A well-known fact in FX trading is that 90% of all retail traders fail. The brokers at uBanker understand this and are leveraging the newbie trader’s lack of experience, strategy, and discipline to propagate their scam. This uBanker review will uncover this suspicious brokerage firm’s game plan. We will prove that uBanker is an unregulated scammer ready to defraud you of your hard-earned money.
uBanker Review: What exactly is uBanker?
uBanker offers an all under one roof hub that makes the management of all of your money market investments a walk in the park. In one uBanker account, a trader can sell or buy different types of assets, including stocks, forex, commodities, indices, and cryptocurrencies. It also has a high leverage of 1:200 for commodities and forex.
Its platforms are so accessible, you can easily trade via your mobile phone, tablet, desktop, or laptop. You can open an uBanker account and fund it with $200 to get started. This broker promises that it will help you to “invest exactly like a banker”.
Unfortunately, it will do no such thing, and you will lose all your capital via the false promises and guidance of their ‘personal brokers’. This uBanker review notes that the firm makes its living off new FX traders by presenting them with easy to use trading platforms.
If you have lost your money to uBanker, schedule a free consultation with us right away, and we will help you to get your money back.
uBanker scam: Proof that uBanker is running a well-veiled scam
A consumer scam is an unlawful, deceptive process or practice designed to facilitate payment for goods or services whose worth is disproportionate to payments made. This form of fraud is highly successful because it is practiced on the unsuspecting consumer.
uBanker capitalizes on high turnover of inexperienced traders
A majority of the massive FX trading swindles online succeed because a majority of the traders here are highly inexperienced. Remember that it is only a paltry five to ten percent of all FX traders that thrive in the trade. The FX market is nevertheless the largest and most liquid market in the world. This implies that new traders come in each day to replace those that have lost their capital and quit the market.
No MetaTrader 4 or MetaTrader 5 on uBanker
Brokerage firms like uBanker eye this high turnover of traders for profitability. They, for instance, do not use standard trading platforms like MetaTrader 4 or MetaTrader 5, robust platforms popular amongst the experienced traders. On uBanker, you will only have two options for trading platforms; Mobile Profit or Web Profit. This is questionable.
If you think deeply about this decision, you will conclude that uBanker does not have any advanced traders on their platforms. Unlike the newbie, the experienced trader is less concerned with high winning rates. They are, therefore, not looking to trade each day regardless of the conditions in the market.
Such a trader takes their time to study trends and ensure that they trade without the influence of their emotions. Robust platforms such as MT4 or MT5 are their favorites because they provide top-notch trading information and protective measures.
uBanker uses weak platforms
Mobile Profit or Web Profit platforms seem very intuitive. They, however, have very little meat on their bones; weak charts, tools, analytics, information, and AI support. uBanker uses these weak platforms to target the dabblers in FX, not serious investors.
The inexperienced investor will use these platforms heavily in their chase for short-term profit. The trader will eventually lose all their capital while uBanker will make a profit off each trade.
Is uBanker a regulated broker?
Legitimate broker firms are very clear on licenses and will display this valuable information on their websites. A scam outfit like uBanker will misinform and misdirect any potential investor in search of its regulatory information. On its website’s footer, uBanker states that a firm in Port Vila Vanuatu owns its website.
The firm, Green Pole Ltd, is located in Law Partners House Vanuatu. uBanker claims that Green Pole owns it. And that Green Pole has a Vanuatu Financial Services Commission (VFSC) registration – license number 14627.
uBanker associates itself with Rehoboth Ltd, a payment-processing firm located in Cyprus. Rehoboth’s registration number is 370840, Makarios III Avenue, CY1070 Nicosia, Cyprus. This information is strategically placed on that site to mislead any potential client.
It is intentionally implying that uBanker has a CySEC license, which would bring it under a strong regulatory body. Sad to say, this is a smokescreen and a huge red flag. uBanker’s regulatory information is not credible and should be ignored.
This uBanker review will nevertheless give this firm a fighting chance. Let us say that uBanker has a Vanuatu Financial Services Commission, license number 14627. Does this license make uBanker a safe forex broker business?
Here is why you should avoid VFSC licensed brokers
The VFSC was formed in 1993 and administers legislation on the Vanuatu financial industry. The Southwestern Pacific Ocean regulator has a compliance and registration department that has a simplified registration process, which is very popular amongst international business owners and investors.
The archipelago nation is a paradise of sorts amongst financial industry bigwigs because it offers them many tax and legal breaks. Since FX brokerage firms must have licensing for legitimacy, they turn to the VFSC’s registration process due to its easy setup process, which costs as low as $2,000.
The regulator does not require strict proof of business background, operation guidelines, or secure fund management. A VFSC licensed firm does not have to regularly file their reports, and the VFSC will not impose fines on fraudulent operations. uBanker, therefore, only needs to submit a yearly undetailed financial report.
Here’s uBanker’s review on Forex Peace Academy:
Lack of proper regulation leaves the uBanker investor’s financial assets wide open to abuse. Any brokerage firm that uses relaxed regulatory jurisdictions as a sign of regulation is not trustworthy. As an illustration, our ProfitiX review unearthed that the firm’s St. Vincent and the Grenadines (SVG) license was just as weak the VFSC’s.
Our uBanker review conclusion
This uBanker review proves uBanker is a scam broker. Avoid uBanker at all costs. Have you lost your money to uBanker or any other scam forex broker? Book a free consultation session with Wealth Recovery Expert (WRE). Our years of experience in wealth recovery will help you chart a solid fund recovery process.