UltraBrokerz Review: Security Measures and Regulations
We’ve decided to review a couple of offshore brokerages to understand if those companies are legit or not. In case you see that the broker is based on some island or similar, you want to know if your funds are safe. Read our UltraBrokerz review and find out everything about this particular company.
|Broker status:||Offshore Broker|
|Regulated by:||No regulation|
|Owned by:||Quantu Group Ltd|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||Web trader|
|Cryptocurrencies:||Yes – BTH, ETH, XRP, LTH|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
UltraBrokerz Regulation and Security
The broker is owned by Quantu Group Ltd and is based in Saint Vincent and the Grenadines. However, what confused us is the fact that the broker listed the London address on their official website UltraBrokerz.com. On this particular address are several UK companies offering offices and co-working space. However, UltraBrokerz or Quantu Group Ltd is not one of the companies listed on this address. So, why is the broker pointing out this place? Probably in the sad attempt to mislead the clients to believe it’s a UK-based company. The broker is not listed in the register of FSA SVG nor the UK FCA.
Withdrawal Issues with UltraBrokerz
Here, we will list a couple of facts about UltraBrokerz company since there are many complaints and withdrawal issues with the brokerage.
For a start, the broker is using a web trader. This is a way less secure trading platform than MT4 or MT5. Therefore, your deposit is not safe, and your profit is not safe.
Another thing, the leverage broker offers goes up to 1:400. Meanwhile, regulated companies are limited to up to 1:50 due to regulators’ intentions of keeping your funds safe.
The minimal lot size is 0.1, while regulated brokers allow you to start from 0.01 lots. It means that you need more funds to enter the trade, and you are risking more. Not too appealing for non-experienced traders.
The minimum deposit is $250 and can be made only using a debit/credit card and wire transfer. As per the broker’s website, if you do not log in to your account for six months, the company will start charging you 10% for every month of inactivity. The company is charging you a fixed fee of 50 EUR/USD/GBP for wire transfer withdrawals and 25 USD/GBP/EUR for card withdrawals plus the processing fee of 10USD/7EUR/5GBP. The minimum amount for withdrawal is 250 units for wire transfer and 100 units for card withdrawals. Bear in mind that you will have fee deductions on this amount.
After everything is revised, we do not understand the need to charge such a high fee for withdrawing your funds. Moreover, the limit for withdrawal is exceptionally high. You should be able to get your funds back whenever you want, in any amount you wish.
Scammed by UltraBrokerz?
If you were scammed by UltraBrokerz, do not panic. It’s crucial to stay calm and take a few steps to get your money back. You need to file a dispute and request a chargeback.
But what is a chargeback? It’s a way of refunding your card in case you were a victim of an online scam.
Contact our support for further information via chat!
What is UltraBrokerz?
UltraBrokerz is an online trading brokerage with no regulation.
Is UltraBrokerz a scam?
The broker has no regulation for providing financial services.
Is UltraBrokerz regulated?
Any authority body does not regulate UltraBrokerz.