Beware! UeeFinancialGroup is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
UeeFinancialGroup is unlike anything we have seen in quite a while. It definitely has a feel of an east-Asian broker yet it seems to be burdened by a number of problems that we cannot simply ignore. The first nuisance we encountered was the way the website was structured. Everything seems to overlap with itself and there is an obvious information overload all over the place. We almost got lost at a point. It seems that simplicity is not on the agenda of UeeFinancialGroup. Read on to find out what this odd broker has in store.
We tried opening an account and were confused at some point for we knew not if we had successfully done so or not. There was no confirmation email, nor was there any sign on the site that we had created a trading account. After a while, we realized that nothing had happened.
Unfortunately, we cannot access a user area, therefore we cannot provide any real accurate trading conditions. In other words, we must rely on the borderline insane website for this info.
The leverage is capped at 1:200. As far as we can tell, clients can trade with forex currency pairs, gold, silver, copper, and stocks. We found no details on a EUR/USD spread anywhere, nor on an average spread value anywhere.
The website is available in English and Chinese.
UEEFINANCIALGROUP REGULATION AND SAFETY OF FUNDS
The main thing that this broker claim is that it is registered in Hong Kong. This is a very serious claim since Hong Kong is one of the main financial centers in Asia. There, the Hong Kong Securities and Futures Commission is the official regulator of FX brokers, among other types of institutions. Suffice to say that UeeFinancialGroup is not licensed by this agency, since there is no sign of the broker being present in the regulator’s database.
Moreover, something that we learned was that there are no terms and conditions, while the other legal documents are short and not nearly enough. Just as a reminder we would like to tell our readers that non-existent legal documents or short ones are signs that the broker can manipulate the user!
Nevertheless, UeeFinancialGroup never really manifests itself as a scammer broker. It takes some time to realize that it is UNREGULATED, making it an especially dangerous broker to face. Do not invest here. All funds and provided personal details are at a risk.
Trading should be done only with risk-free brokers, and by that, we mean regulated brokers, for all brokers pose a certain risk. Regulated ones are those that warn users of the risks and are tightly overseen by the given overseer. Thus any lost funds result only because of the user’s poor judgement or because of the dynamic fluidity of the market.
We encourage users to trade with FCA or CySec regulated entities, or other European or US-based licensed brokers. These are very severe with their firms and demand of them a ton of requirements. Regulators strive to keep brokers in touch with the law!
Moreover, the FCA and CySEC offer financial reimbursement schemes to users of brokers under their gaze. This fund cover losses of users in times when the broker becomes insolvent.
UEEFINANCIALGROUP TRADING SOFTWARE
Without creating an account, there was no way to access a user area. Without accessing a user area there was no way for us to verify if there is a trading software.
The MT4 download link is there, but it does not lead to an MT4 owned by the broker. I.e, the servers on this MT4 do not belong to UeeFinancialGroup. So we can say that there is no MT4 used by the firm.
So is there a trading software in the end? We can’t say for sure. Our experience has taught us to expect the minimum from unlicensed brokers.
UEEFINANCIALGROUP DEPOSIT/WITHDRAW METHODS AND FEES
We cannot ignore the sheer confusion that the broker creates. The payment information is confusing and never seems to cut it.
We learn from bits and pieces of info that a user can invest by a bank transfer, a credit card, and cheque. We found no details of a minimum deposit.
As for withdrawal, the info is also quite vague. There is a $20 overseas charge for wire transfers, plus a fixed $7 charge for all bank transfers local or international. The withdrawal processing time is said to be 2 days.
Overall, UeeFinancialGroup is a very weird unregulated broker. It’s definitely not worth investing in. Don’t waste your time on it.
How does the scam work?
The scams are very efficient and simple to follow for both the user and broker. At times, it may seem ludicrous to consider that one is in the middle of a scam! That is how effective they are!
Online ads that promise fast money, superb investment strategies, luxurious lifestyles, and beautiful sceneries, are all often a part of an investment scam. These advertisements are specifically tailored for more susceptible users. Clicking on them will redirect the person to either the website itself or an intermediary source.
It matters not where one ends up. Sooner or later the individual will be asked to provide a phone number or an email address.
Sooner or later, the unfortunate soul to have given these contact details away will start receiving emails or phone calls from the rep of the scam. The only and ultimate goal of these calls/email correspondences is to entail a preliminary deposit. This first investment is the client’s way into the scam, and after that, it will be much easier – for the user because his guard is down, and for the scammer, because he has gained the user’s trust – to bring about more deposits.
It all culminates to the point where the client wants to see results; he/she wishes to see some profit or withdraw his deposit and leave. A few things will happen. Either result will appear, completely fabricated by the fraudster, or the scammer will cut all communications with the user.
One thing is for certain. Users will not be able to withdraw! Typically, the broker will either cut all communication, quote its shady legal documents as a counter to all requests, shut down the user account, or even close the entire website!
What to do if scammed?
Immediately upon feeling suspicious file for a chargeback. Both VISA and MasterCard have extended their chargeback time span to 540 days.
Fraudsters can take out money from your bank account, and thus we encourage defrauded users to change their bank account name and password ASAP. And then users should contact the bank to set a plan of action with it.
Deposits made through any sort of cryptocurrency are for sure to be lost forever. That is why it is imperative to never invest in crypto.
So users will come across these self-proclaimed recovery agents, whose alleged job is to recover money lost to investment scams. All they ask is a service fee, which they will take and leave the user without a trace!