UKG Forex is a clone website that tries to mimic an outstanding UK brokerage firm. Our investigation will show that this is a broker trying to scam investors. The first red flag was on their homepage slide with a Citi FX logo. That clearly shows that the website belongs to another exposed scam. UKGForex is a broker claiming to reside in the UK, which is false. This is an offshore broker. Learn more in this eye-opening UKG FOREX Review for more.
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About UKG Forex
On their about us page, UKG Forex claims it’s a commercial brand created by the UKG Group. UKG Capital Ltd is the company that this broker claims to have. This is exactly the kind of talk that drives naïve and newbies to sign up.
Everyone wants to associate with a successful global brand. It’s exactly what naïve investors want to hear, and the broker takes advantage of it. Before jumping in and signing up, there are a few key issues to iron out.
Signing up with UKGForex is easy, and the process takes less than five minutes to complete. The sign-up process is, however, marred by controversy. When verifying the account, the broker demands that you send a copy of your ID.
If this is not clear or enough, the broker asks for your credit card number. This is where we draw the line, as this is not acceptable. We don’t see why the broker needs all this information.
Affiliate and IB partnership
There’s an affiliate and IB partnership service available for marketers. This is one of the many services that the broker offers. It’s also one of the areas that the broker receives complaints from. According to several sources, the broker does not pay commissions for affiliate programs.
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Even if you direct users to this platform, you won’t get paid. Furthermore, these victims will vent their anger on you for directing them to a clone broker.
Assets and trading instruments
We believe the broker offers common trading assets. There’s no mention on their website regarding the available trading assets. Expect to find commodities, crypto, forex, indices, and stocks.
These clone brokers claim to offer stocks from leading European and US-based companies. This means that the broker offers FAANG stocks to anyone who signs up and deposits. As far as Crypto assets, the broker leaves us all in the dark.
Business team and staff members
Michael O’Neil is the CEO of this platform, and this is according to the about us page. Other names on the page include Jeffery Brown, operations manager, and Brendan Robinson, Technical Director.
The last name on the list is Gemma, who, according to the website, is the chief market analyst. If you look closely, Gemma is a well-known actor and has nothing to do with this website. These are clearly false personas that try to give the platform a professional look.
Most of the victims point the finger at the broker for blocking access to their accounts. The broker is obviously blocking anyone from accessing their funds. And this is a typical scammer’s move which leads to users losing their funds.
Mary Campbell lost all her $10,000 with the broker. She has not received a penny from the broker despite seeing her account balance rising. This is unacceptable, and we hope the broker pays heavily for it.
Domain insights (ukgforex.com review)
Using free domain checker tools, we can ascertain that this is a new website. As of publishing this post, the platform is 18 days old. The website went live on March 20, 2021. After a week of trading, Mary is not able to contact the broker.
Even though the platform has a few members, they should make contact. The Registrant’s name is CCF Group which actually resides in Hong Kong. It makes the website an offshore-led scam brokerage service platform.
Features of UKG Forex
There are two account types to choose from with this broker. UKG Forex furnishes users with Standard and professional accounts. One problem you will encounter is their link to these accounts.
None of the links work, and you only get to see features of the standard account. Members don’t know the minimum acceptable deposit available on the platform. It shows that the broker wants to take advantage by asking for huge amounts to unsuspecting investors.
Contact and support
Contacting the broker is another problem as we, too, haven’t heard from them. We sent an email asking about the steps of withdrawal. This was over a week ago, and there’s no response. Their online chat service doesn’t work, and it’s a bot that takes your questions.
You will have to leave your contacts and wait for a call. This is another way the broker is harvesting information and selling it to affiliate platforms.
The broker calls their demo account the simulation account. What they have done is program the account to work in favor of the user. Once you click on your preferred trade, the platform will come out with winning trades.
You will notice that users make winning trades 9 out of 10 times. It’s another trick to ensure that investors think that they are winning with the platform. Please don’t sign up with any broker based on the results of their demo account.
Deposit and withdrawal options
Payment options on the platform are available to almost anyone on the planet. These payment options include MasterCard, UCB, UnionPay, and Visa. The problem is not the payment options; and the problem is withdrawing funds.
UKGForex is now having a growing reputation for not allowing withdrawals. Despite claims of allowing withdrawals within the hour, this is not the case.
Is UKG Forex Licensed or Registered?
UKG Forex is not a prime broker and does not have any valid license. The claim that they reside in the UK gave us a chance to check their compliance. You can confirm a broker’s compliance in the UK using the FCA register.
The register does not have a broker that is licensed with the above credentials. Even the company itself is not on the Company Registrar in the UK or Europe.
Safety of funds with UKG Forex
As you can see from the evidence above, funds’ safety is not a guarantee with this platform. Segregation of accounts is not possible as this broker is transferring funds to their personal account. Please stay away from this and any other broker who fails to respond to queries.
Scam or Legit UKG Forex
UKG Forex is a scam that will take advantage of naïve investors. We hope that exposing it will limit the number of victims to zero. Our concrete evidence is enough to warrant a full investigation by authorities. We hope authorities will act quickly and issue a warning over this platform.
We won’t recommend a broker that fails to have any valid credentials. Please stay away from UKGForex or else risk losing your funds.
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We wish you a profitable and safe trading experience.