Ubank FX Review

Ubank FX Review by professional Forex trading experts the “” FX trading team, Finding out everything you need to know about the broker is in this Ubank FX Review.

Ubank FX Review

Ubabnk FX is allegedly an ECN forex broker, offering multiple account types. That being said they do not mention the size of their commissions anywhere on the website.

The Company. Security of Funds

Company Country Regulation
Finance Managers Co. Limited Vanuatu VFSC

Ubank FX is owned by Finance Managers Co. Limited, a company based in Vanuatu. Although they are regulated by the local VFSC, we still have some doubts about their overall credibility.

As we have mentioned in reviews of other off-shore brokers, they do not inspire the same level of trust, as firms, which are regulated in a more credible jurisdiction. Vanuatu, in particular, is the champion of attracting dishonest companies, as the minimum capital requirement for opening a brokerage there is only $2,000. For comparison, the Australian Securities and Investments Commission (ASIC) demands at least AUD 1 million in capital form new brokers, as a sign of good will. This acts as a deterrent for most scammers. Furthermore, the Commission enforces segregation of client’s funds – a mechanism which prevents brokers from freely accessing their trader’s investment.

Ubank FX also focuses heavily on their proprietary social trading scheme. The signals are allegedly not directly provided by the broker which is ok, considering the opposite can create massive conflict of interest.

Trading Conditions

Minimum Initial Deposit

The minimum deposit at Ubank FX is $50. This is a pretty decent level, for beginners, willing to get a glimpse of what trading the global financial markets feels like. That being said, there are brokers who have set an even lower requirement, like the FCA-regulated global industry leaders at IG, who do not have a minimum level.

Average spreads & Commissions

The costs of trading at Ubank FX are not clear, as the company claims to be an ECN brokerage (which means there is a commission added to the spread), but the size of the commission is not mentioned by the company. Even if this rule only applies for the Corporate account, which has the lowest spread, it is still unusual for the conditions to not be fully specified.

If spreads are the only costs, which we doubt, they are borderline competitive with the current offerings by other brokers for the first two account types and really good for the final one. That being said, we couldn’t get the platform started, in order to test the conditions.

Leverage

Ubank FX provides 1:500 in leverage for its smaller clients, with the ratio going down for bigger accounts. Although this level may feel absurd, Ubank is by no means the only broker providing such conditions.

That being said, leverage is a double edged sword, which can leads to quick and substantial loses, if not properly understood. Be sure to know ho much you are risking per pip, and where your stop-loss is, before placing your first trade. Otherwis you may get into dangerous habits.

Trading Platforms

Ubank offers MetaTrader4(MT4). This is the current industry standard, when in comes to forex trading. It is provided by many brokers, because developing an in-house software solution is probably more expensive (and may yield a worse result). Traders also admire it, due to the fantastic charting package.

That being said, the platform’s most unique feature is the MQL marketplace, a broker independent online store, where people offer custom add-ons for MT4. The most popular products are new technical indicators and automated trading systems, called Expert Advisors or EAs for short.

Unfortunately, we couldn’t get Ubank FX’s trading platform running, as we couldn’t create a new account. This may be a cause for serious concern, or just a temporary technical issue.

Methods of Payment

Several payment options are available at Ubank FX. They are: Credit/Debit Card, Skrill, Paysafe Cards and CashU.

The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.

Ubank FX Review Conclusion

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