Is Universe Markets a scam broker?
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Universe Markets is owned and operated by White Square Trading Ltd., and is located at London UK. Offices are at London UK, Wellington New Zealand, Melbourne Australia, Oslo Norway and Vienna Austria.
They do not have a license and are unregulated. They are not regulated by any of the known regulatory authorities like Britain’s FCA, Cyprus’ CySEC, Australia’s ASIC, or America’s CFTC etc.
They had custom made options trading platform and was user-friendly. They switched to SpotOption trading platform. They offer Forex CFD trading on many financial assets. One can find asset classes like Forex pairs, Crypto currencies, commodities, stocks and market indexes. Options available are the trend, intraday, and long terms. Minimum deposit for a new trading account is $250.
The website is available in English, Dutch, and Spanish. It has an affiliate program too. Deposit and withdrawal methods are Bank wire transfer, Visa Card, Master Card, and E-wallets.
Many traders like to know Universe Markets is a scam broker or not.
There are many complaints about Universe Markets scam flowing thick and fast regarding it on websites and forums. At one of the scam alerting website Mr. P authors how he was scammed. He made 7 withdrawal attempts in last 2 months. And the finance department canceled all without giving any valid reason. Mr. P trades in cryptocurrency through CryptoAdvantage software. He was pressed by Universe Markets to trade with their software and Mr. P does not want to. He further says that they are lying and when they chat the company has no respect for their clients. He has sent many correspondences email which the company claims have disappeared. Mr. P is of the opinion that traders will not get their money back from this online fraud company.
Mr. T who was also a victim of Universe Market scam approached MyChargeBack as he could not withdraw his bonus, because when he was offered 100 percent bonus which has strings attached and was complicated in nature. The bonus terms and conditions were such that they cannot be fulfilled practically. MyChargeBack guided him step by step and now the process is in final stages where he expects to get back all the money from Universe Markets. His pieces of advice to all the traders is to read bonus terms and conditions page very carefully and try to read in between lines. Though deposits are made automatically but withdrawals from brokers are processed manually.
It is better if the investor/trader reads the terms and condition page carefully. If they have any questions they can call the company and clarify their doubts. If the broker is unable to answer your queries do you think they will answer your complaints? Traders need to verify their identity by submitting required documents so that broker processes the withdrawal. Many countries have strict anti-money laundering laws which are good for the general public, investors, and traders.
From the above facts it is clear that Universe Markets is a scam broker and if you have trouble getting your money back then MyChargeBack may be able to help you to regain all or partial amount depending upon case to case.