UBanker review – 5 things you should know about

UBanker review – 5 things you should know about

Beware! UBanker is an offshore broker! Your investment may be at risk.



Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


UBanker is an offshore broker that offers trading in Forex, Indices, Stocks, Commodities and Cryptocurrencies. They do not have different accounts types, not even a Demo account.

To open an account we had to provide First and Last names, Email address, Phone number, and Country. At completing the registration process a Success page was displayed in the browser with the password for the account. An email was also sent with the account credentials in plain sight – not a good practice in terms of privacy and security, as email communications can be intercepted.

UBanker Regulation and safety of funds

The broker’s website is owned by Green Pole Ltd, Law Partners House, Port Vila Vanuatu, authorized by the Vanuatu Financial Services Commission with licence number 14627. Although the registration with VFSC, the body responsible for the regulation and oversight of forex trading in Vanuatu, checks out, we have to note that its regulation regime is very slack compared to the watchdog agencies in the big financial markets like the USA, European Union, Australia or the United Kingdom.

For example, VFSC’s capital requirement for a Securities Licence holder is VUV 5 million which is about USD 50,000, whereas US brokerages must maintain a net capital of at least $20 million in order to make sure that they are well-capitalized to protect investors from unfavorable events. The minimum net capital requirement for Australian brokers is AUD 1 00 000, and for those in the UK and the European Union – EUR 730 000, which is still nearly 20 times the VFSC one.

There is another entity mentioned in the footer of the broker’s website – the group of companies includes Rehoboth Ltd, registration number 370840, 73 Arch. Makarios III Avenue, CY1070 Nicosia, Cyprus. Because of the company’s address we decided to check with the Cyprus Securities and Exchange Commission (CySEC), the governmental agency in charge of licensing and overseeing the activities of forex brokers in the country. There is no record of Rehoboth Ltd or Green Pole Ltd in their database.

Actually, we found out that earlier this month the Spanish financial watchdog – the Comision Nacional del Mercado de Valores (CNMV) – has issued a warning against the broker:


UBanker claims to “provide full protection on your first 5 to 15 trades.” As it turned out, however, this Position Insurance offer has not been valid for nearly two years now – see below:

Scam brokers often use such cheap tricks, and that is why we advise to read carefully all information presented on a broker’s website. And even more important is to choose a regulated broker. Established watchdog agencies, such as the Financial Conduct Authority (FCA) and CySEC, impose strict rules on their licensees – Client Account Segregation requires that clients’ funds are kept separate from the broker’s operating funds. while Negative Balance Protection ensures that traders cannot lose more money than what they invested. Regulated brokers are also required to participate in Compensation Schemes, which provide additional assurance for investors’ funds up to a certain amount (85,000 GBP in the UK and 20,000 EUR in the EU).

UBanker, however, is an offshore, unregulated broker, so anything they say or promise on their website must be checked first. They may claim your money is safe with them, but we would not advise risking that.

UBanker Trading Software

The broker offers a web-based trading platform – WebPROfit, and a Mobile (Android and iOS) application – mobile PROfit. Despite its flashy name this is a rudimentary software, very far from professional standards in terms of design and functionalities. Actually, it does not offer even a fragment of the features established platforms do, not even a Demo account.

Respectable forex brokers provide access to professional trading software for their traders, such as the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms. MT4 is considered the world’s number one platform, preferred by over 80% of users. It offers an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options. Its successor, MT5, has some advantages, however; it allows traders to execute trades on different financial markets through a single account and there is a hedging option. Both platforms are available as desktop and mobile (iOS and Android) applications as well.

UBanker Trading Conditions

In the trading platform we see a spread of 3 pips for EURUSD. Such spread is too wide to be competitive – it will only make profit for the broker, but not for the traders. Legitimate, regulated brokers usually offer a 1 – 1.5 pips spread for this most traded currency pair.

UBanker advertises a leverage of 1:200 for forex trading. Although not exceptionally high, we must warn our readers that trading on leverage comes with significant risks, especially to inexperienced traders. Although it allows for bigger profits, one may incur great losses too, often much greater than the invested funds. That is why, most regulatory authorities impose leverage caps for non-professional traders: in the USA it is 1:50, while for brokers licensed in the EU and the UK it is 1:30. The Australian Securities and Investments Commission (ASIC) also recently announced that from 29 March 2021 it will restrict leverage for major currency pairs to 1:30.

UBanker Deposit/Withdrawal Methods And Fees

The broker advertises the standard payment methods – credit / debit card and wire transfer on their, as well as a number of e-wallet options, such as Skrill and Neteller on the trading platform.

The minimum initial deposit is $200, which is double the standards of regulated brokers – they ask for $100 from the traders on average. The minimum withdrawal requirement is not that big, $50 – but most legitimate brokers do not put a threshold on the withdrawal amount for their clients.

Apart from an inactive account fee – in the absence of any trading activity for a period of three (3) months, your account will be charged $33.33 per month – there are no other fees or charges mentioned on the website or in the Terms and Conditions. This is no guarantee against any surprise fees, however – con artists are usually not transparent about charges to their clients.

Considering everything above, we warn our readers to stay away from UBanker as they are an unregulated, offshore broker – definitely a scam!

How does the scam work?

The most common scams are quite simple and straightforward and involve a multi-level scheme that usually goes by the following scenario. Internet users are lured by the numerous ads promising quick and easy fortunes by trading in the Forex world. When they click on such an ad they are redirected to a website tailored to the continuation of these false pledges, which asks them to register with their personal information. This data is then used by the scam brokers who immediately start to work on getting them to make an initial deposit of $200 – $300 by making even greater promises of big profits.

Once the users make their first deposit, the scam brokers get a fat commission on it. Now the senior scammers enter the scene. They are smooth talkers who will not stop at anything to convince traders that they are on their way to become very rich, if only they follow their advice and deposit more money to trade with.

Sooner or later the users will start suspecting something is not right and will want to withdraw their funds. This will not prove very easy, however. The scammer will do everything to delay their requests, by persuading them now is not the right time, asking for additional documents, or referring to specific withdrawal clauses. This is also part of the scam since the con-artists are trying to delay the users from filing for chargeback with their financial institution, and they miss the time frame for such chargeback, traders will lose their money without a chance of getting it back.

What to do if scammed?

If you’re scammed you should immediately file for a chargeback with your credit card provider. Good news is that VISA and MasterCard recently extended the chargeback period to a year and a half in an effort to combat online fraud. If you deposited with bitcoin or bank wire there is not much chance.

If you provided the scammers with any bank account or credit card details, such as security codes or passwords, make sure to cancel the card and talk to your bank. Also, if you are being approached by any “recovery agencies” promising to get your money back for a fee, do not fall for that. This is a piggyback scam, using the vulnerability of recently defrauded people and their hope the fraud may be reversed, and it will not recover your funds. These so-called agents will collect their fee and you will never hear from them again.

Rich Snippet Data
Review Date
Reviewed Broker
Broker Rating

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US5/5$50 Click for a special offerWebsite
USA5/5$250 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia4.93/5$100 Click for a special offerWebsite
UK, Australia4.85/5$50 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *