UbetFX is a contract-for-difference (CFD) broker officially registered on January 29, 2024. This broker primarily provides forex and CFD trading services through its self-developed trading platform. It does not offer services to jurisdictions where it may violate local laws or regulations, such as the United States, Canada, Israel, New Zealand, Iran, and North Korea.
Company Registration Information and Regulatory Status:
According to publicly available information on the UbetFX（ubetfx.biz） website, the company's entity is UBETFX LIMITED, and this entity is a trading name of Raw Trading Ltd. The company is regulated by the Seychelles Financial Services Authority (FSA) with a securities dealer license number SD018.
Upon verification, the regulatory information provided on the UbetFX website is found to be stolen from the well-known broker IC Markets. IC Markets is registered under Raw Trading Ltd with the Seychelles Financial Services Authority (FSA) and holds the same license number SD018.
Account Opening Process:
The UbetFX account opening process involves visiting the broker's homepage, clicking "Register" on the home page or in the top right corner, and filling in personal information such as name, email address, and phone number, along with setting a login password. After submission, the account will be successfully registered.
Trading Plans:
The UbetFX website does not disclose information on the types of trading accounts offered, nor details on account spreads, trading leverages, margin call/stop-out levels, trading commissions, minimum/maximum trade sizes, maximum positions/orders, minimum price increments, or other related account information.
Trading Platform:
UbetFX offers users its self-developed trading platform, which supports EA trading. This helps users take advantage of market inefficiencies through algorithms or execute strategies consistently, which might be difficult for human traders. Machine advisors have numerous advantages over traditional human advisors: they can be accessed easily wherever there is an internet connection, offer near-zero error rates, high speed, cost-effectiveness, market expansion capabilities, back-testing options, emotionless trading, accuracy, on-demand availability, and easy access.
Deposits and Withdrawals:
UbetFX does not clearly disclose its supported deposit and withdrawal methods, fees, or minimum deposit/withdrawal amounts on its website.
Conclusion:
Traderknows reminds investors that UbetFX is actually a fraudulent website that plagiarizes IC Markets, a legitimate broker, and provides no contact information. It is recommended that investors choose brokers with transparent information, strong regulation, and good reputation for trading activities to avoid unnecessary financial losses.
Currently, this broker is marked as "suspected fraud" on Traderknows.
