UNforex Forex broker specializes in providing foreign exchange trading services, the company's official website https://my.unfx.co/#/register, the company's legitimate regulatory information AustraliaASICCommon Business Registration, to enhance the security of the company's address Suite 408/56 Berry Street, North Sydney NSW 2060, Australia.
UNforex Forex Broker
Basic information
Australia
5-10 years Regulated in Australia Common Business Registration MT4 Full License Regional Brokers Suspicious Overrun High potential riskCompany profile
UNforex Information
UNforex is a brokerage company firstly registered in 2017 with its office in Australia. The broker offers services in trading for forex, CFDs on indices, commodities and cryptocurrencies. Trades can be executed via the advanced MT4 platform for enhanced trader experience. Besides, the broker also offers a proprietary “UMAM system” developed for professional asset managers. Moreover, protection measures such as fund segregation ensures safety of customers assets even during the insolvency of the company.
There are 3 tiered live accounts, however, minimum deposit requirement is $1 000, which is a high barrier for beginners or those with limited capital.
Furthermore, exceeding the regulation set by the Australia Securities & Investment Commission (ASIC) indicates that the broker's business activities might be in violation of the institution's standards.
Pros and Cons
| Pros | Cons |
| Multiple account types | Exceeded ASIC regulation |
| MT4 trading platform | Wide spreads |
| UMAM system | High minimum deposit |
| Fund segregation | Restrictions in some countries |
Is UNforex Legit?
UNforex exceeds the regulation by ASIC (Australia Securities & Investment Commission), with a license number of 628606897. This indicates that the broker's activities may be operating outside the bounds of the institution's regulatory compliance, adding significant risks for traders to invest with them.
| Regulated Country | Regulator | Regulatory Status | Regulated Entity | License Type | License Number |
| ASIC | Exceeded | UNFOREX PTY LTD | Common Business Registration | 628606897 |
What Can I Trade on UNforex?
| Tradable Instruments | Supported |
| Forex | ✔ |
| CFDs | ✔ |
| Commodities | ✔ |
| Indices | ✔ |
| Cryptocurrencies | ✔ |
| Stocks | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type/Fees
UNforex does not provide a demo account for practicing as many peer brokers. However, there are 3 tiered live accounts available for traders to choose from based on their trading preferences.
- Standard account: Usually set for beginners, requires a minimum deposit of $1000, and offers a floating spread from 2.7 pips for EUR/USD.
- VIP account: Same entry point with $1000, but has tighter spread from 1.8 pips for EUR/USD.
- PRO account: You need to deposit at least $5000 to activate this account to enjoy the tightest spread from 0.5 pips for EUR/USD and the largest maximum position at 120 lots.
| Account Type | Min Deposit | EUR/USD Spread | Max Position |
| Standard | $1 000 | 2.7 pips | 60 lots |
| VIP | $1 000 | 1.8 pips | 60 lots |
| PRO | $5 000 | 0.5 pips | 120 lots |
Leverage
Leverage is a kind of trading tool to enable you to control larger positions with small initial capital. Default leverage of UNforex is 1:100 and can be as large as 1:500.
But it's always suggested to use leverage prudently since it not only amplifies gains, but losses at the same time.
Trading Platform
UNforex offers the industry-leading MetaTrader 4 platform renowned worldwide for its robust functions such as automated trade execution, analysis charting tools and market updates, etc.
You can download the app version from Windows, iOS and Android devices.
| Trading Platform | Supported | Available Devices | Suitable for |
| MT4 | ✔ | Windows, iOS and Android | Beginners |
| MT5 | ❌ | / | Experienced traders |
Deposit & Withdrawal
UNforex accepts payments through bank wire, banking online and USDT.
Deposits can be made 24 hours a day, 7 days a week. And the broker processes withdrawals quickly within 24 hours after verification from clients.
UMAM System
UNforex offers a proprietary UMAM system developed for professional asset managers. The system enables asset managers and its investors to collaborate directly through UMAM's App and complete automatic profit distribution, automatic risk control, etc.
The UMAM app can be accessed via iOS and Android phones.
Rating Index
Pro Account
VIP Account
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Latest Reviews
FX3739673730
Philippines
FYI they work as follows: In general they will pick out specific kind of investors and the moment you want to withdraw your money they hold it back for themselves and pretend as if they have send the money back to you. Consequently they hope you will leave it after some time, sending numerous of emails and/or chats with the request for only a simple investigation update with their CIMB bank (they will not give to you). Maybe after days of frustration they sometimes respond and joke you around with: "We are busy with it and will come back to you the moment we know more". My opinion is that if UNforex do NOT have the courtesy and politeness to update you (especially after weeks and months) about where my money is and why they are holding it back, for sure they are scamming you which is a criminal act. Summarized: My current experience is to NEVER NEVER send any money to these scammers because you can be rather for sure you will be one of them who will never see your money back. For sure I will continue to hunt them down till they stop their criminal activities.
Exposure
2021-09-28
叫ba
Hong Kong
After the profit is made, it is said your profit should be deducted because of illegal operations, and then the transaction number is completed before the withdrawal can be made. After the completion, it is profitable, and it is also said that the illegal operation
Exposure
2021-06-04
北冥有鱼65721
Ecuador
This platform was recommended to me by UNforex, at first I thought the minimum deposit of $1000 was a bit high, so I wanted to check it on wikifx, only to find many negative reviews! Honestly, even with just one negative review, I would choose not to deal with him to protect my money.
Neutral
2022-11-28