UGAM Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
Business
License
VFSC Revoked 
The asset selection is limited and the order execution is slow. Additionally, there are no customer support representatives available, making it difficult to address any concerns. Furthermore, the spread on trades is quite large, which can impact profitability. Overall, I would advise against using UGAM for trading. Find better brokers, guys.
Ugam, an online forex broker operating under the name United Global Asset Management, has garnered attention in the trading community. However, the overall sentiment surrounding this broker is mixed, with significant concerns about its regulatory status and user experiences. This review will delve into key features, user feedback, and expert opinions to provide a comprehensive overview of Ugam.
Note: It is essential to consider that Ugam operates under different entities across various regions, which may impact its regulatory standing and user experiences. This review aims for fairness and accuracy by aggregating information from multiple credible sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service | 3 |
| Trading Experience | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
We rate brokers based on user feedback, expert opinions, and factual data from reliable sources.
Founded in 2001, Ugam is based in Vanuatu and operates under the regulatory oversight of the Vanuatu Financial Services Commission (VFSC). However, it is crucial to note that its operating license has been revoked, raising serious concerns about its legitimacy. Ugam primarily offers trading through the MetaTrader 4 (MT4) platform, providing access to various asset classes, including forex, commodities, and cryptocurrencies. Despite its long-standing presence in the market, the lack of valid regulation is a significant red flag for potential traders.
Ugam is registered in Vanuatu, but its regulatory status is a major concern. The VFSC revoked its retail forex license, which means that Ugam currently operates without a valid regulatory framework. According to sources, this raises the risk factor significantly for traders considering Ugam as their broker. The absence of a robust regulatory framework can lead to a lack of accountability, making it difficult for users to resolve disputes or recover funds.
Ugam allows deposits in various currencies, including USD, but lacks clarity on the specific methods available for both deposits and withdrawals. The minimum deposit required to open an account is reported to be around $250, which is higher than many regulated brokers. Additionally, user reviews indicate that withdrawal processes can be problematic, with many traders experiencing delays or outright failures in accessing their funds.
The trading costs at Ugam are not well-defined, with some sources indicating spreads around 2 pips for major currency pairs. However, the lack of transparency regarding commissions and additional fees is a significant drawback. Traders should be cautious as hidden costs can quickly erode profits. Furthermore, the fixed leverage of 1:200 offered by Ugam may not suit all traders, especially those who prefer the flexibility to adjust their leverage according to their trading strategies.
Ugam provides a range of trading instruments, including CFDs on forex, commodities, precious metals, and cryptocurrencies. While this variety may attract some traders, the underlying concern remains the lack of regulation and the potential risks associated with trading on an unregulated platform.
Customer support options are somewhat limited, with Ugam offering assistance primarily through email and social media channels. User feedback suggests that response times can be slow and that the quality of support is inconsistent. This lack of reliable customer service can be frustrating for traders who may need immediate assistance.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service | 3 |
| Trading Experience | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
Account Conditions (3/10): The minimum deposit requirement of $250 is higher than average, and the lack of clarity regarding withdrawal processes raises concerns.
Tools and Resources (4/10): While Ugam supports the popular MT4 platform, the overall resources available for traders are limited, especially given the lack of educational content.
Customer Service (3/10): The support provided through email and social media is often slow and lacks effectiveness, leading to negative user experiences.
Trading Experience (4/10): The fixed leverage of 1:200 may appeal to some traders, but the lack of transparency regarding trading costs can lead to unexpected expenses.
Trustworthiness (2/10): The revoked regulatory license and the overall negative sentiment from users contribute to a low trust score for Ugam.
User Experience (3/10): User reviews indicate significant issues with withdrawals and customer support, leading to an overall negative experience.
In conclusion, this Ugam review highlights significant red flags that potential traders should consider before engaging with the platform. The revoked regulatory status, combined with user complaints regarding fund withdrawals and customer service, suggests that Ugam may not be a safe choice for trading. Caution is advised for anyone considering opening an account with this broker.
