UniteStock Review: UniteStocks is a forex broker that is supposedly located in Dominican and licensed by the authorities of the Dominican Republic. In the review below, we take an in-depth look at the features unitestocks.com allegedly offers. This review answer the questions: is UniteStocks legit? Is UniteStock good? The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about Unite Stocks.
Table of Contents
UniteStocks Trading Platform
This broker claims it supports the MT4 trading platform with leverage capped at 1:500. While this is tame for an offshore broker, it is still high.
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High leverages are a double-edged sword in the sense that a trader can make a huge profit if the trade falls in the right place, but that also means that the trader can also lose a huge sum if the reverse is the case. Regulatory bodies have put a cap on leverages for brokers. But unregulated brokers lack this Capped leverage. We do advise restraint if you ever come upon a broker with leverage exceeding 1:30, especially if you are new to the market.
UniteStocks Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea how a broker might work.
After checking, we discovered that this broker has four account types.
UniteStocks Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
Paytrio, credit card and cryptocurrency.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is understocks Licensed?
Licensing is another important part because we can trust a regulated broker to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it regulates said brokerage.
Aside from the fact that NeoTrade doesn’t give any licensing information, we cannot ignore the fact that this Broker resides in the Dominican Republic.
Dominican republic is a place that attracts shady brokers because of their lack of proper licensing laws and a regulatory body.
So, no, this broker is not a licensed broker.
To get a better understanding of how brokers(both licensed and unlicensed) work, read our review on Fxcryptomine, FTG Markets, Capital GMA, Kiexo.
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Minimum Trade Deposit $100
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion
We wouldn’t recommend using this forex brokerage, they do not impress us with the vague information they have provided.
In conclusion, we would not advise or recommend you to trade with UniteStocks , as they don’t give any valid information concerning if they are a regulated broker, Leading us to the conclusion that they are not.
Trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.