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Suspicious Regulatory License
Suspicious Scope of Business
High potential risk
|Risk Management Index||0.00|
Unicoin DCX Limited
Platform registered country and region
Pyramid scheme complaint
|Company Name||Unicoin DCX Limited|
|Minimum Spread||From 1.2 pips|
|Trading Platform||AX1 & MT4|
|Trading Assets||Forex, Indices, Stocks, Bullions, Base Metals, Energy Products, Agro-Products|
|Payment Methods||Bank Transfer, VISA, MasterCard, Bitcoin|
|Customer Support||Email & Phone Support|
Registered in 2020, Unicoin Markets is a Malaysia-registered forex broker, giving their clients access to vast global financial markets, including Forex, Indices, Stocks, Bullions, Base Metals, Energy Products, Agro-Products. Unicoin Markets offers three different types of trading accounts, with the lowest requiring a deposit of from $100 and the highest allowing a leverage of up to 1:100. Unicoin Markets is a forex broker based in Malaysia that claims to provide access to global financial markets, including forex, indices, stocks, bullions, base metals, energy products, and agro-products. The company offers three different types of trading accounts, with minimum deposits ranging from $100 to $25,000 and leverage of up to 1:100.
However, there are several red flags and concerns regarding Unicoin Markets. Firstly, the broker is not authorized or regulated by any regulatory authority, which raises suspicion about its legitimacy and the safety of client funds. Additionally, the company has been flagged as a suspicious clone, indicating that it may be attempting to imitate a legitimate broker.
The website lacks clear information about payment methods, and there are reports of poor customer support, with only email and phone support options available. The absence of a proper regulatory license, combined with the lack of clear information and poor customer support, further adds to the potential risks associated with Unicoin Markets.
The trading platform options provided by Unicoin Markets include AX1 and MT4. While MT4 is a popular and widely recognized platform, the use of AX1 is less common and may raise concerns about its reliability and functionality.
It's important to note that trading leveraged products such as forex, cryptocurrencies, and derivatives carries a high degree of risk. The lack of regulation and the suspicious nature of Unicoin Markets increase the potential risks for investors. Traders should exercise caution and carefully consider the risks involved before engaging with this broker.
In conclusion, Unicoin Markets appears to be a suspicious and potentially fraudulent forex broker operating in Malaysia. The lack of regulation, poor customer support, and other warning signs indicate a high potential risk for investors. It is advisable to seek regulated and reputable brokers with transparent operations and a strong track record.
Unicoin Markets claims to be regulated by the Labuan Financial Services Authority (LFSA) in Malaysia. They provide a license number (MB/21/0068) as proof of their regulatory compliance. However, it is important to note that Unicoin Markets has been flagged as a suspicious clone with a low reliability score. This raises doubts about the legitimacy of their regulatory claim and overall operations.
To determine the legitimacy of Unicoin Markets, it is advisable to independently verify the regulatory information provided. One can directly contact the Labuan Financial Services Authority to confirm the authenticity of the license and the regulatory oversight of Unicoin Markets. Additionally, conducting thorough research and seeking information from reliable sources can help assess the legitimacy of the broker.
Unicoin Markets offers a wide range of market instruments or products for trading purposes. One of the key offerings is the ability to trade stocks, allowing clients to participate in the equity markets. Additionally, Unicoin Markets provides access to trading indices, which represent the performance of a specific group of stocks from a particular market. Forex trading is also available, enabling clients to trade currency pairs and take advantage of fluctuations in exchange rates.
In addition to stocks, indices, and forex, Unicoin Markets allows clients to trade bullions, such as gold and silver. These precious metals are highly valued commodities and offer opportunities for speculation on price movements. Base metals, including copper, aluminum, and zinc, are also available for trading. These metals have diverse industrial applications and their prices are influenced by market demand and supply dynamics.
Clients of Unicoin Markets can also trade energy products, such as crude oil and natural gas. These commodities are influenced by global factors and provide avenues for speculation and investment. Furthermore, Unicoin Markets offers trading in agro-products, including agricultural commodities like wheat, corn, soybeans, and coffee. These products are subject to supply and demand dynamics in the agricultural sector.
Pros and Cons
|Diverse range of market instruments||Limited information on payment methods|
|Access to stocks, indices, forex, bullions, base metals, energy products, and agro-products||Suspected clone broker with low reliability score|
|Opportunity to participate in equity markets||Charges commissions and spreads|
|Potential for profit from currency fluctuations and commodity price movements||Poor customer support|
|Exposure to global financial markets|
Standard accounts, Premium accounts and Platinum accounts are available options for both retail and professional clients. The minimum deposit amount specifies the account type, with the Standard account from $100, the Premium account from $5,000, the Platinum account from $25,000. One account provides investors with access to all instruments. And the traders must deposit in USD.
Pros and Cons
|Caters to different trading levels and strategies||Lack of transparency in payment methods|
|Access to a wide range of trading instruments||Limited information on account features|
|Flexible leverage options up to 1:100||Unclear pricing details and spread variations|
|24/7 customer support available||Poor customer support reported by some users|
|Choice of trading platforms (AX1)||Potential risk to capital due to lack of regulation|
|Clear differentiation between account types based on experience|
Aside from live account, demo accounts are also available for clients to test the trading platform and practice their trading environment.
How to Open an Account？
To open an account on Unicoin Market, please follow these steps:
Step 1: Visit Unicoin Market website and click on the “Register” button. Enter all the required information in the signup form including your name, email address, phone number, and password. Make sure that you provide valid and accurate information.
Step 2: Once you have registered, you need to verify your account. Unicoin Market offers both digital and in-person verification methods. Digital verification involves uploading your ID documents and completing the verification process online. In-person verification involves scheduling an appointment with a Unicoin Market representative and providing your ID documents for verification.
Step 3: After your account is verified, you can add funds to your account using a range of tools and e-wallets that Unicoin Market supports. These include bank transfer, credit/debit card, and cryptocurrency deposit.
Step 4: Once you have added funds to your account, you can start trading on Unicoin Market. They offer a range of markets including stocks, indices, forex, commodities, and more. You can access 500+ markets and start trading immediately. Unicoin Market also offers advanced trading tools and features to help you make informed trading decisions.
Unicoin Markets offers different types of trading accounts with varying spreads and commissions. Let's take a closer look at each account type and the associated spreads and commissions.
The Standard Account is designed for novice traders and requires a minimum deposit of $100. Spreads on major forex pairs start at 1.8 pips, and there is a commission of $15 per trade. This account provides access to a wide range of instruments, including forex, indices, stocks, and commodities. Traders using the Standard Account can leverage their trades up to 1:100 and have access to the AX1 trading platform. Customer support is available 24/7.
The Premium Account is tailored for experienced traders and requires a minimum deposit of $5,000. Spreads on major forex pairs start at 1.6 pips, and the commission per trade is 1.6 pips. This account offers tighter spreads compared to the Standard Account, making it suitable for traders who require more competitive pricing. Similar to the Standard Account, traders using the Premium Account can leverage their positions up to 1:100 and trade using the AX1 platform. Customer support is also available 24/7.
The Platinum Account is designed for professional traders with extensive experience in the financial markets. It requires a minimum deposit of $25,000. Spreads on major forex pairs start at 1.2 pips, which is even tighter than the spreads offered in the Premium Account. The commission per trade is $10, further reducing trading costs. Professional traders using the Platinum Account can leverage their positions up to 1:100 and have access to the AX1 trading platform. Customer support is available round the clock.
It's important to note that the spreads and commissions mentioned above are specific to Unicoin Markets. However, it's essential to consider the overall regulatory status and reputation of the platform. Unicoin Markets lacks regulatory oversight, which raises concerns about the safety and transparency of trading with this broker. Traders should carefully evaluate these factors, conduct thorough research, and assess their risk tolerance before choosing an account type with Unicoin Markets or any other trading platform.
Pros and Cons
|Standard account provides fixed spreads, making it easier for beginners to understand trading costs||Spreads are generally higher compared to other brokers, which can increase trading costs|
|Premium and Platinum accounts offer tighter spreads and lower commissions for experienced and professional traders||Commissions are still relatively high, especially for the Standard account|
|All accounts offer leverage of up to 1:100 for greater trading opportunities||The lack of regulatory oversight raises concerns about the safety and transparency of trading with this broker|
|Multiple account types cater to traders with different experience levels and trading strategies||The minimum deposit required for the Premium and Platinum accounts is relatively high compared to other brokers|
Unicoin Markets offers leverage to its traders, providing them with the opportunity to magnify their trading positions. Let's take a closer look at the leverage options available:
Unicoin Markets offers a maximum leverage of 1:100 across all account types. This means that traders can potentially control positions that are up to 100 times the size of their account balance.
Leverage allows traders to amplify their potential profits, as even small price movements can result in significant gains. However, it's important to note that leverage also amplifies potential losses. If the market moves against a trader's position, losses can exceed their initial investment.
While Unicoin Markets offers leverage of up to 1:100, it's worth mentioning that regulatory authorities in different countries may impose different leverage restrictions. For example, in Europe and Australia, regulators often limit leverage for major currency pairs to a maximum of 1:30. In the United States and Canada, leverage may be limited to 1:50.
It's crucial for traders to understand the risks associated with leverage and to use it responsibly. Trading with high leverage can be risky, particularly for inexperienced traders. It's recommended to have a solid understanding of the markets and implement risk management strategies when utilizing leverage.
Additionally, considering Unicoin Markets lacks regulatory oversight, traders should carefully assess the overall reliability and security of the platform before engaging in trading activities with high leverage.
Pros and Cons
|Opportunity to amplify potential profits||Higher leverage increases the risk of potential losses|
|Allows traders to control larger positions||Lack of regulatory oversight raises concerns about safety|
|Provides flexibility in trading strategies||Inexperienced traders may be prone to significant losses|
|Can capitalize on small price movements||Limited information on leverage restrictions in different regions|
It seems that Unicoin Markets provides two choices of trading instruments, AX1 and MT4 trading platform.
Unicoin Markets provides customer support to assist traders with inquiries and trading-related issues. Here is a description of their customer support services:
If you have any questions or need assistance, you can first visit the FAQ section on the Unicoin Markets website. This section contains useful information that may address common queries and provide guidance. Unfortunately, Unicoin Markets only provides phone support or email support for direct staff assistance. You can contact their customer support team via phone or email to seek help with any specific concerns or issues you may have.
In addition to customer support, Unicoin Markets provides information about their company address. They are located at Unit No. 3A-16, Level 3A, Labuan Times Square, Jalan Merdeka, 87000 Labuan F.T. This address can be useful for any correspondence or inquiries you may need to make.
Unicoin Markets also maintains a presence on various social media platforms. You can follow them on Twitter, Facebook, Instagram, YouTube, and LinkedIn. This allows you to stay updated with their latest announcements, news, and insights.
Unicoin Markets is a forex broker based in Malaysia that claims to provide access to global financial markets. However, there are several red flags and concerns surrounding this broker. The lack of regulation and the presence of suspicious activities, such as being flagged as a suspicious clone, raise doubts about its legitimacy and the safety of client funds.
Advantages of Unicoin Markets include the availability of three types of trading accounts, acceptable minimum deposits, and support for the popular MT4 trading platform. Additionally, there is a wide range of trading assets offered, including stocks, indices, forex, bullions, base metals, energy products, and agro-products. The account types cater to traders with varying levels of experience and trading strategies, and there are multiple trading platforms available.
However, the disadvantages of Unicoin Markets are significant. The lack of regulation is a major concern, as it means there is no oversight to ensure fair practices and the protection of client funds. There are reports of poor customer support, with limited contact options and negative experiences reported by some users. Additionally, there is a lack of clear information about payment methods, and the broker has been flagged as a suspected clone.
In conclusion, Unicoin Markets appears to be a suspicious and potentially fraudulent forex broker. The lack of regulation, poor customer support, and other warning signs indicate a high potential risk for investors. It is advisable to seek regulated and reputable brokers with transparent operations and a strong track record. Traders should exercise caution and carefully consider the risks involved before engaging with Unicoin Markets or any similar broker.
Q: Can profits from a demo account be collected？
A: No. The demo account is for practicing trades using virtual currency. Therefore, no profits or losses are awarded to the traders on demo trading.
Q: How can I open a live account with Unicoin Markets？
A: Opening a live account for trading is quite simple. The steps to be followed are outlined below:
1. Complete the Account Application form online from our website.
2. Verify Personal Information: Please submit two (2) forms of identification, including one (1) photo ID (i.e., passport or any other government-issued identification document bearing a photograph), one (1) proof of address (i.e., utility bill, driver's license, bank statement, etc.), and one proof of banking.
3. Fund Your Account: You can fund your trading account and start live trading once you have received a username and password for a live trading account.
Q: What currencies can be used for deposits？
A: Traders have to deposit in USD.
Q: What items can I trade with on Unicoin Markets？
A: Unicoin Markets offers Stocks, Indices, FOREX, Bullions, Base Metals, Energy Products, and Agro Products.
Q: What is the minimum amount of currency I can deposit？
A: With Unicoin Markets, the minimum deposit amount is USD 100 for standard accounts.
Q: What is the smallest position that I can trade with？
A: A micro lot (0.01 lots) is the smallest position size that a trader can trade with at Unicoin Markets. Trading micro lots is a reliable way to keep up the overall exposure of their trading account.
Q: What is the maximum leverage available？
A: With a live trading account at Unicoin Markets, traders can benefit from the maximum leverage of 1:100.
Q: What are your commissions and fees on trading？
A: Unicoin Markets charges a fixed trading fee of USD 15 per lot.
Q: How will my funds be held？
A: All client funds are held in accordance with the Labuan Financial Services and Securities Act 2010, Labuan Companies Act 1990, and Labuan Business Activity Tax Act 1990 and are always kept in segregated trust accounts in recognized banks.
Q: How do I withdraw funds？
A: File a withdrawal request using a Withdrawal Request Form, and users can email it to email@example.com.
Q: Can I withdraw onto another person's card/bank account？
A: Unicoin Markets will not accept or consider any third-party deposits or withdrawal requests.
Trading leveraged products such as forex, cryptocurrencies and derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that your fully understand the risks involved, taking into account your investments objectives and level of experience. The information presented in this article is intended solely for reference purposes.
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