In the world of online trading, it’s common to come across brokers that operate scam initiatives. Union stock is one of such brokers that have been flagged by various financial regulators due to its suspicious activities and lack of regulation. It’s important that traders are made aware of these unscrupulous brokers to avoid falling for their enticing schemes. In this review, we’ll look at the unionstock.com scam broker review to help expose their sneaky tactics and provide information on how to steer clear of them.
Overview
Union Stock is a trading name of Felicity Group LTD, a corporation incorporated in the Republic of Dominica. It boasts of offering a wide range of trading instruments and a wide array of trading tools that cater to the needs of traders at various levels of experience. A visit to their website reveals that they’re placed their domain for sale.
Is Union stock Regulated?
As their website is not active now, we tried to find their regulation or license status from different forums and regulatory organizations. But, we did not find any regulation confirmation or license from any of the regulatory bodies.
Warnings From Financial Regulators
Several regulatory bodies have flagged Unionstock.com for fraudulent activities. The FMA issued a warning stating that Union Stock is not a licensed or authorized entity and may be involved in a scam operation. Another financial regulator, the Financial Conduct Authority (FCA), also listed Unionstock.com on its warning list and advised traders not to invest with them.
What Currency Pairs Do They Offer?
Union Stock provides traders with a range of currency pairs to trade. It stocks major currency pairs like USD/JPY, EUR/USD, and GBP/USD, amongst other minor currency pairs. However, it’s important to note that the low spreads and high leverage offered on these currency pairs could be the bait to lure traders into investing with them.
Customer Support
With unionstock.com, customer support is available 24/7; traders can reach out to them via phone, email, or live chat. However, reviews from customers reveal that the broker’s customer service team is unresponsive in critical situations. This lack of responsiveness raises a red flag and does not inspire confidence.
Trading Platform
Unionstock.com offers a web-based trading platform with a user-friendly interface. It also provides traders with mobile trading platforms, an MT4 desktop trading platform, and a WebTrader platform. However, despite the multiple trading platforms provided, the broker does not offer a demo account. This omission makes it difficult for new traders to test the trading platforms before committing to trade with the broker.
What Do Traders Think About Unionstock.com?
A majority of trader reviews reveal that unionstock.com is a scam broker, and they’ve had gruesome experiences with the broker. Issues reported in customer reviews include a lack of fund withdrawals, poor customer service, false advertising, and manipulated trades. These reviews are enough to indicate that unionstock.com is an untrustworthy broker, and traders should avoid it at all costs.
What To Do If You Get Scammed?
If you get scammed by this broker or any scammers, you should contact us at the first moment. Submit your case through our website form. We will evaluate the case and will provide you with a free consultation and service recommendations to help you in recovering the lost fund.
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Final Thoughts
Based on the evidence presented in this review, it’s evident that unionstock.com is not a reputable broker and should be avoided at all costs. Their lack of regulation and the numerous fraudulent activities they’ve been accused of makes them high-risk broker. We advise traders to conduct thorough research before committing to any broker, to avoid putting their hard-earned funds at risk.
