WikiFX News: The Italian CONSOB has Blacklisted UeTrades as a Scam

UeTrades, masquerading as a forex market innovator, promotes competitive trading conditions, ultra-fast execution, deep liquidity, and a professional trading platform. While it is just an anonymous website, the Italian financial authorities have banned it as a fraud.

UeTrades omits essential information.

As you can see, papers such as “Privacy Policy,” “Terms and Conditions,” and “License and Regulation” are missing. In other words, there is no portion of the broker's website where important information is disclosed.

The absence of this information is a clear indication of unlicensed brokers since legitimate brokers usually display their certifications and other documentation prominently.

UeTrades, an unlicensed UK-based broker, also claims to be situated in the UK.

According to UK law, all businesses and people providing, marketing, or selling financial services or products in the UK must be approved by the Financial Conduct Authority (FCA). However, there were no matching results in the FCA registration.

Maximum leverage of 1:200

A chosen variety of CFDs on FX, precious metals, energy, and international indexes are considered to be accessible tradeable assets. The leverage is limited to 1:200, which is a dangerous ratio that is forbidden in many regulated areas and nations.

Furthermore, as a UK-based broker, it may only offer retail customers restricted leverage of less than 1:30 for FX majors, according to the FCA's fundamental regulatory regulations. That is, the corporation is breaking the rules and regulations that regulate financial service providers.

The firm was banned by the Italian authorities as a fraud.

Furthermore, the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy warns individuals not to do business with UeTrades since it is not licensed to offer financial services in the nation.

On the other hand, an app has been developed to assist traders, particularly those who want to trade forex, in determining the status of a broker. It includes a lot of features that may answer all of your queries with just one app. The WikiFX app is the term given by the creators to their effort to streamline the enquiry process for traders. Aside from checking the broker's regulations, a variety of options are available. It can disclose the broker's illegal activities to alert other traders by putting on the exposure page.

What exactly is WikiFX？

WikiFX is a forex trading search engine that allows users to quickly determine if a broker is regulated or uregulated. It has over 37,000 brokers on its platform and has worked with 30 financial authorities.

Wikifx is a platform for searching worldwide company financial information. Its primary duty is to search for basic information, regulatory licenses, credit assessment, platform identification, and other services for the participating foreign currency trading firms.

Based on the evidence shown above, we can infer that UeTrades is a hoax.

If you want to trade forex, please choose a reputable, licensed broker, such as one of the firms listed on the WikiFX Platform.

Download the WikiFX app for free on App Store and Google Play Store to access the news on the go and to search best brokers to invest in.