There’s no doubt about the fact that the international forex market has always been huge beyond measure, but with the emergence of online trading platforms such as uBanker among many, many others, a lot more independent traders have enjoyed the chance to get in on the action without having to jump through hoops such as needing to meet the requirement of being a high net worth individual or something of that kind. Now if you have an internet connection and some money you may want to put to work instead of letting it all sit in the bank and earn zero interest, you can really learn how to trade currencies and get your slice of the most liquid financial marketplace in the world.
With that the focus turns squarely on to the mentioned trading platform, uBanker and I’ve chosen to do a review of this broker simply because it’s actually one of a only a few which actually deliver the type of value independent traders are looking for, from beginners to those who consider themselves to be experts. I was particularly optimistic about the apparent prospects of this platform purely on that fact – the fact that they cater to all types of traders.
My trading approach
So I guess before I get into the meat of the review it would be pertinent for me to disclose the approach I took in using the uBanker online forex trading platform, which basically entailed a “back to basics” type of strategy. I’d been trading for a while on a different platform which shall remain unnamed for now, but that was just one of many forex trading platforms I’ve been trying out.
What had happened was I was becoming a bit disillusioned with this whole forex trading thing, often just going through the motions and not really feeling like I was learning anything anymore, so I decided to try out a brand new platform in the form of uBanker from the point of view of a beginner trader. I was merely returning to the basics, if only to rediscover that spark which first launched me into online forex trading.
From the point of view of a beginner trader, once I kick-started my learning-while-trading adventure with the uBanker platform I couldn’t help but wish I had discovered uBanker back when I was starting out proper. It would have saved me a lot of time, effort and money learning while trading with real money as opposed to having to use the widely used trading client in the form of MetaTrader in demo version and then getting a rather rude awakening about how the spread on each trade actually works when making the switch over to trading with real money.
uBanker offers an integrated self-study course which teaches the fundamentals of forex trading and then helps the beginner trader work their way through some very important principles of forex trading which set them well on their way to becoming confident traders whose knowledge of this lucrative market grows with each subsequent trading decision. I personally learned quite a few new things I’d seemingly previously missed, perhaps on account of having traded with brokers who were so eager to get all their clients trading that in hindsight they give off the impression that they’re only after the commissions they make on each trade.
It’s very easy to claim that uBanker doesn’t fall into that category, but I experienced that first hand when the personal trainer assigned to me advised me to first take the time to familiarise myself with some specific tools and techniques and how they relate to the various types of charts before even thinking about taking up a position on my first trade. That was quite important to me because it makes me feel valued over the long term as a client and trader, because unlike many people who dive into forex trading, I’m in it for the long run!
Now, this is where it got really interesting because as I mentioned, trading with real money is markedly different to trading with demo account “credit,” but with uBanker beginner traders get to benefit from a secured investment, which basically means up to 15 of your first trades come with full protection. What this means is basically if you lose money on your trades, that money is returned to your trading account and if you make winning trades on the other hand, you get to keep the profits!
The trading platforms
Although MetaTrader is indeed somewhat of an industry standard by way of trading platforms, it’s refreshing to use a different platform, as is the case with uBanker’s PROfit platform. I personally prefer to use a full-sized desktop when I’m trading, so I use their Web PROfit platform, but I understand there is a mobile version in the form of Mobile PROfit. Web PROfit works particularly well for me because then I can simply log in via the web browser and pick up where I left off instead of having to make sure I have all the latest updates patched to what would otherwise be a locally installed software solution.
Now in giving the verdict on uBanker, I’m going to walk in the shoes of a South African based forex trader because that carries quite a lot of significance with regards to considerations such as legitimacy and accessibility. So basically what I’m saying is this – if a South African forex trader can get maximum joy out of trading on a platform such as uBanker, only needing a minimum deposit of $200 to get started, then it means the platform can work out well for anyone from anywhere in the world.
Recently I ventured beyond just trading forex with uBanker though, getting into CFDs, shares, indices and I’m yet to try my hand properly at commodities as well, all of which are also available through uBanker.