UniteCommerce: reviews, trading conditions analysis, and reliability rating
UniteCommerce: service overview, user reviews, and reliability assessment
In order to attract new clients, brokers in the forex market strive to expand their services. One such broker is UniteCommerce, which, in addition to traditional trading, also offers copy trading and promises to rid traders of inconveniences such as slippage and requotes. However, according to online reviews, UniteCommerce does not always keep its promises. We conducted an analysis of the terms of cooperation with UniteCommerce, evaluated how advantageous they are, and how much trust can be placed in this company.
UniteCommerce Analysis
The appearance of the unitecommerce.cc website leaves much to be desired. The Russian version of the site contains numerous errors and awkward phrases, apparently related to poor translation. The domain was registered only at the end of last month, so the age of the resource is only a few weeks. Nevertheless, reviews of interactions with UniteCommerce can be found as early as 2021. This is because this is not the broker’s first website.
UniteCommerce was launched by a group of scammers last year. Their first step was to register the parent company, Inffeable Group LTD, in the Dominican Republic. The choice of this country is explained by its status as an offshore zone, which was blacklisted by the European Union as early as February of last year.
The company began its operations in April 2021 and has changed several domains since then: unitecommerce.world, unitecommerce.pro, and currently unitecommerce.cc. Constantly changing domains is a way to avoid blocking by Roskomnadzor.
UniteCommerce has no presence on social networks, offices, or even a phone number for support. The only means of communication is via email, which is also not reliable.
Regulation by Financial Regulators
The activities of forex brokers in the Dominican Republic are not regulated. They only receive registration certificates and nothing more. In the event that a broker does enter the financial market, they must obtain a license from one of the international regulators or at least from the supervisory authority of the country where they intend to operate.
Apparently, considering the Russian localization and numerous reviews in Russian, UniteCommerce is targeting the Russian audience. Therefore, they should have obtained a license from the Russian regulator – the Central Bank. However, this entity has not granted any licenses to the broker. Despite this, UniteCommerce has already been blacklisted by the Central Bank, and the number of negative reviews continues to increase. The scam is operating illegally, and the rights of its clients are not protected by anyone.
Trading Conditions and Bonuses from UniteCommerce
All trading operations on UniteCommerce are carried out through the MetaTrader trading terminal, but the version of the software is not specified. The main trading currencies are euros and dollars. The broker will easily accept an initial deposit in any currency, adding a commission for intermediation and conversion to it.
Traders have four options for choosing an account type, differing in the size of the initial deposit, leverage level, and the number of available assets:
- “Mini”. Deposit – $250, leverage up to 1:200, access to 150+ assets.
- “Standard”. Balance top-up from $1000, leverage 1:160, choice of 250+ assets.
- “VIP”. Initial deposit of at least $5000, leverage 1:100, 400 trading assets.
- “Pro”. The most advanced account, available after depositing $10,000. Provides leverage of 1:40 and access to all available assets for trading.
However, the differences between these account types are quite conditional. According to reviews, UniteCommerce managers can offer any conditions individually, provided that the client is willing to deposit funds. Moreover, one cannot trust the claim of no hidden fees or commissions: the client will pay for everything.
Trader Reviews
During UniteCommerce’s existence, numerous negative reviews have accumulated. Deceived clients express their disappointment in harsh terms. We have provided just a few examples, but there are many such reviews online. We recommend familiarizing yourself with them to understand who you are dealing with.
UniteCommerce Fraud Methods
The main tool of scammers is imposing additional payments and credits, constantly changing cooperation conditions. Each trader is influenced by influential managers, offering to either top up the account and receive a bonus or insure the deposit. There are cases where managers persuade clients to deposit funds, promising to add their own, saying that the market situation requires opening large deals. This happens continuously, disorienting the client.
Also, UniteCommerce often credits funds to the user’s account, claiming that this is a loan from the company for active trading. However, the trader receives virtual funds on the screen but already loses their real money. These credit deposits miraculously disappear within a few days. Considering that the quotes are controlled by the broker’s managers themselves, this is not surprising.
Conclusions
The parent company managing UniteCommerce was registered in an offshore zone, information about the founders is not disclosed, and no financial reports are provided. No regulator oversees the broker’s activities, as it lacks a license. The Central Bank has already blacklisted UniteCommerce, yet the number of negative reviews continues to grow. Scammers constantly change domains, continuing to deceive people under the guise of forex market trading and scamming them out of significant sums of money.