uBinary Broker Review
uBinary is one of the more established names among online brokerages, having first launched its service back in 2011. The website manages to be clean and professional while also being one of the most modern looking that we have ever encountered, so there are definitely no problems there. However, the bulk of any service provider review centres around what they have to offer to traders and we have experienced the best that uBinary has to offer in putting together this review, so let’s get straight into what lies in store.
The account types offered as part of a trading platform are often the best way to get an overview of how the brand performs in general and there are three levels to choose from when creating an account with uBinary. As always, the size of your first deposit is the crucial factor here, with the perks getting bigger and better depending on how much a trader chooses to commit.
The Standard Account
Those looking to get into uBinary on the ground floor will find themselves at the Standard Account level, something that is available to anyone that deposits between $250 and $4,999. These traders are entitled to claim a thirty percent bonus on that first deposit and will also benefit from the uBinary Education Section and one on one consultations with experienced traders.
The Gold Account
Traders will find themselves at the Gold Account tier if they make a deposit of between $5,000 and $9,999. This will result in a signup bonus that rises to forty percent of the deposit amount and will include the one on one sessions and Education Access of the previous tier, together with market reviews on a daily basis and also two months of free trading signals.
The Platinum Account
This is the top account tier at uBinary and traders that deposit more than $10,000 in their first transaction will find themselves with access to a forty percent signup bonus, capped at $5,000, together with the perks of all previous account tiers. In addition, traders will be able to contact their own personal account manager at any time during the working day and can even benefit from automated human trading if they are looking for a more hands-off experience.
The uBinary Platform
One of the most surprising things that we encountered when reviewing uBinary was that the broker makes use of a trading platform that we had never seen before in the shape of ParagonEX. This meant that a substantial part of our review period was spent poking around the platform to see what it had to offer and we are pleased to say that it matches up nicely to the main uBinary website in being clean and professional, without compromising on the kinds of data available. There are a variety of customisation options within the platform too, allowing traders to prioritise the information that matters the most to them and place it on the screen where it can be used most effectively.
A slight downside is the fact that, if you’re anything like us and have never used ParagonEX before, then you’ll have to learn on the fly as there is no demo account currently available at uBinary. However, this platform does not represent anything of a radical shift compared to what traders will be used to and we found ourselves confidently navigating the software within a matter of minutes, after spending around half an hour putting our required information in the right places.
The ParagonEX platform supports just as many asset types as any other and uBinary has opted to go fairly big in this regard by making use of more than seventy different individual ones across indices, currencies, stocks and commodities. There are no limitations on the types of trades that can be executed across the platform either and the standard selection of High/Low options, One Touch options and more are backed up handily by an option builder where the sky is pretty much the limit.
uBinary Customer Service
Customer support at uBinary is offered in English, French and Arabic through phone, live chat and email. Most traders will already be able to make use of their account manager when using the broker in order to deal with the majority of queries, but it is always nice to have a backup plan and this support team certainly didn’t disappoint. Response times are good and the only real flaw with support as a whole is that it is only offered six days a week – although we cannot imagine any massive problems that could not wait a day to be resolved.
Managing Your Money
The entire uBinary system, including the website and the trading platform, is encrypted between the trader and the server, ensuring industry standard security across the platform. uBinary will require the submission of identification documents prior to any financial transactions taking place, but it is then a case of making use of pretty much exactly what traders will expect by way of deposit methods. This includes credit and debit cards together with electronic wallets mostly, although a number of specialist banking methods are also available.
The minimum withdrawal amount is $50, which is certainly nothing to complain about and most withdrawals are free. They take around four days to process and complete aside from wire transfers and we were more than happy with the overall speed of the transactions.
uBinary Review in Summary
uBinary has been around for a while now and it is easy to see how it has survived after experiencing the platform and support team for ourselves. Aside from a notably attractive main website, there is nothing truly outstanding about the broker, but at the same time the only real negative that we found was a day of support missing. As noted, we certainly do not consider this to be anything of a deal breaker and so we are certainly more than happy to recommend uBinary to traders of all levels.