uTrader Review – A New Type Of Broker In The Mix
- 200% Welcome Bonus different account types
- Risk Free Trades first 100 signups only
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uTrader is not your conventional binary options broker. Unlike most binary options brokers that are situated in the EU and regulated by the CySEC, uTrader is located in Russia and regulated by the Russian regulatory organization known as CROFR. uTrader is owned and operated by Day Dreams Investments, which has its headquarters in Riga, Latvia. uTrader is currently undergoing regulatory procedures to become regulated by the CySEC, but at the moment, the broker offers binary trading services under the CROFR License. As is the norm with all EU based brokers, uTrader does not accept clients from the US, but the company is certainly open to the idea of catering to the lucrative US market.
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Can uTrader Be Trusted?
uTrader is relatively new to the industry and was formed in the year 2011. During the early years of its foundation, uTrader was a binary options broker that solely provided binary trading services to traders in Russia. However, the company has expanded its services to the EU during the past couple of years and is in the process of being regulated by the CySEC. At the outset, it ‘s hard to trust a company that is not regulated by a well-known regulatory organization. However, existing customer testimonials and other uTrader review forums are highly positive about the services offered by the company.
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Does uTrader Binary Options Broker Bring Anything New To The Market?
uTrader clients should not expect any revolutionary services from the broker, but they do not lack in any department either. uTrader works on the SpotOption platform, which is the most popular trading engine adopted by several binary options brokers in the industry. They do offer traders the possibility of trading binary options using different trading strategies such as the classic high/low options, short-term turbo options, long-term options, one touch, and pair options. However, the number of financial assets on offer is somewhat limited, as uTrader only provides a maximum of 120 assets from the global pool of financial markets.
The minimum deposit amount starts at $300, which is pretty much average in the industry and the accounts are divided into five different categories. This can be confusing for the clients, especially since there are five different tiers of account types to choose from. The lower levels are the ‘Start’ and ‘Silver’ accounts that deal with deposits from $300 to $5000, which provide only the essential binary trading services and the help of a financial analyst in the ‘Silver’ account. The higher tier accounts are known as the ‘Gold,’ ‘Platinum,’ and ‘VIP’ accounts offer more regarding trading support and other allied services that are aimed at offering personalized and one-on-one trading services using personalized account managers. The ‘VIP’ account is reserved for clients who can deposit an eye-watering $50,000, which is quite frankly out of reach of a significant portion of binary options traders.
One of the major disadvantages with uTrader is the lack of a demo account, which severely limits the freedom for potential clients to test out the broker’s platform and services. However, on the flipside, uTrader offers several risk-free trades after opening an account and making a deposit, which more than compensates for the lack of a demo account. Risk-free trades are valid for a specific period as determined by the broker, but it certainly offers a better chance for traders to utilize this feature and ensure that their capital is protected from inconsequential trades. Risk-free trades are a common feature among several binary options brokers, but uTrader takes it a step further by offering more risk-free trades than any other current competitors in the industry.
Making A Deposit & Withdrawal At uTrader
Deposits and withdrawals are seamless, and uTrader is one of the few binary options brokers that facilitate fast and secure payments for all of their clients. The primary account holders can expect withdrawals to be processed within a couple of days, while premium customers can expect withdrawals to be initiated within a few hours. There are several payment options available that include credit cards, online payment processors, and bank transfers. Dedicated personal account managers also make it easy for clients to request for withdrawals without any delays.
So, Do We Get A uTrader Bonus After Making A Deposit?
Yes, uTrader clients can avail a uTrader bonus according to their initial deposit amount. The deposit bonus available for the ‘Start’ package is capped to a maximum of 50%, which is unmistakably on the lower side. But the higher tier accounts pick up the bonus percentage by offering 100% bonus for the ‘Silver’ account, 120% for the ‘Gold’ and ‘Platinum’ accounts, and a whopping 150% for the ‘VIP’ account. The VIP account is the one to go for here, but the massive $50,000 deposit capital can put off most traders. Several other brokers offer a VIP account for accounts that start as low as $10,000 capital, and uTrader seems to be counting on the novelty factor of such an account.
However, uTrader bonus is only available if traders opt out of the risk-free trades’ insurance package. The risk-free trades are offered as a 100% deposit matching bonus. Therefore, clients are required to be clear about their requirements in the first place. Always clarify your position with the broker and their company representatives before opening an account and making the initial deposit.
Tell Me About The uTrader Mobile Platform
|Operator:||uTrader Day Dream Investments Ltd|
|Address:||Trust Company Complex, Ajeltake Road, Majuro, Marshall Islands, MH96960|
The uTrader mobile trading interface is developed for both the Android as well as iOS platforms; therefore, the broker has covered a substantial number of mobile users who are particular about trading binary options on a mobile device. Both the desktop as well as mobile platforms are easy to use, and there aren’t any surprises. The mobile platform is similar in design and concept to other competing platforms and has all the essential features required for trading binary options using the different strategies offered by the broker.
uTrader has several features that reflect the positivity and the intent of the company to provide excellent quality services, but the broker has to go back to the drawing board to make a few tweaks such that traders are provided better services to counter the fierce competition in the industry. A dedicated demo account, more financial assets to trade from, better bonus structure, EU regulation, and accepting US traders are some of the core aspects of improvement that can help revitalize the company to propel it to greater heights.