Investing in binary options can be your best decision ever, but the same decision could quickly lead you to bankruptcy if you pick the wrong broker house. That is why our reviews are designed to provide you with everything you need to know about a particular company, and for example, by reading our uTrader review you can learn a lot and make an informed decision in the end.
Min. Deposit: $250
Trading Platform: Custom
US Clients: Not Available
This broker is scam! Sign up with 24options instead!
uTrader broker – About the company
uTrader is a relatively young binary options broker, and they started to offer trading services in 2011. The headquarters of the enterprise are located in Riga, Latvia, and it is evident that the corporation is targeting European market. Due to legal issues, US investors are not allowed to participate. However, as emphasises uTrader review, the “problems” with this broker start with the fact that they have been unable to acquire the license from CySEC, which is the most relevant regulatory body in the business. Allegedly, they have been applying for this license in the last two years, but we could not find out the reason for the constant rejection.
But, uTrader broker claims that the fact that they are regulated by FMRRC in Russia (Financial Market Relations Regulation Center) is enough to guarantee the safety of client’s funds and personal information. We are not as convinced as they are. Furthermore, it seems that uTrader is owned by Day Dream Investments LTD, an off-shore company stationed in the Marshall Islands. Evidently, prospective investors should be very careful when investing their hard-earned money with this company, and our uTrader opinion is certainly not positive after knowing these facts.
uTrader review – Types of accounts
Whenever a company is promising “risk-free trades,” the red lamps immediately start flashing and we know that they are probably involved in some suspicious activity. Binary trading simply has to include a certain amount of risk, by definition, and there is nothing anyone can do about it. To make things even more outrageous/ridiculous, uTrader binary options broker is willing to reimburse the money to those investors whose trades are not profitable. How about that for an unrealistic promise and swinging tantalizing carrots in front of the eyes of greedy traders.
uTrader does not offer a demo or Islamic account, but they claim that newbies can learn everything they need to know about binary trading from e-books and free video material?! Also, they offer five types of accounts (Start, Silver, Gold, Platinum, and VIP), but the differences between those categories are so minuscule that we hardly see the point of having so many options. Minimum deposit amount for opening an account is $250.
uTrader opinions – Trading conditions
Unrealistic promises do not stop at reimbursing the money after each losing trade, and uTrader continues in the same fashion when it comes to bonuses and returns percentage. When it comes to bonuses, they offer several types of promotions, and they range from 50% to 150%. Similarly, the numbers for successful returns on investments are highly unrealistic, and the website states that clients will have 85% returns on traditional binary trading and 650% with OneTouch option.
uTrader Trading platform Review
When it comes to software solutions, uTrader decided to go with a reliable and well-known provider – SpotOption. Their 2.0 version hosts around 70 different assets, and this fully web-based platform is fast and pretty responsive. Unfortunately, as highlights uTrader review, broker disabled the iFollow feature, which is a very helpful trading tool, especially if you are a novice in the binary trading world. However, ProTrader tools are available, and investors can choose between Call/Put, 60 seconds, or Pair Options.
uTrader reviews – Deposits and withdrawals
The guys at uTrader broker claims that they can protect and safeguard your funds and personal information, but we did not see with what exactly are they planning to do that. There is no SSL encryption on the site, which is the essential prerequisite for a successful and reliable protection of client’s data. Also, the minimum amount you can withdraw from your account is $300, and uTrader supports several credit cards and e-wallet services.
In our honest uTrader opinion, this broker house is a scam, and there are several reasons to support such a claim. One of those reasons is evident from their inefficient and unqualified customer support, which is available in only four languages. Such an approach is not something you can call a global tendency, and there is also no live chat feature. You can reach the support by using Facebook or Twitter (!?), or you could report your problem by phone or email, which are available 24/7.
uTrader binary broker – conclusion
Despite the fact they are showing a certain potential, uTrader is a company that still lacks experience and knowledge to be a serious player on the global binary scene. Furthermore, it seems that this enterprise is not entirely legitimate, and the lack of license from CySEC or FCA indicates problems with the activities of this broker house. We advise our readers to be very careful with their funds and to avoid fake broker houses, such as uTrader scam, because these organizations are just interested in stealing their money.Open an Account with 24option instead