UTrada Forex broker review — Everything you need to know

UTrada Limited is a company offering brokerage services worldwide and has been regulated in two jurisdictions. The broker was established in 2018 in Malaysia and expanded its services globally. It opened its office in Singapore in 2019 and another in Australia in 2024. The broker is fairly experienced in the Forex trading industry and advertises itself as a commission-free, low-spread broker with access to diverse markets.

UTrada Safety – Can you trust this broker?

UTrada is overseen by offshore authorities, such as:

• UTrada Global Limited – Financial Services Commission, Mauritius (FSA Mauritius)
• UTrada Limited – Labuan Financial Services Authority (Labuan FSA)

Regulations are critical factors for assessing any broker’s safety and having acquired two licenses is very positive for the company’s legitimacy. However, these regulators are not as strict as top-tier regulators and still leave some room for scam brokers.

UTrada keeps client funds in segregated bank accounts with top-tier banks, which is crucial for investor safety. The broker is a member of the investor compensation scheme.

UTrada does not offer negative balance protection (NBP) to its clients, which is a serious downside for retail traders. In case they go to minuses, they might become liable for losses beyond their account, which is never a good thing when trading with leveraged instruments, such as CFDs.

UTrada Overview of the website

The website of UTrada is responsive and has a menu to navigate easily. This is flexible as users can easily navigate between different tabs to find out needed details about accounts, platforms, markets, and so on. The live chat is built inside the website of the broker, enabling traders to quickly contact the broker in case of emergency.

Overall, the website is very simple to use and provides everything users need to easily open and manage their accounts, use support, and find details about UTrada’s services and conditions.

UTrada Accounts Reviewed

UTrada offers diverse experiences when it comes to different trading account types. The broker offers Ultra, Standard, and Pro accounts covering all trading styles and experience levels. There is also a demo account where traders can either test strategies or check the trading conditions of a broker. Let’s briefly overview each of the trading accounts to see which one is more suitable for our readers’ needs.

UTrada Ultra Account

Ultra account is an ECN account that offers 0.0 pips spreads on major FX pairs and charges commissions to do so. The commission is 7 USD per lot round turn and the account requires at least 100 USD for minimum deposit. This is very competitive if the spreads turn out to be 0.0 pips and not higher in live markets. The maximum leverage is 1:500, which is more than enough to control serious trading power. All instruments and asset types on the Ultra account are CFDs including crypto and shares, which makes it super convenient to quickly scalp markets with 0 pips. There is a contradiction between FAQ and Ultra account specs. In FAQs, the minimum deposit is set at 100 USD for an Ultra account while the account description says it’s just 100 USD. So, we assume it is 500 USD.

UTrada Premium Account

The premium account is a commission-free trading account where 0 USD is charged per lot. However, the spreads start from 1.2 pips and all assets are also CFDs. The minimum deposit is lower starting at 250 USD, which is competitive. However, the higher spreads than the industry standard (from 1 pip on EUR/USD), make it slightly less competitive than reputable broker offerings. The leverage is also capped at 1:500 and the minimum lot size is 0.01 lots.

UTrada Standard Account

The standard account has a 50 USD minimum deposit requirement but comes with super high spreads from 1.4 pips, which is not competitive. There are no commissions charged for trading and all assets are CFDs. The maximum leverage is 1:500 here as well. The account is not competitive against the Premium account as it has almost the same specs but has higher spreads, which makes Premium a better choice for traders if we follow the FAQ details. However, the account has a lower minimum deposit according to its description which starts at 100 USD by the account description and 50 by the FAQs, so we follow the account description here as well.

Overall, the minimum deposits for each account are the following:

• Standard account – 100 USD
• Premium account – 250 USD
• Ultra account – 500 USD

These deposit requirements make UTrada not competitive as there are many reliable and reputable brokers requiring much less minimum deposit and much lower spreads.

Deposit and withdrawal options at UTrada

The funding methods at UTrada include wire transfers, bank cards, and several other options. Deposits are commission-free and instant but withdrawals take several days to get processed. Despite having no commissions from the broker’s side, there might be fees from payment providers themselves.

UTrada Assets — What can you trade?

When it comes to trading assets, UTrada offers a wide range of markets such as:

• Forex pairs – Majors, minors, and exotic pairs.
• Commodities – Precious metals and energies
• Indices – Popular major indices (EU, USA)
• Shares – Popular shares
• Cryptos – Crypto CFDs of BTC, ETH, ETC, XRP, and ADA

All the instruments offered by the broker are CFDs, meaning there is high execution speed even for cryptos, and it is possible to buy and sell shares. However, there are no spot assets offered for trading, which makes UTrada a risky broker. At 1:500 leverage, these CFD instruments can both provide many profit opportunities and risks when traded unwisely.

Trading platforms of UTrada

UTrada provides access to several trading platforms. There are advanced MT4 and MT5 trading software available along with the proprietary UT trading app for mobile trading. Mobile trading is possible via the broker’s own platform app, which makes it unattractive as it does not offer a mobile MT5 app, which is one of the most advanced and feature-rich mobile trading apps out there. The broker allows custom indicators and Expert Advisors (EAs), which is flexible.

Education at UTrada

Education at UTrada is provided via an academy, where traders can access various resources such as:

• Trading blog – Provides market updates and analysis of popular instruments.
• Learning center – Offers educational materials for beginners.
• Analytical tools – Tools to assist traders in increasing their trading accuracy.
• Events – Various events launched by the broker go here.
• UT club – Club to get various rewards and points for trading with the broker.
• Webinars – Live webinars with pro trainer traders to get trading education.

The broker also offers social trading features and copy trading services together with trading signals, which is very useful for traders who do not have enough time for trading.

UTrada Customer Support

The broker fails to deliver on customer support. There is only a live chat plugin, but traders can leave a message for support, who then replies with an email, which is very inconvenient. There is no direct phone support or email channels provided for traders, which is a serious drawback. The broker is multilingual, as it provides both support and a website in multiple languages.

UTrada bonuses and promotions

The broker currently provides only one bonus, which is a 15% deposit bonus. The bonus is given for each deposit made by the trader. However, there is a cap on the maximum bonus amount, which is 10,000 dollars.

Is UTrada your broker? Final verdict

UTrada offers a wide range of platforms, trading assets, and account types. It is regulated by two offshore bodies (Labuan FSA and Mauritius FSA). While it provides CFD trading with attractive leverage limits, the lack of negative balance protection is a serious risk for beginners. There are high spreads on all accounts except the Ultra zero spread account, which is also not competitive.

FAQs on UTrada broker

Where is UTrada based?

UTrada is based in Malaysia, but it also has offices in Singapore and Australia. It is regulated also in Mauritius.

Can you withdraw from UTrada?

Yes, the broker allows withdrawals using several payment methods like bank cards and wire transfers but requires several days for processing.