Thinking of getting into business with Unions Market? Here is what you must know about this broker. Carefully read this review to find out if unionsmarket.group is the trading platform you will want to trade with.
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About Unions Market Broker
Unions Market is an offshore brokerage company with a lot of promises for traders. The broker location cannot be found on the webpage. To begin with, this is a red flag that tells us everything we need to know about Unions Market broker.
We found out that the broker operates under Bodacious Consulting LLC with an incorporation in Saint Vincent and the Grenadines.
There are different account types the broker offers. See below.
To clarify, in spite the trading instruments Unions Market claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
unionsmarket.group: Reasons to Avoid This Broker
Firstly, unionsmarket.group is a platform with no financial authority overseeing its financial services. Here is a warning from Financial Services Authority (FSA) St. Vincent and the Grenadines. See below.
Secondly, we noticed unionsmarket.group has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under withdrawal policy, the processing timeframe is 5 working days. In regards to fee, Unions Market discusses an undisclosed fee, which means forex traders are to expect surprising fee on their withdrawal request.
Minimum Deposit
The broker minimum deposit is pegged at €250.
As for the payment methods, Unions Market accepts Credit/Debit cards and Bank Transfer. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
Unions Market Platform
Unions Market offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it can get up to 1:500. In fact, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Unions Market Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is unionsmarket.group a Reliable Broker?
No, unionsmarket.group does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
