United Asia Futures Review: Not Trustworthy Despite Being Licensed?
United Asia Futures is a broker based in Jakarta, Indonesia. The company PT. United Asia Futures Company offers trading in commodities, index futures, and Forex currency pairs. Although regulated by the Indonesian Commodity Futures Trading Regulatory Agency (BAPPEBTI), our concern was raised due to the lack of transparency and detailed information on the website.
The non-inclusion of separate account types, legal documentation, and the Indonesian jurisdiction’s lax regulations pose risks to potential clients. We address all of these issues in our United Asia Futures Review, which we highly recommend you read before making any agreements with the broker.
|Is This Company Safe?||Traders Reported Issues|
|Have Warnings from:||N/A|
|Website active since:||2007-08-16|
|Trading Assets:||Forex, Commodities, Index Futures|
|Free Demo Account:||Not Available|
|How to Withdraw from This Company?||You can request withdrawal from United Asia Future’s representatives or contact us in case you face any issues regarding this question|
Legal Info: Is UnitedAsiaFutures Legit?
This company is regulated by the BAPPEBTI, which oversees and supervises futures trading activities in Indonesia. The agency is responsible for licensing, monitoring, and regulating companies that engage in the trading of futures contracts, including commodities, indices, and forex, i.e. all that the United Asia Futures Exchange offers.
The company is also a certified member of the Jakarta Futures Exchange (jfx.co). However, it’s important to note that regulatory standards can vary between jurisdictions, and not all regulatory agencies have the same level of strictness or enforcement.
Indonesia, although gradually establishing tighter regulations, is still considered a lax jurisdiction and even a tax haven. As a financial market jurisdiction, Indonesia is definitely not up to par with major financial hubs such as the United States, the United Kingdom, Australia, or even Asian centers such as Singapore and Japan.
The lower degree of credibility can be a big issue. In this case, it seems that traders indeed experienced issues with this company broker.
Our recommendation is that you avoid investing in uncertain brokers such as United Asia Futures or offshore providers such as JAFX and instead opt for brokers that operate under Tier 1 regulators such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), JFSA (Japan), etc.
Who Are United Asia Futures’s Clients?
According to godaddy.com/whois, the United-asia.com website domain was created on August 16, 2007. Since then, the United Asia Futures Online Trading platform has been providing services mainly to traders of the following countries:
- United States;
The United States and Canada are different worlds from Indonesia in terms of financial market regulations. Both jurisdictions enforce significantly heavier regulations, especially the US, which is considered the biggest and most tightly regulated jurisdiction in the world.
Singapore and Malaysia are major Asian financial hubs with their own rules and laws for trading. United Asia Futures does not really have authorization to “unite” all Asian traders, which is why the broker should stick exclusively to Indonesia.
If you’re experiencing issues with United Asia Futures, we are willing to help you recover your funds.
We found three reviews, or rather “exposures” of how United Asia Futures denied traders their withdrawals. The website we found these reviews on is wikifx.com. It seems that all three traders are Taiwanese. They encountered withdrawal issues and even provided evidence to support their claims.
I invested in pt. united through Taiwan GFS Investment Company, and I have not been able to withdraw funds since December last year…
– WikiFX user, May 19, 2023.
Like other exposures, I invested in pt. united through Taiwan’s Zhifu GFS Investment Company, and there has been no transaction since March this year. Taiwan also replied that this broker is under financial investigation. I am very worried that the money will not be returned…
– WikiFX user, May 17, 2023.
Since the beginning of 2022, there has been no withdrawal, and the system has already fully deducted the corresponding amount. If you have encountered the same problem, you can pay attention to this problem.
– WikiFX user, May 12, 2023.
United Asia Futures offers an unfamiliar custom trading platform. The website did not reveal the name or the features of the platform. Whichever software it is, it’s definitely not up to par with the renowned MT4 and MT5 platforms. We would always advise you to stick to brokers that offer credible and proven trading software.
So this mysterious platform is supposed to support United Asia Futures Foreign currency trading. Furthermore, the platform also enables traders to access the United Asia Futures Stock Index.
The commodities offered include precious metals like gold and silver, as well as energies like crude oil and gas. United Asia Futures Index Futures are also available – NIKKEI 225, HANG SENG, KOSPI 200, etc. Additionally, the broker provides classic Forex trading with major currency pairs like EUR/USD, USD/JPY, and GBP/USD.
The maximum leverage, as well as the trading commissions, are unknown. Beware of brokers that offer extremely high leverage such as Limeberg. The spread for the benchmark EUR/USD and the GBP/USD pairs is 2 pips, which is wider than the industry’s standard for those instruments of 1.5 pips.
Having withdrawal issues with United Asia Futures? We can help you recover your funds.
United Asia Futures Deposit & Withdrawal Process
The company payment process is a mystery. The broker’s website does not offer any legal documentation, making it impossible to know which payment methods the broker processes. The minimum deposit and the related deposit and withdrawal fees are unknown as well.
We will tell you that funds deposited via MasterCard and VISA credit/debit cards can be refunded. This process is known as a chargeback and can be requested at the issuing bank within 540 days. Wire transfers require a recall, which can only work for incomplete transactions.
Key Facts To Consider About United Asia Futures
To sum up, United Asia Futures is an Indonesian broker that offers Forex, futures contracts, commodities, and indices trading. This platform is regulated by the Indonesian BAPPEBTI.
Although the broker is regulated, Indonesia is not known for being a strict and credible jurisdiction, which makes United Asia Futures particularly risky. Moreover, the broker received multiple negative reviews in the past few months.
If you lost money to United Asia Futures, please book your free consultation with our team and tell us more about your case. If you need professional assistance in recovering your funds, our team will gladly guide you through the chargeback process.
Book your consultation with us today and start the chargeback process.
What is United Asia Futures?
United Asia Futures is an Indonesian broker listed on the Jakarta Futures Exchange that offers trading services.
Is United Asia Futures A Scam?
United Asia Futures is regulated. However, there have been several complaints against the broker recently. If you lost money to this broker, we can help you recover it.
What Are The Available Products Of United Asia Futures?
United Asia Futures offers Forex currency pairs, futures contracts, global indices, and commodities.