Minimum Deposit: $200
Maximum Leverage: 1:200
My Score: 3.0
uBanker is a broker that established in 2017 and offering online forex trading services. In a short time they have achieved a good success. The official website has approximately 700,000 visitors per month. About 60% of this visit is from South Africa. So the target of the broker is South Africa.
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?
If you’re reading this uBanker review, you’re probably thinking about opening an accounte with the broker. Well, is uBanker 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 the detailed answer of 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.
As I mentioned in my previous articles, the most important issue and the source of the guarantee for the forex traders is regulation. So I always recommend working with regulated brokers. However, the value of each regulator is not the same. Regulators like FCA, CySEC or ASIC are much more reputable.
uBanker is owned and operated by Green Pole Ltd and this company is regulated by VFSC – Vanuatu Financial Services Commission. So I can say uBanker is 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. This situation is unacceptable.
Some brokers, such as uBanker, continue to provide services by obtaining licenses from relatively less reputable regulators. So this is reasonable. We can not expect newly established brokers to obtain a license from reputable regulators immediately.
Account Types Offered by uBanker
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 the my top brokers 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 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.
Now let’s come to the deposit and withdrawal issues. The methods of depositing and withdrawing money offered by the broker are adequate, but not wide variety. You can use wire transfers and credit cards as you would with any other broker. As always, the fastest method is that you will be able to fund or withdraw money with your credit card. Only Skrill can be available from popular e-wallet systems. There are missing popular e-wallet systems like Neteller, PayPal or WebMoney.