broker is unregulated, it believes it can make fake promises and use scam tactics to defraud clients. For example, account managers will ask for access to your device via AnyDesk, and from your device, they will access your online banking. While you’re not paying attention, they will transfer all your funds to the company or themselves and leave you with nothing. Yet, money is transferred directly from your account and your IP address, so it is quite challenging to prove that they have been stolen.
Scammed by UnicoFX Broker? – Let Us Hear Your Story
If you were scammed by UnicoFX, let us know. Our chargeback specialists may be able to assist you and help you recover stolen money.
But What Is A Chargeback?
This is a way for your bank to reverse the fraudulent transaction and get your funds back from the merchant. Don’t let scammers take your hard-earned funds. Contact us right away, and let’s start the process before it’s too late!