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Ubrokers Review 2021: New Broker Quickly Develops Bad Reputation

Jan 9, 2021 , ,

Ubrokers is a Greek online forex and CFD broker that began operations in July 2020. Because they are Greek, the broker holds a registration with the Hellenic Capital Market Commission. Their operating company is Capital Securities S.A., with their headquarters being in Athens, Greece.

Trading with Ubrokers

The quality of Ubrokers’ offerings is analogous to that of eXcentral. Both brokers have a substantially above-average variety of options. Our Ubrokers review found over 300 choices between their currency pairs and CFDs. The CFDs covered a variety of both American and European stocks and indices, along with commodities and cryptocurrencies as well. Because Greece is within the European Union, this broker follows the ESMA leverage limit of 1:30.

Ubrokers Review 2021

Warnings Just Months After Founding

Despite having the registration with a regulator in the European Union, multiple financial regulators have issued warnings against Ubrokers. In November of 2020, the FCA put out a statement saying they believe Ubrokers to be offering services within the UK without authorization. This warning was followed by a similar warning from the Italian regulator, CONSOB.

Trading Platform

Instead of the standard MetaTrader 4, this broker gives clients access to the Scipio platform. Traders can access the platform from their browser and via mobile apps. While the platform falters in comparison to MetaTrader 4’s vast array of trading tools, it still has quite a bit to offer. Traders can give the platform a try with a free demo account before deciding whether or not to put down the $250 minimum deposit.

Act Quickly to Recover Your Funds

As new brokers pop up, it’s hard to keep track of which ones are trustworthy. Financial regulators do their best to warn about these brokers as quickly as possible. Before this can happen, some people fall victim to the brokers. If you are struggling to process a withdrawal from such a broker, contact us today to hear more about your options for recourse.

Is Ubrokers a Legit Broker?

Ubrokers is a Greece-based broker. It has HCMC regulation. However, there is an FCA warning against this broker describing it as a scam broker.

Where is Ubrokers based?

Ubrokers is based in Athens, Greece, and has HCMC regulation.

When the Ubrokers broker was registered?

Ubrokers is a relatively new broker, registered in 2020. In this short period, it already has a warning against its activities.