Overview of UNION MK
Founded in Malaysia in 2022, UNION MK is a trading platform that offers a diverse range of trading assets, including Forex, energy commodities, precious metals, and global cash indices. UNION MK operates on the MetaTrader 5 (MT5) Terminal, known for its performance and stability. Their commitment to customer service is evident with 24/5 support availability.
However, it's important to note that UNION MK operates without regulatory oversight, which may concern traders regarding transparency and safety.
Is UNION MK legit or a scam？
UNION MK is not regulated by any regulatory authority, which may raise concerns about the transparency and oversight of the exchange.
Unregulated exchanges lack the oversight and legal protections provided by regulatory authorities. This can lead to a higher risk of fraud, market manipulation, and security breaches. Without proper regulation, users may also face challenges in seeking recourse or resolving disputes. Additionally, the absence of regulatory oversight can contribute to a less transparent trading environment, making it difficult for users to assess the legitimacy and reliability of the exchange.
Pros and Cons
Pros:
Diverse Range of Trading Assets: UNION MK offers a wide variety of trading instruments, including Forex, energy commodities, precious metals, and global cash indices.
Competitive Spreads:UNION MK provides competitive spreads, especially on its “Trading” account type, where the spread on main currency pairs is as low as 0.5 pips.
MT5 Trading Platform:UNION MK's trading platform is built on the MetaTrader 5 (MT5) Terminal, known for its powerful and stable performance.
24/5 Customer Support: UNION MK offers 24/5 customer support, ensuring that clients can seek help during regular trading hours.
Variable Account Types: UNION MK provides multiple account types. This allows traders to choose an account type that aligns with their trading preferences, risk tolerance, and goals, providing flexibility and customization in their trading experience.
Cons:
Unregulated: Operating without proper regulation can pose risks to traders, as regulatory oversight ensures compliance with industry standards and safeguards clients' interests.
Lack of Educational Resources: UNION MK does not offer trading educational resources, such as tutorials, webinars, or educational materials. This limitation can be a drawback for traders seeking learning materials and support to enhance their trading skills.
Market Instruments
UNION MK offers a diverse range of trading assets encompassing Forex, energy commodities, precious metals, and global cash indices. These assets provide traders with opportunities to engage in various markets.
Forex Liquidity:
UNION MK serves as a liquidity provider in the Forex (foreign exchange) market. They offer direct market access to all Tier-1 Forex liquidity pathways.
Their hosting through EQUINIX NY4/LD4 and ultra-low latency connectivity ensure professional and efficient service for Forex traders.
Energy Liquidity:
The platform provides liquidity for trading in energy commodities such as WTI crude oil, Brent crude oil, and natural gas.
Metal Liquidity:
UNION MK also offers liquidity for trading in precious metals and industrial metals, including assets like XAUUSD (gold) and XAGUSD (silver).
Precious metals are considered valuable and sought-after assets, and UNION MK accommodates traders seeking exposure to these markets.
Index Liquidity:
Traders can access comprehensive global cash index liquidity through UNION MK's services.
They provide access to deep institutional liquidity for major indices, along with customized liquidity solutions to meet the specific needs of traders and businesses.
Account Types
UNION MK offers three distinct account types: “The Best,” “Clone,” and “Trading.” Each of these account types comes with specific features and requirements.
The Best Account: The “The Best” account is ideal for traders looking for a well-rounded trading experience. With a minimum deposit of 100 USD, it provides access to a maximum leverage of 100:1, allowing traders to amplify their positions. The spread on main currency pairs is 1.5 pips. Traders can utilize a demo account for practice and strategy testing while using the MT5 trading platform. With 24/5 customer support, assistance is readily available.
Clone Account: The “Clone” account caters to traders seeking competitive trading conditions. It shares the same minimum deposit of 100 USD and offers a maximum leverage of 100:1. The main currency pair spread is reduced to 1.0 pips, potentially saving on trading costs. Traders can still access a demo account for practice and use the MT5 trading platform. Similar to “The Best” account, “Clone” also provides 24/5 customer support.
Trading Account: The “Trading” account is designed for traders who prioritize tight spreads. It maintains the same 100 USD minimum deposit requirement and 100:1 maximum leverage. However, the main currency pair spread is further reduced to just 0.5 pips, making it attractive for cost-conscious traders.
How to Open an Account？
Opening an account with UNION MK typically involves several steps. Here's a concrete, step-by-step guide on how to do it:
Visit the UNION MK Website:
Start by going to the official UNION MK website https://www.unionmks.com/portal/
Choose the Account Type:
Browse through the different account types offered by UNION MK, such as “The Best,” “Clone,” or “Trading.” Select the one that suits your trading needs and click on it for more details.
Click on “Open an Account”:
Locate the “Open an Account” or similar button on the chosen account type's page and click on it. This will initiate the account opening process.
Fill Out the Application Form:
You will be directed to an online application form. Fill in all the required information accurately. The form may ask for details such as your name, contact information, date of birth, address, and financial information.
Provide Required Documentation:
UNION MK may require you to upload certain documents for identity verification and compliance purposes. Common documents include a copy of your ID or passport, proof of address (utility bill or bank statement), and possibly other financial documents.
Account Approval and Funding:
After submitting your application, UNION MK will review your information and documents. If everything is in order, your account will be approved.
You will then need to fund your trading account with the minimum deposit amount specified for your chosen account type (e.g., 100 USD).
Once your account is funded, you can access the trading platform provided by UNION MK using the login credentials provided. You can then start trading in the financial markets.
Leverage
UNION MK provides a maximum leverage of 100:1 for all account types, including “The Best,” “Clone,” and “Trading” accounts.
Spreads & Commissions
UNION MK offers different spreads for various account types:
“The Best” account has a spread of 1.5 pips on main currency pairs.
“Clone” account offers a spread of 1.0 pips on main currency pairs.
“Trading” account provides a competitive spread of 0.5 pips on main currency pairs.
Trading Platform
The UNION MK trading platform is built on the MetaTrader 5 (MT5) Terminal, which is described as a powerful and stable Forex trading platform. Here are the key features and differences of the UNION MK trading platform:
MT5 Platform: UNION MK uses the MetaTrader 5 (MT5) Terminal for trading, which is considered an advanced trading platform.
Improved Performance: MT5 is stated to be faster and more efficient than its predecessor, MT4. It is designed as a 64-bit multi-flow platform, offering enhanced performance.
Multi-Market Support: MT5 is capable of trading in both centralized markets (stock exchanges, futures markets) and decentralized markets (such as Forex and other OTC markets). This provides traders with a broader range of assets to trade compared to MT4, which primarily focuses on OTC markets.
Actual Trading Volume Data: MT5 provides access to actual trading volume data, as opposed to tick volume data in MT4. This allows traders to have a more accurate understanding of trading activity.
Times&Sales Access: MT5 includes a Times&Sales feature, which enables users to access feeds for order flows, cumulative data, and other metrics. This feature is not available in MT4.
Multi-Symbol Testing: MT5 supports multi-symbol strategies out of the box, which is not a feature available in MT4. This allows traders to test trading strategies across different assets simultaneously.
Transaction History Import: MT5 allows users to import their transaction history, providing a convenient way to review past trading activity. MT4 lacks this feature.
Offline Chart Creation: MT5 allows traders to create offline charts, a feature that is not available in MT4. This feature is highlighted as particularly important in MT5.
Deposit & Withdrawal
UNION MK offers a variety of payment methods to its clients, including:
Bank transfer: This is the most common payment method for UNION MK clients, and it is also the most cost-effective. Bank transfers can be made in a variety of currencies, and they are typically processed within 1-2 business days.
Credit/debit card: UNION MK also accepts credit and debit cards from Visa, Mastercard, and Maestro. Credit/debit card deposits are typically processed immediately, but there may be a fee associated with this payment method.
E-wallets: UNION MK also accepts deposits from a variety of e-wallets, including Skrill, Neteller, and WebMoney. E-wallet deposits are typically processed immediately, but there may also be a fee associated with this payment method.
The minimum deposit for UNION MK is $100, or the equivalent in your chosen currency. This deposit can be made using any of the payment methods listed above.
Payment processing times at UNION MK vary depending on the payment method used. Bank transfers typically take 1-2 business days to process, credit/debit card deposits are typically processed immediately, and e-wallet deposits are also typically processed immediately.
Customer Support
UNION MK offers customer support services to address public inquiries.
You can contact them at their office address in Labuan, Malaysia, which is located at Unit B, Lot 49, 1st Floor, Block F, Lazenda Warehouse 3, Jalan Ranca-Ranca, 87000 F. T. Labuan.
Additionally, you can reach their customer support team at +60 087428305 during their operating hours, Monday to Friday from 9 AM to 5 PM.
For inquiries, you can also contact them via email at supports@unionmks.com.
Conclusion
In conclusion, UNION MK offers a promising trading experience with its diverse range of assets, competitive spreads, and the advanced MT5 trading platform. The flexibility of variable account types and round-the-clock customer support are definite advantages for traders.
However, it's important to exercise caution due to the lack of regulatory oversight, which raises transparency and safety concerns. Additionally, the absence of educational resources can be a drawback for those seeking to enhance their trading skills. Traders should carefully weigh these pros and cons when considering UNION MK as their trading platform and conduct thorough research to make informed decisions.
FAQs
Q: What types of trading assets are available on UNION MK？
A: UNION MK offers a diverse range of trading assets, including Forex, energy commodities, precious metals, and global cash indices.
Q: How competitive are the spreads on UNION MK's “Trading” account？
A: Spreads on the “Trading” account type are as low as 0.5 pips on main currency pairs, making them highly competitive.
Q: Which trading platform does UNION MK use？
A: UNION MK utilizes the MetaTrader 5 (MT5) trading platform, known for its powerful and stable performance.
Q: Is customer support available 24/5 on UNION MK？
A: Yes, UNION MK provides round-the-clock customer support, ensuring assistance is accessible at any time.
Q: Are there multiple account types to choose from on UNION MK？
A: Yes, UNION MK offers variable account types, allowing traders to select an account that aligns with their preferences and trading goals.
