Reason to avoid: No license
Listed Date: May 10, 2019
Top 3 Regulated Forex Brokers
Beware Ultrontradefx is a Non-Regulated broker. It is NOT SAFE to trade.
Is Ultrontradefx a scam or legit broker?
No, it is not safe to trade with Ultrontradefx. The company is owned and operated by Ultrontradefx Limited and claims to be located in the United States.
According to the website, Ultrontradefx is legally registered with all the relevant authorities as an online investing firm, with the goal of providing profits from investing. However, we have found that “About us” section mentions and is literally identical to the section at 247TradesOption website. The terms and conditions on both websites are also identical as well as their interfaces.
Also, the terms and conditions state the Company is licensed and regulated under e-gaming in the British Isles by the Isle of Man GSC (which is a British territory). However,Gambling Supervision Commission is not the regulator that authorized brokers in the UK. Obviously, Ultrontradefx is not regulated in the UK by the Financial Conduct Authority or the USA, despite its US location.
In addition, the identical 247TradesOption has been blacklisted by The Financial Services Commission (FSC), the Mauritian regulator.
We advise all investors and traders to avoid Ultrontradefx and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and XM.com.