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UBK Markets Review - is it scam or safe?

UBK Markets Review - Is ubkmarkets.com scam or good forex broker?

RATING: 3 / 0 REVIEWS UBK Markets
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Trading Accounts & Conditions

Account type Minimum deposit Maximum leverage Spread
Classic* $25 1:50** From 0 pips + $9 per lot

*There are more account types related to the social trading system, but they don’t offer much different conditions
**Leverage is reduced by half for carrying positions over the weekend.


UBK Markets (which stands for Universal Brokerage Key to Markets) is a forex broker, offering a service similar to social trading. The company is regulated in Cyprus, which is generally a good sign. Read the full review to get more details.


UBK Markets Advantages


CySEC regulation

UBK Markets LTD is regulated by the Cyprus Securities and Exchange Commission (CySEC). This gives them access to the entire European Single Market, under the MIFID rules. More importantly it assures traders they will receive protection for their investment.


Unique trading platform
The platform offered by UBK Markets is called iPro Marketplace. It is developed by the company, unlike the plethora of brokers which use software solutions developed by third parties. That being said, we weren’t able to play around with it, as we had an issue when creating a trading account. Here is a snapshot of the platform at presented on the broker’s website:



The more experienced traders among you may see many similarities between this and MetaTrader4 (MT4). After watching their introductory vide, provided by UBK Markets, we realized this isn’t simply a re-skined version of the popular software. While some design inspirations are definitely taken from MetaQuotes, this is a different product.


>> Looking for a MT4 broker?<<


Social trading (called IPA)
UBK Markets offers their own social trading/signal following system. While they claim it to be something revolutionary, in reality it’s very similar to other solutions on the market. The most unique aspect is that all trades have to be closed at the end of each Friday. This limits the exposure to overnight risk, but makes the service unattractive to long term traders and investors. If you are looking for a platform, where you can diversify your portfolio to other traders, feel free to check out eToro, the world’s largest social trading network.


Many deposit and withdrawal methods
UBK Markets supports a lot of payment options. They are: Bank Transfer, Credit Card WebMoney, Skrill and OKPay. With such a diverse lineup, only the Bitcoin enthusiasts are left out.


Low minimum deposit
A $25 minimum deposit for the Classic account type, virtually anybody can get involved with this broker. This requirement is typically higher, at other brokerages and is in place, due to the costs involved with the creation of a new account (some paperwork always to be done and not all clients bring the same business).


UBK Markets Disadvantages


Target spreads aren’t specified
UBK Markets does not give clear indications on what the actual spread on the platform is. They mention the floating spreads start from 0 pips, but we have seen this wording being misused by brokers in the past. Technically every level is above zero, so this isn’t a precise indication.


The commission on the other hand are very specific - $9 per trading lot. This means the effective spread at this broker starts from 0.9 pips, if the spread is truly zero (every dollar in commission is worth 0.1 pips in pairs, where the second currency is USD). Such an offer will be rather impressive. For a comparison of the conditions offered by some of the industry leaders, check our special platform.


>>Compare spreads in real-time here <<


Low leverage and weekend rules
A leverage ratio of 1:50 will still suffice most traders. However those looking to be more aggressive or more diversified may struggle. The more interesting aspect of the rules at UBK Markets is the fact leverage is reduced by half over the weekend. This is obviously done to protect people from unexpected news events, which can cause gaps, but is a rather unusual requirement, which may not be to the linking of some.


No one-click demo

We didn’t manage to create an account with this broker, due to the SMS verification requirement. We triple checked the number we entered, but still got nothing. This appears like a temporary technical glitch with their systems.  Sadly we couldn’t play around with the in-house trading platform.


No CFDs offered

The only trading instruments with this broker are fiat currency pairs. Nowadays a lot of companies are providing CFDs on indices, commodities and more recently even cryptocurrencies.


Conclusion


UBK Markets is a CySEC regulated forex broker. The company appears to be operated by Russians, but the website is definitely friendly towards English speaking users. Their offer has some elements which appear unique, but in reality aren’t that different from other offers on the market. We really wanted to test their proprietary platform and will try do so in the coming days.


The main benefit of trading with this broker will have to be its legal state. The company is overseen by one of the toughest and most active regulatory agencies, the Cyprus Securities and Exchange Commission.


>>Other CySEC regulated brokers<<


All companies registered with it must have capital holdings of at least €730,000, which is a big bar for most scammers. Additionally they have to follow strict rules, like the segregation of client funds – all deposits with such a broker must be kept separate from the company’s operating budget. On top of that the local compensation scheme insures client’s balances, against their broker going bankrupt, up to €20,000


Here are the key points again:

Pros
Cons
CySEC regulation Target spreads aren’t specified
Unique trading platform Low leverage and weekend rules
Social trading (called IPA) No one-click demo
Many deposit and withdrawal methods No CFDs offered
Low minimum deposit  

 

Latest news about UBK Markets
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Traders` reviews for UBK Markets

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