UBanker is an online broker that wants you to trade like the bankers do. The company is registered in Vanuatu and governed under their jurisdiction although they would like you to think they are CySEC regulated. They list Rehoboth LTD as the payment processor, Rehoboth is located at Methonis 8, 1070 Nicosia Cyprus but when I looked them up all I got was info about another shady looking broker called Ontega.com. The Vanuatu registration may be fake too, all they have to prove it is a screen shot of a license that may be faked. There is no record of them in Vanuatu I could find.
Is UBanker A Scam?
Ubanker may not be a scam but you’re not choosing the best, safest broker you can when you choose them. They are putting for some scam-like signals so you should be careful whatever you do. With regulation getting so tight among forex, CFD and binary options lots of brokers are trying to appear regulated with misleading information, just like Ubanker.
Editor’s Note: Why Doesn’t UBanker Suck
Ubanker may not suck because it is a forex broker with CFDs on a wide range of assets including indices, stocks, commodities, and cryptocurrency. They also have leveraged accounts with limits far superior to the new ESMA rules in Europe.
Why Does UBanker Suck
Ubanker may suck because they look a lot like a broker operating under the radar, avoiding regulation and evading responsibility to their clients.
Should I Open An Account With UBanker
Ubanker is a forex and CFD broker with tradable contracts on forex, stocks, indices, commodities, and cryptocurrency. The leverage on accounts is up to 1:200 for forex and commodities with lower amounts for stocks and indices. The platform is web-based and can be accessed through desktop, laptop, tablet or mobile.
The platform has three types of charts; line, bar, and candlesticks. The chart can be viewed in multiple time frames and come with several tools and indicators. The downside is that the charts are very simple and there are not very many tools or indicators, you will be better served to use a different charting package.
The platform can be set up in several ways depending on your style. They suggest active traders use the tab set-up that lists up to a dozen assets in an easy to use side by side manner. Trading is easy, why wouldn’t it be, all you have to do is one click after you set preferences for leverage. So, should you open an account with Ubanker? Only if you want the simple, unsophisticated safety of a low-quality broker (assuming this one is safe, of course).
I was not able to find complaints about Ubanker but the broker is pretty new, they haven’t been around long, so far as I can tell. I did find so many scam-broker-review websites I tend to think we will get some complaints in the near future, someone is going to make a deposit and learn the hard way regulated brokers are the way to go.
UBanker Regulatory Warnings
There are likewise no regulatory warnings on Ubanker but we won’t be surprised if one turns up. Regardless of their honesty and integrity, they are operating without a license. Based on results from SimilarWeb most of their traffic comes from Saudi Arabia, South Africa and the Democratic Republic of the Congo so you traders are most cautious.
Trading Bitcoin With UBanker
You can trade Bitcoin and a wide variety of cryptocurrency at Ubanker. They are not a cryptocurrency exchange, you will be trading CFDs, but you can trade with leverage for added return. Most tokens are paired against the dollar, euro or pound, but there are also a number of Bitcoin-denominated pairs as well.
User Friendliness 15/20
The platform isn’t unfriendly it just isn’t top of the line. The charts are weak, the tools are weak and the information they give is weak. It comes in a number of languages though and can be used on mobile, so there is that.
Number of Assets And Expiry 18/20
They have a wide range of assets, and cryptocurrency, so they score points here. Expiry is open-ended on the spot positions.
Commissions, Support And Effective Return 15/20
Again, not a bad broker but not a good one either. Commissions are non-existent but there is a spread to overcome. Support is there but it took a long time to answer and effective returns are what you make them.
Deposit, Payment And Bonus 15/20
Deposit is easy and can be done by wire, credit card or eWallet. Payments are safe but may take up to two full weeks before they show in your bank account. There are no withdrawal fees but there are some bonuses that will affect your balances.
Website Extra’s 10/20
Not much to call extra here but I’ll give them credit on the number of assets and have cryptocurrency.
Ubanker Ratings 73/100