abstrak：UAG Trade Asia presents itself as a genuine STP broker with a Cambodian license. They claim to provide trading on the well-known MetaTrader4 platform with low spreads and generous leverage. It appears to be an appealing offer, but the question is whether the information presented on their website is accurate. Let's go over the facts together.
UAG Trade Asia presents itself as a genuine STP broker with a Cambodian license. They claim to provide trading on the well-known MetaTrader4 platform with low spreads and generous leverage.
It appears to be an appealing offer, but the question is whether the information presented on their website is accurate. Let's go over the facts together.
Is UAG Trade Asia a legitimate company？
They appear to be genuine, but we cannot be certain.
The alleged parent company of UAG Trade Asia is indeed licensed by the Securities and Exchange Commission of Cambodia (SECC), but the registry lacks any trading names or approved domains, making it impossible to determine whether the broker in question is legitimate or a clone. In any case, it is safer to choose from legitimate brokers, such as those regulated in Australia.
Here is a screenshot of SECC's online registry of licensed intermediaries.
The regulator makes no mention of their trading names or approved domains, which is a problem that should be addressed.
This makes SECC-regulated businesses vulnerable because scammers may take advantage and create fraudulent clone firms using the details of legitimate companies.
In other words, there is no way of knowing whether UAG Trade Asia is a legitimate broker or a clone firm.
Even if they are legitimately regulated in Cambodia, as they claim, their customers are not protected in the same way that traders in other countries are. Although Cambodian forex brokers must meet certain requirements, such as capital adequacy (a minimum of $250 000) and client account segregation, the local licensing regime cannot be compared to those in the United Kingdom, the United States, or Australia.
SECC, for example, does not have a compensation mechanism like the FSCA in the United Kingdom, nor does it insist on strictly adhering to predefined internal procedures.
We cannot recommend Cambodian brokers because detailed regulations are not enforced.
Can I make money with UAG Trade Asia？
You probably can if the broker is legitimate, but UAG Trade Asia might as well be a clone firm.
So, we'd like to reiterate our advice to stick with legitimate brokers – here's a list of those who are licensed to operate in the UK.
What is the platform that UAG Trade Asia employs？
The broker claims to support the legendary MetaTrader4, but the platform isn't free to download from their website, and we refused to register – we'll explain why in a moment.
As a result, we were unable to confirm that the MT4 is indeed available to UAG Trade Asia clients.
We refused to complete the registration process with UAG Trade Asia because they require various ID proof documents during the sign-up process, which we refused to provide.
We did so because, as previously stated, the broker could be a clone firm, and such scammers can also be involved in Identity Theft fraud.
What are UAG Trade Asia's spreads？
The broker advertises spreads as low as 0.8 pips on their homepage, but the account types section reveals that Micro account holders receive spreads as low as 2.5 pips on EUR/USD, which is unfavorable for traders.
Take a look at the real-time spreads of some major brokerages to see if they are a better option.
What kind of leverage does UAG Trade Asia offer？
The broker offers leverage of up to 1:1000, which is excessively risky for traders. And, given that UAG Trade Asia's license is somewhat dubious, you should look into some reputable brokers who offer leverage of 1:500.
What is the minimum deposit requirement at UAG Trade Asia？
The minimum initial deposit is $10, which isn't a large sum, to begin with.
You can also look into some brokers who offer micro accounts with low minimum deposits.
UAG Trade Asia accepts which payment methods？
It appears that the broker only works with bank wire.
And, because we believe that cards are the safest payment method, we have compiled a list of reputable brokers who accept VISA and MasterCard.
