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uTrade

Australia|Scam Brokers|
5-10 years|Regulated in Australia|Suspicious Regulatory License|cTrader|Suspicious Scope of Business|Australia Appointed Representative(AR) Unsubscribed|High potential risk|

https://www.utrade.asia/en-US

Website

Rating Index

Contact

https://www.utrade.asia/en-US
https://www.facebook.com/UTPProject
https://twitter.com/UTPProject

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

uTrade Markets Incorporated

Company Abbreviation

uTrade

Platform registered country and region

Australia

Company website
Twitter
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YouTube

Pyramid scheme complaint

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This platform is a Ponzi Scheme. Please stay away! 4
Previous Detection : 2024-04-15
  • This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
  • The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.

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Pyramid scheme complaint
Expose

uTrade · Company Summary

Aspect Information
Registered Country Australia
Founded Year 5-10 years ago (exact year not provided)
Regulation Previously regulated by ASIC, but currently listed as “Unsubscribed”
Minimum Deposit $100 (Standard Account) to $6,000 (ECN Spread Account)
Maximum Leverage Up to 1:100 (Leveraged Forex)
Spreads Ranging from 0 points to 0.4 points
Trading Platforms cTrader
Tradable Assets Equities, Derivatives, Forex, Fixed Income, Commodities, Cryptocurrencies
Account Types ECN Spread, Expert, Standard
Customer Support Available through social media channels
Payment Methods Neteller and Skrill with a minimum withdrawal amount of $5 USD

Overview of uTrade

uTrade, operating in Australia for the past 5-10 years, offers a diverse range of trading instruments, including equities from global markets such as ASX, NYSE, and NASDAQ, derivatives like options and futures contracts, forex with major currency pairs, fixed-income securities, commodities, and cryptocurrencies. The broker provides three account types: ECN Spread, Expert, and Standard, each with its respective minimum deposit requirements. While uTrade had prior regulation by ASIC (License: 001268046), it is currently marked as “Unsubscribed” and is listed as an illegal broker on WikiFX's Scam Brokers list, raising regulatory concerns. Negative reviews and complaints about withdrawal difficulties and extensive documentation requirements have also been reported, necessitating a cautious approach for those considering uTrade for trading activities.

basic-info

Pros and Cons

uTrade offers a mix of advantages and disadvantages for traders. On the positive side, it supports cryptocurrency trading, provides multiple account types, and offers the popular cTrader trading platform. It also offers leverage up to 1:100 and low spreads from 0.0 pips. However, there are regulatory concerns due to expired licenses and an illegal listing. Payment methods are limited, and there are no educational resources available. Traders may also encounter withdrawal difficulties and extensive documentation requirements, and the availability of customer support channels is limited.

Pros Cons
Supports cryptocurrency trading Regulatory concerns with expired licenses and illegal listing
Multiple account types available Limited payment methods available
Provide popular cTrader as trading platform No educational resources available
Leverage up to 1:100 Withdrawal difficulties and documentation requirements
Spreads from 0 pip Limited types of customer support channels

Is uTrade Legit?

uTrade, specifically UTRADE CAPITAL PTY LTD, was regulated by the Australia Securities & Investment Commission with license number 001268046. However, it is important to note that as of the provided information, their regulatory status is listed as “Unsubscribed,” and all licenses have expired. Moreover, it has been flagged as an illegal broker and listed in WikiFX's Scam Brokers list. Therefore, caution is advised when dealing with this institution, as it may not be operating within the regulatory framework.

regulation

Market Instruments

EQUITIES:

uTrade offers a wide range of equities for trading, providing clients access to stocks from various global markets. Some notable examples of stock exchanges where clients can trade equities include the ASX (Australian Securities Exchange), NYSE (New York Stock Exchange), and NASDAQ. Additionally, uTrade offers trading in popular Exchange-Traded Funds (ETFs), such as SPY (SPDR S&P 500 ETF Trust) and QQQ (Invesco QQQ Trust), allowing investors to diversify their portfolios with these instruments.

DERIVATIVES:

In the Derivatives category, uTrade facilitates trading in options and futures contracts. These financial instruments offer clients the opportunity to speculate on the price movements of various underlying assets. Examples of derivatives available for trading include options on commodities like crude oil and gold, as well as futures contracts on major stock market indices like the S&P 500 and Dow Jones Industrial Average.

FOREX (FOREIGN EXCHANGE):

uTrade provides access to the Forex (Foreign Exchange) market, allowing clients to engage in currency trading. Major currency pairs, such as EUR/USD (Euro/US Dollar), GBP/JPY (British Pound/Japanese Yen), and USD/JPY (US Dollar/Japanese Yen), are available for trading. The Forex market enables participants to profit from fluctuations in exchange rates between different currencies, making it a popular choice for traders.

FIXED INCOME:

Within the Fixed Income category, uTrade offers government and corporate bonds. These fixed-income securities are essential for diversifying portfolios and providing stable returns. Examples of bonds available for trading include U.S. Treasury Bonds and corporate bonds issued by reputable companies. Investors seeking a more conservative investment approach often turn to fixed-income instruments like these.

COMMODITIES:

uTrade grants access to the trading of physical commodities in the Commodities category. Clients can speculate on price movements in markets for commodities such as gold, silver, and crude oil. Instruments like gold futures, silver futures, and oil contracts are available, allowing traders to potentially profit from the price fluctuations in these essential commodities.

CRYPTOCURRENCIES:

Lastly, uTrade supports the trading of Cryptocurrencies, including well-known digital assets like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). These digital currencies have gained popularity among investors, and uTrade allows clients to participate in this rapidly evolving market. Cryptocurrency trading provides opportunities for profit in the highly volatile world of digital assets.

Pros and Cons

Pros Cons
Diverse range of trading instruments Lack of specific information on trading conditions and execution quality
Access to various global stock exchanges Limited information on trading volume and market depth
Supports cryptocurrency trading

Account Types

ECN SPREAD ACCOUNT: This account type requires a minimum deposit of $6000 and offers spreads starting from 0 points. The minimum position size is 0.05, and it supports deposit and withdrawal methods such as Neteller, Skrill, and BTC. A commission of $6 per standard lot is applicable.

EXPERT ACCOUNT: The Expert account necessitates a minimum deposit of $2500 and provides spreads starting from 0.2 points. The minimum position size is 0.05, and it supports deposit and withdrawal methods including BTC, Neteller, and Skrill. Notably, there is no commission associated with this account type.

STANDARD ACCOUNT: The Standard account requires a minimum deposit of $100 and offers spreads starting from 0.4 points.The minimum position size is 0.05, and it supports deposit and withdrawal methods such as Neteller, Skrill, and BTC. Importantly, there is no commission charged for this account.

Pros and Cons

Pros Cons
Multiple account types available High minimum deposit for ECN Spread Account
Varying spreads for different types No demo account mentioned
Choice of deposit and withdrawal methods Commission fee for ECN Spread Account

Leverage

uTrade offers leverage of up to 1:10 for CFD equities, 1:20 for CFD indices, 3 to 7x for DLCs, and 1:100 for leveraged foreign exchange. The specific leverage that you are offered will depend on the product that you are trading and the account type that you have.

Spreads & Commissions

uTrade provides low spreads, with the ECN SPREAD ACCOUNT offering spreads starting from 0 points and a $6 commission per standard lot, while the EXPERT ACCOUNT offers spreads starting from 0.2 points with no commission, and the STANDARD ACCOUNT has spreads starting from 0.4 points with no commission.

Deposit & Withdrawal

For deposit and withdrawal methods at uTrade, Neteller and Skrill are available options, both with a minimum withdrawal amount of 5 USD and no associated commission fees. These transactions are processed instantly in USD currency units.

deposit-withdrawal

Pros and Cons

Pros Cons
Neteller and Skrill options available Minimum withdrawal amount of 5 USD
No associated commission fees Limited payment method choices
Instant processing in USD currency

Trading Platforms

cTrader is one of the trading platforms offered by uTrade. It provides a user-friendly interface and features various trading tools such as advanced charting and technical analysis capabilities. Traders can execute orders quickly on this platform. Examples of assets available for trading on cTrader include Forex pairs like EUR/USD and GBP/JPY, as well as commodities like gold and oil.

deposit-withdrawal

Pros and Cons

Pros Cons
Popular c-Trader No alternative platforms available
Advanced charting and technical analysis tools No educational resources available

Customer Support

uTrade's Customer Support can be reached through their social media channels, including Twitter (https://twitter.com/UTPProject), Facebook (https://www.facebook.com/UTPProject), and YouTube (https://www.youtube.com/channel/UC3xQQaWKKCZBiukc2oqyoXg?view_as=subscriber). These platforms provide a means for clients to connect with uTrade and access information and updates related to their services.

Reviews

uTrade has received 1 exposure in total on WikiFX, and the reviews appear to be largely negative. There are complaints of being unable to withdraw funds, with allegations of uTrade holding funds and requesting excessive documentation. Some users claim to have experienced difficulties in their interactions with the broker, raising concerns about the legitimacy of the company's practices. One user specifically mentioned a requirement for a significant proof of source of income, which they found excessive in relation to their deposit amount.

reviews

Conclusion

In summary, uTrade presents both advantages and disadvantages. On the positive side, it offers a diverse range of tradable assets and leveraged options for traders interested in various financial instruments. Additionally, the availability of different account types caters to traders with varying risk appetites. However, uTrade's regulatory status is a significant concern, as it currently lacks regulation and has been flagged as an illegal broker on certain platforms. Negative reviews also raise doubts about the company's practices, particularly regarding withdrawal processes. Prospective users should exercise caution and conduct thorough research before considering uTrade as their trading platform of choice.

FAQs

Q1: Is uTrade currently regulated by any financial authority?

A1: No, uTrade is not currently regulated by any financial authority, and its previous license has expired.

Q2: What is the minimum deposit required to open a Standard Account with uTrade?

A2: To open a Standard Account with uTrade, you need a minimum deposit of $100.

Q3: What is the maximum leverage offered by uTrade for Forex trading?

A3: uTrade offers a maximum leverage of up to 1:100 for leveraged Forex trading.

Q4: Are there any commissions associated with the Expert Account?

A4: No, there are no commissions associated with the Expert Account at uTrade.

Q5: What trading platform does uTrade provide?

A5: uTrade provides the cTrader trading platform for its clients.

Q6: Can I trade cryptocurrencies with uTrade?

A6: Yes, uTrade supports cryptocurrency trading, including assets like Bitcoin, Ethereum, and Ripple.

Q7: How can I contact uTrade's customer support?

A7: You can reach uTrade's customer support through their social media channels, including Twitter, Facebook, and YouTube.

News

Aviv Telmore, The Owner Of UTrade, Was Convicted in Israel of $22 Million Fraud

NewsAviv Telmore, The Owner Of UTrade, Was Convicted in Israel of $22 Million Fraud

2022-09-14 17:24

Aviv Telmore, the founder and CEO of the algo-trading business UTrade, has been convicted by an Israeli court of cheating investors out of NIS 77 million ($22 million), among other things.

WikiFX
2022-09-14 17:24
News
Aviv Telmore, The Owner Of UTrade, Was Convicted in Israel of $22 Million Fraud
Learn How to Invest in U Today

NewsLearn How to Invest in U Today

2021-12-16 18:57

Your Wealth, Your Future, Our Commitment

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2021-12-16 18:57
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淼㵘
more than one year
Don't be deceived by uTrade. This company is a black platform. Once you make a deposit, they will use various means to prevent you from withdrawing money.
2023-03-01 10:39
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A诺伯曼健身找小文
more than one year
NOT HAPPY. I have missed approximately $1 000 in profitable trades. If anyone had a similar experience just don’t stay silent and report it as I did!!! This is a platform where victims of scams and fraud like me can expose and get help!
2023-02-15 11:09
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