North Union claims to be an international CFDs broker with a mission to provide the highest online quality services. The Federal Financial Supervisory Authority (BaFin) warns consumers about the website northunion.io. According to BaFin, financial and investment services are being provided on this website without the required authorization.
The website North Union has no information regarding its legal form. They give business addresses in Zurich, Switzerland, London, United Kingdom, Graz, Austria, and Madrid, Spain.
Almost all financial firms in the UK must be authorised or registered by FCA. Unfortunately, NorthUnion is operating without any regulation and risks investors money.
Account types and minimum deposits.
The high minimum deposit requirements are concerning, especially when combined with NorthUnion unregulated status. Legitimate brokers offer lower entry points to cater to a wider range of clients. Here, NorthUnion emphasis on higher deposits seems to target clients willing to invest larger sums without thoroughly researching the broker. This aggressive approach could be a tactic to quickly gather funds from unsuspecting clients, making it harder for them to withdraw or recover their money later.
Pros and Cons of NorthUnion
Pros
- Wide Range of Trading Instruments: The platform claims to offer forex, crypto, indices, and commodities, appealing to various types of traders.
Cons
- Unregulated: No oversight from reputable regulatory bodies, leaving clients unprotected.
- Anonymous Ownership: Lack of company information or base location adds to concerns.
- Questionable Trading Platform: Unclear platform details suggest potential manipulation.
- High Minimum Deposits: Large entry points make it risky for average investors.
- Vague Withdrawal Policies: Lack of clarity on withdrawals could signal potential issues when trying to access funds.
scam, beware of this online traders, I was convinced into investing and unfortunately for me I was being restricted to withdraw my profits then I realized I have been scammed. Avoid this broker.
Is so disheartening to loose money to scammers, it happened to me then I came to realize that you can never be too careful.