- Large selection of instruments
- An excellent trading platform
- Good bonus structure for higher account holders
- Competitive payouts
- Not regulated
- Demo account only available with deposit
- Customer service leaves room for improvement
UTrader, a serious binary options broker, that is regulated and professional
With so many binary options brokers on the market now it can be difficult for traders to know where to start when it comes to making a choice of broker and trading platform. High-intensity competition between brokers for traders can, widely-speaking, only be a good thing as they jostle for market position by trying to differentiate and demonstrate their attractiveness as a trading destination.
The result has been a notable improvement in the average quality of brokers with trade execution times generally improving, payouts becoming more generous, customer service picking up their game, withdrawals being processed faster, educational resources and trading tools improving and hidden charges becoming less common. However, despite the generally positive trend there, is still a significant range in the quality provided by different brokers. Some are relatively strong across all major differentials while others have more pronounced strengths and weaknesses. We’ve tried to take out a lot of the leg work for binary options traders in this review section by summarizing the main service and product categories.
In this review, we cover UTrader, a relatively seasoned broker on the market since 2011.
First established in 2011, UTrader quickly became one of the fastest growing binary options brokers in Eastern Europe before capitilising on that success by continuing its march globally in more recent years. UTrader’s parent company uTrader Day Dream Investments Ltd is registered in the Marshall Islands but the company is headquartered in Latvia, allowing it to do business with the European Economic Area.
The broker offers forex and CFDs trading as well as binary options trading and states that it looks after over 250,000 client accounts in total. Recent growth is focused on Western Europe, already holding the position as the no.1 broker in the Eastern side of the continent.
UTrader’s trading platform uses SpotOption software, one of the biggest independent binary options software providers and used by some of the leading names in binary options brokerage.
As would be expected of a market leader in trading software, the SpotOption platform is to a very high standard: nicely designed, intuitive navigation and usability, quick and convenient functionality for the placing of trades, several binary options variations available and providing a strong suite of trading tools and educational materials.
A nifty feature of the platform is the tile windows function that allows traders to view multiple assets simultaneously.
Another popular tool is the ‘strategy advisor’, an algorithm that uses three common technical indicators (Moving Average, RSI and Bollinger Bands) to provide automated price movement alerts.
UTrader’s SpotOption-powered mobile app is available in both native Android and iOS formats and is widely considered to be one of the best mobile binary options trading apps on the market. Its general and UX design is certainly top-notch and the entire functionality of the desktop trading platform is maintained in an easy-to-use mobile-friendly format.
Tradable assets diversity is a strength of UTrader, with the broker offering over 90 over the four major asset classes of forex, commodities, indices and stocks. Around 32 different forex pairs are available from the majors to more exotic pairings such as euro to South African Rand.
Individual company stocks are a particular strength with over 50 available from big companies listed on major European, American and Asian stock markets. Innovative stock pairs are also available, which match up different companies against each other in a way similar to how forex pairs work. Almost 20 equities and commodities indices can be traded and 10 commodities including precious and industrial metals, precious metals to currency pairs and soft commodities such as corn and coffee are available.
Trading Features, Fees and Payouts
Five different kinds of binary options formats can be traded with UTrader:
- Classic High/Low Binary Options
- 60 Second Binary Options
- Long Term Binary Options
- One Touch Binary Options
As already mentioned, ‘pairs’ pair up company stocks like forex pairs with the trader predicting if one stock will perform better than the other, rather than simply whether an individual stock will finish up or down on its opening price. 60 second and long-term binary options work in exactly the same way as classic binary options with a timescale up to one minute in the case of the former and between a few days and weeks in the case of the latter. The One Touch format means the asset’s price only has to ‘touch’ a target price at any point before the option’s expiry, regardless of where the price finishes.
Payouts on all binary option formats other than Pairs reach a maximum of 85%, but pairs options payouts can go as high as 250% of the original investment.
A monthly inactivity fee of $/£/€25 is charged to accounts that have been inactive for at least 30 days. UTrader does not charge any payment processing fees on either deposits nor withdrawals in addition to any charges applied by the payment processor chosen by the trader as their preferred service provider.
Bonuses & VIP programs
UTrader offers clients a number of promotion and bonuses. The ‘Risk Free Trades’ insurance programme gives the trader the option to recover losses made on a fixed number of trades and up to a maximum value set by the broker. UTrader customises this bonus programme to each trader individually and new traders should chat with a customer service representative about the offer at the point of opening an account and making a first deposit. The insurance policy can be topped up or renewed at the broker’s discretion during the lifetime of the trader’s account.
Different coaching and education packages are also offered as a promotion, the extent of which are dictated by the size of the deposit made into a trading account. The education packages are tiered into four distinct offers, the basic package awarded to deposits up to $500, ‘Advanced’ up to $1000, ‘Pro’ between $1000 and $4999 and ‘VIP’, which includes working 1to1 with an analyst reserved for deposits in excess of $5000.
The final bonus is a cashback offer which is calculated as a percentage, up to 5%, on trade turnover.
Deposits and withdrawals
Traders can make deposits into their trading accounts and withdraw remaining balance or winnings via a helpful variety of payment processing methods. Visa and Mastercard debit and credit cards are accepted as are several major e-payment processing clients including Skrill, Neteller, MoneyNet, OK Pay and WebMoney. Bank wire transfers are not currently supported as a payment or withdrawal method.
The minimum deposit is $200 or the approximate equivalent in either £, €, Russian roubles or Polish zloty. The minimum withdrawal level is $25 or the equivalent in another of the account base currencies supported.
Customer support is provided in English, German, Russian and Polish and traders can get in touch with customer service representatives via online chat, Skype, telephone or email.
Extra features and resources
The social trading functionality supported on the trading platform is a major plus form many traders and can be employed as a very useful value-added resource. Traders can monitor the performance of peers and choose to follow and mimic the trades made by the most consistently successful. The position size can be adjusted so doesn’t have to be the same as the followed trader. Bid sizes can be reduced if account funds are limited, raised if plentiful or simply according to preference regardless of funds available.
UTrader is a good, solid broker. The SpotOption-powered trading platform, both in desktop and mobile app formats is first class and the broker has not grown consistently since 2011, building up 250,000+ trading clients by not treating them fairly and providing both a good product and customer service, despite not being under the regulatory supervision of a major regulator. A good range of tradable assets and smooth deposit and withdrawals processes reinforce the quality of the trading platform itself.
Is UTrader a safe broker?
While UTrader is not regulated by one of the major regulators, the broker has been operating since 2011 and with over 250,000 trader accounts to its name, has so far proven itself to be a trustworthy custodian of client funds. Lack of regulation may be a turnoff for some but the evidence suggests that UTrader is a reputable broker.
What is the minimum deposit size for a UTrader account?
$300 or the equivalent in £, €, Russian roubles or Polish zloty is the minimum deposit size.
What is the minimum investment stake to trade with UTrader?
$20 or the equivalent in £, €, Russian roubles or Polish zloty is the minimum investment size.