Overview of Universe Forex
Universe Forex, established in 2017 and based in Saint Vincent and the Grenadines, offers a low-entry barrier with a $100 minimum deposit and high leverage of up to 1:1000. They feature competitive spreads starting from 0.1 pips and use the popular MetaTrader 4 and MetaTrader 5 platforms. Tradable assets include Forex, CFDs on stocks, indices, commodities, and cryptocurrencies.
Traders can choose between Standard and ECN account types, and a demo account is available for practice. Universe Forex offers 24/5 customer support, diverse deposit/withdrawal options, and educational resources such as webinars, e-books, and video tutorials.
However, it's important to note that the broker lacks strong regulation and has limited online information. Therefore, thorough research is advisable, especially for new traders considering Universe Forex.
Pros and Cons
Pros:
Wide range of tradable assets: Universe Forex offers a wide range of tradable assets, including forex, CFDs on stocks, indices, commodities, and cryptocurrencies. This makes it a good choice for traders who want to trade a variety of different markets.
Competitive spreads: Universe Forex offers competitive spreads on its tradable assets. This means that traders can keep more of their profits when they trade with Universe Forex.
Variety of account types and educational resources: Universe Forex offers a variety of account types to suit different traders' needs. It also offers a variety of educational resources, such as webinars, e-books, and video tutorials.
Cons:
NFA has issued a warning about it: The NFA has issued a warning about Universe Forex, stating that it is a “suspicious clone” of a legitimate forex broker. This means that Universe Forex may be using the name and brand of a legitimate forex broker to defraud traders.
Poorly designed website: The website of Universe Forex is poorly designed and contains some inaccurate information. This raises questions about the professionalism and trustworthiness of the broker.
Negative reviews online: There are some negative reviews of Universe Forex online, with traders complaining about poor customer service and withdrawal problems. These reviews should be taken into account when deciding whether or not to trade with Universe Forex.
Risky forex broker: Overall, Universe Forex is a risky forex broker. It is not regulated by a major financial regulator, and the NFA has issued a warning about it. Traders should be very cautious about trading with Universe Forex.
Regulatory Status
Universe Forex is regulated by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. The FSA is a financial services regulator that oversees the activities of financial institutions in Saint Vincent and the Grenadines. However, it is important to note that the FSA is not a major financial regulator, and its regulatory standards are not as stringent as those of other major financial regulators, such as the FCA, ASIC, or NFA.
In addition, the NFA has issued a warning about Universe Forex, stating that it is a “suspicious clone” of a legitimate forex broker. This means that Universe Forex may be using the name and brand of a legitimate forex broker to defraud traders.
Overall, the regulation information of Universe Forex is a red flag. It is regulated by a minor financial regulator, and the NFA has issued a warning about it. Traders should be very cautious about trading with Universe Forex.
Market Instruments
Universe Forex offers a wide range of market instruments, including:
Forex: Universe Forex offers over 60 currency pairs to trade, including the major pairs, such as EUR/USD, USD/JPY, and GBP/USD, as well as minor and exotic pairs.
CFDs on stocks: Universe Forex offers CFDs on over 1,000 stocks from major exchanges around the world, including the US, UK, and Europe.
CFDs on indices: Universe Forex offers CFDs on over 20 stock market indices, such as the S&P 500, the Dow Jones Industrial Average, and the FTSE 100.
CFDs on commodities: Universe Forex offers CFDs on over 20 commodities, including gold, silver, oil, and wheat.
Cryptocurrencies: Universe Forex offers CFDs on a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple.
This wide range of market instruments makes Universe Forex a good choice for traders who want to trade a variety of different markets.
It is important to note that CFDs are complex instruments and come with a high risk of loss. Traders should carefully consider their investment objectives and risk tolerance before trading CFDs.
Account Types
Universe Forex offers two types of trading accounts:
Standard Account: This account type is designed for new and experienced traders alike. It offers a minimum deposit of $100 and maximum leverage of 1:1000. Spreads start at 0.1 pips.
ECN Account: This account type is designed for experienced traders who want the best possible trading conditions. It offers a minimum deposit of $500 and maximum leverage of 1:500. Spreads start at 0 pips, but a commission is charged on each trade.
Both account types offer access to the same range of tradable assets and trading platforms.
Here is a comparison of the two account types:
How to Open an Account？
To open an account with Universe Forex, you can follow these steps:
Go to the Universe Forex website and click on the “Open Account” button.
Fill out the account opening form with your personal information and contact details.
Choose your account type and deposit method.
Deposit the minimum required amount into your account.
Once your deposit has been processed, you will be able to start trading
Leverage
Universe Forex offers a maximum leverage of 1:1000 on its Standard Account and 1:500 on its ECN Account. This means that traders can control a position worth up to $100,000 for every $100 deposited in their Standard Account and a position worth up to $500,000 for every $100 deposited in their ECN Account.
Leverage can be a powerful tool for traders, but it is important to use it responsibly. High leverage can amplify both profits and losses. For example, if a trader uses 1:1000 leverage and their trade moves 1% against them, they will lose 100% of their investment.
It is important to note that Universe Forex is a risky forex broker. Traders should be very cautious about using high leverage when trading with this broker.
Spreads & Commissions
Universe Forex offers competitive spreads on its Standard and ECN accounts. Spreads start at 0.1 pips on the Standard Account and 0 pips on the ECN Account. However, the ECN Account charges a commission on each trade.
The commission on the ECN Account is $0.07 per lot per side. This means that it would cost $7 to trade a 100,000 unit lot on the ECN Account.
The following table shows a comparison of the spreads and commissions on the Standard and ECN accounts:
Which account type is right for you depends on your trading style and budget. If you are a day trader who needs tight spreads, then an ECN Account may be a better choice for you. However, if you are a swing trader or investor who is not as concerned about spreads, then a Standard Account may be a better choice for you.
It is important to note that spreads and commissions can have a significant impact on your profitability. It is important to choose an account type with spreads and commissions that are in line with your trading style and budget.
Trading Platform
Universe Forex offers two trading platforms: MetaTrader 4 and MetaTrader 5. MetaTrader 4 and MetaTrader 5 are the most popular forex trading platforms in the world. They are known for their user-friendly interface, powerful charting tools, and wide range of technical indicators and trading tools.
MetaTrader 4 is a classic forex trading platform that has been around for many years. It is known for its stability and reliability. MetaTrader 5 is a newer platform that offers some additional features, such as a built-in market depth and a news feed.
Both MetaTrader 4 and MetaTrader 5 are available for download on desktop, web, and mobile devices. This makes it easy for traders to trade from anywhere in the world.
Here are some of the features of the MetaTrader 4 and MetaTrader 5 trading platforms:
User-friendly interface: MetaTrader 4 and MetaTrader 5 have a user-friendly interface that is easy to learn and use.
Powerful charting tools: MetaTrader 4 and MetaTrader 5 offer a wide range of powerful charting tools that allow traders to analyze market data and identify trading opportunities.
Wide range of technical indicators and trading tools: MetaTrader 4 and MetaTrader 5 offer a wide range of technical indicators and trading tools that allow traders to develop and implement their trading strategies.
Available for desktop, web, and mobile devices: MetaTrader 4 and MetaTrader 5 are available for download on desktop, web, and mobile devices. This makes it easy for traders to trade from anywhere in the world.
Overall, the MetaTrader 4 and MetaTrader 5 trading platforms are powerful and user-friendly trading platforms that offer traders everything they need to succeed in the forex market.
Deposit & Withdrawal
Universe Forex offers a variety of payment methods for deposits and withdrawals, including:
Credit/debit cards: Universe Forex accepts Visa, Mastercard, and Maestro credit/debit cards. Deposits made with credit/debit cards are processed instantly.
Bank transfers: Universe Forex also accepts bank transfers. Bank transfers can take up to 3 business days to process.
E-wallets: Universe Forex also accepts deposits and withdrawals via a variety of e-wallets, including Skrill, Neteller, and WebMoney. Deposits made with e-wallets are processed instantly.
Universe Forex does not charge any fees for deposits. However, there are some fees associated with withdrawals. The following table shows the withdrawal fees for each payment method:
It is important to note that Universe Forex may charge additional fees for withdrawals that are over a certain amount. It is also important to note that the withdrawal fees charged by Universe Forex may be higher than the withdrawal fees charged by other forex brokers.
Customer Support
Universe Forex offers 24/5 customer support via live chat and email. You can contact customer support by clicking on the “Contact Us” link at the bottom of the Universe Forex website.
There are some mixed reviews about Universe Forex customer support online. Some traders have reported that customer support is responsive and helpful, while others have reported that customer support is slow to respond and unhelpful.
Overall, the quality of Universe Forex customer support is unknown. Traders should be cautious about trading with Universe Forex, especially if they are new to forex trading.
Educational Resources
Universe Forex offers a variety of educational resources, including:
Webinars: Universe Forex offers regular webinars on a variety of forex trading topics. Webinars are a great way to learn from experienced traders and stay up-to-date on the latest trends in the forex market.
E-books: Universe Forex offers a variety of e-books on forex trading topics, such as technical analysis, fundamental analysis, and risk management. E-books are a great way to learn about forex trading at your own pace.
Video tutorials: Universe Forex offers a variety of video tutorials on forex trading topics, such as how to use the MetaTrader 4 and MetaTrader 5 trading platforms and how to execute trades. Video tutorials are a great way to learn about forex trading visually.
Universe Forex also offers a demo account that new traders can use to practice trading without risking any real money.
Overall, Universe Forex offers a variety of educational resources that can be helpful for new and experienced traders alike. However, it is important to note that Universe Forex is a risky forex broker. Traders should be very cautious about trading with this broker.
Conclusion
In conclusion, Universe Forex presents a mixed picture for traders. While it offers a diverse range of tradable assets, competitive spreads, various account types, educational resources, a demo account, and multiple payment options, it is essential to acknowledge its significant disadvantages. The absence of regulation by a major financial authority and the NFA's warning, along with a poorly designed website and negative reviews, make Universe Forex a risky choice for trading.
It is not recommended for new traders or those seeking a reputable and well-regulated broker. Traders considering Universe Forex should exercise extreme caution, trade only with funds they can afford to lose, and employ robust risk management strategies to safeguard their capital.
FAQs
Q: What is the principal location of Universe Forex？
A: The headquarters of Universe Forex is in Saint Vincent and the Grenadines.
Q: When was Universe Forex established and by what authority is it regulated？
A: Universe Forex was founded in 2017 and is supposedly regulated by NFA, though this is flagged as potentially being a clone.
Q: What is the minimum deposit required to start trading with Universe Forex？
A: You can start trading with Universe Forex with a minimal investment of $100.
Q: What is the maximum leverage provided by Universe Forex？
A: Universe Forex provides maximum leverage up to 1:1000.
Q: What are the trading platforms supported by Universe Forex？
A: Universe Forex offers trading via MetaTrader 4 and MetaTrader 5 platforms.
Q: What kind of assets can be traded with Universe Forex？
A: Universe Forex allows trading in Forex, CFDs on stocks, indices, commodities, and cryptocurrencies.
Q: What are the customer support options available at Universe Forex？
A: Universe Forex provides customer service through 24/5 live chat and email support.
