Unicorn Fx Review – Is Unicorn Fx a scam or trustworthy
Unicorn Fx seeks to create the impression that it furnishes customers with top-tier trading platforms and guides them toward fulfilling their financial ambitions, claiming to offer features that a unicorn forex broker should have. However, the actuality is quite different – this dubious brokerage engages in dishonest practices, misleading about every aspect. In the Unicorn Fx review, we will thoroughly examine this situation.
Website – https://unicornfxlive.com/
Address – NA
Warned By – Not recommended by review websites like Scams Report
Regulated – Unregulated
Domain Age –
|June 25, 2020
|3 years, 1 month, 14 days, 5 hours, 15 minutes, 26 seconds
Is Unicorn Fx legit or a scam?
Unicorn Fx asserts its registration in the UK, accompanied by the provision of segregated trading accounts and negative balance protection. While we lack concrete evidence regarding the segregation of deposits, one undeniable fact is that the broker operates without a valid license. This absence of regulation allows them to make grand promises without delivering any substance.
Unicorn Fx claim of being a legitimate UK-registered broker carries weighty implications, as it’s unregulated and stands as compelling evidence of fraudulent activity.
The trading expenses also appear to be favorable, with the EUR/USD spread at 1.4 pips, aligning reasonably well with industry norms. Specifically, Unicorn Fx customers incur a charge of $14 per lot, while legitimate brokers typically charge around $10. However, it’s important to note that choosing to engage with the questionable Unicorn forex broker account seems illogical when numerous reputable brokers offer even more favorable trading conditions.
The platform also underscores the inherent risks. While setting up a virtual account, we were able to select leverage up to 1:200, and Unicorn Forex indicates that this ratio can be elevated to 1:500 upon request. Both these levels of leverage pose significant risks for most traders. Moreover, it’s noteworthy that the British FCA has already instituted a leverage cap of 1:30. Consequently, Unicorn Fx offer of 1:500 leverage not only carries substantial risk but also directly contradicts regulations, casting a shadow on its legality.
Deposit and Withdrawal Methods
The purported minimum deposit is indicated as $10, ostensibly feasible through Credit/Debit cards, Wire Transfers, and Bitcoin. However, we’re unable to corroborate these assertions as our registration attempt proved unsuccessful. The broker bears responsibility for this setback, as the sign-up page was non-functional. This unfortunate occurrence, coupled with other concerning indicators, leads us to withhold any recommendation for Unicorn Fx.
Details pertaining to withdrawals and associated fees remain conspicuously absent. The broker offers no insight on this matter, and its lack of legal documentation further compounds the issue. This significant omission serves as yet another significant red flag, reinforcing the notion that Unicorn Fx is indeed a fraudulent enterprise.
How does the scam Unicorn Fx work?
In this Unicorn Fx review, we’ve unveiled this broker as a fraudulent entity. Now, we’ll illustrate the typical tactics employed by scammers as they exploit unsuspecting individuals.
Upon gaining access to your contact information, the fraudsters will initiate contact, making grand promises of untold riches if you deposit immediately. To establish trust, these criminals often masquerade as representatives from government agencies, financial authorities, banks, or reputable corporations. Armed with convincing narratives, scammers can easily sway those who overlook the warning signs, leading them to deposit funds under the allure of these fabricated commitments.
Nonetheless, the true machinations of the scam begin after your money is sent. Once they secure the desired deposit, the perpetrators manipulate prices and fabricate fictitious reports to craft the illusion of success, coaxing victims into believing they’re on a winning trajectory. This manipulation propels individuals to think expansively and contemplate further deposits, all the while remaining unaware of the orchestrated deception.
If you’ve been ensnared by the Unicorn Fx scam or any other variety of deceptive scheme, there exists a path to pursue assistance and resolution. Our Scams Report platform offers a remedy – we’ve designed a complaint form customized to address apprehensions linked with fraudulent brokers. Utilizing this form to present your grievance opens the door to a free consultation with our team of specialists, who are committed to assisting you in navigating your circumstances.
Scams Report Team has more than 10 years of experience in the field of fund recovery services from all types of scams like Forex trading scams, Binary Trading Scams, Cryptocurrency scams, Online Scams, Investment Scams, and all other financial scams. Scamsreport is a genuine recovery organization that deploys all modern methods to help the victims of scams.
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Note: The information provided in the above Unicorn FX review is derived from existing web Unicorn FX reviews. Please be aware that we cannot be held liable for any legal action taken by Unicorn FX company. If you have any inquiries or concerns, kindly reach out to us via email at firstname.lastname@example.org.