This is a review of the UBinary binary options brokerage service. The company was launched in 2011. This makes the company one of the pioneer retail binary options companies around. The brand is owned by UB Innovation Limited, a company located and licensed in the Marshall Islands. Transactions on the broker’s platform are carried out by its UK-based financial subsidiary.
Bonuses and Promotions
A number of bonuses are issued to both new and old traders on the UBinary platform. The bonuses and promotions are classified according to the type of account operated by the trader. As there are 5 account types, five categories of welcome bonuses are available for use.
- Micro account users are allowed bonuses of 20% of the deposit as well as free training guides on how to use the UBinary platform.
- Mini Account holders get a 25% account deposit bonus for all first-time account deposits. Holders also get a free training guide.
- A Standard account gets the account holder a 30% account deposit bonus, as well as a free trading guide.
- Those with the Gold account on UBinary will be able to get access to a 40% account bonus which will also qualify them to get bonuses such as a free expert guide and free training from a staff of UBinary.
- Platinum account holders are very dear to the UBinary team, which is why they are provided with bonuses of up to $5,000 in addition to free training as well as a free expert guide.
Payouts and Trade Types
What are the trade types on UBinary and how much can traders expect to make when trades made with these option types are successful?
- Call/Put option: This is the trend-based trade which has a payout of up to 95%. Payouts tend to fluctuate within this range and are affected by use of the Loss Return function, time of trade, expiry time used as well as use of the Rollover function.
The Cal/Put trade is the only trade type which is available on the UBinary platform, which makes the trading process very easy for traders to manage.
UBinary offers more than 200 assets pooled from 30 different countries, thus giving the asset index a wide geographical spread. The listed assets on which binary options are traded are:
- Commodities: Gold, corn, natural gas, crude oil, silver.
- Currencies: GBP/CHF, GBP/JPY, AUD/NZD, AUD/USD, AUD/CAD, AUDCHF, AUDJPY, NZDUSD, NZDCAD, NZDCHF, NZDJPY, USDNOK, USDRUB, USDZAR, CADCHF, CADJPY and CHF/JPY.
- Stocks: Amazon, Apple, Facebook, Google, Microsoft, Boeing, Goldman Sachs, JP Morgan, ExxonMobil, Coca Cola, Nike, IBM, AIG, Citigroup, Chevron, Walt Disney, Gazprom, Man United, Lukoil, Sberbank, Twitter, Barclays, Renault, HSBC.
- Indices: S&P500, Nasdaq, Dow, FTSE100, Nikkei 225, DAX and CAC40.
Deposits and Withdrawals
The minimum transaction amount is pegged at $250. The transaction methods on UBinary are:
- Bank Wire Transfer
- Credit Card
- E-wallets such as Skrill, Neosurf, CashU, QIWI, China Union Pay, Yandexmoney.
Traders can also deposit a range of amounts on the platform in order to commence trading. However, for those who want to deposit just the minimum amounts allowable on this platform, it is essential that they know the minimums for each method of transaction. Therefore, minimum deposit amounts are as follows:
- Credit Card: $250/€250/£250
- Electronic Payment: $250/€250/£250
- Wire Transfer: $500/€500/£500
Traders must also be conscious that after a deposit is made, any withdrawals can only follow the initial deposit route. Each method comes with its own withdrawal limits. Typically, transaction methods allow withdrawals of $100 but bank wires carry a $500 transaction minimum.
Pros and Cons
- Traders get free training and a free trading guide in addition to bonuses when they sign up with the UBinary platform.
- Traders on UBinary who own live accounts can operate free demo accounts.
- Trade types on UBinary are not as complicated as the Call/Put trade is the only one that is available for traders to use, eliminating other complicated trade versions.
- There is a fully loaded trading resource centre which provides materials for UBinary newbies.
- There are exciting features on the UBinary platform such as the Buy Me Out feature that allows traders to sell off profitable positions before expiry times. Furthermore, there is the Flip trade function which allows the trader to change the direction of the trade if the trade is not going in his favour.
- Customer support is available 24/6, which makes the UBinary team one of the easiest to access to solve any issues with regards to the services offered on the website.
- UBinary is only licensed in Marshall Islands and so its licensing can be considered to be restrictive in nature.
- Some traders who prefer more exotic options may not find the idea of trading just the Call/Put option to be very ok for them.
The customer support information concludes our review of UBinary. Customer support can be accessed on this brokerage platform using the following channels of communication:
- Live chat
- Email: ubinary@uBinary.com
- Phone: +44.203.695.9422
UBinary has done well in trying to maintain a good status for a binary options broker that has been in business since 2011. However, it is a bit disappointing that the broker has not made attempts to reach out to other markets and upgrade its regulatory status so it can achieve wider geographical coverage. This is one aspect that the UBinary team has to work on if it is to favourably compete with its peers for the binary options product offering.