Ultimate Forex Trade is an illegal enterprise and is definitely a scam. The website of this broker (ultimateforextrade.com) looks terrible and is certainly not a good indication. I think the people who built this website have stopped caring for it because it’s layout is not only outdated but very difficult to navigate.
Different pages have different layouts which makes the website appear very unprofessional and hastily put together.
The user section of Ultimate Forex Trade is ridden with bugs and is certainly not easy to use.
You can read more into the Ultimate Forex Trade review to discover the reasons why I don’t recommend trading with them.
Ultimate Forex Trade License and Regulation
Ultimate Forex Trade provides zero information about its address and regulation. This is proof that this broker is a scam as reliable brokers maintain proper transparency in this regard.
There’s no mention of the broker’s address or license on the website. Moreover, it feels like this broker doesn’t want everyone to find it. I believe they target new traders through ads and promotions to deceive them into creating an account with these guys.
How can you spot a broker who is trying to deceive you?
A broker’s credentials, registration, and job history can be reviewed using BrokerCheck, a free online tool provided by FINRA. Disputes with clients, disciplinary actions, and specific financial and criminal matters on the broker’s record are all covered in the disclosure portion of BrokerCheck.
As there’s no license or regulatory information on the website, I can safely assume that Ultimate Forex Trade is an unregulated and unlicensed broker. A regulated broker wouldn’t keep such vital information hidden from its clients.
The lack of regulation alone is a big reason why you should avoid trading with Ultimate Forex Trade.
Regulated and licensed brokers have to follow the strict rules and regulations of their license provider which ensures that they won’t act against your interests. Reputed regulators such as CySEC and FCA even have insurance provisions in case the broker turns out to be a fraudster. For example, a CySEC-regulated broker’s client can get up to 20,000 EUR as insurance compensation if the broker runs away with their funds.
You won’t get such benefits with an unregulated broker. That’s why I don’t recommend doing business with Ultimate Forex Trade.
Ultimate Forex Trade Trading Conditions
The trading conditions of a broker can tell you a lot of things about its trustworthiness. Let’s see if the trading conditions of this broker are good for you or not:
Trading Platform
In the client portal, you’ll see screenshots of various charts. These screenshots are of TradingView, a popular choice among forex scammers.
There is no trading platform available with Ultimate Forex Trade.
The lack of a proper trading platform is another proof that this broker is a scam and nothing more.
In my opinion, it’s best to trade with a broker that uses Metatrader 4 or 5. Metatrader has a very positive reputation in the industry because of its numerous features and benefits. This is the main reason why Metatrader is the most popular trading platform among forex brokers. With Metatrader, you wouldn’t need to worry about such stuff.
Minimum Deposit
You can only find out information about the minimum deposit and payment options when you sign up on the platform. This is a very sneaky way of stealing people’s data and I don’t recommend creating an account with this broker for this reason.
The minimum deposit requirement here is $300, which is six times higher than the industry average.
Suspicious brokers tend to keep their minimum deposit requirements high so they can get a hold of as many funds as possible. Regulated brokers keep their minimum deposit requirements very low to let you test out their service-quality. On the other hand, shady brokers keep high deposit requirements so you are forced to make a big monetary commitment.
You should avoid trading with brokers that have high minimum deposit requirements. The industry standard in minimum deposits is around $50 and some even go as low as $10!
Leverage and Spreads
Ultimate Forex Trade doesn’t have a trading platform so it can’t offer any leverage ratios or spreads.
Without a proper platform and license, Ultimate Forex Trade is proving to be a complete scam. Usually brokers provide a ton of information about their offered spreads and leverage. But because this broker doesn’t have a platform, it can’t offer any leverage or spreads to its clients.
Ultimate Forex Trade Payment Methods and Charges
Transaction Methods
The available payment methods with this broker are bitcoin wallet, wire transfer, and credit card. The minimum withdrawal limit is $300.
Note that the payments you make through wire transfers and bitcoin are non-refundable and that’s why shady brokers keep these payment methods available with them. Ultimate Forex Trade claims to offer additional withdrawal methods apart from wire transfer and bitcoin wallet. However, they don’t specify which methods they are talking about.
Fees
There is no fee-related information available on the broker’s site. Regulated brokers keep such information available to all to maintain transparency and instill trust in their clients. However, this broker is not a reliable one and it doesn’t care about its clients.
Bonuses
I don’t recommend joining a forex broker because of their offered bonuses. These bonuses don’t provide you with any monetary rewards. Instead, they impose additional restrictions on your withdrawal conditions so you can’t get your funds easily. This is why the FCA (Financial Conduct Authority) doesn’t allow its licensed brokers to offer bonuses to their clients.
Many shady brokers use bonuses to deceive new users.
Is Ultimate Forex Trade a Scam? Yes!
There are many kinds of scammers operating in the forex industry. Shady forex brokers tend to attract new users to their websites through promotional offers and ads. They focus on attracting inexperienced traders so they can deceive them easily.
Such brokers have unfair terms and conditions so when the person signs up on their site, they accept those conditions. These brokers then steal the funds their users deposit in their accounts through hidden fees and charges.
This is a big reason why I don’t recommend trading with brokers based in offshore areas. These areas don’t have proper financial regulators such as CySEC or FCA. Without proper regulation, the clients of such brokers face numerous financial and privacy risks. You should always do thorough research before signing up with a forex broker.
Ultimate Forex Trade Review: Conclusion
While writing this review, I couldn’t find a single reason why I should recommend this broker. There is literally no good quality present in this broker. Ultimate Forex Trade is clearly a scam aimed towards stealing people’s funds. You should stay away from this broker for the safety of your funds and data.
I hope you found my Ultimate Forex Trade review useful. If you’ve had a bad experience with any forex broker, you can share your experience below.
