uBanker is a broker that was established in 2017 and offers online forex trading services. In a short time, they have achieved good success. The official website is provided in 3 languages, English. Arabic and Spanish.
uBanker’s official website has a very amateur design. Nevertheless, I must say that the broker was successful in attracting customers. What is the source of this success?
I reviewed UBanker based on the following criteria.
- Acceptable maximum leverage of 1:200
- Spreads are medium level
- High Minimum deposit of $200
If you’re reading this uBanker review, you’re probably thinking about opening an account with the broker. Well, is uBanker a scam or one of the reliable brokers? What types of accounts and trading conditions are available? What are some features that should be known such as spreads, minimum deposit and maximum leverage? You can find detailed answers to all these questions and compare them with other brokers in this uBanker review. In addition to these, you can write to me if you have a question.
Let’s start reviewing if you’re ready.
Without any speculation, when it comes to the forex and CFDs trading, it’s a fact that regulation is the main focal point to look at before even considering any broker house to trade with and fund any real account through.
And with that that in mind, allow me to tell you that the financial regulators make a great pro point in any broker review since it’s considered the security representative to the broker’s name in the market. Licenses and regulations make sure to keep the broker under a constant audit to make sure that all funding and operations are going per the rules and the allowed within the market.
Some of those regulators even make sure that the broker obtaining the license is having a minimum capital of at least $1M before giving the regulation ( ASIC regulation in Australia ). Some other regulators have a compensation scheme set in stone just in case any dispute occurred or any financial crises took place for the clients dealing with a specific issue with any broker.
Of course not all regulators are conducting the same strict rules, some regulators are easy to be obtained since they don’t require any sort of specific capital or things like that.
Some brokers, such as uBanker, continue to provide services by obtaining licenses from relatively less reputable regulators. We can not expect newly established brokers to obtain a license from reputable regulators immediately.
uBanker is owned and operated by Green Pole Ltd and this company is authorized by the Vanuatu Financial Services Commission with licence number 14627. So I can say uBanker is a regulated and licensed broker.
Obtaining licenses for newly established brokers is a challenging process. As a result, many brokers operate without a license. Some of these brokers even mislead investors and say they are licensed.
UBanker Account Types
I can say that UBanker is a bit inadequate to examine in terms of account types. Unlike many other brokers, there is no account type diversity. You can only select one account type.
The minimum deposit for this standard type of account is $ 200. The broker’s official website states that this minimum deposit is quite low, but I must say that it is above the industry average of $ 100. Even in reputable regulators FXTM and XM, the minimum deposit is as low as $ 5.
The maximum leverage offered by uBanker is 1: 200. I have to say that the leverage ratio is lower than the competition. If you look at my top broker list, you can see brokers that offer higher leverage.
uBanker offers a fixed spread. I think this is a positive feature. A slightly higher cost than the floating spread model may result. However, you do not encounter chronic problems like spread widening. So you have a more reliable trading service. The fixed spread of 3 pips is offered by uBanker in the standard account.
Another negative feature of the broker is that MetaTrader 4 is not supported. Instead of MT4, the trading platform called PROFIT is offered.
Different payment and funding methods are offered by uBanker which makes it easy for different traders from around the world to fund their accounts.
These funding methods include:
- Bank wire transfer: can take up to 5 business days to process
- Credit and debit cards: including visa and MasterCard ( the payments are processed instantly)
- E-wallet options: like Neteller, Skrill, and Maestro pay ( instant processing of the payments)
- Moneybookers: pay retailers, Eft pay, Interswitch, Paysafecard and ecoPayz.
Different trading instruments are offered yet the variety isn’t as big as other brokers in the market.
Forex: majors, minors and exotics are available for trading with leverage offered of 1:200. Where the market is very diverse and a great deal of liquidity is presenting itself within the market, it makes it quite enjoyable to trade and follow techniques or even copy trades of successful traders.
CFDs: trading CFDs in general allows the trader to obtain higher leverage and greater potential profits. But as the chances for profit increase, so does the chance for loss, since higher leverage is included so be careful. Examples of the presented CFDs for trade with uBanker are Boeing, Coca-Cola, Apple, Bank of America, Google, Yahoo and more.
Commodities: like Gold, Siler and Oil. These precious metals and energies, in addition to the availability to trade natural gas too, represent the safe haven for traders which allows them to trade on the rise and fall and open positions in both cases and benefit from the price movements. With an offered leverage over metals and energies of 1:200, trading these CFDs will be a great advantage. Agricultural materials can be traded too like cocoa, coffee, corn, cotton and more are all presented. Yet the leverage offered on trading coffee only is 1:20 but all other commodities can have a maximum of 1:100 leverage available.
Indices: CAC 40, DOW JONES, DAX INDEX, FTSE 100, NASDAQ and more are examples of the offered indices for trade which represent a great deal in hedging the training portfolios of traders within the forex market. The leverage offered on indices is 1:100.
Shares: the shares of the biggest companies in the world are presented for trade and they include Apple, Microsoft, Amazon, Facebook and more. With 1:10 maximum leverage offered on shares trading, you can make sure to make a good trade.
The platforms presented for trade from uBanker to their clients don’t seem to be quite any of the known platforms in the market which raises a great con point in this ubanker review since most of the forex brokers in the market present the most known platforms and the most used, MT4, followed by its next-gen successor, the MT5.
uBanker has developed its own trading platform that is called PROfit, this platform is available on both mobile devices and the web version. It supplies a modern and easy-to-use interface that matches both beginners and experts in forex and CFDs trading.
The Mobile PROfit has an easy and simple interface where you can use it anytime anywhere on your mobile phone as long as you have an internet connection. The mobility of the app, in addition to the variety of trading tools offered, allows traders to open positions anytime anywhere. You can install the app on both Android and iPhone devices.
The Web PROfit, which is the web version of the platform, allows access from different browsers and allows users to log in online and trade without having to go through downloads and installation processes first. With the one-click order execution property, you can make your orders more professional and more advanced.
Even though the regulation of the broker isn’t the strongest license in the market, it’s accepted as the broker is seeking transparency and more advancement in the market.
No clear account types are announced on the official website which makes it a bit hazy for traders to know the conditions you’ll be dealing with.
The maximum leverage offered for forex trading is 1:200 and a minimum deposit o $200 is allowed.
different trading instruments are offered yet they are not equivalent to the same instruments offered by other brokers in the market which is also a con to be noted in this ubanker review.
ubanker supplies different funding tools to be used with fast/ standard processing time. Yet the cryptocurrency option to deposit and withdraw is absent from the website of the broker.
The absence of any recognizable trading platform and the lack of information about more properties of the PROfit platform is a major con in the ubanker review since it makes it unclear how trading can be carried out. Also, the absence of MT4 and MT5 makes it not the most preferred option for traders who all prefer the MetaQuotes-developed platforms.