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UAG Trade Asia Review: A Clone Trading Platform

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UAG Trade Asia Review: A Clone Trading Platform

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UAG Trade Asia is a clone website and tries to use a company’s details with the same name. The clone is targeting wealthy Asian investors with claims of offering the best trading platform. One of the members sent us an email asking us to investigate the broker. It turns out that the broker is refusing to allow withdrawals and has blocked the account. The balance at the time was $6,000. Learn what we found out in this vivid UAG Trade Asia Review.

UAG Trade Asia Review

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Are funds safe with UAG Trade Asia?

There’s no way funds are safe with a clone trading website. You don’t know when the broker may decide to shut down the website. Our investigations reveal that segregation of funds is not taking place.

The broker is transferring all funds to a personal bank account. Another reason to stay away from them is no insurance cover for deposits. The broker fails to deposit the minimum required amount with regulators.

In case of bankruptcy or insolvency, members won’t get any compensation. This is the reason why you should steer clear of this broker. The website also lacks proper security software to protect investors from third-party attacks.

During depositing, there’s a loophole that allows intrusion. Hackers may take advantage of it and steal your banking details. UAG Trade Asia is not a safe trading platform.

Brief Overview of UAG Trade Asia

On their about us page, the broker boasts of being fully regulated by the SECC. The Securities Exchange Commission of Cambodia is the body mandated to regulate entities in the country. Our efforts to reach out to the staff members with copies of their license documents bore no fruit.

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As a broker, you should back up your claims with facts. This broker fails to do so despite even having a license number.

We believe the real UAG Trade Asia Co., Ltd has all the credentials in check. This is another clone trying to steal the shine of another company. We have to give it to them for designing a user-friendly website.

The color scheme and easy navigation make the website appealing. That’s the only upside to this brokerage firm which is also their meal ticket. Unless you do due diligence, investors will easily fall for the website.

Account Opening

utacap.com Features

Opening an account with the broker wasn’t easy as they demand the name of the introducer. It means you must have signed up through an affiliate link. This is another tactic to ensure that the broker tracks their victims.

A real trading platform wouldn’t require such names for account opening. We also suspect the broker is harvesting banking information from wealthy clients. There’s no need to ask for credit card details and a copy of a member’s ID for account verification.

Affiliate and Broker Introduction programs

There’s a well-coordinated way of ensuring that the broker targets all classes of investors. For affiliate marketers, the broker offers three affiliate plans. These include Master Introductory, Introducer Broker, and Group Master Introducer Broker.

You should know that the broker has no plans to pay for your affiliation. Most affiliate marketers from the Asian region are shying away from the platform.

Assets and trading instruments

On their homepage logo, the broker claims to specialize in commodity, Forex, and indices. Members get enticing trading conditions such as spreads from 0.8 pips. The broker also offers flexible leverage depending on the risk management.

Execution liquidity is also available on all exciting account types. All these trading conditions would be great if the broker were legit.

Custodian of the platform

Claims that this broker belongs to the original UAG Trade Asia Co LTD are unfounded. The broker fails to mention the CEO or CFO of the group. We don’t know any name related to this platform or website.

A genuine platform would even have a message from the CEO of the company. These are the mistakes clone platforms make that distinguishes them from the rest. Please stay away from this anonymous and cloned trading platform.

Domain details (utacap.com review)

This is where we catch the broker with their hand in the cookie jar. The broker claims to have years of online trading experience, which is false. Thanks to domain checker tools, we can determine the date the website went live.

As we publish this review, the website is 169 days old. The website went live on October 26, 2020. Their IP history suggests that this platform is a short-term website. They have made 10 changes over the past 4 years.

Features of UAG Trade Asia

Account Plans UAG Trade Asia

UAG Trade Asia Account Types

 

Professional traders get to choose between three accounts. The three accounts include Micro, Standard, and ECN. Each account holder must be an affiliate member with the broker. To start trading, you must direct another trader to this website.

These are harsh trading conditions, especially if you don’t know any traders. The maximum leverage for these accounts also doesn’t do members justice.

Commissions

UAG Trade Asia offers commissions for all three accounts. The industry-leading regulators are against brokers offering bonuses and commissions. Brokers are taking advantage and holding accounts for ransom.

Members have to pay back the commissions despite the broker claiming they are free. You won’t withdraw funds unless you deposit the amount of money the broker demands. It’s why most members can’t withdraw as the balances can easily clear the commissions.

Contact and support

According to their chat tab, there are no online operators at the moment. That’s the message you find, and you have to leave your email address and give your name. This is another way of harvesting information from users.

Once you leave the message, the broker may take ages to respond. These offshore brokers sell personal information to large affiliate groups. That’s the reason you find spam emails from products you didn’t subscribe to.

Deposit and withdrawal

Another reason to doubt this broker is their depository and withdrawal options. The broker only accepts bank transfers. And this makes it possible for them to transfer funds to their personal accounts.

There’s no way of tracing these funds as the broker uses offshore banks. Please don’t use recovery agents as they won’t recuperate funds. This is an anonymous broker with no way of finding their bank details for money-back requests.

Trading terminal

Although the broker claims to offer an MT4 trading platform, it’s of no use to members. If you use the platform and make profitable trades, you don’t get to withdraw. Once you get a reliable broker, we recommend using MT4, MT5, or SIRIX trading terminals. These platforms offer an intuitive and user-friendly interface.

Scam or Legit UAG Trade Asia

Safety of Funds UAGTradeAsia

UAG Trade Asia is a scam that waits to pounce on investors. We recommend you stop interacting with their platform. With no withdrawals taking place, this is another ruthless offshore broker.

Closing remarks

Adding this broker to our blacklist will help expose it to our readers. We won’t recommend it to anyone. Please stay away from UAG Trade Asia.

The best alternative to utacap.com is using reliable experts with a proven track record. Use these highly recommended brokers and start making real profit margins.

Our team wishes everyone a happy and successful trading experience.

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