uBinary (Inactive) Review
uBinary (Inactive)Rating: 1.0/10
|US Traders Accepted|
|Company Name||UB Innovation Limited.|
|Bonus Type||Match bonus|
|Deposit Options||Credit/debit cards, wire transfer, Neteller, Skrill|
|Deposit Currencies||US dollar, euro|
|Trading Instruments||Currencies, indices, stocks, commodities|
|Number of Trading Instruments||85|
|Binary Option Types||High/Low, 60 Seconds, Speed Trading, Long Term|
|Customer Support Types||Email, web form, telephone, live chat, paper mail|
|Education Offered||Glossary, how-to pages, FAQ, advanced guide, free training|
|Tools Offered||Financial calendar, advanced charts, social trading, free signals, early close, "Flip," "Buy Me Time"|
|Commission||$50 minimum withdrawal threshold. $50 fees for inactive accounts every 100 days.|
|Awards||Fair Binary Options Most Innovative Broker 2013|
|Languages||English, Russian, Arabic|
|Demo Account||Yes, on request.|
As of March, 2017, uBinary has closed its operations in the binary options industry. The review below is presented for the archiving purposes.
uBinary is a binary options website which has been around since 2011, but it has changed hands several times. When we reviewed uBinary previously, it was owned and operated by a company called Reliantco Investments based in Cyprus. It is now operated by UB Innovation Limited, which is based in the Marshall Islands.
If you visited the site then and you visited it now, you would notice that there have been wholesale changes to the appearance. It is now much more sophisticated-looking, though arguably rather difficult to navigate (it is hard to find links to a lot of the pages). The changes to the site go a lot deeper than the surface, however; everything else is different too. This includes the platform, policies, and features. Let’s check them out.
Opening an Account on uBinary
Getting started on uBinary, you can make your deposit using credit or debit card, wire transfer, Skrill or Neteller. The only currencies you can choose from are EUR and USD. The minimum deposit is $250.
There are a number of account tiers available:
You will notice that these tiers are divided according to their “minimum stakes.” This refers to the minimum investment size, not the minimum deposit size. So if you open a Micro or Mini account, the minimum investment size is $20 With a Standard account, it is $50. With a Gold account, it is $150, and with a Platinum account, it is $250. So most of uBinary’s services seem to be geared toward clients with larger bankrolls. Indeed, the maximum investment size is a whopping $50,000.
Bonuses start out at 20% at the Micro level, climbing with each tier. The highest bonus is $5,000 for a Platinum account. At the lowest level, you get 14 days of free signals, and you get free training, which is actually pretty cool. Payouts range up to 70%, which is not all that high—but they climb with each tier. At the highest tier, you can get payouts up to 95%. You also get free unlimited signals.
There are a couple of important features to take notice of on the Accounts page. These are “Buy Me Out” and “Flip,” which both become available at the Mini level and higher. These are important—more on them shortly.
There are a couple of other nice features offered by uBinary. The first is a demo account. You need to get in contact directly with customer service to get access, but you can practice trading for free before you stake real money.
The second is a fee-friendly structure. I could not find any reference to any sort of withdrawal fees anywhere on the site, even in the Terms and Conditions. There is a $50 minimum withdrawal threshold, but this appears to be the sole restriction, which is excellent. There are $50 fees on inactive accounts every 100 days.
Unique Trading Features
You can trade without downloading software on your desktop, laptop, or mobile device on uBinary. The platform is a bit unusual; it is proprietary, so you have not seen anything like it anywhere else. It takes some time to learn how to navigate it, but it is not all that difficult to use. There are unfortunately only High/Low trades on the site, but Long Term and 60 Second options are available.
As mentioned previously, there are several important trading tools offered by uBinary to help you manage your trades:
- Buy Me Out
- Buy Me Time
- The Flip
“Buy Me Out” is your standard early close feature, which is very important to have, so I recommend making sure you at least open a Mini account if you decide to trade here. “Buy Me Time” is kind of like rollover; it lets you extend the length of time you are in a trade.
“The Flip” is the most unusual and innovative feature on uBinary, and something I have not found anywhere else. If you do not like how a trade is going, you can “flip” your investment at any point up until the final 5 minutes of the trade. So if for example you decided to call and the market is taking a downturn, you can “flip” the trade and put instead. If the market then starts climbing and you change your mind, you can call again, and so on.
For an impulsively-minded trader, this may actually be a somewhat dangerous temptation, but in the right hands, it could be a valuable tool. Interestingly enough, in a way it means you can turn any option into a 5-minute trade. After all, you can always pick a new direction up until the last 5 minutes, so that gives you a five-minute expiry past your last decision-point. Just make sure that you always have a solid reason for a change in direction before you decide to flip a trade—something more substantial than a gut feeling.
As far as customer service goes, that was the one area where I was disappointed. You should be able to reach customer service via live chat, telephone, email, web form, or paper mail. But during standard market hours on a weekday, nobody was staffing the live chat desk.
Conclusion: An Innovative Broker Worth Considering
uBinary has really changed over the years, and is a totally different site than it was originally. It is quite innovative with the “Flip” feature and offers a lot of other great tools and resources as well: a demo account, signals, training, social trading, and early close. Aside from the site being tricky to navigate and customer service being absent, I could not find a lot to complain about. So if you live outside the USA (uBinary does not take USA traders), this could very well be a broker worth signing up for. Just make sure you check out customer service and talk to a team member first. You want to be sure your money is in good hands.
I feel it necessary to inform anyone that wants start trading with ubinary to STAY AWAY.
Here is how my story goes:
In August I received a call from a representative from ubinary asking me about deposit options since I opened an account with them. Now here is the interesting bit: I NEVER opened an account with them. At the time I have had several binary options accounts with different companies, the most famous being 24option. The representative told me that it might have been because I was affiliated with one of their other brokers. The truth is NONE of the other brokers acknowledged ubinary as being an affiliate of them or partner in any sort of way. This was really alarming.
Anyhow, I proceeded to obtain my account details after a second call from the representative and finally made the minimum deposit of $250.
Shortly after that, a broker by the name of Robert Klein (Senior VIP broker, who calls someone with a $250 account? Odd…) called me to discuss trading and we did open a few trades. All of them were successful.
Later on I proceeded to trade by myself, and being a professional trader I noticed that the graphs are manipulated and that the prices did not correspond to the quotes I have from Thompson Reuters or Bloomberg…in fact they were outrageously off, to the point of settling just below the strike price I had for an option that would have otherwise have been in the money. (In fact I hedged all my positions with ubinary simultaneously with another account I have at another brokerage, so it was clear that the closing prices were not the same.)
Now of course I decided to request that my initial deposit of $250 be returned and here is what I found out:
“Your account settings do not permit you to submit automatic withdrawal requests. Please contact your account manager.”
Seriously? No other brokerage does this. In fact normally the brokers would call to ask if I did receive my money.
In fact after submitting a service request to receive my funds I was questioned about why I want to make any withdrawals. Obviously I was polite and I informed them that their payouts were way too low (in fact on an $250 account you get 70% max and usually 60% min , which is ridiculous. I have had payouts of 82-100% on other $250 accounts). And I gave a few other reasons as well, none of which seemed to bite.
So…three weeks later and nothing happened. Of course I tried emailing, calling, etc and nothing happened. (On a side note, all my compliance documents were sent and updated so there was no problem there.)
Another 2 weeks and I finally got someone on the live chat explaining the situation. Again the broker called and talked about a 90% payout if I shorted volkswagen…of course this can only happen after a $10000 deposit. Here he guaranteed me that my $250 will be returned and advised me in the mean while to consider the $10000 trade….sigh. As if. If you can’t trust people with the small amounts, how can you trust them with the bigger amounts??
Anyhow, after some complaining and emailing I finally got a call from some sort of Financial director/analyst/whatever about me not utilising their services etc. I got a bit angry and told him that I am pure algorithmic trader (which is true, I believe in the power of computers to do the trading, especially if I write the algorithm…) and that ubinary has nothing to offer me. Upon telling him this he said that he would respect my wishes and open a service ticket (FINALLY!!!!) to have my funds released.
I went back to my account to check if said service had been done…it hadn’t. BUT, I discovered that the outrageous account setting that stopped me from withdrawing had been lifted and I could submit a withdrawal request. I was given an transaction ID number, which I recorded, to confirm my withdrawal request. And as you can guess, that contrary to the promised 3-4 business days, I still haven’t received my money…
Luckily I have a few screenshots and recordings and I will now try to contact a third party mediator to get my money back. If this fails, then taking legal action might be an option, although since the amount of $250 is small I doubt I will follow through.
So in summary, reasons to stay away from ubinary:
– NOT REGULATED!!! (I did the research)
– Payouts are too low
– Customer service is non-existent and bad
– Withdrawal delays
– Restriction on account to prevent withdrawals
– Graphs and final closing strike are manipulated against the trader
– Only contacted to deposit more money.
and the biggest red flag of them all: Google ubinary review and read the 100’s of traders that have lost significant amounts from this brokerage. By significant I mean more than $10000.
Hope this helps anyone else from being caught in the ubinary trap. Incidentally, why isn’t there a 0/10 stars button on this website?
I also have trade on Ubinary and still have money, which I can not get out. An automatically
message says, I must contact account manager Daniel Walker. He does not answer, and no
others answers. Ubinary also trade on my account, even if I had said and written to them they
must not. They also have used constructed courses very far away from the marketprices on their
and my own trading, and I can prove this. They are hardcore swindlers and fraudsters.
After my opinion all peoples, who have trade on Ubinary, and who have been cheated (I guess all
have been cheated), should go to the police with their cases and experiences. I also seem, all
should send their cases to the relevant complain authorities and also sue them. Please, also
written upon trustpilot.com
Take care of your Money. Do not pay anything to this Ubinary. They are swindlers. You will Loose
I myself will do all these things. I have three lawyers, who work with this. I would like to hear
from all, who have been cheated by Ubinary. If they will not be closed, they will continue to cheat
and fraud peoples. My e-mail is: email@example.com
Ubinary is a very big hardcore fraud and scams gamble/broker firm. Ubinary steal
peoples money. Keep far away from this criminal gamble firm. It is owned by PPT Capital
LTD, who is a big gambling firm with a lot of casinos, lotteries etc.
Ubinary trades upon my account with a lot of big trades – almost all of them were loosing
trades. Within 2 weeks they lost more than 16.000 USD on my account. And this was after
I have written and ordered a lot of times to them, THAT THEY MUST NOT TRADE UPON
Furthermore they trade to another course than the market price! This means that they constructed courses and that every one and all can not be sure, that the courses are market price, when they make trades on Ubinary!
Take care of your money and go far away from Ubinary and all other trading and gambling
sites owned by PPT Capital LTD.
After they have trade and lost more than 16.000 USD on my account, of course, I want the
rest of my money out from this criminal firm, they prevent me to take out the money and
they continue trading.
Conclusion and warnings:
Ubinary is a very big hardcore fraud and scams gamble/broker firm, owned by
PPT Capital LTD, who is a big gambling firm with a lot of casinos, lotteries etc.
PPT Capital LTD is owned by the holding company Reliantco Investments Ltd, Cyprus, which own the broker firm UFX.
Do not invest your money in Ubinary. If you pay money to Ubinary,
I am sure Ubinary will steal all of them. You will not receive your money back. I know a
lot of peoples, who have lost their money, and who have been cheated and treated by
Ubinary like me.
How UBinary fraud scheme works and how to fight it?
Ubinary is a very big hardcore fraud and scams gamble/broker firm, owned by
PPT Capital LTD, who is a big gambling firm with a lot of casinos, lotteries etc.
Based on many complaints over the internet and my personal experience, UBinary runs the same scheme for everyone. It’s basically contains 4 steps:
Step 1. They get your phone number from your registry on webinar about Forex or Binary Options. This way they can start cold calling you, knowing that you might be interested in trying forex trading. First thing they’re interested is if you experienced trader or not. It’s harder to scam experienced one.
Step 2. They let you place binary options bets on your own and get friendly with you by contacting you on a daily basis. Every time you start winning consecutive bets, your friendly broker starts calling you and suggesting that you can do much more if you place insured, risk free bet with minimum deposit $5000.00. At this stage they even let you withdraw small sum from your account.
Step 3. Once you agreed to deposit $5k into your account that were their artistry comes to play. You might win this this bet or not, but one thing for sure, you cannot withdraw those money and your broker start pushing you to put additional $10k on incredible good bet, where you cannot possibly loose.
Step 4. After winning your $10k bet, you’d get a good addition to your account and could be quite happy with it, but that where all troubles starts coming up. Very shortly after you win you last bet, your ‘friendly’ broker open multiple bets on all your money. All bets would be open with much different prices from the market, so that all your money would be lost on those bets. If something gets left, it’ll be put on another loosing bets until all your funds are gone.
How to fight such scam?
UBinary is not regulated and registered in Belize and have fake office addresses. The best bet is to go after theirs bosses, as PPT Capital Ltd and Reliantco Investments Ltd. Those companies are crooks as well, but they need some legitimacy to operate, so there is a possibility to press on them to get your money back. Some guys claiming they succeeded to get some money back this way. Here are some links to get started:
UK Regulatory Bodies
FCA (email firstname.lastname@example.org)
Action Fraud UK (http://www.actionfraud.police.uk/report-a-fraud-including-online-crime)
FOS UK (https://help.financial-ombudsman.org.uk/help)
UK Gambling Commission (email email@example.com)
International Regulatory Bodies
FBI – Internet Crime Complaint Center IC3 (https://www.ic3.gov/complaint/splash.aspx)
Econsumer.gov (https://www.econsumer.gov/en/SelectAType/4#crnt) choose “Other Investments”
International Organization of Securities Commissions (email firstname.lastname@example.org)
The other approach is to document all conversations with Ubinary, send them at least 3 request to withdraw your money and after start pressuring your credit card company to initiate a chargeback on the ground that ‘service was not provided’. Your credit card company would try to avoid doing it, but they cannot refuse it. So, just put some pressure on them.
Internet makes such scam to operate worldwide without impunity, but if information about such practices would be spread worldwide as well, table will be turned on them then. They should have very hard time in getting any customer, if such information will be available on all forex forums and binary options review sites. Please spread this information and all social sites you have access to.
I also would recommend you to give your review on Trustpilot, ForexPeace Army and all other places, where you can review it.
There are a lot of bad reviews on: