Read our Utrade Markets review to see why we do not recommend this broker for trading. Just to clear doubts, this is a Utrademarkets.com. If you have any questions or need advice about the withdrawal process, feel free to contact us at Fraudbroker2023@gmail.com.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as these kinds of websites are notoriously famous for scamming schemes.
So Utrade Markets is just another unregulated forex broker, which means the customers are not protected, and it is highly likely they will get away with your hard-earned money and there will be no regulating agency to hold them responsible.
In today’s forex market flooded with scam brokers, traders must tread every online financial trading company carefully. You must be particularly aware of shady brokerage firms like Utrade Markets that are anonymous, do not hold any trading credentials, and provide poor services based on deception.
If you have come across the Utrade Markets broker, you will soon realize how fraudulent this company is. So, continue with our Utrade Markets review for more information about this investment scam.
On top of that, we seriously recommend you not invest in the fake brokers BCH Advance, iToroStocks, and WiseFXPro. Do not trade with these unlicensed brokers if you want to save your money!
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Blacklisted as a Scam by: | N/A |
| Owned by: | N/A |
| Headquarters Country: | Australia |
| Foundation year: | 2022 |
| Supported Platforms: | Web Trader |
| Minimum Deposit: | 2,500 USD |
| Cryptocurrencies: | Yes (Bitcoin, Litecoin, Ripple) |
| Types of Assets: | Cryptocurrencies, Forex |
| Maximum Leverage: | 1:100 |
| Free Demo Account: | No |
| Accepts US clients: | No |
How does it work?
Usually, unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawal process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist on withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all, you need to keep the emails as proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and refuses to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relationship with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Contact us at Fraudbroker2023@gmail.com but do not let your broker know if you have read this article or are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step, you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that, you can prepare a letter or an email describing how you got deceived by them. Make sure you show this letter or email to them and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach us at Fraudbroker2023@gmail.com and we will help you with this step as well.
Is Utrade Markets a Licensed Forex Broker?
Forex trading is a heavily controlled industry by financial regulatory agencies closely cooperating with governments and ensuring that every broker complies with relevant legislation.
When a phony broker like Utrade Markets doesn’t state its headquarters or any information about the company’s registration, it is hard to determine its jurisdiction. This is done with the purpose to cover up the fact that it is an unlicensed and unregulated business.
The only info about Utrade Markets available on its website is a telephone number, which is an Australian phone number according to the dialing code. That brings us to the assumption that this broker might be based in Australia, which is one of the most stringent jurisdictions.
If it is the case, it is impossible to be a legitimate broker without being authorized by the Australian financial authority, ASIC. Not unexpectedly, Utrade Markets is not licensed under this or any other financial market regulatory agency.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Unlike unauthorized brokers, certified companies can be trusted with money since they adhere to a strict code of conduct – especially forex providers regulated by top-level supervisory bodies like the Australian ASIC, British FCA, and German BaFin. For example, ASIC’s eligibility conditions stipulate a broker maintain a minimum operating capital of 1M AUD and keep its and traders’ money separated (segregation of funds).
Additionally, traders of licensed brokers are protected by indemnification programs run by supervisory agencies. For example, ASIC covers traders with a 100,000 AUD indemnification in the event of a broker’s bankruptcy. On top of that, legitimate companies implement a range of risk management measures to mitigate trading risks, such as offering negative balance protection (a trader can lose more than deposited), cooperating with first-rate banks, providing reliable trading platforms, and ensuring propitious trading conditions.
So Is Utrade Markets a Decent Broker or a Scam?
Utrade Markets is an anonymous and unregulated broker running online trading scams and cheating traders from the UK, Canada, Australia, the US, and Sweden.
What Trading Software Does Utrade Markets Offer?
Speaking of the Utrade Markets portal, a trading platform available here, it is a web trader with limited functionality. This unscrupulous broker claims that its web trader fits the needs of both beginners and experienced traders. However, we are dubious about that since it has generic functions that can’t ensure profitable trading.
As far as that is concerned, your best option is the latest trading programs – MetaTrader 4, MetaTrader 5, cTrader, and Sirix – providing advanced tools such as expert advisors, stop loss, fast execution, unlimited pending orders, copy trading, and more.
Make sure you leave reviews about Utrade Markets on other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you have fallen victim please leave a review and a comment on this site in the comment section. Also, when these people change their website they tend to call the old clients, so if they call you from a new website please write it down on the comment or let us know by contacting us. That would be really appreciated by us and families all over the world. Also if you get phone calls from other companies please put the name of these companies also in the comment or send it to us. We will expose them too.
Utrade Markets Review Conclusions
Making the Utrade Markets review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard-earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter before you perform any transaction. We hope that our Utrade Markets review has been helpful to you. If you have any questions or you need advice about the withdrawing process, feel free to contact us at Fraudbroker2023@gmail.com.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
Warning: Low score, please stay away!
It has been verified that this broker currently has no valid regulations, please be aware of the risk!
Utrade Markets unconvincingly claims to be a “world-leading broker” with years of experience and numerous awards. The low quality of the website, the conflicting information and the missing credentials suggest that these boasts cannot be true. Fact-checking quickly reveals that Utrade Markets is indeed just another scam website trying to cash in on the hype around cryptocurrencies and the general public’s ignorance about financial markets.
| Broker name | Utrade Markets |
| TRUSTED? | UNREGULATED SCAM BROKER 100% |
| Regulation | No |
| Minimum Deposit | $1 |
| Leverage | 1:200 |
| Trading platforms | web |
| Available assets | forex, indices, shares, bonds, energies |
CUSTOMER REVIEW – Identity Hidden
Utrade Markets is a scam broker, I have deposited 8500 USD and made a profit of 4000 USD in a day. this scam broker is not giving me a withdrawal and today dated 27.10.2023 they have blown my account intentionally so cannot ask for a withdrawal. this totally B Book broker without liquidity bridging( there is no bank with this broker)
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all, you need to keep the emails as proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and refuses to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relationship with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at Fraudbroker2023@gmail.com but do not let your broker know they you read this article or that you are in contact with us.
HOW DOES THE SCAM WORK
The idea of passive income is increasingly attractive to more and more people. The Internet gives the impression that making money through investments in the financial markets is more accessible than ever to non-experts. But the online space is full of scammers who lure inexperienced wannabe traders through flashy advertisements and fake testimonials from satisfied clients. However, these fake brokers don’t really invest the money you give them – even though they very confidently assure you that you are generating great profits and should invest even more.
But when you try to withdraw some of your supposed winnings or deposit, it turns out to be impossible. Scammers will tell you that a sudden change in the market has wiped out all your money, or point you to vague clauses in the Terms and Conditions that require a huge minimum volume traded. The victim of such a scam may also be surprised by hidden fees and taxes amounting to tens of percentages of their funds.
Holding fraudsters accountable is difficult because they operate through uncontrolled and unregulated offshore companies. In addition, scammers require that you provide them with a copy of your ID and proof of address so that they can claim that all transactions were voluntary and agreed upon by both parties.
REASONS WHY Utrade Markets is a completely Fake, Unreliable and scam forex broker?
1. A guarantee of success and/or large profits – Utrade Markets scam broker
Nothing about the market, specifically the forex market, can be guaranteed. This market is influenced by too many factors that can change at any moment. So if someone is boasting of guaranteed profits or specific results, they are peddling a scam.
2. No substantial proof or background information on Utrade Markets
It’s very easy to come across pictures of charts showing profits. Scammers are savvy and they will only show profits and not losses within a period of time. In worse cases, they may even show charts from demo trading accounts that aren’t even a reflection of real trading. Do not base your decision to work with someone or purchase a product based on this or any other limited information. Ask for background information and full disclosure of the profits and losses. If they refuse or remain vague, it’s probably a scam.
3. Unsolicited marketing techniques
Unsolicited and persistent marketing is typically a sign of fraudulent behaviour. If you find yourself being pushed to purchase a product or service with little information and time, it may be an attempt to scam you. Be particularly cautious if they begin to ask for personal information that can be used for things like identity theft. If it feels uncomfortable and pushy, avoid it.
Utrade Markets Review Conclusions
Making the Utrade Markets review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard-earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter before you perform any transaction. We hope that our Utrade Markets review has been helpful to you. If you have any questions or you need advice about the withdrawal process, feel free to contact us at Fraudbroker2023@gmail.com.
