Why UBanker Sucks In 50 Words
The corporate information they provide is unclear and neither company is regulated by a high-profile financial watchdog. They look a lot like a broker operating under the radar, avoiding regulation and evading responsibility to their clients.
Why UBanker Doesn’t Suck In 50 Words
Ubanker offers an above-average asset basket and a trading platform with at least some basic technical analysis capabilities. Autochartist is available for free on their platform, as well as a news feed and charts provided by Netdania. That’s not much but it’s better than nothing.
Is UBanker A Scam?
Ubanker may not be a scam but it’s not the best or safest broker either. And when it comes to your hard-earned money, why not choose the absolute best and safest? This broker provides a license number but it cannot be located on the regulator’s website and the corporate information is not clear – you don’t know exactly who you are dealing with. Is it the company in their Terms and Conditions or the other one? Bottom line: choose a regulated broker!
Should I Open An Account With UBanker
UBanker is an online broker that offers CFD trading on various asset classes, including stocks, currencies, vanilla options, and cryptocurrencies among others. The company listed in the Terms and Conditions is Green Pole Limited, formed and registered in Vanuatu. According to the website, the company is authorized by the Vanuatu Financial Services Commission with license number 14627. However, a search on the regulator’s page didn’t return any results for this license number.
The group of companies operating Ubanker includes Rehoboth Ltd – registration number 370840 – a company registered in Cyprus. There is no additional information about this company, except an address.
Ubanker is a forex and CFD broker with tradable contracts on forex, stocks, indices, commodities, and cryptocurrency. The leverage on accounts is up to 1:500 for currencies, 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 several types of charts, such as line, bar, candlesticks and more. 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, thus you will be better off using a different charting package but unfortunately, they don’t offer something better so maybe you should find a broker that does.
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 – but be careful, the fact that you simply click and the trade is open can become a nuisance and can lead to some unwanted trades. However, they do offer a “confirm mode” where the trade doesn’t open with one click – you actually have to confirm it.
There is no information about account structure but after a bit of detective work, we’ve discovered that the minimum deposit is $200, which is huge for an unregulated broker. The minimum withdrawal sum is not specified but a support agent informed us it can be 10 USD or even less after initially saying that the minimum withdrawal amount is the entire available balance, which doesn’t really make sense.
All in all, Ubanker is an average broker that lacks strong regulation and fails to provide clear information about their trading and banking conditions. So, should you open an account with Ubanker? Only if you can’t find anything better, but in this day and age finding a good broker is no problem, so please choose a regulated one.
Green Pole Ltd, lists the location Law Partners House, Port Vila Vanuatu. Rehoboth Ltd lists the address 73 Arch. Makarios III Avenue, CY1070 Nicosia, Cyprus. The broker can be contacted at email [email protected] and phone + 27104464226.
Ubanker doesn’t enjoy a good reputation. Just scroll to the bottom of this review to see how many clients are complaining about them in our Comments section. Negative comments can be found in other parts of the Internet, confirming what we’ve said thus far.
UBanker Regulatory Warnings
There are 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 should be the most cautious.
Trading Bitcoin With UBanker
Although Ubanker’s support reps said that crypto trading is available, upon opening an account we couldn’t find any cryptocurrencies. They do have a tab for crypto in their asset index but it’s completely empty. Maybe it will become “populated” after depositing the minimum of 200 USD or maybe it was just a temporary technical problem… or maybe that’s how cryptocurrency works (or rather doesn’t work) at Ubanker.
They have a lot of tradable assets, Autochartist is free to use and you can use Netdania charts through their platform (although you won’t be able to trade directly on those charts). Nothing to write home about but at least it’s something.
User Friendliness 13/20
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’s translated only in 3 languages and mobile versions are available, so there is that. Demo accounts are not available and US clients are not accepted.
Range Of Markets, Spreads And Leverage 14/20
They have a wide range of assets but no cryptocurrencies at the time of writing. The leverage goes up to 1:500 but it’s not clear if it’s region-dependent or not. The spreads are huge: 4 pips for EUR/USD.
Fees And Support 15/20
Again, not a bad broker but not a good one either. Commissions are non-existent but there is a big spread to overcome. Support was quick to answer but the initial answer was confusing, albeit the agent solved my query eventually.
Deposits And Withdrawals 13/20
Deposit is easy and can be done by wire, credit card or eWallet (Skrill, Neteller and more, depending on client’s location), with a minimum of $200. Withdrawals can be made via the same methods, with a minimum of $10 or lower in some cases. The processing times for deposits and withdrawals are not specified and neither are the fees.
Website Extra’s 11/20
Not much to call extra here but I’ll give them credit on the number of assets, charts from Netdania, and free Autochartist.
Ubanker Ratings 66/100