When it comes to gaining financial independence as well as flexibility, online trading seems to be one of the greatest ways to make that happen. Trading online has been in existence for a long time and has provided financial stability to countless people across the world.
However, as good and excellent online trading may look like, it is also a world full of risks and uncertainties. That is why when traders are looking to venture into forex trading, it is important to choose a reliable and legit broker to make the journey smooth for them as well as to reduce risks as much as possible.
Your potential to earn big as an online trader grossly depends on the Forex and CFDs broker you have chosen. If you are a Nigerian trader – whether a beginner or an experienced trader, you must have heard about Ubanker Nigeria (that is if you are not already trading with them).
Ubanker is a registered forex broker that has helped countless traders achieve their trading goals in most African countries, including countries like South Africa, Uganda, and Kenya. Now the company is present in Nigeria but the question still remains, “is Ubanker legit or a scam?”
The reason for the fear is quite understandable and looking for the right answer is the best thing you can ever do for yourself. Therefore, we have decided to look into this broker and give an honest review about them in this article. Even if you don’t get the exact answer you were looking for. At the end of the post, you will be able to decide if the broker is right for you or not.
Like I earlier said, the broker is a new company to the Nigerian forex market. But it has been in existence for a while and has help traders in different countries. The company is owned by Rehoboth Ltd and registered in Cyprus. We found different reviews online about Ubanker. While some pointed to its excellent benefits and features, some were showing various Ubanker complaints. Let me bring this down so you can understand what we found and see how it can help your decision too.
About Ubanker security
The broker is fully licensed and registered. That means you have some level of security over your money. They also have a strong financial background which is one of the things to look out for in brokers before choosing one. What this is insinuating is that even if the company eventually folds up, it is definitely not going down with your money. No reviews disputed the security of the platform anyway.
Usability of the Platform
The broker’s trading platform seems to be very clean and easy to use. Either as a beginner or experienced trader, Ubanker PROfit platform is user-friendly and easy to navigate. We were given access to several professional trading tools coupled with the state-of-the-art trading PROfit platform. That means, they also have experienced traders in mind while building the platform.
Upon registration, we were assigned a personal financial manager that was guiding us through our trades and giving us useful tips and updates about the market. Many people also testified to this in the series of Ubanker reviews we checked online.
Educational Tools and Videos
On their website, Ubanker Nigeria promised to give the necessary guides to traders to help them achieve the best. That is actually true. There are several educational materials on the platform to help both beginners and experienced traders. There are one-on-one training and tutorial videos to help. That is definitely not a common thing among Nigerian brokers.
How Reliable Is Their Customer Support?
Some reviews online about the Ubanker app and their trading platform are that their customer support suddenly became dumb to their request. Actually, we tried to verify how effective their customer support is. They seem to be doing great. They respond quickly to queries and are always ready to help at any time we call. Perhaps those reviews we saw online were from a few angry customers – which is very normal in such a financial world.
Money-Back On First Trades
Just as it will be for many Nigerian traders, this also caught our attention. Ubanker Nigeria promised a refund on the first 3 trades if the trader lost. We also found that to be true and not a means to scam traders. On our first two losses (which was intentionally done to prove a point), our money was refunded into our trading account.
We see that as a very good way to help and encouraging growing traders to learn the forex world before they could stand on their own. If you are new to online trading and need a good place to start, this might be your best shot.
We actually have some minor issues when withdrawing the money we gained for the first time. The payment got delayed for about 2-3 days and we were almost labeling the broker a scam. We took the step to contact the customer support and it was fixed that very day.
I think that is where most people get it wrong with Ubanker Nigeria. Whenever they are faced with any problem or difficulties, they don’t bother speaking to the support or perhaps, they are always too anxious to tag Ubanker scam.
Is Ubanker Legit Or Scam?
This is the major question and I think from our experience with the new broker, it is completely legit. Ubanker minimum deposit is just $200 and allows you to run a demo account before finally committing yourself to the game. All these are a pointer to the fact that they seem legit.
That doesn’t mean we didn’t find some not-so-good glitches about the company. We did. Such as some issues with Ubanker login and Ubanker app. But upon contacting the customer support, the issues were rectified.
If you are doubting if you should use Ubanker Nigeria or not, we will say they are legit and you can try the broker. However, remember forex trading is a risky land and you need adequate knowledge about how things work in order to make the most out of it.