UAG Markets Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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My experience with this broker; The platform dashboard easy to use and navigate, with clear and concise information presented in a user-friendly way.They are also have responsive customer support that able answer my questioning address and most importantly is they have fast execution order.
Summary: UAG Markets is a broker that has garnered significant attention, primarily for its unregulated status and numerous negative user experiences. While it offers a variety of trading instruments and an attractive trading platform (MT4), the lack of regulatory oversight raises serious concerns about trustworthiness and user safety.
Note: It is important to be aware that UAG Markets operates through different entities in various regions, which may affect user experience and regulatory compliance. This review aims to present a balanced view based on available information.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 4 |
| Trust Level | 2 |
| User Experience | 3 |
How We Rated the Broker: Ratings are based on user reviews, expert analysis, and available data regarding UAG Markets.
Founded in 2016, UAG Markets operates under UAG Trade Asia Co., Ltd., with its headquarters located in Cambodia. The broker provides access to the popular MetaTrader 4 (MT4) platform, known for its user-friendly interface and extensive trading features. UAG Markets offers a variety of asset classes, including forex, precious metals, energies, and CFDs on indices. However, it lacks proper regulatory oversight, which is a significant red flag for potential investors.
Regulatory Regions:
UAG Markets is not regulated by any recognized financial authority, which poses a significant risk to traders. This unregulated status has led to numerous complaints and warnings from various financial watchdogs, including WikiFX, which has rated the broker poorly due to its suspicious activities and claims of operating as a Ponzi scheme.
Deposit/Withdrawal Currencies/Cryptocurrencies:
UAG Markets supports deposits and withdrawals in USD and MYR, and it accepts cryptocurrencies such as Bitcoin. However, users have reported issues with withdrawals, leading to frustration and loss of funds.
Minimum Deposit:
The minimum deposit for opening a standard account with UAG Markets is reported to be as low as $25, making it accessible for new traders. However, traders should be cautious due to the broker's unregulated status.
Bonuses/Promotions:
UAG Markets offers various promotions, including a 50% welcome bonus and a loyalty bonus of up to 15% on subsequent deposits. While these offers may seem attractive, potential investors should carefully read the terms and conditions, as unregulated brokers often have hidden clauses that can complicate withdrawals.
Tradeable Asset Classes:
The broker provides access to over 35 forex pairs, precious metals like gold and silver, and energy products such as crude oil and natural gas. However, the absence of regulatory oversight raises questions about the safety of trading these instruments.
Costs (Spreads, Fees, Commissions):
UAG Markets offers competitive spreads starting from 1.6 pips for standard accounts and as low as 0.1 pips for ECN accounts. However, the broker charges a commission of $2 per lot for ECN accounts, which might not be favorable for all traders.
Leverage:
UAG Markets offers leverage up to 1:5000, which is significantly higher than industry standards. While high leverage can amplify profits, it also increases the risk of substantial losses, especially for inexperienced traders.
Allowed Trading Platforms:
The primary trading platform offered by UAG Markets is MetaTrader 4 (MT4), which is well-regarded in the trading community for its comprehensive tools and functionalities. However, the broker does not provide any alternative platforms, limiting flexibility for traders who prefer different interfaces.
Restricted Regions:
UAG Markets does not provide clear information about restricted regions, which can lead to confusion for potential clients. This lack of transparency is concerning, especially for traders in jurisdictions with strict regulatory requirements.
Available Customer Service Languages:
Customer support is available in English and Indonesian, but users have reported slow response times and unhelpful service. Given the high number of complaints about withdrawal issues, effective customer support is crucial for resolving trader concerns.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 4 |
| Trust Level | 2 |
| User Experience | 3 |
Account Conditions:
UAG Markets offers two main account types: standard and ECN. The standard account requires a minimum deposit of $25 and offers cashback incentives, while the ECN account requires a minimum deposit of $500 and charges commissions. However, the lack of regulation makes these account conditions risky.
Tools and Resources:
The broker provides access to MT4, which includes various trading tools and resources. However, the absence of educational materials and a demo account limits the resources available for new traders.
Customer Service and Support:
Customer service has received mixed reviews, with many users citing slow response times and unhelpful support. Given the high number of complaints regarding withdrawals, effective customer support is essential for addressing trader concerns.
Trading Setup (Experience):
The trading experience on MT4 is generally positive, with a user-friendly interface. However, the lack of alternative platforms may deter some traders seeking different functionalities.
Trust Level:
UAG Markets has been flagged as a scam by various watchdogs, including WikiFX. The absence of regulatory oversight and numerous complaints about withdrawal issues significantly lower the trust level for this broker.
User Experience:
User experiences have been largely negative, with many traders reporting difficulties in withdrawing funds and concerns about the broker's legitimacy. This has led to a lack of confidence in UAG Markets as a trading platform.
In conclusion, UAG Markets presents a range of trading opportunities, but its unregulated status and numerous user complaints raise serious concerns about its reliability. Potential investors are advised to exercise caution and consider regulated alternatives for safer trading experiences. The findings from this UAG Markets review highlight the importance of thorough research and due diligence before engaging with any broker.
