UBanker is an unlicensed Forex broker, that is owned by Rehoboth Ltd, which is located at 8 Methonis Street, Nicosia 1070, Cyprus.
Their listed phone number is in South Africa: +27 31 941 2939, Whatsapp number is: +447874406956, and email address is: firstname.lastname@example.org.
You can see common complaints about brokers, see here.
New Investor? You Should Talk to a Broker at CM Trading
They are actually Licensed by FSB South Africa
UBanker Broker Review
The trading software that UBanker gives their clients is called Profit or Web Profit. It is a customized easy to you trading software made for beginners who are not experiences with the advanced trading software like MetaTrader 5 that other brokers use. They offer a variety of assets to trading including; Forex pairs, Market Indexes, CFD trading on Stocks and Commodities.
Spreads on Forex pairs vary depending on the actual pair, and leverage in Forex trading is as high as 200:1. Leverage for CFD trading is 10:1 on stocks and 100:1 on market indices. Investors should familiarize themselves with the risk associated with trading CFD & Forex on margin.
Minimum deposit for new accounts is $200. UBanker’s trading platform is available in English, French, Russian, Arabic and Spanish.
When you read the brokers terms and conditions page, you will see that the trading volume required for withdrawal of bonus money is 5000 times your deposit plus bonus amount. Basically they are telling you, not to accept any bonus money.
Check Brokers Regulation
Scam Broker Investigator reviews hundreds of Forex brokers, and the first thing we look for in a broker is a valid license. If the broker is not licensed by ASIC, FSB or FCA, then we do not recommend using them.
UBanker is not a licensed broker.
The reason investors in South Africa use an FSB licensed broker, is so that in case the broker goes out of business, their money is protected. There are a lot of regulated Forex brokers you can trade with, see here.
Smart investors will always read about various CFD Forex brokers, before making a final decision.
Are you currently trading with the brokers at UBanker? Please share your experience and results in the comments below.