Why DOESN’T uTrader Suck in 50 Words
What does not suck is the fact that their news page seems to be up to date with fundamentals. Also, their latest live webinar seems to be up to date, just from a couple of days ago and was about NFP. I can’t say whether the webinar itself is actually good or not considering their analyst team is fake. Nevertheless, it’s interesting but nothing that would make me put money in the brokerage.
Why Does uTrader Suck in 50 Words
Why does an unregulated broker that has been warned against and blacklisted by so many different financial authorities and that is luring their clients by using get-rich-quick robot scams suck? Well, I guess I just made my point. If I haven’t, the complaints from their clients mentioned below will put the nail in the coffin.
Is uTrader a Scam?
uTrader showed up on our radar because it kept showing up as a recommended broker by several robot scam services. Some of them are: Bitcoin wealth app, OptionRobot, Binary-option-robot.com, and many other similar get-rich fast schemes. In addition, they are not regulated and are since earlier warned by various authorities like the: FCA, BCSC, and HCMC as we will discuss further below under “regulatory warnings”. What really is a big turn-off about this broker is that their entire “team” is FAKE. That’s right, the images of their so-called top analysts are all stock photos with made-up names. There are no actual analysts there! Only a scam company would do such a thing. Putting all of the above issues together, it is safe to say that uTrader is a scam broker.
The so called analysts are all made up. Fake names and fake pictures taken off stockphotos (depositphotos)!
Should I Open an Account with uTrader
uTrader is a non-regulated broker owned by uTrader Day Dream Investments Ltd Trust Company Complex. Their address is Ajeltake Road, Majuro, Marshall Islands, MH96960. This is just a virtual offshore address. They also hold the following address in Bulgaria: Sliven 8800, Complex Stoyan Zaimov, block 69, entrance B, 4 Yako Katsarov street. Reg number 204434170. The company was founded in 2011. Their traffic has maintained pretty stable numbers with a high spike in November which means they are still operating.
Considering the above-mentioned issues: lack of regulation, affiliation with scam robot services, and being blacklisted by financial authorities, the answer is a big NO.
But, let’s take a deeper look at this broker. They use the SpotOption white-label platform like many other “lazy” brokers. There is also no actual address on them, only virtual offices so if there is any problem, you can’t find the owners. And of course, those names are all fake like we already mentioned… good luck finding “Elliot Press”!
Interestingly, they, although not directly mentioning it, do offer Binary Options. It goes under the name “Digital Options”. For example, ETH/USD or BTC/USD Call/Put are traded like regular binary options. They also talk about FX and CFD’s but seriously, I don’t see them anywhere on their platform…
They offer advanced charts too which is a good thing but I don’t think anyone has issues finding free charts online so it’s not really a big deal with all the sources nowadays including MT4 and MT5. The webinar part sounded really interesting considering they show us an image of so many wins from that previous session but let’s remember there are no actual analysts as we exposed above, so at best you get a good car salesman who will tell you to do Martingale with Bollinger bands…
To further add to the negatives; what I don’t like is that they still offer bonuses. These were banned and removed some time ago. However, it is not surprising that scam brokers still keep offering them. At uTrader, you can get up to 150% bonus with a turnover requirement of 40 times the amount!
Did I say downsides? The terms and conditions are poorly written too. I am not sure even sure what they mean here for example:
“When trading ForEx/CFD product, trades with a duration of more than 10 minutes are counted in the client’s turnover. If trade lasts 10 minutes or more, the company reserves the right to consider the client’s trade turnover in an individual manner, if it is suspected in unfair trading and/or fraud attempts with the trading turnover.”
So, I assume they mean Forex/CFD and that trading over 10 min counts as turnover volume for bonuses but sub 10 min does not? I can only guess that’s what they were trying to say here. In that case, it means if you are trying to reach that 40x volume, you can forget about quick trades below 10 min expiry because they may NOT accept it as a turnover! This is not unusual, other brokers have used such rules before on for example 60 second trading so you can’t reach your turnover too fast.
Another rule in the terms and conditions mentions that if you attempt to withdraw a sum above 10K, the process may take up to 5 months as this sum may only be paid partially during this time. This is alarming because they are asking for a 6K-30K deposit for a gold account and double that for VIP accounts! If they cannot pay even 10k within a 7 day period, why ask for such a high deposit? It means they probably lack the liquidity to do so or are just not willing to pay clients. Good luck withdrawing your money… if 10K can take up to 5 months, it can take 30 months to get your money out for a 60K deposit. And what if you made 40K on top of that? Well, you just need to wait 4 years I guess. uTrader, NO THANKS!
Not a big effort is needed to find dirt on uTrader. Just Google uTrader Warning, uTrader blacklisted or complaints, grab a beer and you got yourself plenty of material for the entire weekend.
Jokes aside, I found enough to know this broker has only one goal: to steal your cash. Most of the stories are similar and can be found for example here at Forex Peace Army. Simply put, forget about withdrawals and the account managers will do their best to make you lose fast and a lot – oh yeah, these are the same “top analysts”. Let’s also not forget about their investment fraud they are running using Bitcoin as a lure:
Warning! Another Investment Scam – uTrader Bitcoin. Or Read our Bitcoin Wealth App Review here.
uTrader Regulatory Announcements and Warning
29.11.2017 BCSC adds uTrader and their company Day Dream investments to their list of caution.
19.05.2017 Greek HCMC warns against a list of companies including uTrader.
25.4.2017 CFTC in the US adds uTrader to their Red list.
13.12.2016 Cysec adds uTrader.com to the list of unauthorized domains.
N/A Date FCA in the UK includes uTrader in their list of unauthorized firms.
The broker does offer bonuses up to 150% depending on what type of account you wish to open but the minimum bonus is 50%. The requirement is a trading volume of 40x the deposit but trades with expiries below 10 minutes may not be counted as volume. There is a “Cash for turnover” offer but it is pretty much like a better way of giving bonuses. Basically, once you reach a certain trading volume, you can get a few percentages of the volume you generated.
This is highly unlikely as people are already having issues withdrawing their own deposits from uTrader, not to mention extra cash.
Withdrawals may take 7 business days but any withdrawal sub at 10K or higher may be paid in periods and take up to 5 months to be completed. Accepted methods are Visa, Mastercard, Qiwi, Orangepay, Neteller, WebMoney, and skrill. The minimum withdrawal amount is 25$ and the first withdrawal of every calendar month is free of charge. Additional withdrawals may cost 12$ each and 25$ is charged for wire transfer.
User Friendliness 15/20
The website comes in four languages and things are easy to find. Their news page is up to date and they offer webinars.
No. of Assets and Expiry time 10/20
There are 28 currency pairs, two cryptocurrency pairs, ETH/USD and BTC/USD, 41 stocks, 14 indices, and 10 commodities on the platform. This is not a very large list of assets. Expiry times vary, there is long-term and intraday with lower expiries. The platform is standard SpotOption. They claim to have FX and CFD’s but all I see is the digital options (binary options).
Commissions, Support, and Effective Return 10/20
The highest payout goes up to 85%. The support is available through chat but we were not able to reach them. Only an automatic message was delivered to us. There are no commissions but there is the inactivity fee that is charged monthly 30$.
Deposit, Payment, and Bonus 10/20
The minimum deposit is 300$. Payments can be made through Visa, MasterCard, Neteller, Skrill, and bonuses range from 50 up to 150% with a 40x volume requirement. Withdrawals are minimum 25$ and free every calendar month. Additional withdrawals will cost 12$. Sums above 10K may take up to 5 months to be processed!
Website Extra’s 8/20
There are live webinars where an “analyst” trades during for example news events. However, the images of the analysts and their names are fake so we cannot trust them.
uTrader Overall Ratings: 53/100