Warnings: CNVM, FCA
- forex assessment in arabic
UBanker and its Arabic website ar.ubankertrade.net is an offshore broker offering trading in forex, indices, stocks, commodities and cryptocurrencies. They don't have different account types, not even a demo account. To open an account, we had to provide first and last name, email address, phone number and country. Upon completion of the registration process, a success page was displayed in the browser with the account password. An email was also sent with account credentials in plain sight - not a good practice in terms of privacy and security, as email communications can be intercepted.
The website of the broker is owned by Green Pole Ltd, Law Partners House, Port Vila Vanuatu, which is authorized by the Vanuatu Financial Services Commission with license number 14627. Although registered with the VFSC, the body responsible for regulating and controlling foreign exchange in Vanuatu, the regulation system Its own is very weak compared to other agencies.
For example, the VFSC capital requirement for a securities license holder is VUV 5 million which is about $50,000, while US brokerages must maintain a net capital of at least $20 million to ensure that they are well-capitalized to protect investors. The minimum net capital requirement for Australian brokers is A$100,000, and for those in the UK and EU €730,000, which is still nearly 20 times the VFSC.
There is another entity mentioned on the broker’s website – Rehoboth Ltd, registration number 370840, which is based in Cyprus. Due to the title of the company, we decided to review the website of CySEC, which is the government agency responsible for licensing and supervising the activities of forex brokers in the country. There is no record of Rehoboth Ltd or Green Pole Ltd in their database. In fact, earlier this month, the Spanish Financial Supervisory Authority issued a warning against the broker:
On the other hand, the broker is trying to mislead potential Arab clients in particular, and has deleted the part that mentions the Vanuatu island license from the Arab website of the broker ar.ubankertrade.net and left only the Cypriot license, which in this case, as we mentioned previously, is fake and unreal.
UBanker claims that it “provides complete protection in the first 5 to 15 trades.” As it turns out, the insurance offer has not been valid for nearly two years.
These cheap scams are often used by scam brokers, which is why we advise you to carefully read all the information provided on the broker’s website. The most important thing is to choose a regulated broker. Established monitoring agencies enforce, however, UBanker is an unregulated broker so you should check first anything they say or promise on their website. They may claim that your money is safe with them, but we don't advise taking that risk.
The broker offers a web-based trading platform – WebPROfit and a mobile application (Android and iOS) – Mobile PROfit. Despite its flashy name, it is a rudimentary program, far from professional standards in terms of design, functionality and protection. In fact, it does not offer anything a trader needs, not even a demo account.
Withdrawal and Deposit at UBanker
The minimum initial deposit is $200, the minimum withdrawal is $50 – but most legitimate brokers do not set a limit on the withdrawal amount for their clients. In the absence of any trading activity for a period of three (3) months, $33.33 per month will be charged to your account - there are no fees or other charges mentioned on the Website or in the Terms and Conditions. This is not a guarantee against any surprise charges.
Is Ubanker a scam?
Considering all of the above, we warn our readers to stay away from UBanker because they are an unregulated broker and definitely a scam!