Reply To: Unicorn Forex Broker – legit or scam?

James Barra
Moderator Team

    Hi Cora35,

    Thank you for your message.

    Our team have evaluated Unicorn Forex Broker, or UNFXB, and would exercise caution before depositing funds.

    The reasons we have concerns are as follows:

    • Unicorn Forex Broker is registered offshore with ‘red tier’ regulators (financial bodies with a reputation for lax investor safeguards), notably the Financial Services Authority of Saint Vincent and the Grenadines (FSA).
    • Unicorn Forex Broker is not well-known in the online trading industry, especially compared to well-established, highly-trusted brokers like IG and Interactive Brokers.
    • While it’s true Unicorn Forex Broker offers a bonus of up to $3000, I read the terms and conditions and these funds cannot be withdrawn. It’s also worth calling out such incentives are banned in many tightly regulated trading jurisdictions.