Unionwealthsmanagement or UWM Trading is a Forex Proprietary trading firm launched in 2021. The firm is based in Dubai, UAE, and provides a multitude of discounts and refunds to attract prop traders on its platform.
In our UWM Trading review, we are going to analyze the firm’s important features such as safety, assets, rules, funding options, fees, education, and support, and conclude whether you can trade with their money conveniently.
Pros
- The lowest one-time fee for 10k accounts starts from 70 USD on the 3-step challenge
- Offers access to cTrader and DXTrade advanced platforms
- Fast and digital account opening/verification
- Most payment options are free and instant
- The scaling plan allows traders to increase their funded account balance by 25%
- Trading through regulated brokers such as EightCap, ThinkMarkets, and PurpleTrading
Cons
- Traders need to search through the help center for important details about challenges
- Lacks hotline support option
Safety of UWM Trading — 3
UWM Trading reviews are lacking on the FPA, as the firm is relatively young. This lack of comments and trader feedback is one of the main components for our method to define how safe and reliable a prop firm actually is. As for another safety criterion which is experience, the firm has been around since 2021 making it somewhat experienced, and it gets 1.5 points in this aspect. We have also checked the Trustpilot website to see if the firm had any reviews. There is a warning on the website indicating there were many fake positive reviews submitted for UWM Trading, and Trustpilot admins have deleted these positive reviews. This is a major red flag as firms submitting fake reviews indicate the possible UWM scam going on which the firm is trying to hide with positive reviews. The last criterion for safety is the partner broker. We emphasize the importance of prop firms offering trading through regulated partner brokers. UWM Trading’s partner broker is a regulated broker, EightCap. This broker is popular among prop firms and provides good trading conditions of spreads from 0 pips for a 6 USD round turn commission, which is also the industry average number. Other partner brokers are also regulated CFDs and FX brokers ThinkMarkets, and PurpleTrading. It takes digging and searching through the help center to find any important detail about UWM Trading which is the firm’s biggest downside.
The firm gets a 3 score in this section for having experience, and regulated partner broker.
UWM Trading Funding and Maximum Capital Allocation — 3
UWM Trading funded programs are diverse and include Prime Challenge, Evaluation, Express, and 3-Step funding challenges. UWM Trading funding programs range from 10,000 USD to 300,000 USD and may be lower depending on the funded account type selected. Let’s take a closer look at each program and its funding options in more detail.
The Prime Challenge has funding options of 10k, 25k, 50k, and 100k US dollars. This is a 2-step evaluation program that requires passing two separate phases before traders can get the funded account. Payouts are possible every 8 days after starting trading on a live funded account, and fees paid are refunded at this stage. Profit targets are decreased for the 2nd stage from 8% to 5% and there are no time limits. The profit split is up to 95% but the base profit split is 80%.
The Evaluation UWM Trading challenge comes with slightly different specs, with the 200k and 300k funding options added. Profit targets are the same for the first and second stages with 8% and 5% and daily loss and maximum drawdown are increased to make them less stringent. There are also swap-free options for this account, and the base account is a 2-step evaluation similar to the Prime Challenge type.
UWM Trading Express account is a 1-step funded account with funding options ranging from 10k to 200k. The profit target is 10% and after hitting the profit target without breaching risk rules, traders can get the funded account for profits. The 1-stage evaluation programs are typically the best for serious traders as they allow traders to check their profitability and start making withdrawable trading right away, which is super important to make trading into a career.
UWM Trading also offers a 3-stage funded account type with funding ranging from 10k to 300k and a maximum leverage of 1:30. This account is also the cheapest as it requires 3 stages to get a funded account, making it a lengthy process.
UWM Trading scaling plan allows traders to increase their funded account balance by 25% and the payout is increased to 95%.
UWM Trading gets a 3 score in the funding section for offering between 10k and 300k and not lower or higher than that.
UWM Trading Assets – 3
The offered asset types by UWM Trading include Forex, commodities, indices, and cryptos. The firm has a different average for FX pairs for different funded accounts, which is very flexible for funded trading. Here is the list of funded accounts and corresponding maximum leverage:
- Prime challenge – 1:50
- Evaluation – 1:100
- Express – 1:30
- 3-step – 1:50
Several brokers offer trading services for UWM Trading prop traders including EightCap, PurpleTrading, and ThinkMarkets. Each of the brokers has slightly different spreads and commissions. However, EightCap spreads start from 0 pips and traders can implement scalping strategies for a 6 USD round turn commission which is advantageous.
For the Prime Challenge, the fees are 6 USD per lot round turn, and indices, gold, and cryptos are commission-less.
UWM Trading gets a 3 score for not offering stocks and other asset classes like futures, bonds, etc. for trending.
UWM Trading rules and limitations – 2.1
UWM Trading rules may slightly differ depending on the funded account challenge, but the most popular prime challenge comes with the following rules:
- Profit target – 8% (phase 1), 5% (phase 2)
- Daily loss limit – 4%
- Maximum overall loss – 8%
- Time limits & minimum trading days – none
- Profit split up to – 95%
- News trading – allowed
- Weekend holding – allowed
- EAs – Not allowed
- Trade copiers – allowed
Since the firm offers around an average level of restrictions it takes a 2.1 score. It could get a better score if daily and overall risk limits were higher.
UWM Trading Fees – 3.5
There are trading commissions charged depending on the partner broker. PurpleTrading FX broker charges 6 USD round turn per lot traded on FX pairs and ThinkMarkets has 7 USD round turn per lot.
The lowest one-time fee is charged for 3-stage challenge programs. 10,000 USD 3-stage comes with a 70 USD one-time fee which is very competitive, but the account requires 3 different stages to achieve a funded account which will take some time and is not convenient. Depending on the account type the one-time fee ranges are different:
- Prime 2-step 10k USD challenge – 99 USD
- Evaluation 2-step 10k USD account – 99 USD + 15% (for booth swap and 2-stage accounts)
- Express 1-step 10k USD account – 129 USD
- 3-step 8-Day Payouts 10k challenge – 70 USD
UWM Trading free trial is not available at the moment as traders have to select from challenge programs and pay fees.
UWM Trading free repeat is not possible, but traders can get a 12% discount on reset upon breaching any of the critical rules. The same discount is possible for all funding account types offered by UWM Trading firm.
The firm gets a 3.5 score in this section for offering slightly above-average fees and conditions.
UWM Trading Platforms – 4
UWM Trading prop trading firm offers traders several advanced platforms including DXTRADE and cTrader. The help center also mentions platforms 4 and 5 and we assume it could be referring to MT4 and MT5. The cTrader is an advanced platform and even if the firm only offered cTrader, it would still receive a decent score in this section. cTrader supports cBots which are trading robots and allows custom indicators and trading bots with full automatic trading capabilities. The firm itself also offers tutorials for the DXTrade platform which is good for newbies. The DXTrade platform is not as advanced as cTrader but still offers a decent amount of functions to open and manage trading positions.
UWM Trading gets a 4 score in the platforms section for offering advanced software with tutorials for beginners.
UWM Trading Profit-Sharing — 3
UWM Trading profit split is up to 90% and depending on the trader’s experience with the firm’s funded account may vary. For the first month, traders have an 80% profit split, which increases to 85% for the consecutive months. When a trader fulfills the account scaling conditions, their account balance is increased by 25% and their profit share increases to 90%. Payouts are be-weekly and payments supported include PayPal, wire transfers, cryptos, and E-Wallets. Payouts can be requested and monitored from the trader’s dashboard.
Traders can request a payout after 30 days they have made the first trade on the funded account, and then every 14 days (bi-weekly). We were unable to confirm the exact processing times for each payment method, so we deducted points in this criterion.
UWM Trading gets a 3 score in this section.
Education and trading tools at UWM Trading — 4.5
UWM Trading prop firm provides trading courses for beginners which are very helpful educational resources. There are two main courses, a Mastery Course, and A Trader’s Mind Program. The Mastery Course includes educational video tutorials and other resources aiming to propel traders from beginners to intermediate trader level. Together with videos, the mastery course also offers other resources such as weekly watch lists, daily analysis, backtesting videos, and insights into past trades from UWM Trading traders. There are 100+ HD videos where lecturers explain important trading concepts, which is very helpful for any beginner. After finishing the mastery course, traders should know how to get started with prop trading, platforms, chart layouts, UWM Trading strategies, risk management, and additional insights from the firm.
The trader’s mind program is a trading course dedicated to trading psychology, which is a critical part of successful financial trading. The firm claims to be offering the exact mindset and skills needed to regularly be profitable. This course includes an audiobook library with important tips about a profitable trader’s mindset. There are several workshops in the trading psychology course, including:
- Workshop 1 – Find Your Goals
- Workshop 2 – Fixing Your Perception
- Workshop 3 – Understanding The Markets
- Workshop 4 – Implementation
- Workshop 5 – The Robot Theory
There are tools for monitoring your performance on funded accounts and trader dashboards. The firm gets a 4.5 score in this section for offering excellent educational services.
Customer Support at UWM Trading — 2.4
UWM Trading provides support via several channels, including email and live chat. The firm does not provide a hotline support option, which is a drawback. The live chat is an advanced plugin and includes a help center and FAQs where traders can search through the questions and answers and get quick help. It is also used for contacting the firm’s support personnel if there are any issues during trading. The website is multilingual and available in more than 5 languages, and the same is true for all options of support. This multilingual support is very beneficial for international traders, allowing them to contact the firm and website in their native language.
The firm gets a 2.4 score in this section for only offering two options for support.
Frequently Asked Questions
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