The Company
UAGTrade is a part of UAG Network Ltd, a company registered in St. Vincent & the Grenadines. Judging by their news page, the company is operated out of Malaysia, but this does not change their legal status. An off-shore, unregulated broker is highly dubious. For those of you who are not familiar with the financial services industry, the regulatory conditions under which a company operates are crucial.
An un-regulated broker can simply take your money and not allow you to later withdraw your investment. When dealing with such an entity their honest word is the only guarantee for your funds. This is why most countries have some sort of financial regulatory body. To give you an example the Financial Conduct Authority (FCA) is the institution which oversees UK forex brokers. It requires multiple periodic reports to be submitted.
But more importantly (in terms of the security of your funds) it forces companies to store client money in segregated accounts. What this means, is that the broker doesn’t have access to one’s trading capital at all time. Transfers can only be made when certain conditions are made, and they can’t “borrow” form it. Additionally, the FCA forces all brokers to participate in the Financial Services Compensation Scheme (FSCS). This is a mechanism (pretty similar to an insurance company), which guarantees client funds against broker bankruptcy. The level of coverage, with participating brokers is £50,000.
Company Overview
Company Name | UAG Network LTD |
Headquarters | P.O. Box 337188 , Office N 706 , Jumeirah Bay X2 Tower , Cluster X , Dubai , U.A.E |
Website | |
Regulation | FSA |
Trading Instruments | Forex , Futures , Oil , Metals , CFDs |
Trading Platform | MT4 (desktop , mobile) |
Deposit / Withdrawal | Neteller , Skrill , Worldcore , Wire Transfer , Local Depositor |
Bonus | No Bonus |
Services | No Dealing Desk (STP) |
Customer Service | Live Chat |
Trading Accounts
Account type | Minimum deposit | Maximum leverage | Spread |
Classic | $100 | 1:200 | From 3.0 pips |
Pro | $100 | 1:200 | From 0.6 pips + $17 commission per lot |
ECN | $10,000 | 1:200 | From 0.6 pips + $5 commission per lot |
UAGTrade is a forex broker, offering multiple account types. The company appears to be targeting Muslim clients, as all account types are swap-free.
*Risk Warning: Forex and CFD trading involves significant risk to your invested capital.
