Founded in 2006, UTIP Technologies is a company providing business solutions for Forex and CFD brokers. Its trading platform was the first and main product around which other modules like the Trader’s room were developed. A serious disadvantage in this respect is that you can’t use just the Trader’s room or any other one software of the company, as they all come together with the platform.
Are the trading platform and the client area worth the investment? Read on to find out.
The Web-Based Proprietary Platform
UTIP Technologies Webtrader is light, intuitive and easy to use. The platform is suitable for both novice and advanced traders. Charts are good looking and run smoothly. There are a number of charting tools which allow for decent technical analyses to be made. A dedicated tab groups all assets together, according to their classes. This tool helps traders to quickly navigate between instruments, load their charts and speculate on their prices.
The trading instrument offering covers several instrument classes including Forex, indices, stocks, commodity and metal futures and cryptocurrencies. UTIP Technologies offer binary options too. While this could be advantageous for brokers in some regions of Africa and Asia, these assets had been banned a while ago across the entire region of Europe and in the US.
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The Trades tab gives enough information for all currently open positions. They are listed by their number, symbol, type (buy/sell), open price, open date and time and floating PnL. Except for these regular parameters, some really useful details like margin, swap and commission are also available.
The Webtrader has an integrated reporting section in which a trader can find his closed trades, deposits and withdrawals, results from binary options trading and more. The reports are structured well and include all the necessary information a client needs to know about the transactions in his account.
Is UTIP Trader’s Room Really Worth It?
The Trader’s room is the virtual place that clients use to interact with their online broker. The ideal software in this respect should be easy to use, yet functional. In our view, UTIP Technologies have done a good job in making their client area user friendly. At the same time though, it is quite simplistic and lacks some useful functionalities.
The Trading section is where a client can request the opening of a new account(s) or ask for some parameters in an already existing account to be modified. When opening an account, the only three details are currency, type and leverage. Note that leverage can go as high as 1:1000. In reality, the broker has the final word here, and it is highly questionable whether anyone would even be allowed to use 1:500. At the end of the day, this exposes not just the client but also the company to a much higher risk, especially if the account is funded with a substantial amount of cash.
Where Investors Meet Money Managers
The Investor tab is where an individual can open an investment account or change some of the settings of his existing ones. These accounts provide individuals with an efficient way to put their money to work by following the strategies of professional investors. All this happens automatically, as trades from the master account are copied and transferred to the “slave” accounts and subscribed to the corresponding strategy.
Professionals wanting to manage the funds of other individuals can request the opening of an account from the Manager tab. The application process here is much more complex compared to the one for investors. The reason is that candidates need to cover certain regulatory criteria and demonstrate that they have a winning strategy which does well at preserving clients’ capital.
My Tickets is the section which traders use to get in touch with UTIP employees, in case of an inquiry. It is a simple form, so a user only has to describe his issue. There is an option to attach a screenshot or another file which will help to visualize the matter, if needed. A list of open and closed tickets can be found within the section too.
UTIP Technologies is a company, which values the security of its clients sensitive data. For this reason, it has been taking various measures to ensure that its systems are sound and secure. In the most recent version of Webtrader the function of proxying the queries to the UTIP server has been utilized. In a bid to offer further protection, the enterprise has started supporting the functionality responsible for hiding the servers’ location. This in turn helps to hide the IP address of the servers, which results in a higher level of protection against DDoS attacks.
The company offers a 24/6 customer service in various languages. You can reach its agents by phone, Skype and email. There is a technical team which can assist clients on a 24/7 basis, when the situation requires more urgent support. Based on our findings, we can safely conclude that client care employees reply promptly and provide high quality assistance.
UTIP Technologies have developed a decent trading platform. Combining a user-friendly interface with some quite useful features, the software is suitable for both novice and advanced traders. Despite covering the basic functions, the Trader’s cabinet is a product which, in our view, needs further development. For this reason, we view the fact that the two platforms are made indivisible even in the standard package as disadvantageous.
Based on the review above, on the scale from 1 to 10, our FinTechTycoon expert score is
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