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Unicorn Brokers Review: Is Unicornbrokers.trade A Scam?
Unicornbrokers.trade Review: this is the website of a Forex brokerage that claims to be based in Canada. Is Unicorn Brokers a legit brokerage? Forex brokers are many in the market and it is vital that traders find out trading details of brokerages they want to invest in.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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Unicorn Brokers discloses that its headquarters is in Coquitlam, which is a city in Canada. Forex trading is regulated by the Ontario Securities Commission in this region. When we checked the online register of this commission we found that the brokerage is not properly licensed by it.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of Unicorn Brokers
Unicorn Brokers offers their clients all sorts of deposit bonuses to encourage them. It gives access to many trading instruments and a no dealing desk. The team running the service has more than 16 years’ experience in trading.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Unicorn Brokers Trading Platform
Unicorn Brokers offers clients the MetaTrader trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
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Trading instruments offered to traders are many and include currency pairs as well as CFDs on 250+ commodities, shares, indices, and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is 1:1000 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are 0.01 pips on the EURUSD pairs which is quite low and encouraging.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Unicorn Brokers
The means that traders are to use to make deposits and withdrawals are not disclosed. This is a discouraging find.
This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required is $50 and this is within the obtainable average of $100 to $250 that is common among legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Unicorn Brokers Licensed?
No. Unicorn Brokers is not a properly licensed Forex broker. The Ontario Securities Commission (OSC) does not list the brokerage among those registered under it.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
Trading bonuses are advertised and this is viewed as a red flag. Many scam brokerages uses welcome bonus to trap the funds of clients down with unrealistic trading conditions.
To get help or additional information about this broker, traders should call +1 330 303 1007 or +90 (850) 480 81 38.
As an unlicensed brokerage, we do not rate Unicorn Brokers highly. It requires an affordable minimum deposit and gives high leverage. The MT4 trading platform is offered but no information is provided on deposit and withdrawal methods. If you have anything to say about this broker, do so in the comment section.
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Unicorn Brokers Review – is unicornbrokers.trade scam or good forex broker?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage||Spread|
|Pro||$50 000||1:502||from 0 pip + $7 /lot|
Unicorn Brokers says to be a broker operating out of in Canada and Turkey. It offers four account types and the trading conditions seem quite good. However, the brokerage is not regulated, which is the main reason why we don’t recommend it.
Here are our impressions of this broker, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with Unicorn Brokers.
Unicorn Brokers Advantages
Access to the MT4
Unicorn Brokers offers its services on the good old Metatrader 4 platform. We consider the availability of MT4 as an advantage, as this platform has stood the test of time and is attractive to both rookie and pro users.
The MT4 is highly praised for its advanced charting package, numerous technical analysis indicators, automated strategies and customization options. Besides, the platform is available in all forms and shapes – as a desktop download, web-based version, and mobile apps.
Seemingly attractive trading conditions
Unicorn Brokers requires just $50 as an initial amount from its clients. Such low initial investments are quite attractive, as they allow traders to test the broker’s services in live mode without putting much at stake.
Another possible advantage of this broker is the generous leverage extended to clients, reaching 1:1000. Leverage allows traders to gain large exposure to diversified markets with a relatively small amount of invested capital, but keep in mind that the higher the leverage level, the higher the risk.
Furthermore, when we tested the broker’s MT4, we found the spread on EUR/USD fixed at 0.8 pips, which is quite low and attractive. Most fixed-spread brokers offer 2 pips spread for this pair. For further information and comparison on spreads, check out the below link.
Various tradeable assets
This broker also offers huge selection of assets for trade, which could also be viewed as a potential advantage. Its product portfolio features many currency pairs from all over the world and a broad range of CFDs, including commodities, indies, precious metals, various stocks and many digital assets like Bitcoin.
Unicorn Brokers Disadvantages
Allegedly established in 2020, Unicorn Brokers claims that its headquarters are in Canada and Turkey. While it is registered in British Columbia, the broker mentions nothing about license or regulation.
Our search in the online registry of the British Columbia Securities Commission (BCSC), the financial regulator in this Canadian province, revealed that Unicorn Brokers is not regulated there.
With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients. Therefore, we advise our readers to avoid unregulated brokers as a general rule, and especially those who don’t disclose any contact information.
Demo not functional
While the broker’s demo spreads seem attractively low, it should be noted that we couldn’t execute a single trade on their MT4. We kept getting a message ‘please wait your order is being processed by the server’ which remains until a new one appears saying “Trade timeout“. This is, of course, another major disadvantage of Unicorn Brokers.
Click on the image to zoom in.
Spreads not properly specified on website
Furthermore, the broker hasn’t properly specified the costs of trading on its website, which is another negative. It seems that the spreads are only disclosed for the Pro accounts which are obviously intended for institutional clients.
Although the trading conditions offered by Unicorn Brokers seem attractive, we don’t recommend this forex broker. Our main concern with it is the lack of legit forex broker license – this means that their clients have no assurance for the security of their funds, nor for the proper execution of trades in their accounts.
In order to ensure that traders’ interests are protected and their funds are safe, most countries have dedicated agencies, like the UK’s Financial Conduct Authority, or the Cyprus Securities and Exchange Commission (CySEC), which are one of the most reputable ones in Europe. These organizations require compliance with a number of strict rules that give significant assurance for the security of clients’ funds.
To sum up the above:
|MT4 available||No financial regulation|
|Generous leverage, seemingly good spreads||Platform not functional|
|Spreads not properly specified|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Unicorn Brokers Review – 5 things you should know unicornbrokers.trade
Beware! Unicorn Brokers is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Unicorn Brokers are offering a good variety of forex pairs, and CFDs on indices, commodities, precious metals, stocks and even crypto currencies with four account types, leverage as high as 1000:1 and the MetaTrader4 platform. And the broker says to be based in British Columbia, Canada and to be running an office in Turkey.
Unfortunately they appear not to be licensed and authorized neither in Canada, nor in Turkey, so if you are considering depositing your funds with them, better read the following paragraphs.
Unicorn Brokers regulation & safety of funds
As far as we understand Unicorn Brokers is owned and operated by Unicorn Brokers Ltd, which the broker claims to be registered in Canada, British Columbia. And they also say to run an office in Turkey. Bear in mind that both Canada and Turkey, as well as all the European Union countries and the U.S. are strictly regulated markets, where all brokers should be licensed and authorized by the respective local authorities. So we did check the registers of the British Columbia Securities Commission (BCSC), as well as the Investment Industry Regulatory Organization of Canada (IIROC), but were unable to find Unicorn Brokers there.
That means what we are dealing here with is a low credibility, unregulated broker, with which the security of your funds will depend solely on the integrity of the people, who run Unicorn Brokers.
As usual in such cases our general advise is to trade only with properly regulated brokers, licensed and authorized by respectable institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).
Unicorn Brokers deposit/withdrawal methods and fees
We should note that Unicorn Brokers are not accepting payments with Skrill. Why do we mention this? Because of the new anti scam policy of the money transfer company, which they adopted about a year ago. According it Skrill partners only with licensed brokers and as we already discussed Unicorn Brokers does not have a license.
Also, be aware that like most other brokers Unicorn Brokers acts as a market maker, which means they make money whenever traders lose. We say that, because from their presentation we understand that Unicorn Brokers also offers “investment services”, which basically means that they offer to manage your account. Bear in mind that if a market maker offers to manage your account, it will be in a conflict of interest, because it will have the incentive to lose your money in its own pockets.
Finally, be aware of any trading bonuses Unicorn Brokers might offer you as well. Trading bonuses in general are invariably linked to additional withdraw conditions – usually a minimum trade volume requirement, which too often scammers use as a pretext to cancel your withdraw requests.
Otherwise the minimum deposit requirement is fine – just 50 USD.
How does the scam work?
You may not have heard about the so called robo scam websites like Bitcoin Revival and Bitcoin Profit, but if you happen to visit one of those, chances are high that you may get scammed. In the general case such a website will be all about a nicely cut video ad, promising you fast and easy returns, “100% guaranteed”, if you just join some innovative trading platform, probably focused on the crypto market, that is about to “revolutionize” the trading industry. And all you will have to do in the beginning will be to leave your e-mail and phone in a simple registration form. If you do that you will be swiftly redirected to the website of a unregulated scam broker and that is how your ordeal will begin.
Your first trades with the scammers will be amazingly successful, but that will just be a part of the scam. In reality they will be simply manipulating your trading account with the sole intention to make you more susceptible to the idea of investing more. And that is exactly what “your senior account manager” will be telling you as well – if you really want to make some big money, you will surely have to invest at least 10 000 USD.
And believe it or not but at that stage most people do invest that kind of money without realizing the have been scammed until the very moment they decide to withdraw some of their funds. Than out of the blue it turns out this is not possible, because of some minimum trade volume requirement, possibly linked to some trading bonus. Of course the pretext to cancel your withdraw request might be different, but the result will be invariably the same. You will not see a single penny back.
What to do if scammed?
In the unfortunate event you have been a victim of a scam, do not waste any more time and immediately file for a charge back. The good news here is that both VISA and MasterCard currently allow their customers to file for a charge back within 540 days.
And if somehow scammers have tricked you to reveal your personal banking details, like your credit card number, security code or online banking password, immediately block your credit card and change your password.
And finally, do not rust the so called recovery agencies. They will not recover your money, but simply will make you pay them some cash in advance and basically that will be the end of the story.
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