Binary trading is a highly exciting and potentially very profitable activity, and millions of investors have made a fortune by trading binary options. However, not all broker houses that offer this form of investing are legitimate and professional, and this can cause a whole series of problems and frustrations for a prospective trader. That is why our uTrader review will try to cover all the relevant elements of this organization, and our uTrader opinion will provide you with enough facts so that you can come to an informed decision for yourself.
uTrader broker – History and structure of the company
Since history is a major asset when it comes to doing business in the financial sector, uTrader can hardly be classified as a broker company with history and tradition. As a matter of fact, this broker house was founded in 2011, with their headquarters being located in Riga, Latvia. However, a corporation called Day Dream Investments LTD owns uTrader, and this off-shore enterprise is registered in the Marshall Islands. If you ask for our uTrader opinion, this is a typical suspicious situation in the binary world, and clients should take great care when investing with such a company.
Utrader review – licenses and regulations
To make things even worse for uTrader broker, they are not even regulated by a respectable governing body, such as FCA or CySEC. Instead, they are under the jurisdiction of the Russian regulatory agency called FMRRC (Financial Market Relations Regulation Center). Since uTrader broker house has been unsuccessfully trying to obtain a license from CySEC for the past two years, it is evident that something is not right with their practices and that a lot of illegalities and similar issues are present in their operations and activities.
The trading process
Even though uTrader binary broker is promising to reimburse any money that you lost if your trade is not successful, we encourage our readers to be careful with these types of unrealistic promises. Scam sites are always relying on human greed, and they usually have no scruples when it comes to making claims about outrageous returns or once-in-a-lifetime opportunities.
For instance, it seems that the trading process with uTrader is entirely “risk-free,” which is virtually impossible due to the actual nature of the binary trading. Also, new clients and beginners are supposed to learn everything about binary options just from watching one video and reading one e-book, because, as found out uTrader review, it does not offer a demo account. The same applies to the Islamic account, and there are five types of standard account types – Start, Silver, Gold, Platinum, and VIP. There are no significant differences between these categories, except in the funds that you need to deposit to start one of these account types. The lowest amount required to start trading is $250, which is similar to most other binary brokers.
uTrader binary broker – The trading platform
To continue with the unrealistic promises, uTrader broker claims that clients can achieve 85% returns with traditional binary options and up to 650% with OneTouch trading! Even with all the knowledge and luck in the world, these numbers will be hard to reach, and clients have around 70 assets to choose from and start investing. Those assets include stocks, commodities, indices, and forex, and minimum investment per trade is $20.
uTrader binary broker is using a popular and responsive SpotOption version 2.0 software platform, and this software solution is also used by a lot of other similar companies. However, with uTrader, you will not have the iFollow feature, which is disabled here, but this highly useful tool can be of great help to newbies and less experienced traders. On the other hand, clients are encouraged to download and use uTrader mobile apps, which are available on App Store and Google Play.
uTrader reviews – Banking methods
If you get into any problems with binary trading, you want to have a reliable and qualified support team by your side. However, if your binary broker is only offering four languages for communication and no live chat option – what are you going to do in the times of crisis? Instead, uTrader apparently offers Facebook and Twitter as means of communication, and this is a rather interesting approach in the global financial world.
Of course, some phone numbers and e-mail addresses are listed on their website, but we are not entirely convinced that you will be receiving any significant help from those sources, even if they are operational 24/7 like they claim on the uTrader contacts page.
uTrader opinions – the final word
Considering the fact that they do not have a valid license from CySEC or FCA, or any other respectable regulatory body, it is clear that uTrader scam is here to deceive and rob unsuspecting clients. Unrealistic promises and their outrageous claims are just some of the methods by which uTrader is trying to lure in potential victims, and we are here to warn our readers about illegal and dishonest activities and operations of this brokerage company.