Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighNo financial licence at all while taking deposits and soliciting internationally; only a Cambodian company registration, which is not financial regulation.
Identity & transparency
5/10 · ModerateA real legal entity, registration number, Phnom Penh address, phone and email are disclosed, but none could be independently verified and the operation has since vanished.
Withdrawals & conduct
7/10 · HighA clustered, same-mechanism pattern of refused withdrawals and deleted balances, though centred on no-deposit-bonus money rather than proven deposit theft, and never answered by the broker.
Reputation
7/10 · HighTrustpilot 2.2 of 5 with 67 percent one-star, bimodal with astroturf-style five-stars, and third-party trackers flag it as not safe and unregulated.
Website claims
5/10 · ModerateUnverifiable safety claims such as industry-leading fund security and crime insurance, but no fabricated licence and no exaggerated founding date.
Operational history
6/10 · HighDomain about three years old and now defunct and parked; the company could not be dated, so the age is an upper bound resting on the domain alone.
Who they are
A quick desk file on the company behind the brand.
- Brand: uag Markets
- Legal entity: UAG Trade Asia Co., LTD. (Kingdom of Cambodia)
- Registered: No. A10, Village 1, Sangkat Sras Chork, Khan Daun Penh, Phnom Penh, Cambodia
- Website: uagmarkets.com, now a parked GoDaddy page; former login and sign-up subdomains were auth.uagmarkets.com and go.uagmarkets.com
- Only licence: None. It cited only a Cambodian company registration, No. 00031021 with the Ministry of Commerce, which is company paperwork, not financial regulation
- Offers: Forex, metals, energies and indices on MetaTrader 4; Standard, Bonus, ECM and PAMM accounts; a 30 USD no-deposit bonus; leverage up to 1:500
- Not accepted: No restricted-country list was published
- Age claim: Site copyright 2024; the domain was registered in January 2023, so the operation ran for roughly three years before going dark
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Ministry of Commerce (Cambodia)
Why we reached this verdict
How the evidence adds up.
We rate UAG Markets high risk because of what it lacks and what its users report.
- No regulation for a deposit-taking broker. The site's own legal notice names only a Cambodian Ministry of Commerce registration, No. 00031021. That proves a company was registered, not that anyone supervises how it handles client money. Cambodia's financial regulator, the Securities and Exchange Regulator of Cambodia, does not list it, and the broker never claimed any financial licence.
- Real withdrawal complaints. On Trustpilot the broker scores 2.2 out of 5. Between January and February 2024 several users from different countries described the same thing: they built up profit on the 30 USD no-deposit bonus, then were refused a withdrawal and had their balances deleted, with the broker citing 'multiple accounts on the same IP address'. One wrote that after meeting every condition the broker declined the withdrawal and took the profit; another that all funds were removed from the account.
- The site has vanished. uagmarkets.com now shows a GoDaddy parking page, a common end-state for an operation that has stopped serving clients.
- Thin, split reviews. The few five-star reviews are short, generic and clustered, which is a promotional pattern rather than genuine feedback.
We stopped short of calling this a confirmed scam. The documented losses are about voided bonus profits rather than a clearly stolen cash deposit, no regulator has published a warning naming the domain, and we could not open the Cambodian registry to date the company, so the age figure is an upper bound based on the domain alone.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The broker's own legal notice names only a Cambodian company registration (UAG Trade Asia Co., LTD., Registration Number 00031021, Ministry of Commerce) and no financial regulator, while offering forex, MT4, bonus and PAMM accounts and 1:500 leverage.
E2The domain uagmarkets.com was created on 11 January 2023, consistent with an operation about three years old, not a long-established firm.
ModerateVerisign RDAP domain recordE3The main website now redirects to a GoDaddy parking page, indicating the brokerage is defunct.
ModerateUAG Markets website (live)E4Trustpilot rating 2.2 of 5 across 9 reviews, 67 percent one-star, with a Jan-Feb 2024 cluster describing the same mechanism: no-deposit-bonus profits voided and withdrawals refused citing 'multiple accounts / same IP', balances removed. Reviewers from Nigeria, India and Indonesia.
StrongTrustpilotE5Independent broker-safety sources classify UAG Markets as not regulated and not safe, corroborating the absence of a licence.
ModerateBrokerChooser safety assessmentE6A cluster of short, generic five-star reviews from Malaysia in Sep-Nov 2023, one calling it a 'Regulated broker', against detailed one-star withdrawal complaints, indicating a bimodal astroturf pattern.
ModerateTrustpilot
The other side
The strongest case in this broker’s favour.
In fairness to the broker, here is the case for a more benign reading.
- It disclosed a real legal entity, a registration number, a Phnom Penh street address, a phone number and an email, which is more identity detail than many pure scams provide.
- Voiding no-deposit-bonus profits when several accounts share one IP address is a standard, if unpopular, bonus term at many honest brokers. None of the complaints we found describe a client's own deposited cash being kept.
- Being unregulated is not the same as being a scam. Many small offshore and regional brokers operate without a top-tier licence.
- Some users left positive notes about deposits and withdrawals working, though these are generic and unverified.
These points lower the severity but do not clear the broker, because the core problem remains: no oversight of client funds, a repeated pattern of blocked withdrawals, and an operation that has now disappeared.
What would change this
What we would need to see to revise the verdict.
Our view would move if solid new facts appeared.
- Toward safer: proof of a genuine, in-force financial licence from a real regulator, tied to this exact entity and domain, plus first-hand evidence that clients who deposited real money were paid out in full.
- Toward worse: a regulator warning naming uagmarkets.com, or credible complaints showing deposited principal, not just bonus profit, was taken and never returned. Either would push this to likely or confirmed scam.
- On age and identity: an accessible Cambodian registry entry confirming registration 00031021 and its incorporation date would let us firm up the company's real track record.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Frequently asked questions
Quick answers about this broker’s safety.
Is UAG Markets a scam?
We rate it high risk and advise against it. It is unregulated, several users report refused withdrawals and deleted balances, and its website is now offline. We did not find proof of stolen cash deposits, so we call it high risk rather than a confirmed scam.
Is UAG Markets regulated?
No. It holds no financial licence from any regulator. The only official number it published is a Cambodian company registration, No. 00031021 with the Ministry of Commerce, which is company paperwork, not financial supervision of client money.
Can I withdraw my money from UAG Markets?
Very likely not. Multiple users reported that withdrawals were refused and balances removed, and the website is now a parked page with no working platform. Assume access to any funds is at serious risk.
Is my money safe with UAG Markets?
No. With no regulator, no compensation scheme and an offline website, there is nothing protecting client funds and no authority to complain to.
Who owns UAG Markets?
The site names UAG Trade Asia Co., LTD., a company registered in Cambodia at a Phnom Penh address. We could not independently open the Cambodian registry to confirm the ownership details.
How old is UAG Markets?
The domain was registered in January 2023 and the site ran until around late 2025, so the operation was roughly three years old before it went dark. We could not date the company itself, so this is an upper-bound estimate based on the domain.
What is the Cambodian Ministry of Commerce registration worth for a forex broker?
Almost nothing in terms of trader protection. It only shows a company legally exists. It says nothing about whether the firm is allowed to run a brokerage or how it must handle your deposits.
Is UAG Markets a clone of another broker?
No. We found no evidence it impersonates a known regulated firm. It uses its own name, domain and Cambodian entity.
Why are there positive reviews of UAG Markets?
There are a handful of short, generic five-star reviews clustered in late 2023, which is a common promotional pattern. They are outweighed by detailed one-star reports of blocked withdrawals.
The website does not load. Is UAG Markets still operating?
It appears to have shut down. The main address now redirects to a GoDaddy parking page, which usually means the business is no longer active.
I was refused a withdrawal by UAG Markets. What should I do?
Save all screenshots, transaction records and chat logs, and file a complaint with your local financial authority and payment provider. Be very wary of anyone who offers to recover your funds for an upfront fee, as that is a common second scam.
What should I check before depositing with any broker?
Confirm a real licence on the regulator's own register, check that the licensed entity and website match, read recent independent reviews for withdrawal problems, and never trust a firm that offers big bonuses but has no verifiable regulation.
What we recommend
The practical takeaway from everything above.
Treat UAG Markets as an operation to avoid.
- Do not deposit or send money. The site is offline and there is no regulator to complain to if funds go missing.
- If you already have a balance there, document everything with screenshots and try to withdraw, but expect difficulty given the parked website.
- Ignore any message or review offering to 'recover' your funds for a fee. Those are follow-up scams, and one such promotional review already appears on the broker's Trustpilot page.
- Choose a broker supervised by a recognised regulator such as the FCA, ASIC or CySEC, where client money and a complaints process are protected.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed August 13, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.