Platfroms such as uTrader have recently become very popular. The guarantee of quick and reliable profit for many people can be tempting. How is it actually Is uTrader a scam?
uTrader - what is it?
UTrader is a broker offering trading on binary options. The platform started operating in 2011 and advertises itself as a leader in the options trading market. The project is owned by Day Dream Investments LtD Trust Company Complex, which is based in the Marshall Islands. This is not surprising given that most brokers have their headquarters in tax havens. However, this means that uTrader is not licensed by any supervisory commission. Another thing is that binary options in Europe themselves are quite controversial and have been considered illegal for some time. Currently binary options trading in Europe is allowed, which does not mean that it is legal in our country.
The platform itself looks very professional and is transparent. In addition, it has the English language version and it is possible to connect to the support in the native language. On the uTrader website you can find the education tab, where there is a lot of educational material for beginners. The minimum deposit currently is $ 300 and it is possible with a credit card, quick transfers, brokers and even cryptocurrencies.
Is uTrader a scam?
The platform raises a lot of controversy in cryptocurrency industry. On the one hand, it is related to the very fact of offering binary options. They are considered more as a gamble than an investment. Additionally, in the past, brokers have been repeatedly infringed and manipulated in the options trading market. The other side is the waves of negative user feedback flooding various forums. When asked whether uTrader is a scam, there is no definite answer, but it is worth paying attention to some facts:
- No supervisory body - this means nothing else but no possibility of any appeal anywhere in the event of violations, suspected manipulations.
- Structure of the offer - the offer itself raises some suspicions. Own platform and very high welcome bonuses. When depositing funds, an additional bonus of 50 to 150% of the own deposit value is received. In addition, the option of consulting an analyst, which, as you can read from the reviews, has the opposite effect and looks like zeroing the account rather than profitable advice. All this combined, gives the image of a typical MM broker (Marek Maker). Such platforms run the game with the client, not on behalf of the client in the real market. So it means there is a conflict of interest. The broker gains when the client loses and vice versa
- The negative opinions mentioned before - you can find a lot of them. They usually concern the reverse effects of transaction advice and the lack of contact with analysts after resetting the account. Other comments relate to problems that arise when you want to withdraw funds. You need scans of bills, evidence, although this was not mentioned before. This is also a frequent procedure of MM brokers to discourage payment.
To sum up, uTrader is not a trustworthy broker and you should think hard before entrusting funds to them. However, fraud is probably too big a word. Many cheating platforms called scams disappear without a trace of the theft of funds. In this case, the broker has been operating since 2011, and among the wave of negative opinions there will be and single positive ones. Finally, one more frequently asked question.
Opinions about uTrader
The uTrader platform is often found on many advertisements on the web, but you can also find a lot of opinions about it. They are mainly negative comments, which describe how the platform deprived the user of funds and how it affected the loss of money. Of course, there will also be those that are positive, but we are not sure that these will be real opinions, published by real users who have used the offer.
How to delete account on uTrader?
The answer is: we don't know. There is no mention about it, and believing the comments support does not answer this type of question. This only gives you another reason to consider whether it is worth providing data and phone number to this broker.