FINMA has released a warning about uBinary among other suspicious financial operations. We take alerts from regulators quite seriously–they are usually not quick to flag brokers and only do so after a close look at claims and the alleged activities of the broker.
ReportScamOnline regularly updates these reviews with new alerts from regulators. We investigate each broker and delve deeper to discover the methods and reasons they have been called out by regulators. We create broker reviews to warn the public about suspicious brokers.
What Is the FINMA?
FINMA is the main financial regulator of Switzerland. It is in charge of ensuring that all financial institutions that operate in Switzerland or that sign up Swiss customers adhere to standards. Those that don’t comply are subject to disciplinary action or may be the subject of a FINMA warning. uBinary has been added to FINMA’s warning list.
What Are Problems with uBinary?
At least one or more of the following issues have been identified:
uBinary may have a licensing problem. This can range from not having a license at all to operating with an expired license or one that has been revoked. uBinary may be trying to pass itself off as a regulated broker to attract clients.
uBinary has apparently misled clients with statements on its website, ads or marketing materials. Often, brokers will tell clients that they will definitely make at least a certain return on investment or that they won’t be charged any fees. However, the customers often find out otherwise.
Lack of Transparency
uBinary information seems incomplete. There may be names, addresses, or contact details that have been omitted. Often brokers aren’t straightforward with their offerings or terms and conditions.
Clients who complain about scam brokers often have difficulties accessing their accounts or making transactions. They might not be able to withdraw their money or get information about transactions.
FINMA has flagged uBinary because of numerous customer complaints and problems they have observed with uBinary services or activities. These claims have been investigated and validated.
Have You Lost Money to uBinary? Talk to Us!
ReportScamOnline experts understand brokers–reliable ones and scam operations. We have researched brokers and have created these reviews to help consumers make the right choice for trading. We recommend that you avoid the scam brokers mentioned here and instead find a reliable and licensed broker. If you have lost money to this broker, contact us and we will launch an investigation that will bolster your claim.