While in fact, it is just an anonymous website that has been blacklisted as a scam by Italian financial regulator.
UeTrades leaves out critical information
As you can see, documents including “Privacy Policy”, “Terms and Conditions” or “License and Regulation” are nowhere to find. In other words, there is no section on the website where the broker cares to disclose any critical information.
Lacking these details is a distinct sign of unlicensed brokers because legit brokers always present their certificates and important documents in a prominent position.
An unlicensed UK-based Broker
UeTrades also claims to be a UK-based firm.
As per United Kingdom law, all firms and individuals offering, promoting, or selling financial services or products in the UK shall be authorized by the United Kingdom Financial Conduct Authority (FCA). However, we did not find any matching results in the FCA register.
Maximum leverage of 1:200
The available tradeable assets are said to be a selected range of CFDs on FX, precious metals, energies and international indices. The leverage is capped at 1:200, a risky ratio that's prohibited in various regulated regions and countries.
Additionally, as a UK-based broker, it can only provide a limited leverage of less than 1:30 for FX majors for retail clients according to the basic supervisory rules from the British regulator – FCA. That is to say, the company is obviously breaching the laws and regulations governing companies that provide financial services.
The Italian authority blacklisted the company as a scam
Moreover, the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy is warning people not to transact any business with UeTrades because it is not authorized to provide financial services in the country.
Based on the above information, we can conclude that UeTrades is a scam.
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