When a binary options broker has been in business for many years and bills itself as quite simply the very best in the business, you’d be forgiven for immediately having a good amount of confidence in them. Indeed, the fact that this is such a competitive sector generally means that when a binary options broker has been around for quite some time, it usually means they are doing something right. But not always….as we’ve learned through experience – sometimes the hard way.
In this instance, we’re going to be taking a look at uTrader – one of the best known binary options trading platforms currently in business. With an extensive army of customers spanning the entire world, it’s pretty clear that at least something about the uTrader appeals to certain traders.
But when everything is put under the microscope, are we ready looking at the kind of binary options broker that excels above others? Read this uTrader investigative report to find out the truth – is uTrader a broker to avoid altogether?
uTrader’s Reputation Going Down Hill?
uTrader is another broker that has relatively low reviews in the binary options industry. We discovered that they’ve been around since 2011 and have their CROFR license from Russia. uTrader has not obtained its license from CySEC as it has been pending for a very long time. Why the delay? Good question. Obviously, the governing financial authority isn’t sure about this company, so keep your guard.
All-in-all, the uTrader trading platform is simple and interactive as it is powered by SpotOption, which is a popular choice amongst many binary options brokers. It does come with some tools that our team has deemed mediocre; some glitches were uncovered that caused a few profit mishaps. They offer various account types to meet a trader’s needs and requirements, but their customer support seemed to be missing in action when our team needed assistance. The website comes with a few educational resources, eBooks, and webinars for traders to use in order to help them, although they are a bit too basic and won’t help you advance your trading skills.
We cannot understand why this broker is staying out of sight. After such curiosity, we deemed it vastly important to investigate this company and share our findings.
uTrader Trading Platform
To be honest, we find it pretty remarkable that uTrader has managed to go such a long way and to survive for such a long time without any kind of licensing or regulation. They are not currently regulated by any authorized financial institution, just as is the case with plenty of other brokers we advise staying away from. It’s not to say that lack of regulation immediately means dodgy dealings, but in most certainly means that you are taking a risk with every penny you trade with. Should anything go wrong, there’s not a great deal you can do about it – is this the kind of risk you are willing to take?
But what’s even more interesting is the way in which upon carrying out a little deeper investigation, it became clear that uTrader has in fact spent much of the past two years attempting to become CySEC regulated. The fact that it hasn’t happened yet would seem to suggest that there is something about what’s on offer that does not satisfy their own criteria, which again paints are less than positive picture of what’s on offer.
As for what is on offer for those who do decide to sign up, the actual binary trading itself at uTrader is nothing too impressive. They have an asset library totaling more than 100, which features the common stocks, currencies, commodities, and indices available. There are also different options types available, including touch options, pair options, 60-second options, and turbo options. All of which means that when you actually get down to business, things don’t look too bad at all. Unfortunately, while uTrader is built around the extraordinarily popular SpotOption platform, they had for some reason decided to disable iFollow. This may come as a kick in the pants to quite a few newcomers, who consequently will not be able to monitor and follow the actions of other traders while getting to grips with the basics.
Not exactly a deal breaker, but still a bit of a shame.
uTrader – A Safe and Secure Broker?
In terms of safety and security, the fact that uTrader makes no mention of segregated accounts of the use of SLL encryption leads us to believe that neither are used. Ask any experienced trader and they will tell you that there is quite simply nothing more important than safety and security when it comes to these kinds of transactions. In the case of uTrader, it could very well be that such measures are enforced, but for some reason, they do not make a song and dance about it. In reality, however, it’s far more likely that neither are used. When combined with the fact that we are talking about an unregulated broker here, you find yourself staring multiple risks in the face with every transaction.
As for what the past and present traders have to say about uTrader, there aren’t quite as many complaints as would be associated with the usual scam artists, which is at least slightly reassuring. However, there are more than enough examples of complaints and criticisms regarding account blockages, withdrawal refusals and the kinds of pushy sales and marketing tactics that lead to poor decision-making. We didn’t experience any of these personally but saw enough evidence in the words of customers to be wary of what was going on.
Besides all this, we came across more than enough during our own time with uTrader to discover that this might not be, as they claim, the very best binary options broker on the market.
uTrader License & Regulation
Before opening an account with a broker, a trader should find out if they are regulated and legit. If a preferred broker is not regulated, that means there is no financial institution overlooking their practices. This raises a red flag for our team, and it should with you as well.
Holding a license from an authoritative body such as CySEC does ensure credibility and makes the entire trading experience much more secure. uTrader only has its license from CROFR in Russia and has been trying to get its license from CySEC, but they cannot get the ‘OK’. The reasons for the delay are not publicly available, but we do find this rather odd and alarming. Due to these factors, we cannot confirm that they are a 100% scam, but we suggest you go with a regulated broker for safe trading.
uTrader – Customer Support Falls Short
Moving on to customer support, there is nothing gravely wrong with the service provided by uTrader, but there’s also nothing to write home about, either. Our own personal experience with the uTrader customer support team is decent enough, having tested things out via email, telephone, and Skype. There is also a live chat facility available, but it doesn’t make for the most enjoyable experience in general. In addition, we found that when it came to more complicated or serious questions about both accounts and trading in general, the answers we were provided with seemed to be more made up on the spot than backed by solid knowledge. It was the classic case of each member of the service team giving an entirely different answer to every other.
At least, in our experience.
Moving on, we found to very specific things about the customer experience at uTrader that would have turned us in the opposite direction in an instant, had we intended to stick around long term. First of all, there is the way in which excessive 20X turnover requirements are attached to bonuses. Which for the long and short of it basically means the kinds of terms and conditions that make it impossible for you to get your hands on any of your money or associated profits. On top of this, uTrader really sets a new standard in terms of overcharging customers, by imposing a fee of $25 on inactive accounts every 30 days. Most give at least a few months or even a year before they start charging for inactivity – uTrader wants you to trade all the time or will slap charges on you for not doing so.
uTrader Deposit & Withdrawals
A broker who provides trading services but does not have the appropriate license should have you skeptical about depositing your money. After investigating uTrader’s deposit and withdrawal methods, we have found that there have been complaints and delays with the withdrawal procedure.
uTrader’s minimum required deposit is slightly higher than that of other brokers; a minimum amount of $300 is needed to initiate trades. They do offer various payment methods: Credit and Debit cards, wire transfer, and 3 e-Wallet services including Neteller, Skrill, and WebMoney. At first, this looked impressive being that they are unregulated by CySEC but we later discovered that their approval process took almost 5 days to complete. This beyond what it should take, as a high-standing binary broker takes 3 business days to approve.
uTrader Accounts – Nothing Unique
There are five trading accounts in total on the cards for new customers at uTrader. Right at the bottom of the table comes the $300 Start Account, with things progressing up as far as they VIP Account which asks for a minimum deposit of $50,000.
To be frank, we personally don’t think that uTrader gets it right at either end of the table. Just as the two lower-end accounts are desperately lacking in perks and advantages, those at the top-end of the table don’t deliver nearly enough to justify such high prices. As such, it’s the Gold Account in the middle that serves as something of a happy medium, but with a price of $5,000, it’s way out of reach for most. And while we’re at it, $300 is way too much to charge for the lowest level account, which is a bit high compared to some top-performing binary brokers that only require $200.
Still, on the subject of accounts for a moment, uTrader has decided not to offer customers any kind of demo account of any sort. In addition, anyone interested in setting up and working with an Islamic account will find that this also happens to be missing from the equation. As such, we’re already looking at a binary options trading platform that doesn’t quite live up to its own claims to fame.
The Final Verdict
We would never knowingly give a poor score or recommendation to any binary options broker we didn’t believe was performing at a substandard level. In the case of uTrader, we can pinpoint a number of concrete facts to help you better understand where uTrader may fall short of trading needs. Overall, after this thorough investigation, we are unable to recommend uTrader to any trader – it’s not worth the investment.
Not only is this an entirely unregulated broker, but the account types on offer are not particularly brilliant, and the minimum initial deposit amount of $300 is TOO high for industry standards. Transactions are not secured, the customer support team is mediocre at best, and there are no demo accounts for those looking to get to grips with what’s on offer. Coupled with the threat of unnecessary charges for every 30 days of inactivity, we personally believe you would be better off elsewhere.
- SpotOptions Platform
- Plenty Of Options Types And Assets Available
- Troubling Customer Feedback On Withdrawals
- No Demo Account Available
- Most Account Types Too Expensive
- No Demo Account
- Mediocre Customer Service
- Very Little Transaction Security