Are you ready to uncover yet another attempt by a scam broker to lure unsuspecting newcomers into the world of financial markets? Despite the efforts of the project’s creators, they have failed to paint themselves as a reputable company, and all their carefully crafted stories crumble at the slightest touch. However, don’t just take our word for it. We will easily prove our point by simply analyzing the information provided on their official website. It’s time to reveal the true face behind Modus UK Limited and expose their deceptive tactics.
Table of Contents
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|Up to 1:100
|⚙️ Trading Platform
First Impression of Modusukltd.com
Within two minutes of visiting the official website of Modus UK Limited, we were convinced once again that we were dealing with a scam project. Each one of them tries to present itself as a reputable broker, but they lack the desire, skill, and funds to approach the development of their informational resource in a professional manner.
Here, we encountered the same situation. It’s a typical template with simplistic rocket illustrations, a list of advantages, and other generic elements. And the main distinguishing feature is the abundance of filler content, meaningless statements, and self-praise by Modus UK Limited.
Partnership and Bonuses
Modus UK Limited entices potential clients with a tempting 25% deposit bonus. However, let’s take a moment to understand why bonuses can often be detrimental, using a hypothetical example.
Imagine you deposit $1,000 into your trading account with Modus UK Limited and receive a 25% bonus, adding an extra $250 to your account balance. At first glance, it may seem like a great deal, as you now have $1,250 to trade with. However, here’s where the problem arises.
- The bonus funds are not actual money that you can freely withdraw from Modus UK Limited. They come with specific terms and conditions, including high trading volume requirements or restrictions on withdrawal until certain criteria are met. In most cases, you’ll need to execute a significant number of trades before you can access the bonus funds or any profits made from them.
- Additionally, brokers offering bonuses often impose strict terms that can lead to unfavorable trading conditions. These conditions may include increased minimum lot sizes, limited trading instruments, or reduced leverage. As a result, your trading strategy and flexibility may be compromised, making it harder to achieve consistent profitability.
Account Opening on Modusukltd.com
The registration process for new client accounts did not surprise us either. We have become accustomed to the complete disregard for email and phone number verification. You can enter any data, as Modus UK Limited doesn’t bother to verify it. After filling out the form, you are immediately redirected to your Client Portal.
The Client Portal of Modus UK Limited also failed to impress us. It appears that its scripts have been used countless times on identical websites, and they no longer require any further intervention. Everything here is very standard, and the number of functions is minimal. You can deposit or withdraw funds, view your trading history, and access the trading terminal.
Modus UK Limited requires traders to undergo a verification process as part of their account registration. This process is intended to validate the identity of the trader and ensure compliance with regulatory requirements. You’ll need:
- Proof of Identity. Traders are required to submit a valid government-issued identification document, such as a passport or driver’s license.
- Proof of Address. Traders need to provide documentation that verifies their residential address. This can include utility bills, bank statements, or maybe official government letters issued within the last three months.
- Additional Documentation. Depending on the broker’s requirements, additional documents may be requested to further verify the trader’s identity, such as a selfie holding their identification document.
- It’s convenient to upload documents.
- Terms of checking documents are not specified.
Modus UK Limited offers a web-based trading platform with several drawbacks. The platform lacks advanced indicators, limiting traders’ ability to perform technical analysis effectively. It also lacks essential additional features, such as advanced charting tools. Furthermore, the absence of a demo account prevents traders from practicing and refining their strategies before risking real money.
|Modus UK Limited
How Can I Trade With Modus UK Limited?
Like many other brokers, Modus UK Limited heavily promotes its trading conditions. However, as we know, in practice, these claims often turn out to be empty promises. Let’s see what surprises this company has in store for us.
All Info About Accounts
It appears that Modus UK Limited offers only three types of trading accounts: ECN, Pro, and Elite. Each account has a different minimum deposit requirement. The ECN account requires a minimum deposit of just £250, while the Elite account demands £25,000, and the Pro account has a significantly higher minimum deposit of £200,000. The leverage is consistent across all accounts, up to 1:100. Additionally, approximate spread sizes are provided, with higher account types having surprisingly wider spreads. Modus UK Limited doesn’t provide any further descriptions, simply urging users to open an account immediately.
- Low minimum deposit.
- Trading conditions are not described in detail.
Market Analysis and Education With Modusukltd.com
Modus UK Limited offers limited additional options. In a separate section, you can find an economic calendar, market overview, and financial news. However, the market overview section, for instance, is utterly useless, lacking any meaningful information. It simply prompts users to open an account once again.
Deposit, Withdrawal, and Fees
When it comes to funding your account, Modus UK Limited offers several methods, including credit and debit cards, bank transfers, SEPA, and cryptocurrencies. However, within the broker’s dashboard, there is no indication or guidance regarding these options. Instead, you are presented with a single form to fill out with your desired deposit amount. Suddenly, you will receive a notification stating “deposit successful.” Apparently, to proceed with a real deposit, you’ll need to contact the broker’s staff, suggesting a lack of transparency and convenience in the funding process.
|Modus UK Limited
How Can I Contact It?
Among the broker’s contact information, there is a phone number, email address, and even an address. However, the office address is likely to be fake. Maps show no evidence of such a broker’s presence in the claimed building.
- Full contacts.
- Fake address.
Is Modus UK Limited Dangerous?
We have no doubt about the fraudulent nature of Modus UK Limited, and we can easily prove that the company is deceiving traders.
How Long Does The Broker Work?
The original company, Modus UK Limited, was incorporated in 2006. However, there has been no significant presence or reputation associated with this broker over the years. If you search online for information about this company, you will come across some interesting results. In the English-speaking internet, there are no reviews or discussions about this broker. However, we unexpectedly found some information about the broker when searching for “Modus UK Limited Bewertungen” (reviews). A couple of traders have left reviews, and there are a few praising articles as well. However, do you know what they all have in common? They were all published in April 2023. Furthermore, a domain check clearly shows that the website was created on March 21, 2023.
How Is Modus UK Limited Regulated?
We immediately realized that the company’s registration number in the website footer was deliberately placed for verification purposes. Its format clearly indicates that it is referring to the United Kingdom’s registry. Naturally, we didn’t want to disappoint the folks at Modus UK Limited, so we checked the records in the UK registry.
Unsurprisingly, the necessary record (or one they wanted us to find) was there. Even the company’s name was accurately stated. However, we would like to offer some advice to the project creators:
- Look for a registration record with a different type of activity (SIC). The British classifier provides codes directly related to brokerage on financial markets.
- Attempt to align the company’s registration dates with the website’s creation.
Furthermore, we checked for the presence of a license for this “broker.” It turns out that it is not a broker at all. The original Modus UK Limited company may distribute or redeem electronic money and provide certain payment services on behalf of an e-money institution. As you can see, these scammers are simply posing as a different legal entity.
And, by the way, Modus UK Limited doesn’t have any licenses from the German regulator, BaFin.
|Modus UK Limited
|General Trust Group
Frequently Asked Questions (FAQ)
How to Trade With Modus UK Limited?
Is Modus UK Limited Legit?
How Risky Is It?
When it comes to scams in the financial world, it’s like a game of whack-a-mole. Just when you think you’ve spotted one and dealt with it, another pops up right next to it, wearing a different disguise. It’s like a never-ending carousel of deception, with Modus UK Limited just being one of the many players in this shady circus. Don’t forget, folks, there are other “professionals” among them, like Mysteel UK Limited, Nelson Financial Solutions, Overton Partners, and many others. So, my friend, be wary and don’t let these tricksters from Modus UK Limited pull the wool over your eyes. Stay sharp and protect your finances from their sly maneuvers.