Home » UBanker Review – Ubanker.com Scam Update

UBanker Review – Ubanker.com Scam Update

Ubanker.com Scam Update

UBanker is an offshore brokerage that deals in Forex, Indices, Bonds, Cryptocurrencies and Commodities. They don’t have any separate kinds of profiles, not even a Sample account.

We had to put in an email address, phone number, and other generic data to create an account. A status page with the password for the account was shown in the window at the end of the registration process. An email was also sent in plain sight with the account credentials-not a smart privacy and protection technique, as email messages can be intercepted.

Ubanker.com Scam Update

Income Mentor Box

Regulation and protection of funds UBanker

The website of the broker is operated by Green Pole Ltd, Law Partners Property, Port Vila Vanuatu, approved by licence number 14627 of the Vanuatu Financial Services Commission. While registration with VFSC, the agency responsible for controlling and monitoring forex trading in Vanuatu, is reviewed, it should be noted that its regulatory system is quite slack relative to watchdog agencies in major financial markets such as the United States, the European Union, Australia and the United Kingdom.

For eg, for a securities licence holder, VFSC’s capital threshold is VUV 5 million, which is around USD 50,000, whereas US brokerages must retain a net minimum capital of $20 million to guarantee that they are well-capitalized to shield investors from adverse events. For Australian brokers, the minimum net capital threshold is AUD 1 00 000, and for those in the UK and the European Union, EUR 730 000, which is already almost 20 times the VFSC requirement.

Turn Key Trading Solutions

Explore the World of Opportunities With Profitable Trading Software
Crypto Master Bot

Flip Risk to your Advantage and Make the Best out of the volatility
For Free Account Click Here
Dax Robot

Trade the International Forex and Crypto Markets. Earn anywhere between $100 to $300 Daily on Auto-pilot
Reserve Your Spot Now

The group of corporations comprises Rehoboth Ltd, registration number 370840, 73 Arch. There is another company listed in the footer of the broker’s website. Avenue of Makarios III, CY1070 Nicosia, Cyprus. We agreed to verify with the CySEC, the government body in charge of authorising and supervising the operations of the country’s forex brokers, because of the company’s address. In their database, there is no record of Rehoboth Ltd or Green Pole Ltd.

Scam brokers also use certain cheap tactics, and that is why we suggest that all the material presented on the website of a broker be read carefully. And the option of a managed broker is much more important. Established watchdog bodies, such as the Financial Conduct Authority (FCA) and CySEC, enforce stringent restrictions on their licensees, including client account isolation to hold the assets of consumers apart from the operational funds of the broker.

Negative Balance Control involves that dealers are unlikely to risk more capital than they have spent. Controlled brokers are often allowed to engage in payout plans that offer extra guarantees of up to a certain sum for client funds (85,000 GBP in the UK and 20,000 EUR in the EU).

However, UBanker is an overseas, uncontrolled dealer, so it is important to first verify everything they claim or imply on their platform.They will say they are secure with your capital, but we will not advise you to take a chance with that.

Trading Tools from UBanker

The broker provides WebPROfit, a web-based trading site, and a smartphone (Android and iOS) service. This is a simplistic programme, notwithstanding its flashy name, that is very far from skilled architecture and practical norms. In reality, even a fraction of the features existing platforms do not deliver, not even a Virtual account.

Reputable forex brokers offer their customers, with links to skilled trading tools. MT4, favoured by over 80 percent of consumers, is deemed the number one network in the world. It includes an intuitive and user-friendly gui, sophisticated resources for charting and review, as well as solutions for copying and auto-trade.

However its replacement, MT5, has several advantages; it enables traders to conduct trades from a single account on multiple financial markets, and there is a hedging method. Both systems are now available as desktop and smartphone apps (iOS and Android).

Crypto MasterBot 2.0

Turn Key Trading Solutions

Explore the World of Opportunities With Profitable Trading Software
Crypto Master Bot

Flip Risk to your Advantage and Make the Best out of the volatility
For Free Account Click Here
Dax Robot

Trade the International Forex and Crypto Markets. Earn anywhere between $100 to $300 Daily on Auto-pilot
Reserve Your Spot Now

Trading Conditions of UBanker

We see a spread of 3 pips per EURUSD on the trading platform. This distribution is too large to be competitive-it would only allow benefit for the dealer, but not for the traders. Legitimate, controlled brokers generally have a spread of 1-1.5 pips for this most exchanged currency pair.

UBanker is selling a forex trade leverage of 1:200. While not extraordinarily high, we must caution our readers that trading on leverage, particularly for novice traders, poses considerable risks. While it makes for larger gain, it will often suffer substantial losses, many even greater than the funds spent.

For this reason, the majority of regulatory authorities place leverage limits on non-professional traders: 1:50 in the USA, 1:30 for brokers authorised in the EU and the UK. The Australian Securities and Investments Commission (ASIC) has recently stated that it will reduce leverage for major currency pairs to 1:30 from 29 March 2021.

Deposit/Withdrawal Approaches UBanker

The broker advertises the usual payment types on its credit / debit card and wire transfer, as well as a range of e-wallet solutions on the trading site, such as Skrill and Neteller.

The minimum deposit is $200, which is twice the controlled broker standards-they seek on average $100 from the traders. The minimum withdrawal demand is not that high, $50, but for their buyers, most legal brokers do not impose a threshold on the withdrawal number.

Apart from an inactive account fee, the account will be paid $33.33 a month in the absence of any trading operation over a duration of three (3) months. There are no additional costs or penalties listed on the platform or in the Terms and Conditions. There is no promise of any surprise payments, but scam artists are typically not open on their consumers’ fees.

We advise our readers to stay away from UBanker, despite the above, as they are an anonymous, offshore broker, probably a scam!

Our Goal is to Help people Learn and EARN

Do you want to start making Reliable and Consistent Profits from the Markets?

To achieve Efficient Results, Check out our Most Trusted Trading Apps by clicking here.

New to the Trading World? Don’t know where to begin?

Try Our Recommended Education Programme by clicking Here to Learn all there is to know about the Markets.

Leave a Reply

Your email address will not be published. Required fields are marked *