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See, UOP Capital distances itself from a peculiar habit that dubious brokers have-guaranteeing profits. It even acknowledges that this market is unpredictable. That stance is impressive- except that we can’t buy into it because it does not absolve the broker from deceptive and fraudulent operations.
UOP Capital is a forex broker claiming to have an award-winning trading platform. The broker promises investors access to over 300 trading instruments, including forex, cryptos, shares, metals, indices, energies, and commodities. However, several things about this broker don’t add up.
The scam begins when the investor takes the bait, agrees to invest and deposits money. The broker will then attempt to establish trust in pursuit of subsequent deposits. This is done shrewdly; through persuasive rhetoric and offering a brief glimpse of falsely amassed profit. Scammers, after all, are excellent persuaders, and their natural but false charm is part of the package.
When you want to withdraw your profits or deposits, it’s when the brokers make good their deception. The withdrawal terms are tacked to hard-to-meet standards, frustrating all efforts to get your funds. You might eventually despair, or at least the broker hopes you will, and leave the money for them.
The above scenario is avoidable if you are diligent when settling for a broker. That is precisely why we have composed this review. You will find areas to be keen on when searching for legal crypto brokers.
If we were no wiser, this broker would have passed as legit. See, UOP Capital distances itself from a peculiar habit that dubious brokers have-guaranteeing profits. It even acknowledges that this market is unpredictable. That stance is impressive- except that we can’t buy into it because it does not absolve the broker from deceptive and fraudulent operations.
Moreover, the broker asserts it will be modest to allow users to attest to its credibility- but that’s not before claiming to have over 100000 clients. We swiftly dismissed this claim after checking with the whois. Having registered on 14 September 2022, the broker is not even 100 days in the market. How did this broker clinch such a sizeable market share in such a short span?
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The broker also has alluring deals, including superfast withdrawals, outstanding pricing, deep liquidity, outstanding customer support and speedy executions. Investors allegedly get personalized training, dedicated experts, and real-time trading updates. What more would you be looking for? Well, that would pretty much be a reputable licensed broker!
UOP Capital Contact Details
UOP Capital has not given its corporate address. Not that it would have mattered since this is a rogue broker anyway, but at least the broker would have made an effort. There is an email address that investors can use to inquire. However, the telephone number on the far bottom does not seem to be the broker’s as it maps to the UK, but the broker could not be located there.
Missing telephone contact is the hallmark of shaky customer service support. You will not get timely assistance for urgent inquiries. From experience, scam brokers will not hesitate to exploit the opportunity to dupe you further. So, even if the broker had provided a genuine telephone contract, we still advise against contacting it.
Deposit & Withdrawal Rules
UOP Capital has not explicitly stated its accepted deposit channels. However, based on the withdrawal terms in its T&Cs, it is likely to accept cryptos, wire transfers, and credit cards. There is a withdrawal fee of 0.1% for cryptos, $10 for SEPA transactions, and $25 for all wire transfers. That’s a common practice, but slapping a 5% surcharge on all credit/debit card transactions isn’t. Legitimate brokers seldom charge more than a few hundred dollars, and we suspect this is meant to dissuade you from using cards.
Credit card transactions are ideal as they allow you to file for a refund. As for wire transfers, filing for a chargeback is a daunting task. However, the major challenge is with cryptocurrency transactions. These are anonymous and not reversible. If you must use them, it should be with a trustworthy broker.
UOP Capital offers 5 investment accounts. The standard account has a funding threshold of €10000. Investors with this account get a margin loan of 25 percent. For the advanced account, investors have to deposit at least €25000 and get a 40 percent margin loan. Next, the platinum account has a funding threshold of €100000. Platinum investors get a 60 percent margin loan. For the expert account, investors must deposit at least €250000 to get a 60 percent margin loan. Lastly, the VIP account has €500000 as the minimum deposit. VIP traders get a 200 percent margin loan.
The FAQ section contradicts the account details, stating the minimum deposit to be $300. The broker is also on record urging investors to deposit as much as possible to get more bonuses. If these inconsistencies and absurd requests are not suspicious, then we don’t know what is.
UOP Capital Regulation Status
UOP Capital asserts that it follows the laws of the offshore nation of St. Vincent and the Grenadines. There is no FX regulator in this country, so it’s not as if there is anything to comply with. Thousands of con brokers flock to the zone because there is no one to check them out and keep an eye on them. All of the brokers there are, by default, riskier than others.
If you invest with this broker, these risks are among those you should anticipate. If there is a dispute, you cannot rely on the mediation of a regulatory agency, nor can you take legal action against this broker. Being an offshore broker, it is immune from international prosecutions. Second, this broker cannot afford the zero balance protection nor segregates your funds. This implies that your investment is susceptible to misuse and overdrawing. Lastly, the broker is not part of the Compensation Fund, meaning under no circumstance will you be compensated.
Spreads on the UOP Capital platform were incredibly low, at 0.1 pips on EURUSD. Do not be fooled by this spread, as the broker makes up for that elsewhere through exorbitant fees on everything. For instance, there is a 20% performance fee on all earnings. The high cost of such fees makes it impossible to turn a profit.
The broker’s leverage is 1:500. Such high leverage exposes you to massive losses, especially in times of volatility. For your good, invest with brokers who comply with leverage capping. Examples are FCA, CySEC, or ASIC-regulated brokers who abide by the 1:30 limit. The restriction shields you from unnecessary loss.
If there are 3 months of inactivity, UOP Capital levies up to $10 per month on your trading account. The same T&Cs indicate that an inactivity fee of $100 will apply to accounts passive for 30 days or more; confusing. The broker also levies a management fee of 2 percent. Also, there is a verification cost if you do not confirm your account soon enough. What speed is considered fast enough, we could not tell. With so many extra costs, you wouldn’t be able to make much of a profit.
If the broker awarded bonuses to your account, you can’t withdraw until you’ve traded 1 lot per each bonus dollar. This also applies to all profits and deposits. The turnover is unrealistic, and even the most skilled traders would never be able to achieve such a turnover. The broker is making up excuses to delay payouts and keep their fraud under wraps for the longest possible.
UOP Capital Trading Platform
UOP Capital provides typical web-based trading tools. As a peek, the web trader limits the types of instruments you can trade and the number of trades you can place. The platform is adequate and provides sufficient helpful trading tools and features. Nonetheless, the platform pales in comparison to MT4 and MT5.
In contrast, the MT5 and MT5 present limitless trading possibilities. The software’s leading-edge technology underscores its popularity with traders. Indeed, statistics reveal that 84 percent of traders worldwide use MT4 while 6 percent use MT5. Thanks to the software’s handy feature, you can backtest, place multiple trades, and use algorithmic trading.
Considering the issues highlighted, UOP Capital is not suitable for you. The broker operates in a jurisdiction with a reputation for forex impunity. Additionally, the broker withholds material information and has hostile trading conditions.
You should be careful in your quest for legal crypto brokers. This is because cunning brokers are posing as legit when they are not. Conduct preliminary research to identify brokers interested in helping you achieve your investment dreams.