UNforex Forex Broker

UNforex Review SummaryFounded2017Registered Country/RegionAustraliaRegulationASIC (Exceeded)Market InstrumentsForex, CFDs on indices, commodities, cryptosDemo Account/EUR/USD Spread2.7 pips (Standard account)LeverageUp to 1:500Minimum Deposit$1 000Trading PlatformMT4Customer SupportAddress: Suite 408/56 Berry Street, North Sydney NSW 2060, AustraliaTel: +61 2 87895088Email: support@unforex.comSocial media: Facebook, Twitter, LinkedIn, YouTubeRestricted AreasUnited States of America, Canada, EU countries, Iran, North Korea, and BelizeUNforex 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 ConsProsConsMultiple account typesExceeded ASIC regulationMT4 trading platformWide spreadsUMAM systemHigh minimum depositFund segregationRestrictions in some countriesIs 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 CountryRegulatorRegulatory StatusRegulated EntityLicense TypeLicense NumberASICExceededUNFOREX PTY LTDCommon Business Registration628606897What Can I Trade on UNforex?Tradable InstrumentsSupportedForex✔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 TypeMin DepositEUR/USD SpreadMax PositionStandard$1 0002.7 pips60 lotsVIP$1 0001.8 pips60 lotsPRO$5 0000.5 pips120 lotsLeverage 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 PlatformSupportedAvailable DevicesSuitable forMT4✔Windows, iOS and AndroidBeginnersMT5❌/Experienced tradersDeposit & 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.