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Universe (universe.co.com) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! Universe scam works by getting you to believe you can become rich by trading with them.
Universe Review
Finding a brokerage for trading online may not seem like a big deal initially, but you will come to know just how complex it is when you actually set out to do so. There is a massive number of online brokers offering their services and it becomes very frustrating when you realize that distinguishing one from the other is not that straightforward.
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Everyone knows of brokerage scams, but being able to identify them beforehand is not that simple. As you will come to see in this Universe review, these brokers are good at covering their issues and creating a good front.
Anyone who does not look beyond it will have to suffer the consequences. Do you really want to be one of these people? Of course you don’t and this means you have to be proactive and thorough when you are going through the different online brokerages to find one to start your trading journey.
As eager as you might be to begin, you have to remember that being patient will always have a bigger pay off because it will help you choose a company that has all the right ingredients and can give you room to engage in online trading with complete peace of mind.
Just because a brokerage has a professional website is no guarantee that its services will be the same. Creating a website is extremely easy these days, so scammers can also have perfectly convincing ones designed to mislead you.
Your priority should be to ensure there are no underlying issues in their services and they are exactly as advertised, so you do not get scammed. This can be a great solution, as you will see in the case of Universe that does its level best to create a false impression of being a legitimate forex and CFD brokerage.
At first glance, you will find that Universe seems to have everything that a trader is looking for, such as a wide array of trading instruments, an award-winning trading platform as well as competitive spreads. But, there are lots of issues that it tries to cover and you can find them when you check it out thoroughly. What are they? You can find these issues below.
An anonymous brokerage
Signing up with an online brokerage is a big deal because they act as your partners when you are trading online. You share a lot of personal and sensitive information with them and they also safeguard your funds. Would you ever trust a stranger with your data, or your money? No one would do that and the same applies here as well. You will depend on an online broker, so you need to know exactly who they are.
This means that you need to know their background, where they are operating from and whether they have a license to provide their services or not. Legitimate companies will always be open and transparent about themselves and will never operate without a license because they know it will hurt their credibility. Unfortunately, you will find that Universe does no such thing. First things first, when you try to find out anything about them, you will turn up empty.
The Universe website has zero information about the brokerage and its corporate background and other important details. There is not even a corporate address given, so you cannot even tell where they are based. Even a company name cannot be found, or a phone number. You only have a bunch of obscure email addresses that do not help. Plus, there is no mention of regulation or licensing on the Universe website, which means it is likely an unregulated company.
They have not mentioned where Universe is based, so you cannot check for a license yourself either. Such anonymous companies can disappear overnight and you will lose your money and your data.
Lackluster trading platform
Your trading experience with any online broker will depend significantly on the trading platform they have to offer. Even though an award-winning platform has been promised at Universe, this is not what you will find when you take a look. The platform that Universe is providing is a lackluster web based platform that does not go beyond the basics.
There are no advanced tools, or even powerful technology that can deliver a smooth and hassle-free trading experience. The trading platform given at Universe is rudimentary and commonly offered by many scam brokers, so it does not really give it any credibility. Legitimate brokers would typically offer their clients leading trading platforms like the MT4, MT5, or the cTrader that are known to have innovative tools and functionalities.
Uncompetitive spreads
One of the offerings that have been advertised on the Universe website is the availability of competitive spreads. This will attract your attention because spreads determine your costs and the profits you are able to make from trading at the end of the day. You obviously want the lowest and tightest spreads because it means maximum profits for you, but you will find that Universe does not live up to this claim either.
The spreads that are offered at Universe start at 2 pips and go higher, which is nowhere close to competitive and favorable. Some of the most professional brokers in the market offer spreads as low as 0.3 pips, which makes the ones at Universe very high and uncompetitive.
No chargebacks
Another issue that you will encounter in the offerings of Universe is with the payment methods you are offered. Even though it has logos of VISA and MasterCard on its website, it seems to be a ruse because the only deposit option you are given is that of cryptocurrencies. You can make deposits in bitcoin, ethereum or USDT and none of these come with a chargeback option.
This means that the deposits you make at Universe will be final and there will not be any refunds if there is any issue down the road.
Bottom Line
The highlighted issues make it apparent that Universe is not a reliable brokerage and is just another sham.