Is Ubroker a legit broker?
For our readers and anyone considering opening an account with Ubrokers, we did our own little search on them trying to answer the question: is Ubrokers a scam company or not? Here is what we found in our Ubrokers review.
|Regulated by: HCMC|
|Headquarters Country: Greece|
|Foundation year: 2020|
|Platforms: MT4, web trader|
|Instruments: FX, Commodities, Indicies, Shares, Cryptocurrencies|
Ubrokers Regulation and Security
Ubrokers is a brand owned by the company Capital Securities S.A., a Greek investment firm. The company is located in Athens, Greece. Based on their headquarters, the company is holding the license of HCMC, Hellenic Capital Market Commission. Regarding the security, we did come across the FCA warning from November 2020 that this company is not FCA regulated and has no authority to work with the UK clients, which they seem to be doing. This makes us question this company and its operations.
Tradable assets with Ubrokers broker?
Ubrokers is offering their clients around 300 assets to trade with. Clients can trade on the Forex market, with Commodities, Indicies, Shares, and Cryptocurrencies. The leverage is standard for any company that holds the regulation, up to 1:30 for the Forex market. On the VIP account that requires the deposit of 250,000 EUR. The leverage they provide is up to 1:400. They offer their clients MT4 trading platform along with the web trader. They do offer a Demo account, for clients to test their services, but this account comes with a balance of 100,000 units, which makes the testing unreal.
Ubrokers accepts traders from..?
Our Ubrokers reviews showed that this broker is working with the clients from European Economic Area, excluding Belgium and Switzerland. They do not accept clients from the USA as well. However, without Transitional permission from the FCA, they are not allowed to conduct financial services to the UK clients, which they seem to be doing all along. If you are not a member of the EEA, this company certainly does not have a license in your country.
Deposit and Withdrawal Methods
The minimum deposit with Ubrokers is 250 EUR. Deposits can be made via debit/credit card (as we saw on their website, only Visa or MasterCard), via E-wallet, or wire transfer. Seems that other payment methods common for regulated companies, such as PayPal or Skrill are missing here. When it comes to withdrawals, they can be done through the trading account by clicking on the Banking tab. Yet, the issue is that this broker does not clearly show their fees for withdrawal, so we can say it is not very transparent with the services they provide.
Conclusion about Ubrokers
Brief summary on Ubrokers – the company is based in Greece and has the HCMC regulation, but seems to be providing trading services to forbidden countries, such as the UK. Also, they do not show a high level of transparency on their website regarding their fees. If you are still considering starting an account with this broker, make sure to read more Ubrokers reviews on globalfraudprotection.com.