Is Utrade a scam or a 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 while might operate its services from an absolutely different location.
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 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 the brokers that are regulated, for example, Oanda forex broker.
Although 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 to deal with a company that carries no license and 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.
We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that 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.
Yet, it is always great to hear your personal opinion about Utrade. So you may share your experience or thoughts or discuss them below or ask us for additional information.
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