UnionMarkets Review: BaFIN Issues a Warning

UnionMarkets is a German-based forex investment platform scamming naïve investors. The German regulator BaFIN already issued a warning regarding the store. It would be best to stay away from such stores that block withdrawal attempts. Unfortunately, no member has had the chance to enjoy the fruits of their labor. The platform is also harvesting banking information from members to top it all off. Here’s more in our conclusive UNIONMARKETS REVIEW.

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A Brief Analysis of UnionMarkets

Despite what we believe to be German efficiency, UnionMarkets is not close. The platform has been slowly scheming from investors. And now the truth is out after BaFIN led an official investigation.

Union Markets has, over time, been taking members for a ride. With several excuses for why no one gets to withdraw, the cat is now out of the bag. You need to stay away from the platform or risk losing more than your funds.

The culprits behind this platform remain at large. Details indicate that this is probably an offshore-led trading platform. Targeting German investors was their play all along. And now, we must expose all the red flags found on the platform.

Naïve investors will quickly jump into a website due to its promise of profit. The platform has a professional appeal and even claims to help offer financial advice. Unfortunately, that’s not a reason to sign up with them.

Before investing in any forex investment platform, you need to do due diligence. First, try and find out what makes a platform tick. Then, get to learn the pros and cons before investing in it. An excellent example is reading our unionmarkets.com review.

Acceptable funding methods

There are several different funding methods available on the platform. These include bank and wire transfers. After funding your account, the balance will reflect in your trading account within 24 hours.

The platform will make you believe your trading is working. With every successful trade, the account balance will increase and vice versa. But, when the time comes to withdraw funds, that’s when all hell breaks loose.

No member has made any withdrawals for the past six weeks. And this is a pointer that no one gets to profit after investing with Union Markets. So it would be best if you stayed away from such platforms or risk losses.

Accounts UnionMarkets

UnionMarkets offers four different account types to choose from. These accounts include Bronze, Silver, Gold, and Platinum. Each of these accounts comes with a different set of features.

Let’s take a closer look at each of these accounts;

Bronze

It’s the most basic account, with investors depositing $250 as the minimum deposit. You get an account manager and leverage starting from 1:100. Spreads start from 2.8 pips with no EA or VPS. Unfortunately, the fifth decimal is also not available.

Silver

You have to deposit $10,000 to get started with the silver account. The leverage is 1:200, which is way above industry-recommended maximum leverage. Spreads start from 2.5 pips with the same features as the bronze account.

Gold

Members have to deposit $50,000 to start enjoying the gold account. The leverage is 1:300 with spreads starting from 1.5 pips. Fifth decimal is available with members enjoying free services. You also get a personal account manager.

Platinum

There’s a minimum acceptable deposit of $100,000 with this account. The platform also targets institutional investors. Leverage is 1:400 with spreads starting from 0.1 pips. You also get Expert Advisors and free VPS.

Account features

You have to notice the high leverage on some of these accounts. Regulators in the industry chose to put a cap on maximum leverage at 1:100. Any platform going for more is going against the set regulatory framework.

High leverage puts your position and trading at risk. You will likely lose a large chunk of trading volume when you make losses. Huge losses are what to expect with high leverage. The platform ends up being the winner.

Regulators wanted to have a level playing field for all parties. An excellent example is a regulatory framework in the United States. As a result, retail traders in the U.S enjoy maximum leverage of 1:50. That ensures you don’t have to lose a large chunk of your investment due to high leverage.

Affiliate and partnership

There’s an affiliate program available for those looking to earn passive income. We don’t recommend it as the platform will likely make you incur losses. The platform is only out to get your connections.

Word is that the platform fails to pay the commission rate set for affiliates. So you end up directing naïve investors into funding a platform that blocks withdrawals. And this leads to you tanking your reputation as an affiliate.

If these victims take the platform to court, you are in big trouble. Your name will be on the lawsuit as an accessory to online fraud. Therefore, you need to confirm whether a legit platform before partnering with it.

Despite claiming that you will earn the highest commissions, that’s not happening. The store will use every trick in the book to try and refuse to send commissions. It all starts as the platform fails to send conversion data to affiliates.

Assets and trading instruments

There are four classes of trading instruments available on the platform. These include commodities, forex, indices, and stocks. Some of the trading commodities found include crude oil, natural gas, platinum, and more.

You also get to trade major and minor forex pairs. The platform avails several indices, including DAX and Dow Jones. You get to trade several variables, and it’s a perfect way day traders use to earn profit.

Last but not least is the stock exchange market. You get to trade various shares from major companies. These include shares from all sectors such as manufacturing and tech industries. You will likely get the FAANG group shares.

Business holder

Dip Exelio LLC is the parent company that owns the platform. For years, the company defrauded investors after creating several shell trading platforms. After a lengthy investigation, BaFIN decided to expose the company.

All entities belonging to the company are a financial risk. And this means dealing with union markets is a financial risk to investors. Details of the CEO or founders of the company remain hidden. And this makes UnionMarkets an anonymous investment platform.

Compliance and License UnionMarkets

UnionMarkets is now enjoying a backlash from the forex community. A warning from BaFIN made sure no one would invest with the platform shortly. An unregulated platform is the last platform you would want to invest in.

You should do some research and confirm authorities indeed register a platform. Some well-known governing bodies include ASIC, CFTC, CNMV, CONSOB, and CySEC. Others include FCA, NFA, and the SEC.

Contact and support

Before investing in a platform, confirm that the platform responds efficiently to queries. The platform in question doesn’t have an active phone line. Members have to wait for an email response; that’s not guaranteed.

Final thoughts

After learning of the warning from BaFIN, it’s best to stay away from unionmarkets.com.

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