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UBanker Review claims that it can help its customers “Take control of your finances,” and “Learn how to invest as bankers do.” However, both novice and seasoned investors should approach UBanker with caution. UBanker is not a licensed broker. UBanker Review claims that it can help its customers “Take control of your finances,” and “Learn how to invest as bankers do.” However, both novice and seasoned investors should approach UBanker with caution. UBanker is not a licensed broker.
Is UBanker a scam? Or is UBanker legit? Dealing with an unlicensed broker always is risky. This should be kept in mind when looking at the rest of UBanker’s services.
|Product Types||Forex, CFDs, Currencies and Indices|
|Products Offered||More than 200 products to Trade|
UBanker Review claims that it can help its customers “Take control of your finances,” and “Learn how to invest as bankers do.” However, both novice and seasoned investors should approach UBanker with caution. UBanker is not a licensed broker. For prospective traders who value the security of their investments, this information should be enough to look elsewhere.
UBanker portrays itself as an educational resource for new traders. It claims it is registered, whereas it is only licensed by the Vanuatu Financial Commission. This is a claim that could mislead novice traders. In reality, it doesn’t matter if a broker is licensed in just one area–the focus is on whether a broker is licensed to work with clients in the clients’ locations. The lack of a proper license does not make UBanker seem legit.
This is the reason UBanker and other brokers licensed in Vanuatu do not deal with customers in the United States. In actuality, they are not licensed to work with customers in most other regions of the world as well.
UBanker can lead visitors to believe they are reliable because they provide transparency about leverage and services. It advertises leverage of 1:200 for Forex, which is not extremely high. However, trading with this kind of leverage can reward the broker and punish the client, since they are high risk.
This high leverage may attract customers because the rewards can be great, but ultimately the broker is in absolute control, is more experienced and the chance of losses are high. It should be noted that leverage on UBanker for gold, silver, and oil is also 1:200 and other commodities are 1:100.
UBanker seems legit because it offers trading services for the following assets:
People may think UBanker is safe because it provides resources for traders, including trading platforms for beginners and self-study. It also guarantees protection for the first few trades, ranging from 5 to 15. This means that it promises to refund money lost on some initial trades, but the customer keeps the wins.
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The first red flag is UBanker’s misleading claims about licensing. It doesn’t spell out that it is only licensed for a limited region. It is owned by Greenpole Ltd. in Vanuatu, which also owns other unlicensed offshore scam brokers. Their payment is through Rehoboth, Ltd. in Cyprus. This may not mean UBanker is a scam but it does not reassure people that UBanker is safe.
The high leverage was mentioned above. It should also be noted that on the trading platform, there is a spread of 3 pips for EUR/USD. This spread is too wide to be legit and will profit mainly the broker rather than the trader. Regulated brokers usually employ a 1-1.5 pip spread, but UBanker is double this.
Regarding its forex and commodities leverage of 1:200, it is noteworthy that legit brokers usually have caps on leverage from 1:30 to 1:50 depending on their location. Regulatory bodies provide these caps to protect non-professional investors, but since uBanker doesn’t have proper licensing, it does not follow these regulations.
One sign that UBanker is a scam is its non-standard trading platform. Its proprietary app called Web Profit seems impressive. After all, it advertises itself as being high-tech and beginner-friendly. However, it should be noted that UBanker controls and can manipulate this platform as it sees fit. Therefore it can manufacture losses and avoid giving money to customers.
Another thing that is disconcerting about UBanker is that there are very few reviews. This is not necessarily a sign that UBanker is a fraud–it may just be that people are not reviewing the service–but they certainly are not getting enthusiastic responses. The single review on Trustpilot is in all-caps, negative, and demands a refund.
Concerning fees, deposits, and withdrawals, UBanker asks for a minimum of $200, whereas legitimate brokers usually required $100. Legit brokers also have a low minimum withdrawal of around $50 whereas UBanker does not show transparency about these policies or fees. It does mention a fee of $33.33 if an account is inactive after a few months, like other broker scams, there is no guarantee against unauthorized fees or a clear statement of a fee policy
UBanker, like scam brokers, is not regulated or properly licensed. Other things seem “scammy” such as a lack of transparency about fees and high leverage. Having its own trading platform is not necessarily a sign of fraud, but without other guarantees and assurances, it doesn’t seem safe.
Finally, there are not many reviews. This means there isn’t much validation for this broker. Even if UBanker isn’t a pure scam, it seems best to stay away or proceed with extreme caution.
Unfortunately, UBanker is another broker that looks professional upfront, with a decent website, a few positive comments from the press on the initial release of the product, and some educational tools that can help traders. This can lead visitors to believe that UBanker is a legitimate broker.
However, as with many unregulated brokers, according to customer reviews, UBanker exaggerates its licensing claims, has high leverage and lacks transparency about fees.
These and other behaviors are signs of an unscrupulous broker. Some unethical activities include:
If UBanker or another broker has engaged in any of the practices above and has taken your money, there are ways you can recover your funds. Fund recall has a team of professionals well-versed in the financial industry, regulations and legal procedure.
Book a free consultation to find out whether a broker is legitimate or to get your money back from a scam broker.
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