Is uBanker a Scam?
That is likely the same question in the mind of most people reading this uBanker review right now. But don’t worry. I’m sure by the end of this post, you won’t have any more problems determining if uBanker is scam or not.
We have decided to do some digging into the operations and customer relations of the broker to help every trader out there know the true nature of uBanker – whether it is a reliable broker or a scam.
The Full uBanker Review
Forex and CFDs trading is more of a decision-making adventure. Before you can proudly say you are making success trading online, you must have made several important decisions all along. One such decision is the choice of your broker.
Trading with uBanker has recently generated mixed opinions from different people. While some people believed it is the best broker any trader could use for online trading, some believe they might be a scam.
But to understand if the broker is really a scam or not, it is important to take a closer look into how it works and what its business practices look like. Of course, that is exactly what we have done in this uBanker review. You can consider it as the most sincere review you can ever found about the broker.
We will be looking into different angles of their operation (something most review sites don’t do) so we can bring you our best opinion about the broker. If you have been considering trading with uBanker and wondering if it is actually a wise decision or not, we hope this review will help clear the air and motivate your decision about them.
What is uBanker? Who is uBanker?
uBanker is a Forex and CFDs broker and offers an online trading platform that allows you to manage all of your money market investments under one roof hub. It is making it super easy to invest and trade online.
The broker offers brokerage services in multiple areas. In one account, a trader can sell or buy different types of assets, such as bonds, stocks, forex, precious metals, indices, commodities, and cryptocurrencies.
uBanker also provides leverage of 1:200 for forex and commodities and has various leverages for different assets.
Its platforms are very accessible. Traders can easily trade via their mobile phones, tablet, or PCs. In short, uBanker promises to help every trader “invest exactly like a banker”. However, some people still believe they are not doing enough to fulfill that promise.
What Do People Mostly Say About uBanker?
Combing through the views and opinions of traders online about uBanker, it won’t be difficult to determine what this broker is actually good at. People think their service is geared more to helping beginner traders trade successfully online.
They have a simple trading app that is available on Android, Windows, and Apple. And to every sign-up, a personal investment advisor is provided whose job is to guide traders and help them navigate the challenging world of investments.
Looking at that, we think uBanker got a 5-star review because not all trading platforms actually have beginners in mind as this broker does. But is that enough to say the uBanker is legit?
We don’t think so. So, we continue digging!
Is uBanker a Regulated Broker?
After searching to know what people thought about a potential broker, the next thing to confirm is if the broker is also registered. Registered and licensed brokers will likely not run away with your money because there is a body that will hold them responsible if anything goes wrong. So, we should know if uBanker is registered and regulated.
From our findings, we discovered that uBanker is actually a regulated broker, putting down another doubt about the broker. The broker claimed to be owned by Green Pole Ltd, a company located in Law Partners House, Vanuatu.
Rising from Vanuatu, one may want to look further to confirm their authenticity. A few years back, we have seen some scam companies came from Vanuatu which is one of the reasons people seem to be uncomfortable with any company registered there.
But we further found out that uBanker is registered with Vanuatu Financial Services Commission (VFSC). That is a body that has also registered several brokers out there without any issues. uBanker’s VFSC license number is 14627 and also partners with a payment processing company in Cyprus, Rehoboth.
With this regulatory information we are able to gather about uBanker, the broker seems to be more than what many people thought it to be. uBanker is a registered broker!
uBanker Online Reviews
Like any other broker out there, there are lots of reviews online about uBanker – both positive and negative ones. While some people said the broker is the best broker any trader could invest with as they shared their success stories with uBanker, some other claim they have been scammed by uBanker.
Definitely, every one of them has a story to tell, and that is not strange in the financial world. So if you are making a decision based on uBanker reviews you found online, you may need to filter very well before you make a decision whether to choose uBanker or not.
But from what we saw online, we believe the chance of trusting uBanker based on the reviews is about 70%.
Not Available In the U.S
This is another thing we found out about uBanker. The broker doesn’t offer financial services to people in the U.S, including all the 50 US states. We actually did not understand why this is so, but we know that uBanker offers its services to every other country in the world except the US.
This could mean the broker has had a bad experience with dealing with Americans or the US laws forbids it from having any business deals with its citizens. So if you live in any areas in the US, including the US Virgin Islands, you may not be able to trade with uBanker.
Non-Standard Trading Platform
This is one part that gave us a weak heart about uBanker. The broker actually does not use a standard trading platform. Instead, it utilizes a simplified one called Web Profit. While this may be a good one for beginner traders, it may pose an issue for experienced traders.
Advanced traders actually use a more advanced trading system like MetaTrader 5 because it provides advanced features like analytics, charting, and AI advisor support. But all these are absent with the Web Profit platform that uBanker uses.
However, why this might look like a red flag for experienced traders and may want to make us rush into the conclusion that uBanker is a scam, it might just be a means by which the broker fulfills its vision. Remember they claim their vision is to help beginner traders trade like a banker.
Does that mean that every broker using Web Profit is a scam? No. Web Profit is also a good trading platform that works perfectly for beginner traders because of its intuitiveness and simplicity. However, if you are an experienced trader, you will know that Web Profit is usually easy to manipulate and doesn’t provide many advanced features you see on other platforms like MetaTrader 5.
Spreads, Fees, and Leverage
If we have been doubting if uBanker is a scam or not, taking a look at their spreads, fees, and leverages will definitely prove the broker to be reliable and transparent. Even though some uBanker reviews online say otherwise.
They are very transparent with their spreads – much more than most brokers on the market. uBanker also doesn’t ask for any fees. No bank transfer fees, no withdrawal fees, and no per-transaction fees. But they do have a variable spread which could be high sometimes.
Since they don’t ask for any fees, I think having a high and variable spread could be justifiable. That shouldn’t make it a scam.
What is uBanker Deposit Like?
uBanker’s minimum deposit is only $200 or €200. This is not also common in the trading world. Once you opened an account, you will be able to invest your money in a variety of assets with leverage as high as 200:1.
We think this is a good thing for traders who are still not sure if uBanker is a scam or not. You can decide to test the reliability of the broker with the small deposit money before you commit more money into it. Deposit is easy, and it doesn’t require any fee.
What About uBanker Withdrawal?
With the uBanker withdrawal, we had a few issues just some other traders also had. Withdrawal is usually delayed for a couple of days, especially for first-time withdrawals. However, when we noticed this, we decided to reach out to uBanker customer support before concluding they are a scam.
Luckily enough, the issue was resolved immediately, and we could get our money out without any further hassles. We think this is one major area many people get it wrong about uBanker.com. Whenever they are unable to make withdrawals (usually during their first withdrawal), they immediately tag the broker a scam instead of keeping calm and contacting them.
We also experienced this. At sign up, uBanker assigns a “personal advisor” that kept calling us to follow up on our trades. Though we found this annoying and suspicious at some point, we quickly realized that also is understandable, especially from a broker that also makes money when you trade.
If your money sits idle for a month, uBanker definitely makes nothing. But if you make ten trades that month, it means uBanker too will be making some money off your trade. Perhaps that’s the reason their advisors seem to be pushy.
What Is Our Opinion About uBanker?
Well, even though there seems to be a number of negative reviews about uBanker online, we have taken out time to investigate their operation and gave our sincere opinion about the broker. To sum it up, here is the summary of things we found about uBanker:
- The broker is geared more towards beginner traders. Experienced traders may not benefit much from it.
- uBanker seems to be a registered broker (we shared their details above)
- uBanker doesn’t offer financial services to people in the U.S
- It uses a non-standard trading platform (Web Profit). This might not be good enough for experienced traders
- Web Profit is beginner-friendly as it is intuitive and very simple but can also be easily manipulated
- No fees whatsoever are required
- Leverages are very high
- There may be issues with withdrawals, especially first-time withdrawals
- Pushy brokers may call you regularly to encourage you to trade. That’s understandable
Is uBanker a Scam? Should I Trade with Ubanker?
uBanker is a registered broker and provides all the necessary advice and support any beginner trader needs to trade successfully. If you are a beginner trader, this broker might be a good choice for you. But if you are experienced, the trading platform may not benefit you that much. You might need to find another broker you can trust.
You can consider trading with the broker but we will recommend you don’t do more than the minimum deposit at first so you can confirm things out yourself and see how the platform works before you fully commit yourself into it.
But from here, we can say uBanker is not a scam even though they have a couple of shortcomings.
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