uBinary (Inactive) Review
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.