UAG, officially known as UAG Network Ltd, is an online forex broker established in 2016. The company is headquartered in the United Arab Emirates, specifically in Dubai, with its main office located at P.O. Box 337188, Office N 706, Jumeirah Bay X2 Tower, Cluster X. UAG operates as a private entity, providing trading services primarily to retail clients, including individual traders looking to engage in forex and CFD trading.
Over the years, UAG has evolved its services and expanded its market reach, catering to a diverse clientele. The broker has positioned itself as a facilitator for trading various financial instruments, including forex, commodities, and indices. Despite its relatively short history, UAG has faced scrutiny and numerous complaints, which have impacted its reputation in the trading community.
UAG operates under a business model that focuses on retail forex trading, providing clients access to a wide range of financial products and services. The broker aims to deliver competitive trading conditions and a user-friendly trading experience, although its regulatory status has raised concerns among potential investors.
UAG is an unregulated broker, which is a significant red flag for potential investors. According to various sources, including WikiFX, UAG has been flagged as a scam broker due to its involvement in illegal activities, particularly operating as a Ponzi scheme. The broker lacks valid regulatory information, and there are no known regulatory bodies overseeing its operations.
The absence of a regulatory license means that UAG does not adhere to any formal compliance protocols, which raises substantial risks regarding the safety of client funds. The broker does not provide information on customer fund segregation policies, nor does it participate in any investor compensation schemes that would protect clients in the event of insolvency.
UAG claims to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) measures; however, the effectiveness of these measures is questionable given the broker's lack of regulation. Clients are advised to exercise extreme caution and consider the high potential risks associated with trading through an unregulated broker like UAG.
UAG offers a diverse range of trading products, focusing primarily on forex trading. The broker provides access to various currency pairs, including major, minor, and exotic currencies. Additionally, UAG offers Contracts for Difference (CFDs) on commodities, indices, and precious metals, allowing traders to speculate on price movements without owning the underlying assets.
The trading instruments available through UAG include:
The broker frequently updates its product offerings, although specific details on the frequency of updates or the introduction of new instruments are not provided. UAG primarily targets retail traders, but it also offers services that may appeal to institutional clients, though the extent of these services is unclear.
UAG provides its clients with access to the MetaTrader 4 (MT4) trading platform, which is widely recognized in the industry for its user-friendly interface and extensive charting capabilities. MT4 supports various trading tools, including customizable indicators and automated trading through Expert Advisors (EAs).
In addition to MT4, UAG has developed its proprietary UAG Trade App, designed to offer traders a convenient mobile trading experience. While specific details about the app's features are limited, it is expected to provide functionalities such as real-time market quotes and account management.
The broker operates with an ECN (Electronic Communication Network) execution model, which is intended to provide direct market access and enhance trade execution speed. UAG's technical infrastructure is reportedly based in the United States, although the specifics of its server locations and technology stack are not disclosed.
UAG supports API access for automated trading, enabling clients to integrate their trading strategies with the broker's systems. However, the availability of advanced trading tools and resources is not fully detailed, leaving potential clients with limited information.
UAG offers two main account types to cater to different trading preferences:
Both account types allow for a minimum trade size of 0.01 lots and a maximum of 100.00 lots. The margin call and stop-out levels are set at 150% and 50%, respectively.
UAG provides a demo account for potential clients to practice trading strategies, although specific policies regarding the demo account are not elaborated. The broker also offers Islamic accounts, catering to clients who require Sharia-compliant trading conditions.
UAG supports several deposit and withdrawal methods, providing flexibility for its clients. The available methods include:
UAG does not charge fees for deposits or withdrawals made via PayPal or Bitcoin; however, transfer fees may be imposed by payment providers. Withdrawal requests are typically processed within 1-3 working days, and clients must ensure that deposits come from a bank account in the same name.
Clients should be aware that UAG does not accept payments from third parties, which may limit flexibility in fund management.
UAG provides customer support through various channels, including:
Support services are available during weekdays, from 8 AM to 5 PM, but are closed on weekends. The broker offers assistance in English, which may limit accessibility for non-English speaking clients.
In terms of educational resources, UAG provides a News & Analytic Centre, which offers insights and analysis on market developments. This tool is designed to keep traders informed about the latest financial news, economic indicators, and geopolitical events impacting the markets.
However, the extent and variety of educational materials such as webinars, tutorials, or e-books are not clearly outlined, leaving potential clients with limited access to comprehensive educational support.
UAG primarily serves clients in the United Arab Emirates and has a growing presence in regions such as Thailand and Malaysia. The broker's website indicates that it targets retail traders in these markets, although specific regional offices are not detailed.
UAG does not accept clients from certain countries, although the exact list of prohibited countries is not provided. Potential investors should be aware of the legal implications of trading with an unregulated broker, particularly if they reside in regions with strict financial regulations.
In summary, UAG (Universal Asset Group) is an unregulated broker operating under high-risk conditions. The broker provides a range of trading products and services, but the lack of regulatory oversight and numerous complaints raise significant concerns about its legitimacy. Investors are strongly advised to consider regulated alternatives for safer trading experiences.
FX4069904427
Pakistan
Uag broker and a master trader eruka both scamed us by manipulated gold figures.Eruka open trades and he continued trades until our whole account wiped out.Uag broker and that eruka name master trader both scamed us
Exposure
2022-01-27
สมพง พระประแดง
Thailand
I've waited for my withdrawal for a long time
Exposure
2021-03-18
FX3702007632
Indonesia
UAG broker and eureka master scan clients with estimated millions of dollars. we were scammed on the night of January 26, 2022. and this is pure scammer
Exposure
2022-02-19