How do I apply for an account?
Current, accounts are available by invitation only. You can request an invitation here.
What does it cost to join?
It doesn't cost anything! But you will need to sell something in before you can buy anything. UWT does not extend credit, and it is impossible for your account to go into the negative. With a possitive balance in your account, you can buy at your convenience.
Are there fees associated with this account?
Only with a Premier account. A monthly fee of 5 credits is automatically deducted from your account each month. This is how the exchange is able to function. Every February, all account holders receive a dividend deposited back into their account for all fees that were collected but not used the previous year. The monthly service fee is subject to change. The fee is only charged to accounts with a positive balance. If you have a 0 balance, no fees will be deducted.
What is the FREE account?
The FREE account has most of the benefits of the Premier account, however transactions are not covered by dispute insurance. Free accounts are also not eligible for monthly or annual dividends.
What are the monthly fees used for?
The monthly fees are used for everyday operating expenses, such as for the security of your accounts, and other business expenses, nothing more. All expenses are transparent and made available to all account holders. Included in monthly fees is a transaction insurance which is used to settle any transaction disputes.
How can I close my account?
You can close your account at any time. If you wish to close your account, we suggest you bring your account balance to ZERO. Anything left in your account when it is closed with be absorbed into the exchange. If you wish to close your account, contact us.
Are there any hidden fees or charges?
No. The only fees collected are the monthly trade fees. There are no transaction fees or account termination fees. There are no loans so that means there are no interest charges or payment late fees. There are no fees for a negative balance because a negative balance is impossible. If your balance reaches $0, it will still remain open until you choose to close it. Monthly fees are not deducted from accounts with a $0 balance. Accounts with a zero balance and that are not accessed for more than 2 years will be closed automatically.
Do you extend Credit to new account holders?
No. The only way to buy is with a possitive account. You must have something you can sell to the the exchange or to another member before you can buy anything.
What information is collected when opening an account?
- Your Name
- Phone Number
- Valid Email address
- SSN/EIN or SIN - used for tax and accounting purposes. We do not run a credit check.
- Date of Birth
- Mailing Address
- Copy of Photo ID
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