uBanker is an unlicensed forex and CFD broker based in Vanuatu. They claim to be registered with the Vanuatu Financial Services Commission (VFSC) under the registration number 14627, but keep in mind that Vanuatu is an offshore zone with increasingly lax requirements regarding financial security. This means that uBanker traders have no true guarantee their funds are safe, nor will they receive any type of protection if something goes wrong.
uBanker is owned by the offshore company Green Pole Ltd in Vanuatu.
uBanker offers traders a single account with a minimum deposit of $200. Minimum deposits of $200 -$250 are the most common starting amounts required by most forex brokers, even though they may appear a little expensive. However, you can always find much cheaper solutions than uBanker. IQ Option, for example, lets you start trading with only $10.
With uBanker, you will have access to numerous underlying assets to trade, including CFDs in:
The maximum leverage you will be trading with is:
- Forex, Commodities – 1:200
- CFDs on indices – 1:100
- CFDs on shares – 1:10
Is uBanker Legit?
uBanker has two trading platform options for investors to choose: the Web Profit and the Mobile Profit. Both use the PROfit trading software, made especially simple for beginners. Unfortunately, there is no MetaTrader 4 or MetaTrader 5 platform available for more advanced traders. This is a disappointment, as MetaTrader 4 or 5 are the most popular forex trading platforms online and many brokers give their traders the option of trading with that specific platform.
You can take a look at the uBanker platforms below.
As the name suggests, the Web Profit is a web-based trading platform that allows you to make trades with a single click. As mentioned above, the software is easy-to-use with a simple interface, even for a complete beginner. The Web PROfit also allows you to follow important industry news and receive daily analysis, as well as regular updates. The great advantage of choosing a web trader is that you won’t need to download or install anything onto your PC or laptop. You can just access the uBanker web platform directly from your browser.
Now, if you prefer to trade from anywhere on-the-go, uBanker gives you the option to download their Mobile Profit platform on your smartphone or tablet. Available on both the App Store and Google Play, uBanker’s mobile platform lets you keep up with all financial news, while managing your trades from anywhere you may be. As you can imagine, this is incredibly convenient as it allows you to act on the spot when an opportunity arises – and not have to wait until you get home.
Education: Learn How to Trade
A good education is essential when it comes to trading. Before you invest any money with a forex and CFD broker, always make sure to do your research on the forex market, trading conditions, charts and tools. Many brokers tend to offer some free educational material on their website, and uBanker is no different. The forex broker appears to have some educational resources, but quite limited. They offer a few short paragraphs on certain basic forex trading topics, but no eBooks, tutorials, guides or any extensive education source.
At the uBanker website, you will find some limited information on:
- Forex fundamentals
- Forex trends
- Fundamental trading factors
- Tools and techniques
- Types of charts
However, uBanker claims to offer 1-on-1 personal forex coaching sessions, which are apparently free once you register.
Is Ubanker Legit or Scam?
If you have any questions or issues, you can contact the uBanker customer support team via email, phone, WhatsApp, live chat or the online contact form on their website.
Email: [email protected]
Phone number (South Africa): +27319412939
WhatsApp number: +447874406956
The customer support operating hours are Monday to Friday: 8.00 – 20.00hrs GMT+2.
All the company information services are provided by Rehoboth Ltd – 0035799101582 – 73 Arch. Makarios III Avenue, CY1070 Nicosia, Cyprus.
For your convenience, we have summarized all the main uBanker advantages and disadvantages below. We hope that this might help you to figure out is uBanker legit.
- Great trading platform for beginners
- Solid leverage and diversified asset collection
- Registered offshore (not as trustworthy as regular trading license)
- No demo account
- No MetaTrader 4 or MetaTrader 5 (most popular forex trading platforms)
The minimum deposit to begin trading with uBanker is $200. The deposit methods accepted are the following:
- Credit / Debit card (Visa, MasterCard)
- Wire transfer
- Skrill – Moneybookers
As for withdrawals, the minimum withdrawal amount is $50. You usually withdraw your funds with the same method you deposited, but keep in mind you will need to provide certain identification documents beforehand. uBanker does not mention how many days it takes for a withdrawal request to be processed, just that it will be done “as quickly as they can”.