Ubrokers Review & Opinions: Is it Reliable and Safe in 2024?

Ubrokers is a Greek broker that offers a trading platform for financial market trading. Assets available for trade include forex, and stocks. Trading is done through an online trading interface.

General Information

Ubrokers was established in 2019 and is registered under GEMI in Greece to a Greek investment company, Capital Securities S.A. with registration number 31387/06/Β/94/18. The company is regulated and authorized for operation by the Hellenic Capital Market Commission with license number 2/11/24.5.1994. The office of Capital Securities S.A. is located at 58, Metropoleos Street, 105 63, Athens, Greece. On the website, it is noted that Capital Securities S.A. offers financial services within the European Economic Area with a few exceptions (Switzerland and Belgium). The website, (https://www.ubrokers.com/eu) is available in eight languages such as Greek, English, Deutsch, and French. Ubrokers is in partnership with domestic banks to secure the deposits of traders.

Advantages and Disadvantages

So, what are the advantages and disadvantages of using Ubrokers?

HCMC regulation: Ubrokers is authorized by the Hellenic Capital Market Commission HCMC is a respected body in the forex market and its backing means a safe and transparent trading environment. Regulation boosts market confidence.

Customer support: Ubrokers customer service is available in multiple languages including English, Greek, Deutsch, Spanish, etc. The service is available at all hours during business days. Traders can also contact customer support via live chat or a phone number provided.

Instant execution: Ubrokers has dedicated high speed servers that enable instant executions of all trade orders. Clients can trade the markets without the challenges of the slow response from the broker or bundled execution.

Low spreads: Ubrokers offers low spreads in trading. Spreads begin from as low as 1.4. Trading costs to traders is therefore reduced.

Demo account and trader training: new and inexperienced traders can take advantage of the varying levels of trader education offered by Ubrokers. Traders of all levels can also test their strategies on demo accounts.

Trading and dormant fees: Ubrokers charges a trading fee. This fee depends on factors such as account type, account currency, lot size, asset, and position duration. Ubrokers may charge a fee to keep accounts that are left dormant. Accounts that are not funded or traded on for some time are subject to this fee.

No deposit bonus: traders should not expect any bonus when they deposit as Ubrokers does not give bonuses on any account types.

Trading Conditions

Ubrokers offers leveraged trading on all accounts. In keeping with ESMA regulations, retail clients have a maximum leverage of 1:30 and professional clients have 1:400. The spreads are also low, starting from 1.4.

Ubrokers also has a feature called a cost calculation tool that helps traders calculate the costs of their trading exercise and how much they can expect to make for trading a particular currency pair or asset.

Underlying Assets

Few brokers offer more trading assets than Ubrokers. Ubrokers has over 46 major, minor and exotic currency pairs over 100 stocks, and about 30 commodities. All assets are listed on the website with instant price quotes.

Trading Platform

Ubrokers presents traders with two trading platforms:

Web trader – the proprietary trading platform found on the website. This platform allows traders to explore the market in simple steps and has some basic features such as chart styles, spreads, currency quotes, and a list of all assets. The main drawback is that there are not enough tools for technical analysis.

MT4 – a choice platform for trading! As a third-party app, MT4 is popular among traders for providing numerous tools and features that help traders carry out financial and fundamental analysis at any level, determine their best entry and exit positions and generally trade comfortably.

The MT4 app can be downloaded via a link on the Ubrokers website.

Mobile Trading

Ubrokers’ mobile trading is experienced through the MT4 app. This app can be downloaded on compatible android and IOS devices, as well as on computers. The app is easily navigated and allows traders to enter the market on-the-go. Traders who prefer mobile trading will find the MT4 app.

Demo Account

Ubrokers allows traders to open a demo account if they wish. The demo account can be opened from the sign-up button, and it is credited with refillable $100,000 virtue money. The demo account allows traders to gain experience while testing strategies and also become comfortable with the trading platform before going live.

Account Types

Traders may choose any of the following accounts on Ubrokers:

Basic – this account is for traders with a small trading capital. The minimum deposit is $250 and the spread begins from 1.6 for major pairs. Account-holders can access one free withdrawal, two basic forex lessons and one monthly webinar.

Gold – the minimum deposit for a gold account is $25,000. Spreads are as low as two for major currency pairs. Traders can perform one monthly free withdrawal, have access to two advanced lessons monthly and two webinars.

Platinum – to set up this account traders need to deposit a minimum of $100,000. The account features three monthly free withdrawals and three advanced lessons

VIP – this account comes with the highest minimum deposit of $250,000. There are no limits or fees on withdrawals. Trader education is unlimited, and they have access to account managers.

All the accounts have a 100% margin call, news alert, daily TC SMS alerts.

Traders can also apply for what is called Professional Client Categorization. These include lower leverages and restrictions on trading benefits. However, becoming a professional client allows a trader to enjoy the following:

• Segregated accounts to keep the client’s funds, offering protection from market factors;
• Access to a dedicated account manager for continuous individual support. This is different from the normal customer service;
• The use of the Negative balance protection tool prevents a slippage from depleting more than the capital left in the trading account. The account balance cannot drop to a negative value;
• Access to live signals from the Central Trading Signals service helps traders to get more out of the market even when they cannot carry out any analysis;
• Higher leverage of up to 400:1. Higher leverage greatly improves the returns on successful trades. Although the risk is significantly raised.

 

To become a professional client, a trader must have spent a minimum of twelve months trading as well as have a maintain a profile value of €500,000.

Opening an Account

Opening a Ubrokers account is easy. To open an account, the trader simply clicks the “sign up” button located at the top-right side of every page on the website. This opens a new registration form where the trader enters such details as name, email, phone number, and then confirms the agreement to the terms and conditions. Once registration is completed, the login ID and password are sent to the email provided.

On opening an account, traders are asked to complete a short questionnaire to determine their level of trading experience. This is done to measure the efficiency of the trading platform against the traders’ background. If the traders do not have enough experience, a notification is sent advising them on further action.

Although no verification is required during the registration process, traders must do that before profits can be withdrawn. The documents required for verification are Passport, government ID, or driver’s license. A utility bill or bank statement is also required as proof of residence.

Funds Withdrawal

Withdrawals are processed within a day and will reflect in the trader’s account within five business days. Withdrawals can be made via bank wire transfer, credit or debit cards, and e-Wallets. Deposits are made using the same methods. However, deposits are instant and will reflect within an hour. There are no fees charged on deposits.

Trader Training

Traders with little experience will find some education and training on the website. The basic definition, fundamental and technical analysis, trade execution, etc. are all available on the website. Traders also have controlled access to monthly live webinars. All these are important in developing the trader’s knowledge of trading different assets. Traders on platinum and VIP accounts also have access to dedicated account managers who may offer some private training and advice.

Should I Trade with Ubrokers?

Yes, you should trade with Ubrokers. Ubrokers is built with the trader in mind, and every feature is installed to help you succeed. Deposits are safe and protected in the separate banks holding them, and the broker itself is regulated and licensed to operate. The MT4 trading platform provides the necessary tools for technical and fundamental analysis so traders can have the ultimate mobile trading experience. Trades are executed instantly, thanks to the speed of the Ubrokers’ servers. Accounts can be opened, funded, and traded with ease.

In summary, Ubrokers is a recommended broker for trading the financial markets.