UTForex has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
The mobile app from UTForex is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Great customer service|Clear documentation|Multi-currency support|Fast execution
Cons: No dark mode on mobile
Several red flags with UTForex: (1) They promise unrealistically high returns, (2) They're not registered with Financial Conduct Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Cons: Unauthorized firm|Found in IOSCO warnings database
After doing some research AFTER the fact (I know, I should have done this first), I discovered that UTForex is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
UTForex advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Low minimum deposit|Segregated accounts|Comprehensive tools
Cons: Help articles are sometimes vague|Currency conversion fee exists
KYC with UTForex is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Easy to use platform|Low minimum deposit
Cons: Research section could be deeper
The reporting at UTForex is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Transparent fees|Segregated accounts
Cons: Inactivity fee applies after 12 months
I signed up with UTForex after a family member had a good experience and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.
Pros: Demo account available|Two-factor authentication
Cons: Withdrawal takes 1-2 business days|No dark mode on mobile
I lost a significant amount because UTForex did not execute my stop loss during a flash crash. They said the market was illiquid. Other brokers managed to execute. I have no proof they did not trade against me. Avoid.
Pros: Competitive fees|Tax reports included
Cons: No live chat on mobile|Account statements could be more detailed