The half-gambling and half-trading market of binary options is appealing in many ways. First, there is the potential money gain, and second, it is highly entertaining and simple in nature. Still, to be able to trade efficiently, every trader needs a stable and trustworthy broker. This UTrader review considers the different aspects of this broker to help you decide if they are the broker you want to go with. The broker you chose can be your biggest nightmare or the best choice ever made. Therefore, it requires some consideration and thorough research on different brokers. This review will give you crucial information on one of the major Eastern European brokers.
- Familiar platform with a powerful software
- Different account types relevant to different levels of experience
- No fees on deposit or withdrawals
- Customer support around the clock
- Attractive bonus offers
- 120+ trading assets
- Educational materials, videos and tutorials
- iFollow option disabled
- Limited acceptance of currencies
UTrader Beginnings and Concerns
UTrader was established in Eastern Europe, Latvia, and has been operating since 2011. The good thing is that Latvia is an EU member state and that the broker is liable to international laws, while the bad thing is that the broker is not yet regulated by a widely- recognized authority. They have applied for a CySEC certificate but have not yet obtained any. There is also the information that they are regulated by the self-regulatory Russian agency CROFR, but the information is not visible on the website. Regarding UTrader, opinions are divided. This review will list the features of the broker, and it is up to you to decide which sider you aretaking.
UTrader Trading Platform
The platform this broker employs is no other than the SpotOption platform.The software platform is used by many professional broker companies supportingall necessary features and options relevant for trading (e.g. High Low, One Touch, Option Builder, Pair Options, etc.). The platform is available in multiple languages: English, Russian, Polish and Dutch. This means that they slightly expand not only to neighbor countries but further West. The iFollow option is not available with UTrader (even if SpotOption supports this feature). This option allows copying trades of experienced traders with the goal to peek what are their strategies, which could come in handy for you too. SpotOption can be opened in any web-browser and requires no installation. The corresponding UTrade mobile app is available for free and is the same as the desktop version. Follow the trends and start mobile trading with a few clicks on your smartphone device. The broker made sure to have the latest encryption policy to keep all your data safe (personal, financial, and trading).
UTrader offers over 120 trading assets which is a large number. UTrader offers 5 trading accounts:
- Start account – minimum deposit of $200
- Silver – $1000 minimum deposit
- Gold – $5000 minimum deposit
- Platinum – 25,000 minimum deposit
- VIP – 50,000 minimum deposit
Currencies accepted for opening any of the accounts are EUR, USD, and GBP. The chosen currency cannot be changed later on. All accounts are designed to offer multiple features like a personal financial analyst which helps you maximize your earnings and develop the best strategies. According to the broker, the average payout ratio at UTraderis about 85% on classic binary options and up to 650% on turbo options.
UTrader Bonus Policy
The bonus amount depends on your deposit amount and it has to be discussed with your personal account manager. Bonuses can be as high as 150% on the first deposit, which is very generous. Make sure to read the terms and conditions for this bonus. Bonuses can be complex to withdraw due to many criteria one has to meet to get the bonus. Currently, 5 risk-free trades are offered as part of the UTrader promotion.
UTrader and Banking Options
UTrade accepts the following payment methods for deposits and withdrawals: Visa, MasterCard, Maestro, Shrill, Diners, Webmoney, Neteller, Qiwi, and OKPay. Withdrawal requests are processed within 48 hours, whereby the time of the transaction and possible fees can only derive from your payment intermediary. You will have to verify your account by providing certain ID documents to proceed with the withdrawal request.
As part of the information sources, UTrader offers various educational materials available with the different account types. A variety of e-books, educational videos, and tutorials will be at your disposal if you sign up with this broker. In addition, the broker provides daily analysis and commentary on the market events. The UTrade Customer support is available via Skype, email, Live chat and phone 24 hours a day, seven days a week. Even if many brokers exclude weekend customer support, this broker provides literally an all around the clock support.
|$ 50||Check Website||Review|