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Unicorn Brokers Review: Unicornbrokers.trade Forex Scam
Unicorn Brokers Review: Unicornbrokers.trade Forex Scam
Last Updated: Jan 28, 2020 @ 9:28 am
Unicorn Brokers (Unicornbrokers.trade) is another rotten CFDs, Crypto Currency, and Forex scam platform to hit the trading world. UnicornBrokers is purporting to offer over 250 trading instruments and personal help. With such a high euphoria, one would think to sign up with this platform. Before you do, you need to know what other members are going through with this platform. Read this honest UNICORD BROKERS Review and find out more.
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Unicorn Brokers Review
After getting some email complaints from members of this platform, we decided to investigate. Over twenty members have been complaining in regards to accounts being blocked for no reason. It should be noted that these accounts are being blocked or closed with balance still reflecting. And this is a clear indication we are dealing with a scam or a platform which is going under.
Scam artists will create moving websites to simply lure unsuspecting investors to sign up. Without proper documentation, investors sign up without having a second thought. And this is what scam artists are after, your funds by using enchanting marketing tactics. Unicorn Brokers is no different as they claim to have over 16 years of trading experience. By claiming this, they are enticing investors into believing there are reliable and reputable. Is this the case with UnicornBrokers?
About Unicorn Brokers
Disclaimer at the footer of the homepage claims Unicorn Brokers Ltd owns this platform. They go ahead and claim this platform is based in Canada which is a total lie. Professional scam artists will do or say anything to ensure their platforms get recognized. And this is what Unicorn Brokers is doing with their Canada base claim. To set the record straight, their contact detail lacks any Canadian address.
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Unicorn Brokers is an anonymous website probably based offshore. Offshore brokers are notoriously known to flaunt set industry rules and regulations. Stay away from such scam artists who are not using credible contact details. Anonymity enables these scam artists to steal funds and tracing them becomes a problem. Stay away from this platform as members who signed up a while ago are ruing doing so.
Is Unicorn Brokers licensed or registered?
Unicorn Brokers is not licensed or registered by anyone on the face of the planet. The FCAC does not recognize this platform which is proof we are dealing with a quack. Details posted at the footer of their homepage are simply fake details. Numbers listed on the platform are random and don’t represent any valid registration. These scam artists have cooked up random numbers and posted them as registration number.
Why has the broker failed to post any details regarding documents of their registration? A true and legit broker will post details of their registration for all to see. By doing so, they ensure users are made aware of the transparent in the platform. Investors can also use the registration number to validate the license status on their own. Unicorn Brokers is not posting true documents as they are not dully licensed. Make sure to stay away from this broker and any other who shares similar characteristics.
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Features of Unicorn Brokers/ Advantages
Since Unicorn Brokers is not licensed or regulated, we could not find any advantage. Investors are putting their funds at risk the moment they deposit with this broker. Finding any advantage with this platform is like searching for a needle in haystack. Other members are complaining regarding unfair treatment by this broker. The web is full of negative comments and reviews of this platform.
Disadvantages of Unicorn Brokers
Unicorn Brokers is furnishing users with four different account types to choose from. Accounts are named Alpha, Beta, Gamma, and Pro. No one knows any of the account managers listed on this platform. It is possible these scam artists are hiring call agents to act as professional account managers. Once you get a call from one of the managers, you will later receive another call from a different manager.
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UnicornBrokers is providing users with a rigged demo account for suspicious reasons. UnicornBrokers have used a rigged demo account as a way of enticing users to sign up. Results produced by their rigged demo account are not true. It seems with their demo account; users are making a guaranteed profit of over 98%.
Deposit and withdrawal
It seems depositing funds with this broker is easy and fast. Account funding is mainly by bank transfer which raises more questions. One member sent us an account number which is clearly a personal account number. Banks have a way of listing personal accounts with corporate or business accounts. It is possible users are depositing funds straight to owner’s personal bank account. And this is where we draw the line with this rogue platform. Withdrawal is still an issue with this platform.
According to the disclaimer at the footer of their homepage, this broker is using MT4 trading platform. It would be okay if only their website is fully protected from third party attacks. Unicorn Brokers is properly securing their website with the right security protocols such as SSL Encryption. It means hackers can easily take advantage of this loophole and steal credit card information. Your credit card maybe used to buy goods and services online without your consent.
Are funds safe with Unicorn Brokers?
How can funds be safe with a broker who is not licensed and is using fake registration numbers? Bankruptcy can occur at any time leaving users crying foul. Stay away from this platform as they don’t even use basic malware protection on their website. UnicornBrokers is simply another rotten online investment scam platform.
Is Unicorn Brokers a scam?
After checking all the relevant data, we are sure UnicornBrokers is a scam. Stay away from this platform as no one knows when the broker will close shop. Mark all their emails as Spam and warn your family and friends from joining it. Once you consider signing up, you should know you are setting yourself up for a scam.
Adding this scam to our blacklist will protect our readers from signing up with them. Stay away from this platform and use recommended products.
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Unicorn Brokers Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage||Spread|
|Pro||$50 000||1:502||from 0 pip + $7 /lot|
Unicorn Brokers says to be a broker operating out of in Canada and Turkey. It offers four account types and the trading conditions seem quite good. However, the brokerage is not regulated, which is the main reason why we don’t recommend it.
Here are our impressions of this broker, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with Unicorn Brokers.
Unicorn Brokers Advantages
Access to the MT4
Unicorn Brokers offers its services on the good old Metatrader 4 platform. We consider the availability of MT4 as an advantage, as this platform has stood the test of time and is attractive to both rookie and pro users.
The MT4 is highly praised for its advanced charting package, numerous technical analysis indicators, automated strategies and customization options. Besides, the platform is available in all forms and shapes – as a desktop download, web-based version, and mobile apps.
Seemingly attractive trading conditions
Unicorn Brokers requires just $50 as an initial amount from its clients. Such low initial investments are quite attractive, as they allow traders to test the broker’s services in live mode without putting much at stake.
Another possible advantage of this broker is the generous leverage extended to clients, reaching 1:1000. Leverage allows traders to gain large exposure to diversified markets with a relatively small amount of invested capital, but keep in mind that the higher the leverage level, the higher the risk.
Furthermore, when we tested the broker’s MT4, we found the spread on EUR/USD fixed at 0.8 pips, which is quite low and attractive. Most fixed-spread brokers offer 2 pips spread for this pair. For further information and comparison on spreads, check out the below link.
Various tradeable assets
This broker also offers huge selection of assets for trade, which could also be viewed as a potential advantage. Its product portfolio features many currency pairs from all over the world and a broad range of CFDs, including commodities, indies, precious metals, various stocks and many digital assets like Bitcoin.
Unicorn Brokers Disadvantages
Allegedly established in 2020, Unicorn Brokers claims that its headquarters are in Canada and Turkey. While it is registered in British Columbia, the broker mentions nothing about license or regulation.
Our search in the online registry of the British Columbia Securities Commission (BCSC), the financial regulator in this Canadian province, revealed that Unicorn Brokers is not regulated there.
With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients. Therefore, we advise our readers to avoid unregulated brokers as a general rule, and especially those who don’t disclose any contact information.
Demo not functional
While the broker’s demo spreads seem attractively low, it should be noted that we couldn’t execute a single trade on their MT4. We kept getting a message ‘please wait your order is being processed by the server’ which remains until a new one appears saying “Trade timeout“. This is, of course, another major disadvantage of Unicorn Brokers.
Click on the image to zoom in.
Spreads not properly specified on website
Furthermore, the broker hasn’t properly specified the costs of trading on its website, which is another negative. It seems that the spreads are only disclosed for the Pro accounts which are obviously intended for institutional clients.
Although the trading conditions offered by Unicorn Brokers seem attractive, we don’t recommend this forex broker. Our main concern with it is the lack of legit forex broker license – this means that their clients have no assurance for the security of their funds, nor for the proper execution of trades in their accounts.
In order to ensure that traders’ interests are protected and their funds are safe, most countries have dedicated agencies, like the UK’s Financial Conduct Authority, or the Cyprus Securities and Exchange Commission (CySEC), which are one of the most reputable ones in Europe. These organizations require compliance with a number of strict rules that give significant assurance for the security of clients’ funds.
To sum up the above:
|MT4 available||No financial regulation|
|Generous leverage, seemingly good spreads||Platform not functional|
|Spreads not properly specified|
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XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Unicorn Brokers Review – 5 things you should know unicornbrokers.trade
Beware! Unicorn Brokers is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Unicorn Brokers are offering a good variety of forex pairs, and CFDs on indices, commodities, precious metals, stocks and even crypto currencies with four account types, leverage as high as 1000:1 and the MetaTrader4 platform. And the broker says to be based in British Columbia, Canada and to be running an office in Turkey.
Unfortunately they appear not to be licensed and authorized neither in Canada, nor in Turkey, so if you are considering depositing your funds with them, better read the following paragraphs.
Unicorn Brokers regulation & safety of funds
As far as we understand Unicorn Brokers is owned and operated by Unicorn Brokers Ltd, which the broker claims to be registered in Canada, British Columbia. And they also say to run an office in Turkey. Bear in mind that both Canada and Turkey, as well as all the European Union countries and the U.S. are strictly regulated markets, where all brokers should be licensed and authorized by the respective local authorities. So we did check the registers of the British Columbia Securities Commission (BCSC), as well as the Investment Industry Regulatory Organization of Canada (IIROC), but were unable to find Unicorn Brokers there.
That means what we are dealing here with is a low credibility, unregulated broker, with which the security of your funds will depend solely on the integrity of the people, who run Unicorn Brokers.
As usual in such cases our general advise is to trade only with properly regulated brokers, licensed and authorized by respectable institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).
Unicorn Brokers deposit/withdrawal methods and fees
We should note that Unicorn Brokers are not accepting payments with Skrill. Why do we mention this? Because of the new anti scam policy of the money transfer company, which they adopted about a year ago. According it Skrill partners only with licensed brokers and as we already discussed Unicorn Brokers does not have a license.
Also, be aware that like most other brokers Unicorn Brokers acts as a market maker, which means they make money whenever traders lose. We say that, because from their presentation we understand that Unicorn Brokers also offers “investment services”, which basically means that they offer to manage your account. Bear in mind that if a market maker offers to manage your account, it will be in a conflict of interest, because it will have the incentive to lose your money in its own pockets.
Finally, be aware of any trading bonuses Unicorn Brokers might offer you as well. Trading bonuses in general are invariably linked to additional withdraw conditions – usually a minimum trade volume requirement, which too often scammers use as a pretext to cancel your withdraw requests.
Otherwise the minimum deposit requirement is fine – just 50 USD.
How does the scam work?
You may not have heard about the so called robo scam websites like Bitcoin Revival and Bitcoin Profit, but if you happen to visit one of those, chances are high that you may get scammed. In the general case such a website will be all about a nicely cut video ad, promising you fast and easy returns, “100% guaranteed”, if you just join some innovative trading platform, probably focused on the crypto market, that is about to “revolutionize” the trading industry. And all you will have to do in the beginning will be to leave your e-mail and phone in a simple registration form. If you do that you will be swiftly redirected to the website of a unregulated scam broker and that is how your ordeal will begin.
Your first trades with the scammers will be amazingly successful, but that will just be a part of the scam. In reality they will be simply manipulating your trading account with the sole intention to make you more susceptible to the idea of investing more. And that is exactly what “your senior account manager” will be telling you as well – if you really want to make some big money, you will surely have to invest at least 10 000 USD.
And believe it or not but at that stage most people do invest that kind of money without realizing the have been scammed until the very moment they decide to withdraw some of their funds. Than out of the blue it turns out this is not possible, because of some minimum trade volume requirement, possibly linked to some trading bonus. Of course the pretext to cancel your withdraw request might be different, but the result will be invariably the same. You will not see a single penny back.
What to do if scammed?
In the unfortunate event you have been a victim of a scam, do not waste any more time and immediately file for a charge back. The good news here is that both VISA and MasterCard currently allow their customers to file for a charge back within 540 days.
And if somehow scammers have tricked you to reveal your personal banking details, like your credit card number, security code or online banking password, immediately block your credit card and change your password.
And finally, do not rust the so called recovery agencies. They will not recover your money, but simply will make you pay them some cash in advance and basically that will be the end of the story.
US $150 No Deposit Campaign – Unicorn
Unicorn Broker’s $150 No-deposit welcome bonus allows starting Financial trading without deposit. The bonus awarded to the new clients of the company to trade Forex, CFD, Metals, Indices, Energy with a maximum leverage of 1:100. The credit bonus remains valid for two weeks. It is necessary to trade the required no. of trading lots to convert profits into cash as mentioned in the terms of the promotion.
NDB Trading Bonus
Joining Link: Campaign
Ending Date: December 31, 2020
Offer is Applicable: All New clients
How to Apply:
Terms & Conditions – UNICORN BROKERS No Deposit Bonus
Each client can receive this Bonus only once.
The bonus is available for one per household.
Unicorn Brokers Review: Is Unicornbrokers.trade A Scam?
Updated: April 03, 2020
This broker now has 2 bonus programs, deposit bonus and supercharge bonus. I received the deposit bonus and on the way to claim it. You need to trade a certain number of lot to acquire the bonus. I remember this broker also has rescue bonus but seems they discontinued it. I think bonus program is worthy to try but not easy to acquire.
They are big scammers. I couldn’t verified my account more than 3 months in order to withdraw my profit. I supplied all neccessary domuments but their security service always made up different problems. I do not believe in this borkers.
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