Unicorn Forex Broker Review 2024
Awards
- Best New Broker For Spreads Turkey 2021
- Best New Liquidity Provider For Cryptocurrencies Turkey 2021
- Best New Brokerage For Educational Materials & Customer Support Turkey 2021
- Excellence In Client Funds Security Turkey 2021
- Best New Brokerage For Spreads Turkey 2021
Pros
- Accessible accounts are available with low minimum deposits from $10, plus 3 base currencies (USD, EUR and GBP)
- There's a free MT5 demo account available for beginners who want to try out the trading platform, or more experienced traders looking to test their strategies risk-free
- There's a decent range of fee-free deposit methods available, including wire transfer and e-wallets and crypto
Cons
- There is little verifiable information about the company's credentials and background, which makes us hesitant to recommend this broker
- The lack of any reputable licensing is a major concern, as well as the lack of pricing transparency
- There is a disappointing lack of additional trading tools, market analysis and educational resources
Unicorn Forex Broker Review
Unicorn Forex Broker is an online brokerage and prop trading firm. Clients can trade 1400+ instruments on the MetaTrader 5 platform and app, including stocks, commodities and cryptocurrencies. This Unicorn Forex Broker review will examine trading fees, no deposit bonus schemes, demo accounts, and payment methods. Our experts also explain how to open a live profile and start trading.
Company History & Overview
Unicorn Forex Broker, also known as UNFXB, is a subsidiary of Unicorn Brokers Holding. The brokerage claims to have offices in Canada, Turkey, and Cyprus, but it is based offshore in Mauritius and St Vincent and the Grenadines.
Unicorn Forex Broker uses a non-dealing desk (NDD) model, with fast order execution directly from the interbank market.
Platform
Unicorn Forex Broker offers MetaTrader 5. The platform can be downloaded to desktop devices or used as a web-based terminal.
MT5 is an industry-leading third-party platform created by MetaQuotes Software. Developed for all types of online trading, MT5 is feature-rich boasting technical tools, custom indicators, and access to Expert Advisors (EAs) so traders can program bots using the MQL5 language. Other features include:
- 21 timeframes
- Live news stream
- Full trading history
- 37 graphical objects
- Six pending order types
- Integrated economic calendar
- Multi-threaded strategy tester
- Open 99 charts simultaneously
- 38 in-built technical indicators
How To Make A Trade
Although MetaTrader 5 is a powerful terminal, the interface is still user-friendly once you have got to grips with the layout and menus. to get started with the platform:
- Download the MT5 platform or open the web terminal
- From the menu bar at the top, select ‘New Order’
- Choose which asset you wish to trade
- Fill out the trade information such as order type, any stop loss or take profit limits, and the position size
- Place the order by selecting ‘Buy’ or ‘Sell’
Note, you can monitor open positions in the trading window underneath the chart.
Markets & Assets
Unicorn Forex Broker offers more than 1400 assets including 100 forex pairs on ECN/STP accounts and 300 cryptocurrencies via spot and futures instruments. Other assets include European, American and Asian stocks, index CFDs, precious metals like gold and silver, plus energies such as oil and natural gas.
While the broker’s range of stocks, indices and commodities is pretty average vs competitors, the list of fiat and digital currencies is impressive, providing trading opportunities on popular and emerging assets.
Fees
Fees at Unicorn Forex Broker vary by account type. Although not the cheapest broker, the Standard account is the best fit for beginners while active traders can reduce their fees with the ECN profiles.
- Standard – Floating spreads from 1.6 pips. Commission-free
- ECN – Floating spreads from 0.8 pips. Commission from $3.50 per lot
- ECN Pro – Tight floating spreads from 0 pips. Commission from $4.50 per lot
- UNFXB Spot – Tight floating spreads from 0 pips. 0.28% commission fee
- VIP Crypto Investing – Tight floating spreads from 0 pips. Commission-free
- PAMM – Floating spreads from 0.8 pips. Commission from $4.50 per lot
- MAM – Floating spreads from 0.8 pips. Commission from $4.50 per lot
- Copy Trading – Floating spreads from 0.8 pips. Commission from $4.50 per lot
Our experts found that UNFXB offers fee-free deposits, however, there are charges with some withdrawals. This includes a 2% fee for PayPal withdrawals and a 5% charge for Western Union transactions.
Traders should also factor in inactivity charges for dormant accounts and overnight swap charges.
Leverage
Unicorn Forex Broker offers high leverage up to 1:1000, significantly more than most trading firms. This means for every $1 invested, you can borrow $1000 from the broker to increase your purchasing power.
- Standard – Up to 1:1000
- ECN – Up to 1:500
- ECN Pro – Up to 1:400
- UNFXB Spot – 1:1
- VIP Crypto Investing – 1:1
- PAMM – Up to 1:200
- MAM – Up to 1:200
- Copy Trade – Up to 1:200
The Standard, ECN, ECN Pro, PAMM, MAM, and Copy Trading profiles all have a 100% margin call, though stop-out levels range between 30% and 60%. Cryptocurrency accounts do not provide any margin protection.
Note, access to leverage may vary depending on which UNFXB entity you sign up with.
Mobile App
Unicorn Forex Broker does not offer a proprietary app, however, MT5 is available to download to compatible Android devices.
The MT5 app provides access to the full range of investing tools, including netting and hedging, technical indicators, custom charts, and live price alerts. Users can monitor positions and trade on the go. In-app support is also provided, along with a financial news stream.
Payment Methods
Deposits
Unicorn Forex Broker offers a selection of global payment methods, with 18 fee-free solutions. The long list of supported cryptos makes the broker a particularly good fit for digital currency investors.
UNFXB processes all payment requests directly, with the majority of payment methods, except for Western Union, offering instant funding.
- WebMoney: Accepted currencies; EUR and USD
- PayPal: Accepted currencies; EUR, USD, and GBP
- Perfect Money: Accepted currencies; EUR and USD
- Neteller: Accepted currencies; GBP, USD, PLN and LNR
- Wire Transfer: Accepted currencies; EUR, USD and GBP
- Western Union: Accepted currencies; EUR, USD, and GBP
- Royal Bank of Canada: Accepted currencies; CAD and USD
- Exchange in Afghanistan: Accepted currencies; AFN and USD
- Cryptos: NEO, DASH, BTC, USDT, XMR, BNB, RIAL, LTC, ETH, BCH
How To Make A Deposit To Unicorn Forex Broker
- Login to the Unicorn Forex Broker client portal
- Click ‘Funds’ on the left-hand side menu, and then ‘Deposit’
- Select the payment method and enter the amount you wish to deposit
- Proceed and follow the on-screen instructions to complete the payment
Withdrawals
When we used Unicorn Forex Broker, we were disappointed to see payment charges for several methods. Fortunately, processing times are fast vs alternatives.
- Wire Transfer: No commission, instant processing
- Neteller: No commission, 6 to 48-hour processing time
- PayPal: 2% commission fee, 6 to 48-hour processing time
- Rial Bank Iran: No commission, 6 to 48-hour processing time
- Web Money: 2% commission fee, 6 to 48-hour processing time
- Tether (USDT): $6 commission fee, 6 to 48-hour processing time
- Exchange in Afghanistan: No commission, instant processing time
- Western Union: 5% commission, 6 to 48-hour processing time
- Perfect Money: 0.5% commission, 6 to 48-hour processing time
- Royal Bank of Canada: 3% commission, 3 to 5 working day processing time
Withdrawals must be made to an account registered in the same name.
Demo Account
Unicorn Forex Broker offers a demo account on the MT5 platform. New clients can practice trading on the ECN, ECN Pro or the UNFXB Spot simulated accounts.
The paper profile does not have a maximum time limit, though the account will be deactivated if it is not used for one month.
To open a demo account, users will need to register for a UNFXB account. From the client portal select ‘MT5’ and then ‘Demo’.
Bonuses & Promotions
Unicorn Forex Broker stands out for its range of welcome bonuses and financial incentives.
Examples of bonus rewards have included a 15% deposit bonus up to $2,000, a no-deposit welcome bonus, and entry to a tiered lottery. The broker has also run promotions for Halloween, Christmas, and New Year. Keep an eye on the UNFXB campaigns page for new promotions.
Note, access to bonuses may vary depending on your location.
Unicorn Forex Broker Regulation
Unicorn Forex Broker Limited is incorporated offshore and registered by the Financial Services Authority of Saint Vincent and the Grenadines. The broker is authorized by the Registrar of International Business Companies.
Traders should note that this is not a reputable regulator and clients will not receive the same level of protection as they would with a top-tier regulated broker.
Account Types
Unicorn Forex Broker offers several live accounts. All fiat profiles (excluding UNFXB Spot and VIP Crypto Investing) support GBP, USD, and EUR base currencies. The crypto accounts support the USDT currency only.
Standard
- $10 minimum deposit
- $5000 maximum deposit
- Commission-free
- Bots permitted
- 0.01 lot minimum trade size
- Floating spreads from 1.6 pips
ECN
- $100 minimum deposit
- Bots permitted
- 0.01 lot minimum trade size
- Floating spreads from 0.8 pips
- Commission from $3.50 per lot
ECN Pro
- $1000 minimum deposit
- Bots not permitted
- 0.01 lot minimum trade size
- Floating spreads from 0 pips
- Commission from $4.50 per lot
UNFXB Spot
- $100 minimum deposit
- 0.28% commission fee
- Floating spreads from 0 pips
VIP Crypto Investing
- $500 minimum deposit
- Floating spreads from 0 pips
- $5 minimum volume
- $100,000 minimum volume
PAMM
- $100 minimum deposit
- Bots permitted
- Floating spreads from 0.8 pips
- 0.01 lot minimum volume
- Commission from $4.50 per lot
MAM
- $100 minimum deposit
- Bots permitted
- Floating spreads from 0.8 pips
- 0.01 lot minimum volume
- Commission from $4.50 per lot
Copy Trading
- $100 minimum deposit
- Bots permitted
- Floating spreads from 0.8 pips
- Commission from $4.50 per lot
- 0.01 lot minimum volume
How To Open A Unicorn Forex Broker Account
- Complete the online registration form
- Verify the email address used to register for the account
- Log in to the UNFXB client area
- Download the MT5 platform or open the WebTrader
- Sign in and start trading
Additional Features
Prop Trading
A unique feature offered by Unicorn Forex Broker is the prop trading program. The brand offers funded accounts up to $500,000 following the completion of a two-step evaluation process. The funded accounts offer up to a 70% profit split.
There is a one-off fee to participate in the evaluation process. This starts from $120 for stage one (the challenge) and $150 for stage two (assertion) based on a $10,000 account balance.
How To Sign Up
New users can register for the funded account in the client portal. Select ‘Open A Prop Trading Account’ from the dashboard.
Once you have paid the fee, you can begin the evaluation stage. Discounts or refunds are not applicable if the rules are not adhered to.
Note, KYC identity verification is required.
UNFXB Joint Venture
The Unicorn Forex Broker Joint Venture scheme is a copy trading program, suitable for retail investors looking to increase their income potential without prior investing experience.
The tool offers PAMM, MAM, and Copy Trade options, which have varying account qualities. Importantly, traders have full capital control, meaning money can be withdrawn at any time.
PAMM
A dedicated capital manager is responsible for investing client funds alongside their personal funds. The capital manager has full control over the investors’ money, with flexibility to trade as desired. Profits are split by deposited value.
This account is a fully hands-off approach to trading, though profits are not guaranteed regardless of an account manager’s successful track record.
MAM
The Union Forex Broker MAM profile works by capital managers sub-allocating trades tailored to investor account sizes and risk appetite. There are some similarities to a PAMM account, though retail investors can set pre-defined criteria for the manager to follow.
A fee is deducted based on the profits made by the capital manager.
Copy Trade
The Copy Trading Account provides customers with the most control over their investments vs the MAM and PAMM profiles. Retail traders can open and close positions as desired.
An undisclosed fee is deducted based on profits generated from the copied transactions.
Analysis
Unicorn Forex Broker provides daily technical and fundamental analysis of major financial markets. But while this can support trading decisions, the information and insights are fairly basic.
Day traders do not benefit from any educational materials, including user guides and tutorials. This is disappointing, particularly for beginners.
Opening Hours
Although Unicorn Forex Broker does not publish specific trading hours, market opening hours will vary by instrument. For example, the forex market is open 24 hours a day, while stocks and indices have trading hours depending on the local market’s open and close times.
Customer Support
Customer support at UNFXB is adequate with contact methods including live chat, email, Telegram, and a call-back request form. While using Unicorn Forex Broker, our experts were particularly impressed with the responsiveness of the live chat function, with a reply received within a couple of minutes.
Contact details:
- Email – support@unfxb.com
- Live Chat – Blue icon at bottom left of each webpage
- Phone – +44 800 520 0072 (Saint Vincent and the Grenadines, Cyprus, and Mauritius), or +1778 302-2532 (Canada)
Security & Safety
Unicorn Forex Broker offers Google and text SMS two-factor authentication to keep your account secure.
You also need to complete KYC verification for access to the full list of payment methods, such as bank transfers, as well as before making any withdrawals.
Unicorn Forex Broker Verdict
Unicorn Forex Broker has the basics covered with plenty of instruments, account types, and global payment methods. The prop trading solution, copy trading tools, plus the dedicated crypto investing account also help separate the firm from competitors. That said, the lack of reputable licensing is a major concern and we urge traders to be cautious if considering this broker.
FAQs
Does Unicorn Forex Broker Have A Reliable Trading Platform?
UNFXB offers the MetaTrader 5 (MT5) platform and app. This is a popular terminal with instant and pending orders, one-click trading, a vast portfolio of technical analysis tools, plus support for automated trading. MT5 is a stable platform for both beginners and experienced traders.
Is Unicorn Forex Broker A Good Broker?
Unicorn Forex Broker appears to be an established brokerage that offers the MT5 platform and over 1400 assets. The company also offers some unique features, including funded accounts, managed accounts, and a copy trading service. However, the firm is not regulated by a reputable authority and the lack of transparency on the website makes it difficult to recommend this broker.
Does Unicorn Forex Broker Have A Low Minimum Deposit?
Yes, the minimum deposit is just $10 with the Standard account, making Unicorn Forex Broker a good fit for beginners. A free demo account is also available to prospective traders.
Does Unicorn Forex Broker Offer Good Educational Tools For Beginners?
Unicorn Forex Broker is seriously lacking when it comes to educational content and training materials. There is no platform guidance or step-by-step tutorials. Having said that, the broker does offer an MT5 demo account, which can be used to practice trading risk-free.
Is Unicorn Forex Broker Legit Or A Scam?
Unicorn Forex Broker is registered offshore in Mauritius and St Vincent and the Grenadines, providing 1400+ trading instruments on the MetaTrader 5 terminal. With that said, the lack of regulatory oversight does bring down the trust score significantly.
Top 3 Alternatives to Unicorn Forex Broker
Compare Unicorn Forex Broker with the top 3 similar brokers that accept traders from your location.
- IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
Unicorn Forex Broker Comparison Table
| Unicorn Forex Broker | IG | Interactive Brokers | World Forex | |
|---|---|---|---|---|
| Rating | 1.5 | 4.4 | 4.3 | 4 |
| Markets | CFDs, Forex, Stocks, Indices, Commodities, Cryptos | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $10 | $0 | $0 | $1 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | $100 | 0.01 Lots |
| Regulators | SVGFSA | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM | SVGFSA |
| Bonus | Up To $2000 | – | – | 100% Deposit Bonus |
| Education | No | Yes | Yes | No |
| Platforms | MT5 | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | MT4, MT5 |
| Leverage | 1:1000 | 1:30 (Retail), 1:250 (Pro) | 1:50 | 1:1000 |
| Payment Methods | 9 | 6 | 6 | 10 |
| Visit | Visit | Visit | Visit | Visit |
| Review | – | IG Review |
Interactive Brokers Review |
World Forex Review |
Compare Trading Instruments
Compare the markets and instruments offered by Unicorn Forex Broker and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| Unicorn Forex Broker | IG | Interactive Brokers | World Forex | |
|---|---|---|---|---|
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | Yes | Yes | No | Yes |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | Yes | No | No |
| Silver | Yes | Yes | No | Yes |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | Yes | Yes | Yes | No |
| Options | No | Yes | Yes | No |
| ETFs | No | Yes | Yes | No |
| Bonds | No | Yes | Yes | No |
| Warrants | No | Yes | Yes | No |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | No | No |
Unicorn Forex Broker vs Other Brokers
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