With the scam brokers penetrating deep into the roots of the trading market, it has become very difficult for the customers to differentiate between regulated trading companies and scam brokers.
Fraud brokers hide under false names and lure customers on the pretext of 100% bonus and mouth-watering offers. UBroker is a crypto and forex broker which apparently started in 2020.
the broker claims to be based in Greece. The brainchild of capital securities, this company has received enough backlashes without even completing a year in the market. The company offers its trading platform from another entity called Scipio.
Although the website is pretty user-friendly and easy for people of all ages to understand and work upon, this may just be to distract the customers from the scam that the company is running behind these. Regulated trade brokers use either MetaTrader 4 or MetaTrader 5 which are commonly known as MT 4 and MT 5. These are considered to be some of the easiest web platforms available out there.
The leverage offered by UBroker is 30:1. This leverage is yet again very high as compared to what the regulatory authorities offer. Australian Securities and Investments commission caps the leverage at 1:30 whereas the financial conduct authority or the FCA of UK caps the leverage at 1:50. The leverage provided by UBroker is comparatively higher and a major red flag for our readers to understand that this company may be a potential scam. Working in many countries such as UK, Australia, Greece, etc, they provide CFDs on currency pairs, stocks, commodities, cryptocurrencies, and Forex pairs. The language options provided on their website includes Swedish, Polish, Dutch,
German, Italian, Portuguese, and English.
Currencies are provided by the company for the customers to trade our USD, EUR, and GBP. The minimum deposit required by this company is 250 dollars. Regulated trading companies would never ask for such a big amount as they have to comply with the rules set by the regulatory authorities. Major countries that have an increased amount of public participation in the trading market will have well known regulatory body. These bodies consist of various authorities who put together a set of parameters for all those trading companies that wish to establish their business in that specific country. These parameters often set while keeping the citizens’ safety in mind.
Therefore, these regulatory authorities would never allow the trading companies that come under their regulation to harm the customers.
Is UBroker a scam or legit?
UBroker advertises itself as an automated trading app.
However, one must note that automated trading apps generate random signals that are not 100% accurate and cannot be trusted upon. The company also claims to be a CFD broker and promises huge profits. Once again the readers must know that up to 90% of CFD investors have the probability to lose their money and ultimately these unrealistic promises of large profits are false. The final observations about this company are that it is not regulated in any of the countries that it claims to work in. UBroker is a potential scam and, we strongly advise to not trade with this broker.