Why Choose uBinary?
- FREE Trading Signals
- Preferred Broker for non-US Traders
- Professional Trading Chart Feature
uBinary was founded in 2011 by an experienced team that have over 50 combined years of experience in providing services to the financial markets. This group is known as the PTT Capital Group and are a company incorporated and governed by the laws of Belize. They operate from offices at International House, 221 Bow Road, Bow, London, E3 2SJ, in the United Kingdom.
uBinary operate as an offshore broker, and are therefore able to accept traders from all territories, except for the USA. Although they are an offshore broker, the combined 50 years of experience by the PTT Capital Group shines through on this online operation. The emphasis seems to be firmly on providing their clients with a personal touch to trade their small, but highly attractive asset index. Every trader who signs up is allocated his or her own personal account manager. Your manager is always accessible should you have any questions or need guidance on any of the trading instruments, analysis or many other features offered at this broker.
Considering uBinary launched in 2011, they can be considered a veteran in the Binary Options sector. As we’ve mentioned previously, offshore brokers do not tend to last very long unless they are able to operate in an honest and genuine manner. They need to put the needs of their traders first and provide a great trading experience. When we tested and reviewed this broker, we were happy to experience their unique trading platform. Please keep reading for an in-depth review of the uBinary Platform, Trading Accounts, Banking and Support. We also provide an unbiased summary of the broker and why you should trade here.
Trading Platforms and Features
The Binary Options industry has gained popularity in recent years, and we’ve seen an influx of brokers offering their services to online traders. These brokers tend to license software from a small group of specialist platform providers, before customising the platform to suit the audience they wish to attract. uBinary stand out somewhat in this respect. They use the ParagonEX platform, which is unique to them at this point, and provides a different “look” and “feel” to almost any other broker out there. We suspect that there will be more brokers using this platform in due course, however uBinary’s platform is fairly exclusive to them at this point.
The platform is available in three different guises; a web platform, an Android app, and an Apple IOS app. We delved into the web platform first. This platform is only operational online and requires no download or installation. It does however require a 64-bit browser to be completely functional.
This is largely due to some of the chart features on the trading platform requiring a Java plugin that is only compatible on 64-bit browsers such as Internet Explorer 11 or Firefox. Traders using Chrome or any other 32-bit browser will not be able to access the professional charts feature this point.
Both the Android and IOS apps are free, and offer a very straightforward trading experience. They share many of the features available online, and can undeniably be seen as an extension of the web platform.
Once you gain access to the web platform, you will be presented with a list of 74 assets. These vary between popular currencies, indices, commodities and stocks. As most Binary Options traders will tell you, when it comes to an asset list, it rarely matters how many assets are available at a broker.
It’s matter more that the assets offered are ones that a trader will actually use. uBinary’s isn’t the most extensive asset list we’ve seen, but we can confirm that the list includes many of the more commonly traded assets. These include the EUR/USD and USD/JPY currency pairs and stocks such as Apple, Facebook and Google. The trading instruments available include the commonly used High/Low instrument (labelled as Above/Below on uBinary). Their short-term options include 60 Seconds, 2 minutes and 5 minute expiries. The two instruments that will appeal to more experienced traders are the Option Builder and Long Term options. The Option Builder offers traders with the opportunity to select all elements of an option, including the asset, profit/loss ratio, and the expiry.
The Long Term options offer the popular High/Low instrument, but with a delayed expiry ranging from one week to six months.
Trading Accounts and Payouts
One of the factors that determine which broker a binary options trader will use is their payout percentage. The maximum payout at uBinary is a huge 95%. There are no high yield options available at this time.
We tested uBinary with their required minimum deposit of 250 USD, GBP and EUR. Each currency was deposited without issue, however they only provided a USD trading account in each instance. The equivalent USD value of each currency was presented as our trading balance. There are five different levels of trading accounts available at uBinary. Each account comes with a unique bonus offer, trader training and Client Protection Insurance, but contains a number of other account-specific perks and features that we’ve summarised below for you.
- Micro Account – The Micro Account requires a deposit of $250 – $499. This includes a bonus of 20%, a minimum stake of $20 and two weeks of trading signals. This account does however incur a -5% “penalty” of sorts on the overall payout percentage.
- Mini Account – A deposit of $500 – $999 gives you access to a Mini Account. The account also offers a minimum stake of $20. Other perks include a 25% bonus, one month’s worth of signals, an expert guided tour, the chance to “Flip” your option (from a high to a low or vice versa), and a “Buy Me Out” feature (this allows you to close an open trade and gain part of your investment back). Similarly to the Micro Account, this account also incurs a -5% “penalty” on the overall payout percentage.
- Standard Account – A deposit of $1000 – $4999 gives you access to the Standard Account. This is the account recommended for all new traders at uBinary and includes a 30% bonus. It offers a minimum stake of $40, and provides an on-going signal service. The account also includes an Expert guided tour of the platform, and access to the uBinary Dealing desk. The Flip and Buy Me Out features are also included, and more interestingly there are no penalties on payouts.
- Gold Account – The Gold Account may be accessed with a deposit of $5,000 – $9,999. This includes all of the features of the Standard Account, but with better numbers. For example, your minimum stake goes up to $150. The bonus amount goes up to 40% and Gold account holders are eligible for a 5% increase on all payouts.
- Platinum Account – The Platinum Account is offered to traders that can deposit $10,000 and above. Similarly to the Gold account, this has all the features of the standard account, but offers more attractive numbers. In this case the numbers are higher than the Gold account’s. Your minimum stake goes to $250 and the bonus amount goes up to 50%, (the equivalent of a hugely attractive bonus of $5,000 with a $10,000 deposit!). Platinum account holders can enjoy an increase of 10% on all payouts.
Please note that bonus terms apply, and a turnover of 20 – 30 times the bonus is required before you may withdraw bonus funds.
Please note that you will have both minimum and maximum deposit limits attached to your account, and this depends largely on which account type you have opted to open. Please keep this in mind when registering as a new customer.
- Deposit – There are a number of different deposit options available at uBinary. They accept Credit/Debit Cards such as American Express, Visa, Mastercard and Diners Club International. They also accept deposits via Bank Transfer and CASHU. Platinum Account holders are able to deposit and trade as much as $30k in a single transaction.
- Withdrawal – The most noteworthy thing about uBinary is that there are NO fees for withdrawals, and you may withdraw as little as $50 each time. Please note that you must have a balance of at least $10 in your trading account for it to remain active.
uBinary offers their customers support via phone, email and Livechat. They state clearly on their website that they offer 24/6 support, but we’re not sure if this is entirely accurate.
Their support phone number is UK based. We tried to contact them a number of times in the daytime, evenings and night time, but failed to get a response. It’s a similar story with their Livechat services. We tried to contact them a number of times and only got through once. When we did eventually speak with a customer support representative, we managed to get our issues addressed, but support just never felt like it was a priority at uBinary.
We really like uBinary as they offer a fantastic service, but their general support team definitely loses them a point. They are somewhat redeemed by their dedicated account management services as they are far better than their general support services. You are likely to get a call when registering, to assist you in selecting an account type. Once you have deposited, the account managers are very attentive to their traders.
Why Trade at uBinary?
There are a number of positives and some negatives to this well-established offshore broker. Let’s explore the negatives first. Their “general” support team is difficult to reach (however their personal account managers are great), they don’t offer high yield options, and they have payout penalties for the two entry-level trading accounts. Here’s a tip: uBinary’s account managers will contact you when you register. When they call you, whatever your deposit amount is, negotiate. Ask for no payout penalties if you’re going for one of the entry-level accounts. Ask for a better bonus. The worst they can say is “no”, and in our experience they rarely say “no”.
Now lets focus on the positives. They have NO fees on withdrawals and the platform is easy to master. It offers you enough popular assets, that you have numerous trading options, yet doesn’t overwhelm you with assets that you simply wont use. The accounts offer a number of perks such as signals, access to their trading desk, increased payouts and the unique-to-uBinary “Flip” and “Buy Me Out” risk management instruments. These are very attractive features.
Overall, uBinary are definitely worth checking out as we enjoyed trading there and trusted them. They deserved to be a “TradersAsset Approved Broker”. Try them out for yourself!