USB Broker Review
USB Broker Review
USB Broker offers two trading accounts, called “NDD” and “ECN”. Do not be fooled by the account names, as according to the information in the broker’s client agreement, USB Broker acts solely as a Market Maker. Otherwise, you can choose between variable spreads involving commission fees, and commission-free trading with fixed spreads.
We can’t tell what are the average variable spreads offered by USB Broker, as the demo account offers only fixed spreads, which are average for the market. Most fixed-spread brokers offer a spread of 2 pips on majors, however we cannot a reason why one would choose USB Broker over a properly regulated forex brokerage that offers similar or lower spreads.
For example, by investing just $100 you can open an account with FxPro – a major forex brokerage regulated in multiple jurisdictions and also offering negative balance protection, which means you can never lose more than you have invested.
The Company. Security of Funds
USB Broker offers trading in wide range of financial products – currency pairs and CFDs on indices, stocks, bonds and commodities on its UTIP CRM platform. According to the information on the broker’s website, the company behind the brand is based in Delaware, US, but apparently it is not regulated by the National Futures Association (NFA), nor by any other authority. We know it because a few forex brokers have remained that operate legally on the US market, and these are Oanda, Forex.com, Interactive Brokers and TD Ameritrade.
Lack of regulation of a forex broker basically means lack of credibility. There are many scams out there most of them are either not regulated by any authority, or are licensed offshore. Investing in such companies is extremely risky and we keep reiterating that proper regulation is the most important criterion when choosing a forex broker. That is why we advise traders to select among brokerages duly regulated by UK’s FCA, Australia’s ASIC or Cyprus’ CySEC.
The most frequently offered trading platform, MetaTrader 4 (MT4), is not available with this broker. Instead, USB Broker supports UTIP CRM platforms, available as a desktop download and mobile apps.
This platform is developed by Russian company UTIP Technologies Ltd. and provides access to 100 trading instruments (Forex, various CFD, and more). UTIP supports multiple chart types and is equipped with the basic trading features, Unfortunately, it does not offer automated trading strategies, such as MT4’s EAs.
By the time of writing this review, USB Broker offers a welcome 100% on-deposit bonus (until August 31). In order to get it. Live account holders must deposit at least $100.
The bonus can be withdrawn on the condition that certain trading volume is reached.
Methods of Payment
USB Broker offers its clients only bank wire transfer, debit/credit cards (Visa. Mastercard, American Express) and Skrill, and WebMoney as payment methods.
USB Broker is US-based forex broker with extensive product portfolio. Although its spreads appear standard for a Market Maker, we don’t recommend it, at it is not regulated, does not support MT4, nor automated trading.
USB Broker Review Conclusion
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