The
Company
UAGTrade is
a part of UAG Network Ltd, a company registered in St. Vincent & the
Grenadines. Judging by their news page, the company is operated out of
Malaysia, but this does not change their legal status. An off-shore,
unregulated broker is highly dubious. For those of you who are not familiar
with the financial services industry, the regulatory conditions under which a
company operates are crucial.
An un-regulated broker can simply take your money
and not allow you to later withdraw your investment. When dealing with such an
entity their honest word is the only guarantee for your funds. This is why most
countries have some sort of financial regulatory body. To give you
an example the Financial Conduct Authority (FCA) is the institution
which oversees UK forex brokers. It requires multiple periodic reports to be
submitted.
But more importantly (in terms of the security of your funds) it
forces companies to store client money in segregated accounts. What this means,
is that the broker doesn’t have access to one’s trading capital at all time.
Transfers can only be made when certain conditions are made, and they can’t
“borrow” form it. Additionally, the FCA forces all brokers to participate in
the Financial Services Compensation Scheme (FSCS). This is a mechanism (pretty
similar to an insurance company), which guarantees client funds against broker
bankruptcy. The level of coverage, with participating brokers is £50,000.
Company Overview
Company Name
|
UAG Network LTD
|
Headquarters
|
P.O. Box 337188 , Office N 706 , Jumeirah Bay X2 Tower ,
Cluster X , Dubai , U.A.E
|
Website
|
|
Regulation
|
FSA
|
Trading Instruments
|
Forex , Futures , Oil , Metals , CFDs
|
Trading Platform
|
MT4 (desktop , mobile)
|
Deposit /
Withdrawal
|
Neteller , Skrill , Worldcore , Wire Transfer , Local
Depositor
|
Bonus
|
No Bonus
|
Services
|
No Dealing Desk (STP)
|
Customer Service
|
Live Chat
|
Trading
Accounts
Account
type
|
Minimum
deposit
|
Maximum
leverage
|
Spread
|
Classic
|
$100
|
1:200
|
From 3.0
pips
|
Pro
|
$100
|
1:200
|
From 0.6
pips + $17 commission per lot
|
ECN
|
$10,000
|
1:200
|
From 0.6
pips + $5 commission per lot
|
UAGTrade is a forex broker, offering multiple account types. The company appears to be targeting Muslim clients, as all account types are swap-free.
*Risk
Warning: Forex and CFD trading involves significant risk to your invested
capital.
