How We Exposed This Scam In Our Unicorn FX Review

Exposing this trading scam was easy. We found a lot of fraudulent clues and used them to debunk the lies of the shady Unicorn FX.

By analyzing the broker’s regulation, trading platform, leverage, payment policies, and warnings issued by the authorities as well, we were able to put together the Unicorn FX Review. Learn the truth about this fraud before it’s too late!

Is Unicorn FX a Scam Broker?

Of course not. Unicorn FX is an anonymous scammer with no trading license. The website shamelessly claims that this brokerage is run by a company called Unicorn Forex Trading, based in the UK.

Here’s proof that Unicorn Forex Trading is a hoax – this entity is not registered with the UK’s Financial Conduct Authority (FCA), a stern Tier 1 regulator.

If a company is not found in the FCA’s register, it has no authorization to provide financial services in the UK. Therefore, Unicorn FX is nothing more than a fraud. If you want to protect your wallet, stay away from scammers like Unicorn FX and Cooper Markets.

Warning Issued by Financial Authorities

We found two warnings issued against Unicorn FX. These warnings were issued by the regulators of Canada and Indonesia.

The Canadian IIROC and the Indonesian BAPPEBTI flagged Unicorn FX as an unauthorized provider, i.e. a trading scam. That’s two strictly regulated domains that do not welcome Unicorn FX.

The Opinions of Traders On Unicorn FX�

We checked the reviews on WikiFX. Traders are not satisfied with how Unicorn FX operates, to say the least. Anonymous, blacklisted, and rejected by traders… We don’t think that any more proof in needed – Unicorn FX wants to defraud clients!

Frustrating, spreads offered by this platform are just two high. What’s worse, they arbitrarily add slippage to your order, increasing your trading fees… I have never seen such a terrible trading platform before. Guys, move away!

– WikiFX user, December 1, 2022.

Unicorn FX’s Platforms – A Software Comparison

MetaTrader 5, that’s the platform that Unicorn FX offers. You’ve probably heard about this amazing trading software. It was designed by MetaQuotes in 2010.

Available for both desktop and mobile (Android & iOS), MT5 equips the trader with cutting-edge trading options and tools such as algorithmic trading, live market reports, branch optimization and advanced charting.

MT5 is a big advantage any broker could offer but it still cannot make up for the fact that Unicorn FX is anonymous. Scammers such as Unicorn FX and Grand Capital got their hands on advanced software to lure potential victims.�

Which Financial Instruments Are Included?

Here’s an overview of Unicorn FX’s available trading instruments:

• Forex currency pairs – EUR/USD, GBP/JPY, AUD/CAD…
• Indices – S&P 500, DAX 30, NASDAQ 100…
• Commodities – gold, silver, natural gas…
• Crypto – BTC, ETH, LTC…

Unicorn FX’s Education Program

In order to make the whole monkey business seem legitimate, Unicorn FX included a page dedicated to education. Here the broker explained the basics of Forex trading.

It’s meant as a distraction to take your attention away from the fact that you’re losing your funds. Once you realize you’re having withdrawal issues, it’s probably too late to pull out.

Unicorn FX’s Countries Of Service

This review wouldn’t be complete without a list of countries where this anonymous scammer looked for victims. We did some research and found out the following:

• France;
• Germany;
• Indonesia;
• Malaysia;
• Canada;
• India.

Both France and Germany are under the jurisdiction of the European Securities and Markets Authority (ESMA). Unicorn FX is not compliant with ESMA’s regulations.�

Canadian and Indonesian regulators, as mentioned, flagged this broker as a scam. We must pressure the Indian and Malaysian authorities to do the same.

Account Options Offered by Unicorn FX

Unicorn FX offers three different trading account types:

• Standard – 100 $;
• Professional – 100 $;
• Premium – 500 $.

The only difference between these seems to be the minimum deposit requirements. All three accounts have a swap-free option. The spreads differ as well but more on that in the next section.�

Leverage, Spreads and Commissions

The spreads listed on the Account type page are odd. Unicorn FX put spreads from 29 pips. Whether it’s a type of something, we don’t know, it’s a scam anyway.

Allegedly, there are zero commissions. Leverage can be set to 1:500 but the legal cap in the UK is 1:30, which is further proof that this Unicorn FX isn’t a legit broker.

Can a Trader Use a Demo Account?

No. Unicorn FX does not actually offer a risk-free demo account. There is an option on the website but it’s just a ruse.�

It was put there to make you believe that there actually is a demo account. When you click on the link, it just takes you to the regular registration page.

Terms of Service for Unicorn FX

Unicorn FX included a suspicious Privacy Policy, Risk Disclosure and some sort of client agreement document. By saying suspicious, we mean it looks like it was copied from somewhere else.

There’s no mention of the company’s FCA registration ID, which is something all UK broker sites put in the first couple of lines of text. Then again, Unicorn FX is not even registered with the FCA.

Withdrawing Profits From Your Broker Account

When it comes to deposit and withdrawal methods, Unicorn FX listed only wire transfers. Disappointing. Even scammers nowadays include at least three available payment methods.�

Wire transfers can be reversed via recall but only if the transaction hasn’t gone through yet, meaning you have to act quickly if you’ve deposited funds. The minimum deposit is 100 $ and the fees are unknown.

What Should I Do If I Got Scammed By Unicorn FX?

If you’re a victim of Unicorn FX’s scam, you should write a complaint on the forums if the broker violated any terms and conditions.

We can help you get your money back, by going through the process step by step. You have to book a consultation with us so we could analyze your case and see what the options are.

Here you can book a free consultation and find out what to do for a start.