With scam brokers increasing exponentially, it is not surprising that traders are exercising caution when they begin searching for a good and quality broker. Your priority should be to do thorough research in order to find out the truth about a company, rather than simply taking their word for it. After all, it is incredibly easy for anyone to make a website these days and that’s how most scams draw people in. They deliberately craft attractive websites that lure people in and you have to learn your lesson the hard way. This Unicorn-Fx website shows how this is done.
A quick look at this broker’s website shows that Unicorn-Fx is promising unique opportunities to people for earning attractive returns not only in the forex, but also in the CFD markets. It also advertises helping people generate a stable, passive income through its fixed income managed accounts. It is only when you check out the following review that you find out just how many problems it has. Read on to know the details:
No Regulation and Licensing
One of the biggest problems with Unicorn-Fx is that it is not a regulated or licensed brokerage. It is owned and operated by a company named Businesoft Limited, which is based in St. Vincent and the Grenadines. This is an offshore jurisdiction where the government does not offer any oversight where forex brokers are concerned, which has made it a popular destination of scammers. Apart from this, you will also find an address in Limassol, Cyprus in the Contact Us section of Unicorn-Fx, but if it was really based there, it would be regulated by the CySEC, which it isn’t.
Conflict of Interest
Another problem you will come across on the Unicorn-Fx website are the different investment options they offer. As per their offerings, people can deposit their money with them and they will provide good and solid returns by trading and investing on their behalf. This sounds like a great option because it means you won’t have to do anything and experts will help you generate stable and consistent income.
The problem is that Unicorn-Fx is a market maker, like the other brokers that exist in the market. This means that the company profits when their clients lose a trade. Thus, they would obviously not want you to make profits because it does not benefit them at all. Whatever money you deposit with them is likely to be squandered away because it would mean more profits for them. This is a clear example of conflict of interest.
Unprofessional trading platform
It is understood that you would want to have access to a quality and powerful trading platform because it impacts your experience as a whole. But, you will find that Unicorn-Fx is offering a web-based platform to its clients, which is cheap and basic and nowhere close to the professional and advanced trading solutions like the MT4 and the MT5. These are known for their top-notch trading tools and state-of-the-art features, but you will not have these available when you sign up with this broker.
The AnyDesk icon
When you go through the presentation on the Unicorn-Fx website, you will notice that they have the AnyDesk icon, which is a remote desktop application. Scam brokers often offer this feature to their clients and ask them about installation details, which gives them access to all information that you have on your PC, including your confidential and sensitive data that can be misused. This includes your banking information as well, which is something you don’t want to share with anyone.
Considering the fact that it is not a properly licensed and regulated broker and the other problems associated with Unicorn-Fx, it is clear that it is not a quality broker. As a matter of fact, it appears to have all hallmarks of a scam and you should steer clear of it altogether if you don’t want to fall into the trap.