A Counterfeit Broker
UK Further Trading Co Limited has been regarded as a “clone firm” by the reputed U.K Financial Services Authority (FCA). Check the reference section for the link to the details about the operations of the company using a fake name.
Owned by AMG Capital partners, it claims to be registered in the UK itself, which is clarified to be false by the UK Financial Services Authority. UK Further Trading is not registered with any of the financial services regulatory authorities. It is an unregulated offshore broker.
The UK is a trusted market as compared to the unregulated markets attracting area. The UK FCA keeps a strict vigil over the financial institutions flourishing in the region. For the traders, the UK Financial Service Authority has maintained a list of the companies registered by it. You can check the details of any registered company in the register’s link to the UK FCA.
UK Further Trading Company has a website which can be found in the references . It has cited on its website that it was established in 2003 and is operating from London.
The company website specifically has 2 language options English and Chinese. There is no connection of the company with any Chinese entity, still the availability of the Chinese language creates a doubt.
Have a look at the copyrights declaration of the website. A strong mismatch of the dates. Established in 2003, the declaration reads as 2009-2016.
In addition to this, the authenticity of the domain registration can’t be established. There are no details of the domain provider, the technology used and the registration and updated dates.
Thus, our UK Further Trading review has established that it is an unregulated company operating through a cloned website with no original details. It is not advised to invest with the company which has been already blacklisted by the leading financial institution based on the duplicity and that too when the company has not taken any steps to urge the institution to revoke its ban by submitting necessary proofs and compliances to the statuaries. A tight-lipped UK Further Trading has justified that the ban is right and they have no supporting documents to prove that it is a genuine firm.
Coming to the services of the company, UK Further Trading is into crude, precious metals along with forex, indices, and stocks. The highlight here is the 98% successful deal-making demo account provided by the company. Any trader will be able to get the catch that the winds in brokerage can’t be so smooth for you to earn a profit of 98% on any regular trading day. It is thus a poor trick to hook a customer into business with them.
Trading Accounts with Silly Deposits
A minimum initial investment of $2,000, yes, it is sadly not a typing error but you need to shed the same account to open a very basic trading account with UK Further Trading. The regulated broker companies have initial deposits range starting from $50-$250 depending on the services included with the various types of accounts.
The company is providing 3 types of MT trading account and a single ECN operating account.
- Standard Account: High leverage ratio of the range 1:50 to 1:200 makes it too risky to trade with. It decreases the profitability of the business and must not go beyond 1:20 as recommended by many top US financial regulation authorities.
- Plus Account: A minimum deposit requirement of $5,000, with no decrease in leverage ratio or increase in the spreads, makes it a worthless account.
- Pro Account: Again the company ahs forgot to include the services but has well maintained the increasing chart of the minimum investment required at the time of opening for the account. You will be shedding $30,000 but do not expect any specific services instead of that.
ECN account: An unbelieving minimum deposit of $100,000. Leverage is reduced against the company’s high of 200 but is still of no benefit to the traders.
No conditions for the maximum transactions and about the trading are provided by the company. Hidden costs and exploiting the customers with the use of “Terms and Conditions apply” are another backset to the services.
Only Accepts Online Deposits
No information for modes of depositing and withdrawing money is provided on the platform. The security of funds is the next big problem here. The company has utterly failed to mention its banking partners and channel partners. This can be better understood with the fact that the company does not have any legal banking channels associated with them. They are directly crediting the money into personalized accounts and the funds are at high risk.
The involvement of the banking partner reduces the stress of funds managed by the company. Also, customers are safe to invest using trusted channels and there are fewer chances of funds getting blown away. How can someone trade with an investment company which is directly depositing the funds into personal accounts? There are practically no chances of withdrawing the funds. Forget the profits; you have to lose your deposited money also.
Much trusted platform for online trading MT5 is supported by the company. It is a trusted product of MetaQuotes Software Corporation based out of the US. MT5 is the updated version of MT4 software. It provides technical analysis to fetch the best trade and seamless trading experience. MT5 has an additional capacity of stocks, futures and indices in addition to the MT4 provided forex trading.
UK Further trading compatibility with MT5 is of no surprise as it is free of cost trading platform. No support is provided from the company’s side for the customization or easy understanding of the trading practices.
Fake Chinese Customer Support without Providing any Means
Sounds odd, isn’t it? But yes UK Further Trading claims to be providing 24*5.5 services to its customers from China but have forgotten to mention the means for the same. There is no provision of any Skype account, mail id, and phone numbers for getting connected to the support team. Even cheating requires some common sense.
Absence on Social Media
With a fake website, comes the truancy from social media. The company is not available on any of the leading platforms like Facebook, Twitter, etc. which can turn out to be the best engagement platforms for attracting customers and keeping them updated about the recent developments and achievements of the company.
UK Further Trading Review 2020: Conclusion
UK Further Trading is nothing but a mockery of the current brokerage industry full of scams. Starting from its ban by the reputed UK Financial Services Authority, the company has done nothing for its revocation or proving its part. The website is essentially a duplicate of any leading Chinese broker company leading to the fact that so many preferences are given to China’s support and Chinese language.
Not a single point clarification is provided by the company for the deposition and withdrawal. They don’t provide any information about the trading rules and the transaction details.
To utter amazement comes the problems faced by the customers who have to shed huge amounts of money as an initial investment without any services. There is no provision of technical or customer support as advertised on the website. No true addresses and no true contact details are indicative of the fact that the company is run by a group of scammers, who do not want to come at the front to protect themselves from the gripe of the customers.
Counterfeit and heedless data is circulated everywhere to attract investors. It is not advised to trade with this company. We rate it as a 0.5 on the 5 point scale, better, be cautious before falling prey to this company.