Around since 2011, Ubinary is no stranger to the binary options trading industry. The trading brand is owned by a company called PTT Capital Group that is based in Belize. However, they do maintain an operation base in the UK at International House, 221 Bow Road, Bow, Bow, London. In our opinion, this broker could be so much more than it is now but unfortunately they seem to suffer from a bad case of “Dr Jekyll and Mr Hyde” syndrome. On first impression, they seem to be outfitted well and professional in the way they present themselves on the internet. However we cannot simply ignore the deluge of complaints that many traders have made against this broker. Furthermore, the fact that they are not regulated only serves to make matters worse for them.
Platform Overview & Features
The first thing that we notice that is uniquely different about Ubinary is their trading platform. Although the platform might take some time to get used to, this proprietary platform is probably the most advanced binary options trading platform around. Self-developed upon the ParagonEX trading platform engine, the interface is designed in such a way that everything is accessible on the main trading screen. On the left side of the trading screen you have the social trading panel. The market info panel is located on the right side on the trading screen. In the centre of the screen, you have the trading platform proper where all the available assets are displayed together with all the trading functionalities.
But what we really love about Ubinary’s new trading platform is the advanced features that are incorporated onto the platform. For example, beside the “Buy Me Time” feature which is similar in functionality to the SpotOption’s “Roll Forward” tool, you have the “Flip” tool which lets you change the direction of a trade before its expiration. But what is most impressive about the new platform is the Advanced Charting Station. With this feature, you have access to technical analysis indicators and tools such as Bollinger bands, oscillators, trend lines and moving averages. So far, this is the only binary trading platform in the industry which has such an advanced charting package.
With their trading platform, you can trade the markets in 5 different ways including Above/Below, 60 Seconds, Speed Trading, Option Builder and Long Term. In addition, there are around 70 different types of underlying assets that you can choose from. If you are really interested to try this platform, you can open a live trading account with a minimum initial deposit of $250. Their minimum trade size which is set at $20 is also quite reasonable.
Reliability & Security
In terms of Ubinary’s technical reliability, there is no doubt that their platform functions the way it was intended. With all the features that were integrated into this platform, we can appreciate the amount of time, effort and money that has gone into the development of this platform. Service wise, we are unable to say with any confidence that Ubinary is a broker that can be relied upon.
As for their website security, Ubinary has ensured that their platform is secured to international standards. They use the latest security measures such as VeriSign and SSL layered security certificates to ensure that their traders have a safe trading environment.
Complaints – 3/10
From our research, we found a variety of complaints levelled against Ubinary. Although we have no way of verifying these complaints, the sheer number of complaints against this broker presents a very worrying picture. To compound the situation, Ubinary seem oblivious to all these allegations.
Bonuses – 4/10
At Ubinary, traders are only offered a welcome bonus of up to 30% of the amount deposited. Depending at how you look at it, this can be a plus point and a negative thing. Regardless of the amount of bonus offered, we were disappointed to find that their minimum trading volume is 20x the bonus amount plus deposited amount.
Customer Care – 4/10
Although the entire customer support infrastructure is there, the quality of Ubinary’s customer support is simply below par. Their response time to answer live chat question can even stretch up to 30 minutes!
Price Manipulation – 10/10
Ubinary’s live price feeds are sourced from Thomson Reuters which is one of the most respectable market data providers in the financial industry. The prices for the options contracts are based on the standard (Bid + Ask)/2 expiry calculation used by most of the binary brokers in the industry. From what we can observe, the prices are displayed are above board and are not altered to suit the broker’s whims and fancies.
Deposits & Withdrawal – 7/10
Deposits and withdrawals are supported on all major credit/debit cards by Ubinary. In addition, traders also have the option of transferring funds using wire transfer or eWallets such as CashU or Neteller. As for withdrawals, the minimum amount that can be withdrawn is $50. Although withdrawals are basically free at Ubinary, you should be aware that the time needed for your money to materialize after your withdrawal request can take up to 10 business days.
Security – 10/10
With all the latest security measures in place, the web security at Ubinary is not in any way lacking.
With a scam rating score of 38/60, this puts Ubinary into the category of an average broker.
As we have mentioned earlier, Ubinary has the potential and all the ingredients to be much more than it is now. Unless the management at Ubinary take serious steps to counter all the allegations made against them, they will continue to suffer the distinction of being labelled a scam broker.