UTX: customer reviews on the company’s performance in 2023
Every time you have to choose a financial partner, you need to be extremely cautious not to fall victim to scammers who are becoming more and more cunning, posing as reliable companies. For example, UTX. This organization presents itself as a reliable British broker with favorable cooperation conditions, although real customer reviews advise avoiding it. In the review, you will find out why this firm is considered not as reliable as it is claimed.
UTX Company Description
UTX claims to have been engaged in brokerage activities since 2012 and has received five international awards. However, you are unlikely to find accurate information on which specific awards, when, and by whom they were awarded. Other alleged advantages of the company include round-the-clock customer support and conducting 2,500+ trades per day. Users are told that their assets will be protected in case of bankruptcy up to 1 million euros (ICF payments will be made from the company Lloyds), but there is no documentary evidence to support this. Reviews indicate that the promises are empty and have no basis.
We first checked the broker’s market status. WHOIS data showed that the UNIVERSALTRADEX.COM domain was registered in January 2012, consistent with the company’s claims.
However, there is one caveat. We were alerted by the relatively recent emergence of the first customer reviews and the small number of reviews. According to information from the Internet Archive, the site has indeed existed for a long time, but it was sold in 2021. Scammers bought it for a pittance to manipulate public opinion and claim to have significant experience in trading on financial markets.
Customer support is only available via email, and phone support is not provided by the company. Verification revealed that the provided email address is invalid, meaning customers cannot rely on UTX employees for assistance with technical and legal issues.
Legal Information
The Contacts page and internal documents state that UTX’s headquarters are located in London, UK. However, when checking the specified address on Google Maps, it was found that different companies are actually located there.
We found no legal documentation confirming the reliability and honesty of UTX. If the broker truly had an office in the UK, it would have been required to register and be licensed by the FCA. It claims that data on legal entities and licenses are available for public access, and everyone can independently verify the information provided.
UTX operates without a license and provides its services illegally. This is a fraudulent organization founded by anonymous scammers, which will quickly disappear from radars after a large number of negative reviews surface.
Illegal services are also provided in Russia, Belarus, Kazakhstan, and the first critical reviews have already appeared in the Russian-speaking segment of the Internet. Scammers take advantage of the vulnerability until Roskomnadzor and local regulators include them in blacklists, continuing to lure newcomers into their scheme.
Trading Opportunities
The fake broker does not provide details on tariff plans until a trader registers on the platform. However, we managed to learn some aspects of trading on this platform:
- 200+ financial assets (currency pairs, stocks, cryptocurrencies, indices, commodities),
- a demo account for risk-free practice,
- a proprietary trading platform with advanced features and no trading restrictions,
- investment in stocks with dividends of up to 8.3%,
- mobile trading on Android and iOS,
- low spreads of 0.2 pips,
- leverage of up to 1:20,
- margin starting at 5%.
UTX does not disclose information on available deposit/withdrawal methods, commissions, and rules. Real customer reviews indicate that the company does not pay out funds.
Reviews
Many potential clients have more questions than answers about UTX. Information about the fake broker on the Internet is indeed scarce.
But real reviews from depositors revealing the truth about dealing with this fraudulent company are increasingly appearing. It is recommended to familiarize yourself with this information to avoid falling into a trap and losing your money.
If you have an opinion on UTX, share it on our site. Publish reviews under a detailed review and explain why you consider this structure fraudulent.
How the Deception Works
UTX exploits the lack of experience and knowledge of newcomers in financial markets. Eager to earn more, they are willing to believe everything written on this broker’s website. However, such an approach leads to failure.
By entrusting their money to a pseudo-broker, users hope for training, qualified support, and the opportunity to practice risk-free. In reality, they encounter financial scammers who only provide false advice and do everything to quickly deplete someone else’s deposit.
Summary of the Overall Review
The detailed UTX review only confirmed that it is a fraudulent company that cannot be trusted. It offers its services unlawfully and has no intention to compensate customers for any damages. Look for another broker with the appropriate set of documents and feedback.