Is uBanker a scam? A Full Review
Yes, uBanker certainly checks off just about every box on the scam review list. To understand why they’re a scam we need to take a close look at uBanker and their business practices.
The Full uBanker Review
This ubanker review will give you more than just a stamp of approval or disapproval. We’ve taken a deep dive into their business practices and how the uBanker advisors treat their clients, looking at them from every angle to determine why uBanker is or isn’t in our opinion a scam business.
uBanker Review Page
If you are considering trading with uBanker or if you’ve already deposited funds and begun trading with them. We hope this article helps explain some of the questions you may have had regarding uBanker and helps you make the right decision. If you’ve already given your money to uBanker, contact us right away to find out how you can get your money back. https://www.moneybackhero.com/schedule-your-free-consultation/
What is uBanker? Who is uBanker?
uBanker is an online trading scam that accepts payments via bank transfer or major credit cards. They offer brokerage services in multiple areas such as stocks, bonds, precious metals, commodities, crypto currency, and the forex exchange.
What does uBanker claim they do well?
uBanker claims that their service is designed specifically for beginners, with a simple trading app that’s available for Windows, Apple, or Android. With an account, you also receive a personal investment advisor whose job it is to help you navigate the challenging world of investments.
The Old “Give Us All of Your Money” Scam
One reason that uBanker is able to attract people to trust them is that they claim to serve as a hub for managing just about all of your investments. Within a single investment account, you can buy and sell multiple types of assets. UBanker claims that they’re an attractive choice for people who want to split their portfolio between aggressive, high-growth investments and “safe”, long-term investments. Except that they’re a full blown scam!
uBanker Online Reviews
Surprise! There aren’t any uBanker Reviews online. There’s no uBanker trustpilot page. And if you search uBanker review online, you’ll only find a number of messaging boards of people who have been scammed by uBanker. Here’s one example below.
Licensed in Vanuatu!
One thing that should trouble any savvy investor is that uBanker is registered in Vanuatu. Vanuatu, along with Estonia and Belize, is known as a safe haven for financial scammers and unregulated companies.
Essentially, a broker that is “licensed” in Vanuatu is offering no guarantee that they’re qualified to manage your investments and is essentially a scam.
Who cares about Rehoboth?
This isn’t to say that there are no legitimate companies at all in the entire country of Vanuatu, but uBanker also goes to some lengths to conceal their country of operation. Their website only mentions their own licensing in passing and goes to great lengths to tout the fact that their payment processor, Rehoboth LTD, is located in Cyprus.
But while it’s true that Rehoboth LTD has an office in Cyprus, the company is not regulated or licensed there. Their headquarters and licensing are in Vanuatu, once again putting investors in the uncomfortable position of dealing with a company that’s located in one of the more scammer-friendly countries.
Does this mean that uBanker is a scam? In and of itself, no. But it’s a big red flag. And it does leave us with some serious concerns. For example, unlike companies that are regulated in Europe or the US, brokers in Vanuatu are not required to ensure your investments. If something happens to your money, it’s just gone.
Not Available in the USA
One surefire way to tell if you’re the target of the official uBanker scam or a knock-off uBanker scam is if you live in the United States. While uBanker offers financial services to most world nations and territories, including the US Virgin Islands, they do not offer services to the 50 US states, Guam, or Puerto Rico.
If you live in one of these areas, the official uBanker will not do business with you. You’re dealing with a knock-off scammer. These types of scammers will set up a fake website, accept your payments, then disappear when their victims come looking for their money. uBanker themselves only scam people that they can legally get away with.
Non-Standard Trading Platform
uBanker does not use a standard trading platform. Instead, it utilizes a simplified app called Web Profit. This app is developed with uBanker’s philosophy of being as beginner-friendly as possible. You can trade every asset type that uBanker handles from a handheld app, without a lot of clutter on the screen and uBanker can manipulate the platform however and whenever they want! This helps uBanker convince people that they lost their money all by themselves.
Helps Keep Real Traders Away
This may be an issue for experienced traders, who will be used to more advanced trading systems like MetaTrader 5. While Web Profit is a useful app for beginners, serious traders will prefer something with a little more meat on its bones. Advanced features like charting, analytics, and AI advisor support will be sorely missed if you’re already used to them.
Have we made the point yet?
So what does this have to do with uBanker being a scam? It’s tangentially related. It tells us that they’re marketing their services towards dabblers, and not towards serious investors. This means they need to turn a short-term profit, rather than look out for the long-term interests of customers who know what they’re doing.
Spreads, Fees, and Leverage
In terms of spreads and fees, uBanker most certainly does not look like a scam even though they are a scam. They’re more transparent than most brokers on the market, although they do charge a variable spread, so you’ll need to check the spread on each transaction before you decide whether or not to pull the trigger.
That said, spreads are unusually high. The “standard” spread is 3 pips, or 50 percent more than most brokers on the market. uBanker justifies this because of their highly personalized customer service, which we’ll talk about more in a minute.
In terms of fees, uBanker charges none. There are no withdrawal fees, no bank transfer fees, and no per-transaction fees other than the variable spread. They just keep all of your money.
The minimum deposit to open a uBanker account is $200/€200. Once you’ve opened an account, not only will you be able to invest your own money in a variety of assets, you’ll also think that you have access to leverage to grow your investment further. uBanker advertises forex leverage as high as 200:1, so individual investors should beware. It’s very easy to end up not only losing your own money with this kind of investment, but also getting deep in debt because of investment losses. Especially since they’re not giving you back your money ever.
One thing we’ve seen from several uBanker reviewers is that their “personal service” is a thinly-disguised way of saying that their brokers will be calling you on the phone on a daily basis. Now, if you were investing millions of dollars, maybe this kind of attention would be warranted. But for a personal investor, it comes off as more of a sales pitch.
The problem with this is that uBanker earns money on trades, not on the growth in your investment itself. If you let your money sit idle for a month, waiting for a perfect trade, uBanker makes nothing. On the other hand, if you make ten trades that month, even if you make no money – or end up at a loss – uBanker still earns a cool three pips per trade.
Once again, this in and of itself doesn’t mean that uBanker is a scam. But it speaks volumes about their priorities. No reputable financial advisor or broker would call its investors multiple times a week to offer trades that aren’t in their best interest. On the other hand, that’s exactly the sort of thing a scammer would do.
Is uBanker a Scam? Should I Trade With uBanker?
Here’s what it comes down to with uBanker and other similar, unregulated brokers: you’re dealing with businesses who exist in a legal grey area, which we call a legal SCAM. On the one hand, they’re subject to the laws of a country (Vanuatu), they pay taxes, and even though they are committing outright fraud the government there doesn’t seem to care.
They’re not subject to any real regulations as any financial company needs to be. This sort of company would be shut down in minutes if it tried pulling off it’s scheme in the UK or the US. There are no limitations on the leverage they can offer to first-time investors, and they’re not required to insure your investments for any amount of money. So essentially, they’re stealing your money without being held accountable!
So uBanker is a scam right?
Yes, uBanker is absolutely a full blown trading scam. They’re not offering what they claim to be offering, and even if they’re not charging any extra hidden fees you definitely won’t ever see your money again.
uBanker Review Conclusion
One would need to tune out their “advisers” and make smart trades if you wanted to actually earn anything on your investment. But even if you did manage to earn anything on your investment, you wouldn’t ever be able to withdraw it.
Should I trade with uBanker?
No! Definitely do not trade with uBanker. In addition to being a full blow scam, their spreads are higher than other brokers, and the only “service” they offer comes in the form of constant unsolicited advice. Even if they weren’t a scam, their trading software doesn’t offer a lot of features. That’s a huge disadvantage over other brokers since you’ll need every edge you can get if you want to earn a profit in the forex market.
What if I’ve Been Scammed?
If you’ve been scammed by uBanker, Moneybackhero.com can help you get your money back. You can get a free consultation with a recovery agent by calling or filling out this form. https://www.moneybackhero.com/schedule-your-free-consultation/
MoneyBackHero’s experts have helped many people like you recover their funds from scam artists and shady regulated and unregulated brokers. Contact us today for a free consultation.
Please leave a comment below with your experience with uBanker or the broker you are considering. We’d love to hear your feedback and our professional agents will notify you if we have information regarding a specific trading platform.