UTrader Broker Review
UTrader is another broker that has a fairly 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 option 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 later on.
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 License & Regulation
Prior to 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’. Due to these factors, we cannot confirm that they are a 100% scam, but we suggest you go with a regulated broker.
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 the average brokerage company takes 3 business days to approve.
UTrader Trading Accounts
UTrader does offer a selection of welcome bonuses to new accounts depending on the account type. These are the following accounts, including their bonuses:
- Starter – bonus of 50%.
- Silver – bonus of 100%.
- Gold – bonus of 120%.
- VIP – bonus of 150%.
The minimum requirement to get started trading is $300 and accounts be opened in these three currencies: EUR, USD and GBP. It is advised that you make sure you select the correct currency as you will not be able to change it later on. One of the main problems with UTrader’s trading accounts are that they all resemble; there is nothing unique. For example, if you opt to open a VIP account, you do not get the cutting edge tools and features you’d expect. The price you pay to open such an account is not reasonable.
Overall, UTrader we cannot deem them as a reputable broker to sign up with. One of the major reasons is that they cannot seem to attain CySEC approval. Another factor that downs their ranking is the fact they have poor customer support; immediate concerns on accounts are ignored. Moreover, the withdrawal process takes much longer than competitive brokers, which is around 5 days. Scam-Rank’s team feels that this broker doesn’t provide adequate trading conditions to its clients, thus we do not advise you to open an account here.
- High Bonuses
- SpotOptions Platform
- Not Regulated nor Licensed by CySec
- Poor Reputation
- Lacking Educational Materials