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uTrader Review: Is uTrader a Scam?

uTrader Review: Is uTrader a Scam?

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uTrader is the subject of this important review and if you don’t want to get scammed, make sure you read this review to the end because we are about to reveal the spiciest details concerning uTrader and their conduct as well. What is uTrader? uTrader is a binary options broker offering trading in up to 90 different financial assets. They are operating the famous SpotOption binaries platform and their trading conditions are just ok. However, they are an off-shore and none regulated broker. The company behind this brokerage is known as uTrader Day Dream Investments Ltd Trust Company Complex.

They list their address as Ajeltake Road, Majuro, Marshall Islands, MH96960 but we have also discovered that this is a virtual off shore address and this information cannot be relied upon.The company has existed for a while as it was founded in 2011. Their registration number is 204434170. Looking at their traffic, we see that it has consistently risen, with a sharp spike being recorded in September. So this is definitely an influential brokerage and we only need to find out of what they are offering is legit and that our trading will be safe in their hands.

You want to trade with regulated brokers? Our recommendations is that you should use brokers listed on this page.

uTrader Review

The reason this brokerage is popular is because it has been promoted by several online scam services. Chances are that you have come across it on the internet because the sites which promote scam trading apps never failed to lead people to sign up with uTrader.

utrader

In addition to this, the site recently received a warning from a variety of regulators who include FCA, BCSC and HCMC. That is not a good thing because it kills confidence in this site. Moreover, we discovered that their entire team of workers was fake. This is a huge turn off and we only wonder whether uTrader is owned and operated by a bunch of thieves whose interest is in luring people to deposit money into their platform so they may steal it. The intention is always clear going by the conduct of the anonymous team members behind the site.

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The people they claim are their ”top analysts” are just stock images with made up names. These people don’t work for uTrader and have never traded before. Due to these reasons, we resolve that only a scam brokerage can operate like this. We have no doubt that these people are out to steal.

What might attract you to this scam

While red flags have littered the entire site with red markings, there are a few elements that still exist on the site, and these elements can easily make you believe that this is a genuine brokerage. For example, uTrader has a news page which seems to be updated quite frequently with fundamentals that drive the market. The person who is responsible for updating this part of the page is truly doing a good job.

Also, the person who does the live webinar has been making sure that these videos stay up to date. The recent one was about the NFP. However, what we cannot establish is whether the quality of these webinars are good since the team of analysts behind the entire operation are fake. Nonetheless, the features which they appear to offer here are quite interesting. But we would still be hesitant if we were asked to put our money here. It could turn out disastrous as the broker has suffered poor reputation which has tarnished their names to the public. If they were legit, they would be mindful of cleaning up their name.

Should you ignore these red flags?

These red flags indicate that the site is actually not safe to invest with. You see, they are not regulated and two, they are affiliated with various scam services which offer dubious trading robots. These robots have been known to lose money. If uTrader was legit, they would never do business with other scams on the web. They would be very careful not to ruin their reputation.

The other issue is that uTrader has been blacklisted by the relevant financial authorities. By the way, they entered the blacklist of several financial regulators as listed above which clearly means that the service is not safe to use.

The reason they suck is that uTrader has joined the usual team of brokers who use the famous SpotOption white-label platform, which simply means this brokerage is lazy just like the rest of the brokers out there who do not want to spend money on creating the best products for their customers.

The other thing that peaces us off is the fact that they do not have actual physical addresses, only fake addresses which means when there is a problem, the owners can’t be found anywhere. And of course the names of the supposed owners are also fake. So this makes it quite difficult to find the people who are behind the entire operation.

It is already clear that uTrader offers binary options as trading instruments. For instance, pairs like ETH/USD or BTC/USD Call/Put are considered binary options. In addition to this, uTrader talks about providing FX and CFDs products but nowhere on the site do we actually find these products.

The scammers go ahead to provide us with advanced charting services as well. You know what, there are free charts on the internet and they are quite advanced. We have no need of paying scammers in order to use their charts. In fact, the issue of charts should not be brought into the equation as it is not an exclusive feature but rather a basic one.

Our best advice for you

Of course the list of negatives will never end where uTrader is concerned. Offering bonuses is something that was banned long time ago but scam brokers like uTrader still offer them to lure in ignorant traders. You need to keep off these brokers. There are plenty of regulated ones here.

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