Utrade Review

Is Utrade Scam or Legit broker?

It is not safe to trade with Utrade, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is Utrade?

Utrade is a forex and CFD broker owned and operated by the Callpoint ltd s.r.l., based in Romania, Bucharest. The broker claims to be regulated by most of the serious regulators such as US NFA, UK FCA, Australian ASIC (Check out the ASIC Regulated MEXC), Japanese FSA, German BaFin, and SFC in Hong Kong. We strongly advise opening a trading account only with brokers that are regulated, for example, Oanda forex broker.

• However,  the firm is not registered with any of these agencies and even got blacklisted by the Financial Conduct Authority in the UK. We don’t recommend dealing with a company that carries no license and is not regulated.
• For obtaining an STP FCA license, the required capital for the broker to have is EUR 125,000. Also in order to get this type of license, the broker needs to have a physical office in the UK. All clients of FCA-regulated brokers are protected by the Financial Services Compensation Scheme.

Utrade Review Conclusion

We strongly advise staying away from doubtful offerings, such as Utrade, and opening a trading account only with brokers that are regulated by respected world authorities and comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and TMGM.

Utrade Update

We found the Utrade website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert in case any proposals show up.