UAG TRADE ASIA Forex Broker

GENERAL INFORMATION AND REGULATION UAG TRADE ASIA is an online broker that allows trading currency pairs, precious metals and others. They aimed to offer Forex, index CFDs, commodity trading. They are proud of their state of the art order execution, and competitive spreads. The company base in Cambodia in October 2019. They claim to place great emphasize on providing professionals and reliable services to all our clients. Their MT4 trading platform combines simplicity with professionalism. They provide their traders with the stability and accessibility they need for secure trading 24 hours a day, under all market conditions. Their trading accounts also come with no dealing desk. UAG Trade Asia claims they are a Straight through Processing (STP) with No Dealing Desk (NDD) broker, which would mean there is no conflict of interest between them and their clients because orders are sent automatically directly from the trader to the liquidity provider without passing them through a dealing desk. Unlike market makers, which profit from the Buy/Sell difference (spread) they offer to the traders, STP brokers usually advance lower spreads, but charge commission on transactions. UAG Trade Asia claims to be fully regulated in Cambodia under company number 00031021, authorized by the Securities and Exchange Commission of Cambodia (SECC) under Derivative License Number 014/SECC/SB. There is no contact telephone number or address on their website, however. The Cambodian SEC has a list of companies that are authorized as Derivative Brokers with it, and we find the broker‘s name there. They do not list the broker’s website and / or trading name(s), so we cannot be sure its the same company. UAG Trade Asia is not regulated by any of these authorities like FCA, CySEC and ASIC, so they are not bound by these rules and policies. Any claims regarding the good trading conditions and tight spreads they offer or the safety of clients funds are not guaranteed by any regulatory agency, so we would warn our readers that there might be a risk to their money if invested with this broker. MARKET INSTRUMENT UAG Trade Asia is a broker that offers trading in Forex, Indices and Commodities – Precious Metals and Energies. ACCOUNT AND LEVERAGE In order to open an account with UAG TRADE ASIA, its a MUST to have an introducer. If you do not have any introducer, then you need contact them via livechat or email at support@utacap.com to open account with them. UAG Offers three different trading account, Micro Accounts with spreads starting from 2.5 pips and $20 commission per lot, Standard accounts with spreads from 1.0 pips and $7 commission per lot, then ECN accounts type with spreads from 0.1 pips and $8 commission per lot. Both Micro and Standard has a leverage of 1:100 and minimum deposit of $10 while for ECN has a maximum leverage of 1:200 with minimum deposit of $100. TRADER SECURITY We must say that UAGTrade is not like most scammers. They offer the MT4 trading platform and their trading and financial conditions are tolerable. What is most important, however, when choosing a broker to invest with, is whether they are regulated by a recognized authority, and UAG Trade Asia is NOT, so we would advise not to invest with them. TRADE SIZE UAG TRADE has a maximum trade size of 100 Lots and minimum of 0.01 lots. SPREADS AND COMMISSIONS The spreads the broker offers, from 2.5 pips, for the Micro account are very wide – respectable brokers usually extend 1.0-1.5 pips for major currency pairs. For the other accounts spreads look more competitive on paper, but they cannot be verified without a real account. A commission of $20/lot is also quite excessive, though, and the more acceptable $7 or $8/lot commissions are only available for the higher accounts. TRADING PLATFORM AVAILABLE The broker offers the MetaTrader 4 (MT4) trading platform as a Desktop and Mobile (iOS and Android) application. MT4 is the worlds number one platform, preferred by more than 80% of users. It offers an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options. It can be further customized to create different trading strategies using its proprietary MQL4 programming language. DEPOSIT AND WITHDRAWAL There is very limited information regarding financial transaction methods on the brokers website. They mention only Direct Bank Transfer. Standard options, such as credit or debit card are not advertised and popular methods, such as PayPal and preferred by traders e-wallets, eg. Skrill and Neteller are not supported also. What we learn from their website is that the minimum deposit is $10 and deposits are processed within 24 hours. Withdrawal processing times of 1-3 working days are also not excessive. The broker also claims they do not charge any fees for deposits or withdrawals via Local Bank method, but this cannot be confirmed without a Live account. CUSTOMER SERVICE Another red flag regarding this broker is, failure to include a means of contacting their customers support, there is no single option provided in their website either email, Address, phone number or live chat where users can reach them.