Anyone trades with UWC?

[Gontana]

Good day forum members! I would like to ask you if any of you have ever used or heard of UWCfx? I am looking to deposit EUR10K but when browsing various forums I red a lot of bad comments and reviews with regards to several 'well-known' brokers. I red on UWC website that as a part of ICF they guarantee insurance up to EURO20,000. For any comments or suggestions I will be very grateful!

[capsmart]

Hello Gontana
And welcome to the forum since this is your first post.
Looking around the internet I found on forexpeacearmy that the broker you mention has a scam alert. So I would not suggest that you send any money to them.
The other "big" brokers might not be angels but at least when you will ask for a withdrawal you will get your money.

[raa]

I think for any serious investments broker must have FSA or NFA regulations.

[capsmart]

Watching the site of the broker and seeing that his head office is in Cyprus and has offices in Egypt, Malaysia and the Czech Republic I am certain that it is not a serious broker and just watching "the managing team" and their credentials I am convinced not to send them any money.

[raa]

Looks like another clone of LiteForex, probably of Russian origin.

[Gontana]

Thank you Capsmart and raa!

I looked on to FPA scam alert section, reviews and some other legs of its forum. I must say that I was very surprised that there are so many situations with endless numbers of brokers with which traders experienced from minor to major issues. What are the reasons behind it? Can't you trust any broker? What about regulations, financial authorities which supposed to monitor them?

PS. I deposited $100 to UWC and other 9 brokers from which I withdrawn back to my card with no issues (closed 1 position at 5 brokers). Am I lucky to get my money back?

Cheers!

[capsmart]

Most times for 100 dollars they will not try to take your money. In your first post you mentioned 10k. There is a bigdifference between 100 dollars and 10k.
Because you got your 100 dollars back this is no proof that the broker is honest and that you will get your 10k back. Of course they are not thieves and usually they do not like you when you make profits and then ask for your money.
It is clear that there will be complains about brokers and this is normal. In any forum you will mostly find complains about anything. It is human nature when someone has a complain to tell other people. To advertise a good service it must be exceptional.
We know that brokers like to play games against us. They do not like us to make money, especially if they are taking opposite positions. The money we make is the money they lost. So they will try to play games chasing stops, price spikes etc. Therefore it is better, if you are profitable to prefer using a broker that works on commission.
But of course there are traders that do not understand exactly the difference between bid and ask price, they do not understand that during news it is normal to have a spread increase and of course losing traders are always trying to find someone to blame except for themselves.

[raa]

i concur with Capsmart. all is said

[mango67]

UWC !? mmm, It sounds like some sort of Ultimate Wrestling?