ExchangeUnity Review: Exchangeunity.pro a Dark Broker
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ExchangeUnity Review
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Fund Safety
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Customer Support
Summary
ExchangeUnity claims to be regulated by the Australian Securities and Investments Commission (ASIC) and the UK’s Financial Conduct Authority (FCA). We checked both databases and found no trace of the broker’s details.
ExchangeUnity seems to have all the positive qualities one would desire in a forex broker. They claim to provide tight security for funds through a segregated account, tight spreads, multiple deposit & withdrawal methods, and excellent customer service.
However, as we shall see, the only thing the broker is good at is telling lies. They do not fulfill any of the promises they make. This is typical of many scammers who appear honest but aren’t. To enjoy trading, you must work with honest and trustworthy crypto brokers. You will find many in the market if you do proper research. You should not believe a broker even when they claim to be legit.
About Exchangeunity.pro
The broker claims to have been established in 2018, and since then, it has grown. They have purportedly become a global brand over the years. We found this claim suspicious, and when we checked whois.com, our fears were confirmed.
The broker registered their domain on 3rd February 2024. Thus, the claim about starting in 2018 is false. What’s worse is that the domain will expire in 2025, after only one year. This is a typical scammer who has no intention of renewing their domain.
You can trade currencies, cryptocurrencies, share CFDs, commodities, and indices. The firm offers two types of accounts to traders, namely the Razor and Standard accounts. The difference is that one of them does not have commission charges. Both have raw spreads.
Founders and Team
Although the broker seemed generous about sharing information at first, we realized they weren’t. They don’t have any details about the company founders and current leaders. We also didn’t find any information about the parent company’s name.
Information about the founders and current executive team is crucial for establishing transparency and trust with clients. The people leading a brokerage are often key indicators of its credibility and reliability.
By providing detailed backgrounds and qualifications of the founders and executives, a broker showcases the team’s expertise and industry experience, reassuring clients that their investments are in capable hands.
Contact Details
The broker has provided a physical address, phone number, and email. This is important for a broker to do. They also have a messaging system, but it requires personal details such as your phone number. This is absurd because a legit broker would not require your phone number so that they can reply to your message. Although the firm has availed these details, it still does not mean they are legit.
ExchangeUnity Regulatory Status
The first thing a trader should check before selecting a broker is regulation. Sometimes, traders are attracted by tight spreads and overlook this essential aspect. If a broker is unregulated, you can quickly lose all your money through mysterious means.
ExchangeUnity claims to be regulated by the Australian Securities and Investments Commission (ASIC) and the UK’s Financial Conduct Authority (FCA). We checked both databases and found no trace of the broker’s details.
On the address, we noted that the broker is based in Saint Vincent and the Grenadines (SVG). This is an offshore jurisdiction notorious for its lack of regulatory oversight of forex brokers. On the website, we also noticed they offer their services in the Russian language. Unsurprisingly, the Russian authorities have warned its citizens about trading with Exchange Unity.
Trading Conditions
Exchange Unity allows its traders a leverage of 1:500 on its trading instruments. This further proves its shadiness. Under the FCA, the maximum leverage is 1:30. For the broker to claim to be regulated by the FCA and then offer such high leverage shows their level of deceptiveness.
When we checked their payment details, we didn’t find the minimum deposit requirements. There was also no information about the spread requirements.
Final Verdict
ExchangeUnity is a scammer. You should avoid anything to do with them always. They have provided little information about who they are and what they stand for.
It’s hard to trace even their background and who runs the firm. What’s certain, however, is that they are a dubious enterprise. They stand in stark contrast to the honest and trustworthy forex brokers who genuinely prioritize the welfare of their customers.
