UTEX

UTEX is a multi-asset trading platform for US stocks, ETFs, and crypto, with global availability and competitive fees. All operations can be done through USDT, and thus there’s no compliance risks. There is margin trading with leverage x30, as well as spot trading and investing. The company came online in 2020, and is still actively growing. By now, it has achieved $500 million in total turnover, and attracted over 70,000 users.

In our review, we will explore the conditions of the trade platform, and find out whether UTEX is a scam or a reliable partner.

If you’re interested in exploring a new platform that offers trading in stocks, ETFs, and cryptocurrencies, let’s take a closer look!

Why UTEX?

UTEX is a platform for trading the US stocks and cryptocurrencies that started in March 2020. It provides favorable conditions for stocks and crypto trading on margin, as well as some crypto spot opportunities. It has developed a simple and intuitive website with easy KYC, and features nearly 11 thousand stocks and over 70 cryptos.

This platform is one of the very few that allow trading stocks using USDT. Usually stocks are only able to be traded through USD, which puts additional regulatory pressures on the trader and the company and its clients.

The trading process is carried out through the online terminal. There are two versions of the terminal available to users for every type of trading — ‘Simple’ and ‘Pro’. The simple version contains only available crypto/stock pairs and charts.

The ‘Pro’ terminal consists of the following sections:

• full TradingView terminal for trading;
• more information about the selected trading pair;
• 5 chart types (candlesticks, bars, areas etc — instead of just the line);
• more indicators;
• order book, tape;
• order history, as well as a list of open orders;
• a list of current trades happening on the platform with the selected asset.

Pro terminal UI

At the moment, UTEX mobile version is also available. It allows clients to access the exchange at any time and any place using their smartphones.

Among the main advantages of the company are:

• Extremely large list of US stocks for trading.
• Availability of crypto margin trading as well as crypto spot, suitable for investing in a variety of tokens.
• Professional-grade trade platform, featuring orderbooks, customizable layouts, and keyboard shortcuts for efficient trading.
• x30 leverage, including stocks.
• Simple and intuitive platform UI.
• Trades in USDT minimize sanctions and regulatory risks.
• Good funds security: cold wallet storage, password protection, 2FA, transaction verification.
• Advanced mobile version for trading and investing.
• Promotions, contests, and bonuses for users.

Trading stocks on the UTEX platform

The main feature of UTEX currently is the stock trading. The company has an impressive collection, much wider than all of the exchanges and trade platforms we’ve tested before. UTEX also continues to add new ones: just in the week of our testing, there were 98 new tickers added to the total count of nearly 11 thousand.

Most of these stocks, however, can only be traded on margin, or invested medium-term. There is no spot market for stocks. Also, all of them are US companies, there were no stocks we found from China or the EU. You should be interested in US stocks or ETFs, or crypto spot/margin, to trade with UTEX.

Fees range from 0.04% to 0.02% for U.S. stocks, depending on the volume, plus the ~0.028% fee per day for holding positions overnight.

Stocks and crypto trading seems to be particularly geared toward scalping strategies, with multiple order books in the UI and some additional materials we found from the UTEX detailing the scalping features of their platform.

There were a few advanced features that surprised us, such as:

Price protection function. When opening orders for large volumes, you can be sure that if there is a lack of liquidity (there is no required volume at the requested price), your funds will be returned to the deposit, and so the trade will not be executed at a less-than-favourable pricing. This is a protection against unprofitable orders.

High spread alarm. If the spread value is more than 3% in the order book, traders will receive a notification — as well as a red indication in the trade window that the spread might be too high. This ensures that traders are aware of the current market conditions, and they won’t execute an unprofitable order. In our view, this is a great feature that honestly more trade platforms should adopt.

How to exchange cryptocurrencies on the UTEX platform?

Simple terminal

To exchange your crypto (including USDT) for another, the user must register an account on the site utex.io, go to the “Spot” section and follow a few simple steps:

• Choose a trading pair.
• Fill out an order specifying the amount and amount of cryptocurrency to be exchanged.
• Press the corresponding button.

List of available assets includes all the famous coins, as well as quite a few memecoins, that have become popular amongst investors. Trading fee here remains unchanged at 0.2%, except when paying it with UT token (a native crypto token of the platform).

How to trade crypto margin with UTEX

Trading mode, on the other hand, is called “Crypto Margin”, and allows you to trade crypto futures with significant leverage. The platform has a slightly different UI, more well-suited for trading rather than investing.

The trade fee here depends on the turnover traded in the previous week. You can get discounts depending on how much you trade:

Level        Turnover           Fee           Discount

①             from $0               0.1%         0.0%

②             from $3,000       0.07%        30.0%

③             from $50,000    0.055%      45.0%

④             from $150,000  0.045%      55.0%

⑤             from $320,000  0.04%        60.0%

There are also overnight holding fees, which amount to approximately 0.03% per day.

Your current level is shown under the ‘FEE’ button in the top right hand corner of the trade window.

Verification on the utex.io platform

In order to get full access to the platform and remove the limits on deposits and withdrawals of cryptocurrency, the user must go through the process of identity verification. In total, the company provides 4 levels of accounts:

• Newbie — allows you to add 1,000 euros to your balance each month and withdraw up to 50,000 euros. To get the status, you need to specify your full name in your profile and confirm your email address.
• Advanced — The limit for account replenishment is 3000 euros per month and for withdrawal its 50,000 euros. To receive this level, the client must provide a scan/color copy of his/her ID document and take selfies with the document in hand.
• Professional — features the possibility of unlimited recharge. The equivalent for withdrawal remains 50,000 euros per month. In order to obtain the status, it is necessary to confirm the address of residence by providing the appropriate document, namely a utility bill or bank statement. The document must not be more than three months old.
• Individual — also has a limitless deposit, as well as improved conditions for the withdrawal of funds. To get this level of account, the user should provide additional documents at the request of the exchange administration.

Deposit and withdrawal from UTEX

The minimum amount to deposit is $0.01 to $10, depending on the method used. To make a deposit, the user has following options:

• USDT transfer;
• USDC;
• BTC, ETH, or any number of currencies used on the exchange;
• bank card (only from limited countries).

There are deposit fees when paying through Payeer wallet, of 2.5%. Depositing through crypto has no fees from UTEX.

To withdraw earnings the user can use the same methods as for depositing. Keep in mind that some payment systems charge commission. The minimum amount cannot be less than the commission itself.

Minimum withdrawal is 10 USDT, or its equivalent in other cryptos. There is a flat withdrawal fee of 4-10 USDT, depending on the method. To learn further, you can visit this page.

UTEX partner program

An affiliate program has been developed for those who want to earn extra income through marketing UTEX online. As part of the program, clients can attract new participants to the project using a unique referral link, banners, video clips, and weblinks.

For each attracted user, the trader can receive a reward of 40-60% of the referrals’ fees. The advantage is that partners receive ready-made promotional materials, as well as detailed statistics to track their effectiveness. To get the 60%, your referrals have to trade at least $20 million total.

As a bonus for new clients, all participants, regardless of their level, receive an increased reward of 60% of their referrals’ trading fees during the first 30 days after joining the program.

UTEX Bonuses

Standard bonus includes $20 for registration and verification, and additional $80 for trading after completing the first deposit. More bonuses and promo codes are constantly appearing on the company’s social media accounts, so it’s worth taking a look there before you register, as you might find something worthwhile.

Note that, when trading, bonuses are used first. For example, if you deposit $100 into your account and receive a $80 bonus, the fees for your first few trades will be covered by the bonus. Similarly, any losses are deducted from the bonus funds first.

Bonuses are deducted completely if you don’t use them within 2 weeks of receiving them.

Complaints about UTEX

Since the platform appeared just a few years ago, it hasn’t gathered as much global appeal as, say, Binance or eToro. However, the sentiment it does have is overwhelmingly positive.

On review website Trustpilot the company holds a 4.5-4.8 stars score out of possible 5 stars, which is one of the highest we’ve seen. Similarly, on Reviews.io, it has a 4.4/5 score, with people mostly praising the asset selections, the UI, and new trader experience. Reviewers are saying it is easy to find new instruments that are worth trading, and fees per trade are the smallest around.

In general, the company seems to have quite a solid reputation at the moment. The convenient platform, the active development, as well as a large number of stocks and cryptos for trading, are the biggest advantages it has. The disadvantages noted are the lack of a demo account, less cryptocurrencies than other well-known exchanges, as well as a withdrawal fee that applies regardless of the amount withdrawn.

It is worth noting that the company is actively working on improving its platform, and some of these issues might be fixed by the time this review is published.

If there are any reviews about the UTEX exchange, we’ll be sure to post the information on social media. Sign up so you don’t miss anything!

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User Agreement utex.io

According to the user agreement, a company may deny registration to an applicant if:

• any or all of the information provided in the registration process is incomplete, incorrect or misleading;
• any or all of the information provided in the registration process cannot be verified in the manner prescribed by the company;
• the user is less than 18 years old;
• the client lives in or is a citizen of a restricted territory;
• the company believes that the user is not suitable for registration.

You have the right to make changes to your personal information in your account. At the time of making such changes, it is worth bearing in mind that the company may require certain documentation in accordance with the company’s KYC policy. In turn, the company has the right to:

• receive payments under this contract in accordance with the tariffs;
• change prices from time to time;
• unilaterally temporarily restrict or terminate access to the system or any of the services, or in any way regulate the right to use the system or any of its components;
• perform maintenance work on the server and suspend user access to the system during periods of such maintenance;
• modify or release software and system updates to add new features or functionality to the software;
• Report to the regulatory authority any transaction or activity that may be considered suspicious.

In return, the user who signs off with UTEX undertakes to:

• use the system in accordance with this agreement;
• make all payments due to the company under this contract in a timely manner in accordance with the tariffs;
• keep your login and password confidential and not disclose them to third parties;
• immediately notify the company in case of loss of login or password, as well as in case of violation of confidentiality of login or password;
• notify the company immediately in case of system failures;
• fairly and timely report all of their income related to the client’s activities using the system in accordance with applicable law and pay any taxes and fees imposed thereon;
• independently assess the risks of transactions that the user makes using the system;
• to compensate the Exchange for any proven damages incurred by the Service as a result of any acts of omission by the Client, including, but not limited to, damage to the system or its components, as well as to the business reputation of the Company.

We found no discrepancies or obvious hidden clauses. The agreement seems genuine, and is in line with what we would’ve seen from a serious trading platform.

Customer Service

UTEX provides 24/7 support to clients. To contact the platform directly, users can use:

• Email: [email protected];
• Telegram-bot: @utex_help_bot;
• Live chat on the website;
• Social media.

Is UTEX a Scam?

UTEX is a relatively young exchange for cryptocurrency and US stocks, which appeared in March of 2020. The organization is well-known by this point and has a rather positive reputation among users, with high scores on all review platforms and a generally positive sentiment online.

At the moment, almost 11 thousand stocks are listed on the platform, an absolute record amongst the companies we’ve reviewed. The trading process is carried out through the custom-built terminal, which is available as a simple version for beginners, and expanded for pros. There is a 4-level verification system which allows users a smooth way to increase the limits on deposits and withdrawals. UTEX also has a robust mobile version, which allows traders to exchange, invest, or trade at any time without the need to use a computer.

Add to that periodic user tournaments, as well as an affiliate program for additional earnings. All of these features combined show that the company is serious about its offerings, and is committed to giving the best to its users. Typically scam companies don’t have as much focus on offering advanced, unique, and thought-out systems. Being as advanced as it is, we think it’s quite unlikely for UTEX to be an overt scam. Trading and investing risks still apply though.

Having analyzed the conditions that the project provides to its clients, can we say that UTEX is a scam and fraudster? No, because the company has a positive reputation online, actively develops its project, and works per the law.

Conclusion

UTEX is a relative newcomer among US stocks trade platforms and cryptocurrency exchanges, with a successful launch just a few years ago. At the moment, the service provides customers with the ability to trade or exchange over 100 types of digital assets, plus nearly 11 thousands US stocks. The platform is notable for its simplicity and asset range.

Both the professional and the novice should carefully study the agreements before starting to register on the platform — in order to be aware of the possible risks of trading with margin. At the moment the company has already formed a solid reputation, and it is worth considering for the stocks and crypto trading.

If you have already started cooperation with the company, please leave your opinion on our website below — so we could improve on our independent rating of online trade platforms, and how trustworthy they are. Thank you!