Note: For some unknown reason, we cannot open Unions Markets official site (https://unionsmarket.group/) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Traders should be careful about this issue.
General Information & Regulation
Unions Market, a trading name of Bodacious Consulting LLC, is allegedly a forex broker registered in Saint Vincent and the Grenadines that claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:500 and variable spreads from 0.1 pips on the web-based trading platform, as well as a choice of three different live account types.
As for regulation, it has been verified that Unions Market does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.42/10. Please be aware of the risk.
Market Instruments
Unions Market advertises that it offers access to a wide range of trading instruments in financial markets, which include but are not limited to forex currency pairs and stocks.
Account Types
Unions Market claims to offer three types of trading accounts, namely Standard, Premium and Professional. The minimum initial deposit amount is €250 for the Standard account, while the other two account types have much higher minimum initial capital requirements of €2,500 and $25,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Standard account can experience leverage of 1:100, the Premium account has a leverage of 1:200, while only the Professional account members can enjoy the maximum leverage of 1:500. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads
Unions Market claims that different account types can enjoy quite different spreads. Specifically, the spread on the Standard account starts from 0.1 pips, while the Premium and Professional account holders can experience spreads from 1.2 pips and 1.3 pips separately.
Trading Platform Available
The platform available for trading at Unions Market is web-based. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
Unions Market says to work with numerous means of deposit and withdrawal choices, consisting of credit/debit cards like VISA and MasterCard or bank transfers. On the platform, however, there was no mention of bank transfer and clients could choose between credit cards, Bitcoin and various other cryptocurrencies. We soon found out that even that is not true since the only cryptocurrency that was actually available for deposit was Bitcoin.
The minimum initial deposit requirement is said to be €250, while there is no mention of what the minimum withdrawal amount is. The broker also charges some withdrawal processing and handling fees, however, it states that it is simply not committed to any time frame. The typical withdrawal processing time is said to be five business days.
Bonuses
Unions Market claims to offer some bonuses. However, the bonus can only be withdrawn when an execution of a minimum trading volume of 25 times the deposit amount plus the bonus issued.
In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.
Customer Support
Unions Markets customer support can be reached by telephone: +37282243643, email: technical_support@unionsmarket.group, compliance@unionsmarket.group. Company address: First floor, First St Vincent Bank Ltd Building, James Street Kingstown, St.Vincent and the Grenadines.
Risk Warning
Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
