An overall reliable binary options brokerage service that is let down by a few minor issues. uTrader has the potential to become a major player in the binary options trading industry, but it will need to improve on a few aspects to reinvigorate traders’ interest.
We have reviewed multiple binary options brokers in the market, and have come up with a handful of genuine brokers, as well as countless scams. In the fairly unregulated industry, profits and success rates in binary options trading are purely determined by the authenticity and reliability of the broker. uTrader is one of the more popular names in the business and has been offering its services to traders around the world through its online platform. In our uTrader broker review, we investigate the company’s services in intrinsic details, so that we can provide you with the right information that can enable you to make a calculated investment decision.
uTrader Company Details
uTrader is a brand name that is trademarked by Day Dream Investments Ltd, which is a company that operates out of Marshall Islands. The Marshall Islands is a popular tax haven that houses numerous financial companies and financial brokerages, owing to the relaxed regulatory regime and lower cost of business operations. However, Marshall Islands do not provide any types of protective frameworks or adopt any policies that protect investors from broker scams.
Nevertheless, there are reports that the company is pushing for a license in the European continent, and is looking to base its services out of Cyprus. There are also conflicting reports in the online media that uTrader already possess a Latvian regulatory license, but the broker hasn’t confirmed the same. Despite the confusion surrounding the regulatory licenses, uTrader claims to be one of the prominent brokers in Europe since the company launched its services in 2011. Since we are unable to verify the facts of European regulation at this time, mainly due to the lack of information, we do believe that the company still operates from its official headquarters in the Marshall Islands.
uTrader Financial Assets
Even though the company is not as advanced as its competition regarding the regulatory status and licensing requirements, the broker has indeed worked towards ensuring that its clients get the most wide-ranging market access that covers a Forex currencies, commodities, indices, and stocks. uTrader is a mainstream binary options broker that faces stiff competition from both established and new companies that are becoming more prominent in the industry. Hence, it is vital for uTrader to put in the extra effort towards enhancing the trading experience that not only includes an extensive collection of tradable instruments but is also able to deliver on the broker’s promises.
Here is a comprehensive list of all the uTrader assets that are available for traders:
Forex: AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/JPY, EUR/CAD, EUR/GBP, EUR/JPY, EUR/RUB, EUR/USD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/USD, NZD/JPY, NZD/USD, USD/BRL, USD/CAD, USD/CHF, USD/EGP, USD/JPY, USD/PLN, USD/RUB, USD/SGD, USD/TRY, USD/ZAR, EUR/AUD,
Commodities: COFFEE, CORN, GOLD, OIL, PLATINUM, SILVER, SUGAR, WHEAT
Indices: ASX (Australia), BOMBAY SE, BOVESPA-F, DAX, DAX FUTURE, DOLLAR INDEX F, DOW, EURO STOXX 50, FTSE 100 (UK), FTSE FUTURE, HANG SENG, IBEX 35, IBEX FUTURE, KL FUTURE, KOSPI, KUWAIT, MICEX10, NASDAQ FUTURE, NIFTY, NIKKEI 225, RTS FUTURE, S&P FUTURE, SHANGHAI COMPOSITE, SHENZHEN 300, SMI FUTURE, SSE180, STRAITS TIMES, TADAWUL, TAIEX, TEL AVIV 25, TOPIX, TSX 60, FAZ-SHORT BANKS, NASDAQ, CSI 300, EURO STOXX 50 F, S&P 500
Stocks: 3M, AIG, ALIBABA, ALLIANZ SE, AMAZON, ANZ BANK, APPLE, AXA SA, AXIS BANK, BANCO SANTANDER, BANK OF AMERICA, BAT, BAYER AG, BAIDU, BARCLAYS, BHP-AU, BLACKBERRY, BMW, BP, CATERPILLAR, CHEUNG KONG, CITIGROUP, COCA COLA, DAIMLER AG, DANONE SA, DEUTSCHE BANK, DEUTSCHE TELEKOM, DISNEY, DUBAI, EBAY, EXXON MOBIL, FACEBOOK, FIAT, GAZPROM, GENERAL MOTORS, GOLDMAN SACHS, GOOGLE, GROUPON, HITACHI, HSBC-HK, HSBC HOLDINGS, IBM, JP MORGAN CHASE, LAS VEGAS SANDS, LINKEDIN, LLOYDS BANK, LUKOIL RS, MASTERCARD, McDONALD’S, METRO AG, MICRON, MICROSOFT, NETFLIX, PETROBRAS, PFIZER, RIO TINTO, RIO-AU, S.BANK INDIA, SANDISK, SBERBANK, SIEMENS AG, STARBUCKS, TATA MOTORS, TATA STEEL, TELEFONICA, TESCO, TEVA. TA, TOSHIBA, TOTAL S.A, TURKCELL, TWITTER, VIVENDI SA, VODAFONE, VOLKSWAGEN, WYNN RESORTS, YAHOO, JAKARTA SE, SAUDI REFINERIES, U.S 10 YEAR NOTE, U.S 30 YEAR NOTE, ASX, ROSNEFT, YANDEX N.V
If you are looking for a binary options broker that can provide you with an exhaustive list of financial instruments, uTrader is one among the very few brokers that provide such an option. Be warned that trading in the financial market is a complicated and tedious process, and it is easy to be overwhelmed by a large number of choices provided by the broker. Always make sure that you understand the risks of investing in multiple assets, before choosing your preferred financial assets from the large portfolio provided by the company.
ROI, Payout Structure, & Associated Cost Of Trading At uTrader
uTrader provides a healthy ROI of 85% as the maximum payout for a select few financial instruments, which is the average payout for most of the binary options companies in the market. Realistically, you should expect some instruments to offer lesser payouts that may fluctuate between 60% and 85%, mainly due to the market conditions and volatility of the underlying asset. The only problem with investing with uTrader is the slightly higher minimum investment amount, which requires traders to invest a minimum of $10 per trade. In comparison, even the largest binary options brokers allow its traders to start trading from just $1.
As a uTrader client, you have to be careful about your money management strategies and risk appetite, as there is a significant chance for a severe drawdown if you are not careful with the frequency of trading during adverse market conditions. The broker offers the traditional high/low options, which signifies that there are no additional fees or costs involved in trading. Since all binary options are facilitated as contracts between the trader and the broker, the trader wins a fixed percentage of money for in-the-money trades, while out-of-the-money trades result in a complete loss to the investor.
uTrader Platform & Trading Features
uTrader joins the long list of binary options brokers and trading companies that have licensed the SpotOption software for web-based binary options trading. The SpotOption software has received positive praise and huge market response due to its ease-of-use, features, customizable options, charting capabilities, and a trader-friendly dashboard. SpotOption is also known to offer some of the most advanced binary options products, which include 60 seconds options, no touch options, one touch options, ladder options, and turbo options.
The payouts for the different options vary greatly from product to product, but some of the high-risk options may pay a maximum of 500% returns on the invested amount. Traders also have the option of choosing the expiry times at the beginning of a trade, or they can further increase their expiry times by using rollover or double up features. SpotOption also allows its traders to exit prematurely, but either taking a smaller loss or by settling for a smaller profit.
Trading Binary Options With uTrader Mobile
uTrader takes advantage of the flexibility of the SpotOption trading platform, which can be accessed on both desktops and mobile devices. Since SpotOption works through a web browser, it is easy for traders to point the browser on their smartphone or tablet to the web-interface to access their accounts. The responsive and flexible nature of SpotOption platform does ensure that traders can still use the full range of features on any device, without making any compromise.
uTrader may lose points for its single platform strategy, as most mobile traders are comfortable with the idea of dedicated mobile trading apps for smartphones and tablets. Several leading binary options brokers also offer the option of trading on iOS and Android mobile apps, which make it all the more inconvenient for uTrader mobile clients. Since we anticipate the company to improve its services in the near future, we also expect uTrader to address the issue of mobile trading apps.
uTrader Account Options – Minimum Deposit, Withdrawals, & Account Funding
There are five different account categories, each reserved for a particular minimum deposit. The most basic account is the Start account, which requires a trader to deposit a minimum of $300. $300 is a pretty high amount in the market, where brokers are known to offer a binary options trading account for as low as $1. The Start account is available for deposits up to $1000 and receives some standard account features such as analytical materials, tutorials, and a small introduction to the platform. Despite the high deposit requirements, the Start account does miss out on several trading features.
For a higher deposit of $1001 to $5000, the Silver account gives a bit more features such as a personal financial analyst and a couple of lessons in investment strategies. The third category of account is the Gold account, which requires a minimum investment of $5000, and is reserved for account holders who deposit up to $25,000. The Gold account comes with several advantages such as accelerated withdrawals, more access to educational materials, and a limited personal review of the trading history by an expert trader.
The higher Platinum account is incredibly expensive and is in the league of institutional investors, which require a minimum investment of $25,000 and up to $50,000. The Platinum account holders receive the highest priority for withdrawals, independent personal review of trading account at least once a week, a quarterly trading plan, and a personal trading strategy that is suited to the trader’s preferences. The fifth and final category of account is the VIP account, which is reserved for traders depositing more than $50,001 into their accounts, which receive all the advantages of the Platinum account, along with several other account benefits. The VIP account gets an individual review of the account on request (unlimited number of times), a quarterly and annual trading plan, a personal trading strategy, screen demonstration of real-time trading, trading with an expert financial analyst, and VIP hedging tools.
Although uTrader has certainly been inventive with its account products, it is only natural to assume that most traders won’t use the higher account categories at uTrader. In fact, for the investments required for these accounts, professional traders often choose to diversify their investments, and only dedicated binary options traders may choose to opt for such accounts.
Unlike the normal regulated binary options brokers in the industry, uTrader provides a fair amount of bonuses to its traders. The bonus structure is dependent on the initial investment and the account category. The lowest uTrader bonus is 50%, which is offered to the Start account holders. The Silver account, on the other hand, qualifies for a highly attractive 100% bonus on all deposits. The deposits keep increasing with the rise in investments, as Gold and Platinum account holders can qualify for up to 120% in bonuses, while VIP accounts offer up to 150% in bonus.
Traders shouldn’t make hasty decisions of depositing more money for the bonus alone, as uTrader has specified numerous bonus conditions that may put a hold on your investments. You should complete a minimum number or volume of trades to make a withdrawal, which may be quite massive when compared to the bonus amount. No broker would be willing to let go of their money unless they can guarantee that the trader has transacted the required number of trading volume within a specified period.
uTrader Demo Accounts
There are usually three types of brokers, ones that offer a demo account free of cost, ones that don’t offer a demo, and ones that offer a demo account on request. uTrader falls into a fourth category, where you will have to open an account and make a deposit before being granted access to a demo trading platform. Therefore, traders will have to pay for a demo account option, which is not what we really expect from binary options brokers. Demo accounts must be free of cost, and traders shouldn’t have any liability to continue trading with a company if they are not comfortable with the demo account. Nevertheless, the company does offer a demo trading account, which can be used to practice before trading with real money.
uTrader Customer Interaction Channels
uTrader has a pretty ordinary customer support system, which does not aim to set any records in the industry. Of course, clients can contact the broker’s representatives through live chat, email, Skype, and phone numbers, but in case something goes wrong, there isn’t any credible authority that keeps the company’s actions in check. One of the main requirements of a binary options broker is to provide the best in customer service, and we do believe that uTrader needs to work on this aspect to be able to compete for a fair share of the traders market on merit.
uTrader Training Resources & Other Features
uTrader offers its trading resources, analysis, market research, and other analytical tools to traders according to their account category. Smaller traders don’t usually receive any significant assistance from the broker, but Platinum and VIP account holders get access to the full suite of trading resources that are developed by the company. For the vast amount of investment required for the Platinum and VIP accounts, traders can better utilise such funds for subscribing to third-party analytical services, and even use the remaining money to invest in the markets.
- Vast choice of trading instruments & binary options.
- Tried and tested platform that is excellent for trading.
- A great bonus structure for higher account holders.
- Competitive payouts and acceptable returns on investments.
- Not regulated.
- Demo account is only available for traders who deposit money into their account.
- Customer service department has lots of room for improvement.
Is uTrader A Scam?
uTrader is not a scam broker, as the company has been operating in the markets for quite a while. The broker has certainly been popular among a large number of traders, and despite some issues with traders, uTrader is still a genuine binary options broker.
What Are The Binary Options Platform Choices?
uTrader has adopted the SpotOption trading platform for both desktop and mobile trading. SpotOption is a web-based interface and can be accessed on any device.
Do I Receive A Bonus For My Deposits?
Yes, you can get a bonus on your deposit according to the magnitude of your deposits. Higher deposits qualify for higher bonuses.
Can I Opt For A uTrader Demo Account?
Yes, uTrader offers a demo account option for its clients, provided they open an account and make a deposit.