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Umarkets Review - Is it scam or safe?

Umarkets Review - is umarkets.com scam or good forex broker?

RATING: 2 / 31 REVIEWS Umarkets
Umarkets is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type
Minimum deposit 
Minimum trade size
 Maximum leverage
Spreads
Mini
$500
0.1
1:400
Variable 2 pips     
Fixed 2.5 pips    
Standard
$5,000
0.1
1:400
Variable 1.7 pips    
Fixed 2 pips    
Gold
$10,000
0.5
1:400
Variable 1.4 pips  
Fixed 1.7 pips    
Platinum
$150,000
1.5
1:400
Variable 1.0 pips       
Fixed 1.3 pips    
ECN
N/A
N/A
1:400
0.5 pips + commission

 

Umarkets offers several forex trading account types, based on the minimum initial deposit, as well as an ECN one (there isn’t much information about it).  All of them, except the ECN one, offer commission-free trading and both fixed and variable spreads, depending on the trading platform. The web-based MT4 provides fixed spreads, while the desktop version offers variable ones.

 

In addition, there are Islamic (swap-free) accounts that do not involve any interest/swap charges on overnight positions. Unfortunately,  micro lots are not available for trade.

 

The minimum initial deposit required to open an account with this broker is $500, which we find too high for an offshore brokerage. Not to mention, that it provides access to pretty high spreads – both fixed and variable ones are above 2 pips for the EUR/USD pair. There are a bunch of brokers, regulated in reputable EU jurisdictions which require smaller minimum initial deposits (or none at al)l and offer spreads within the range of 1.0 – 1.5 pips.  For further information, look up the real-time spreads of 15 leading brokers here.

 

No wonder they seem desperate for new customers and try to get the phone number of anyone who visits their website. The combination of light regulation (and consumer protection) and high cost of trading is hardly a successful one.

 

The Company. Security of Funds

 

Company

Country

Regulation

Maxi Services (Belize) Ltd.

Belize

IFSC

 

Umarkets offers trading in wide range of currency pairs, indices, shares and commodities CFDs on the popular MetaTrader 4 (MT4) platform.

 

The company behind the Umarkets brand is Maxi Services (Belize) Ltd. It was established in 2014 and is licensed by the Belize International Financial Services Commission (IFSC).

 

Belize is a popular offshore financial hub, where the licensing requirements are looser compared to other jurisdictions, however, its regulation regime is tighter compared to the Seychelles or Saint Vincent and the Grenadines. As of the end of 2015 and the beginning of 2016, the IFSC increased the initial minimum capital requirement for financial and commodity-based derivatives brokers from $100,000 to $500,000. Besides, the commission also increased the annual license fee from $5,000 to $25,000.

 

 Umarkets is also a member of the Russian Banks Association (RBA) and Russian Regional Banks Association (RRBA).

 

Nonetheless, we generally advise traders to avoid offshore companies, including Belize-based ones, and to invest with brokers regulated by reliable authorities such as UK’s FCA, or Australia’s ASIC, for example. 

 

Trading Platforms

 

Like most brokers, this one also supports MetaTrader 4 (MT4), available in all forms and shapes: desktop, web, and mobile apps.

 

MT4 is a reliable platform used by hundreds of brokers and preferred by most traders, as it is easy to use and offers all a trader needs: a number of technical indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to fully automate their trades.

 

Promotion

Umarkets offers a 30% on deposit welcome bonus. In order to withdraw it, traders also have to meet certain trading volume criteria.

 

Methods of Payment

 

Umarkets offers its clients the following payment modes: credit/debit card (Visa, MasterCard), bank wire transfer, and e-wallets Neteller and CashU.

 

Conclusion

 

Umarkets is an offshore broker that provides online trading services in forex and various CFDs on the popular MT4 under reasonable conditions. Here are, in a nutshell, the pros and cons of Umarkets:

 

Pros  Cons
MT4 available Light regulation
Bonuses offered High spreads
  High initial deposit required
  No choice of trading platforms, no micro lots

                                                    

Latest news about Umarkets
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Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
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IRESSTrader
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UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
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NinjaTrader
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cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Umarkets

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Umarkets try to run away with my 15000 usd

This is a scam traders, i deposit 3000 usd and they give me bonus of x2. I trade and make some profit of 20000 usd and then i try to withdraw money, they say i have to get lot of 100000 usd. i deposit 7000 to make more profit and get huge gains but all the trade fails. i make big loss, then i try to get my money back and then they tell me to pay transfer fee and guarantee of 5000 usd. after this, no more contact and all numbers not available. i search internet and see Swiftrecovery EU and they help me get all my money back with the profit umarket promise. I appreciate help

Gina 02/28/2019

They are in the philippines

They are in the Philippines. The office is in Makati.

I went there months ago so I can get my deposit back but they said I am not allowed.

charice 12/16/2018

Never give your details to this company

The most unprofessional company I ever have seen, they keep calling me from different numbers and send email even thou I told them to stop like a month ago.

Dubai guy 12/14/2018

Complaints to UMARKETS

It was finally resolved, after more than four (4) months of repeated demands of withdrawal of USD 500 investment.
I hope that prospective investor should think many times before investing with UMARKETS.

Rodolfo A Andres 10/15/2018

DO NOT Open accounts with UMarkets.com

Like most of the complainants here on this review, I got the same level of unprofessional treatment. Also I noticed that people here often mentioned the name of a certain Jeffrey Ocampo O'Brien who was assigned to me (The O'Brien name is obviously a screen name to make them sound 'foreign' to clients; of course they're not. I worked in the Call Center Industry and they do that all the time :-)) . As I was a total beginner in trading, I took the chance of signing up with them. Now that I knew better, I can say with a high degree of certainty that UMarkets especially the unscrupulous nature of them trying to egg you to deposit more money is not only unprofessional but a reflection of their pseudo-expertise in the field. I'm asking for techniques and approach to wisely manage my account, but all I hear from him as a solution is to deposit more money. Sensing the hideous signs of "guerilla marketing" approach, I started exploring other brokerages and start comparing them with the other competitors. I'm glad the competitors's team of experts are very professional and assisted me through their trading platform in helping me recoup my losses incurred from UMarkets. All in all I lost $2.5K with them, I've desperately emailing or asking for a call to assist me in managing my accounts but got no response until one day I found my account wiped out. No answers, no replies, nothing.
Also this Jeffrey is indeed a liar when he told me they don't have an MT4 platform when I found out they have. He even told me they don't have demo accounts when it is clearly shown on the web page that they have. When you asked for assistance on how to maintain profitability of your account, he will just push you for more money. DON'T bite it! Their bonuses are a trap! The catch is you won't be able to withdraw substantial amounts of money and if you asked for redemption or refund for their mistakes, they are cunning enough to put the money back to your online account and not your bank account, so the money technically still stays with them. Those are devious moves! Very unprofessional!

To make the long story short, their company in general SUCKS. Big Time.

I'm spreading this review to all who receive a phone call or email from them via their clickbait link in Facebook (yes, IT IS clickbait; it said get the ebook, but what you'll get is a phone call from them instead, through the number you provided on the website - there is NO ebook at all!).

I suggest for you all to tag their support email or whoever their executives are if you know their contacts to report the unprofessional approach Jeffrey Ocampo O'Brien and his manager Toff Radacliffe when they no longer reach out to their clients once when it comes to refund or assistance on their platform. They are like insurance agents who only cares to get clients and get as much percentage while they profit, and forget about the clients especially when they lose. It's all about the money for them. I'm blogging this experience about their company and circulate this on social media as a warning to all they are trying to dupe. And for those wo want their emails, here it is: [email protected], [email protected], [email protected], [email protected]

Look for their executives email and CC: them as well.

Michael Gotanco 10/13/2018

Experience with Umarkets

I have tried to invest with Umarkets but when i am requesting for partial withdrawal of my fund, i was refused to for the reason that i have lost some trades and i need to work on the bonus.

With the advise i got from chargeback, i requested tge credit card company to do it for me. They returned some of the money to the crwdit card but they retained a portion of it.

Now, i am requesting for the return of the remaining amount to ay off my account with the credit card but they are requiring me to pay 10% of the remaining fund thru separate charge from another credit card. I want to get vack the money so i requested that the fee be deducted from my remaining fund but they refuse to do so.

How could you help me get back my funds. The credit card has been charging me so much interest.

I hope you could help me.

Thank you very much!

Agnes Dela Cruz 10/12/2018

Umarkets loss

I have mini account with umarkets. They gave me a Filipino personal expert. She even make a trade without informing me first.and she trades big amount and easily lost it. What can I do to get my money back in my account? Please anyone help

Arlene Camer 09/07/2018

Read the term - orders can be opened only for 21 days

Everyone who trade knows the importance of a good broker. And Umarkets is like that for me. I didn't trust it at once. Like a lot of people I was waiting for some tricks all the beginning. But I still haven't come across them. Everything goes according to the agreement. I was indignant at the fact that my orders were closed unbeknown to me. But I just didn't take into account the fact that orders can be opened only for 21 days on Umarkets. This is stipulated in the terms. Funds withdrawal is done well, and there're assets that I trade with.

People, read the terms and you won't have problems you described here.

Torricaza 08/23/2018

Scam

This company took my money! I made a deposit and I did not even invest the money, they took it all and it has been a month since I requested my withdraw without success. STAY AWAY. PLEASE CHOOSE A BROKER WITH BETTER REPUTATION.

unknown 07/18/2018

Umarkets Scam

After depositing $500, i changed my mind & decided to request for withdrawal of my money to Mr. Enzo Alejandro account specialist who encouraged me to deposit to my umarkets account we created in Umarkets web site. After 3 days, i checked my account in the Umarkets and i was shocked to find out that my money is gone
zero in my account. Now nobody reply or call to my email. Is there anyone who can help us to stop Umarkets from scamming & stealing money.

Leonardo Montinola 07/16/2018

100% scam

This broker never allows you to withdraw your profits.its time that this scampany shuts down because of the many people they scammed.stealing our hard earned money and never allowing us to withdraw.I pray that this company will never have any clients anymore so that they can never scam a lot of people.please be careful when they call you.never ever entertain their call because once you invested in them,you will never get your money back.

charice 07/03/2018

Umarkets is a scam

Up to now I have not received any advice from UMARKETS on the status of my instruction for the refund/withdrawal of my USD 500 deposit/investment.
Please help.

Rodolfo A Andres
Mobile Ph # 63-9189228332

Rodolfo A Andres 05/17/2018

Trade without any problems but be ready to talk a lot by phone

I read all the comments here and was shocked. I did open account on Umarkets before I found that. But let me tell about pros and cons step by step.

Pros
1) I withdrawn profit several time. Broker pays.
2) I liked to use autochartist. Never used it before and this broker gives access to this instrument for free. That`s cool.
3) They give demo period after you deposit money for couple of weeks. That`s enough time to check the features of broker.

Cons
1) I dunno how, but first time when i heard about them - they called me. I was surprised because didn`t expected the call.
2) Managers are very talkative. I not so commucative person, so that`s a little annoyed me.
3) I like to chat with support by online, but in case of Umarkets it`s better to call. You will safe your time.

Summary
So, you can trade here without any problems but be ready to solve all of your question by phone.

About reviews below. It`s seems like most of trader are newbiews that write below and i can just give next advices.
A) Don`t use bonuses - it`s really hard to complete all the conditions to work off the bonus.That`s advice for hassan safeer
B) Think with your brain, don`t use advices of broker analytics. They may help only if you 100% know how to trade.

Anton 05/17/2018

Umarkets is a scam

Many times I have been requesting for a refund of my USD 500 investment but up to now no action by UMARKETS has been undertaken.
Please help.

Rodolfo A Andres 05/13/2018

Scam

Help guys, umarkets just tmtrade out my account. My account managaer is Josh Decker. What should I do?

Joshia Santos 05/02/2018

Umarkets is a scam

UMARKETS is no longer interested to transact business after I told them that I wanted to withdraw/refund my investment.
Mr. R. Andres

Rodolfo A Andres 04/09/2018

scammed by umarkets been contacting said jeffrey obrien till now no reply pls help

hello everyone so how are we going to get our money bad very bad Stealers need help also

ma socorro dolendo 03/18/2018

Scammed

U markets over the last few days have cleared out my account without authorization. I ring and no one answers

Being rightly scammed. 5m97w

William McHale 01/30/2018

Scammers

Hello to anyone who can read this. DO NOT open an account with UMARKETS (www.umarkets.com) They are Legal Scammers.

I will explain how it is. I opened an account with them one day before the black Friday of the United States ... they convinced me by offering me a 200% bonus or an operation insurance. If I lost any operation during that day they would cover it 100% ... everything seemed like a wonder ... 200% bonus or 100% loss insurance? wow ... ps accept enter and enter with 1,000 usd and accept the bonus of 200% so now my account account had 3,000 usd. But what a surprise when I started to operate Bitcoin and when the operation went against me ... because the platform brought me an alert that all operations would be closed with a 100% loss ... how? did not have 2,000 usd more to resist the price decrease of the instrument? After asking the "expert" advisor they say ... it turns out that the bonus is only for you to risk burning operations ... it is not to help you resist when the price comes back against you, that is ... easier you are going to lose your money and they are helping you right away, that you lose your money.

Fortunately my operations were always positive and after several operations and two weeks, I ended up with a total profit (free of bonus and my investment) of more than 30 thousand USD ... I was happy ... but what a surprise ... when I wanted to withdraw only the 1,000 USD from my initial investment ... NO PODIA ... why? because they force you to operate 200 lots (100,000 USD per lot) to be able to allow you to make withdrawals. Now, to understand the tricks of this company to keep your money I will explain a little. Each lot corresponds to operations that move 100,000 usd that is to say that I should operate 20 million dollars to be able to make my withdrawal ... if I operate with Bitcoin, each Bitcoin is 3,300 dollars, in a few words, it is almost impossible to manage so much money, that alone is forcing you to operate in a way impossible to achieve a total of 20 million ... and the more you operate trying to fulfill what you require, because you simply expose yourself to losing your money, but if we talk that this is a very psychological work in which all the time you could be operating with fear because of the extreme conditions.

In CONCLUSION Umarkets is a legal scam with all the conditions for you to deal with the loss only in order not to return anything because surely they have no way to pay any profit ... everything must be a facade to steal your money. The license they have is paper, they do not really regulate anything and they are in a country that you could say is a tax haven. They are going to steal your money. If after this WARNING and all the ones you are going to find on the internet (because you are going to find them) you decide to open an account with them, then you are very Silly. And you will confirm it when you have lost your money, because you will lose it. UMARKETS is a scam, a real scam.

Wherever they speak well of them, they should be forums or people who pay to speak well of them, because if you investigate just a little without much effort you will realize that there are only bad comments and you will not find anyone who speaks well of them or that he may have been able to withdraw his money.

Edward Velasco Arias 12/12/2017

don't try these time wasters

They are calling me like every second pursuing me to invest in their business, to hell I don't want to waste my money. don't try these time wasters

Muller Ellias 10/28/2017

uMarkets.com - Scammers & Fraudsters

I deposited and withdrew funds before trading. 2 months later those funds have not been received and they stopped responding to my communications. These are professional scammers and fraudsters. Stay away!

Sgagy 10/25/2017

Scam

They will lie to you and promised to you that you will get huge profit with them trading your account and can withdraw it all within a few days, then they will always ask for more and they won't let you withdraw the money because they will tell you that it did not reach the quota needed even though the one who told us that there are no such thing about quota in the first place. Bunch of liars! The name of our account manager from Umarkets is Josh Decker from London, avoid him and all of them. Hope all of them will go to jail for being scammers.

daryl 10/23/2017

scaming

umarkets a scam they dont want me to withdraw my money..no one is responding to my masseges...i want my cash back ,,,help...help..what can i do

yedwa kubheka 10/13/2017

Umarkets managed account - Don't put your money there

They offered me to manage my account and they weren't good at all. One day suddenly they opened 6 trades with big lots risking the 75% of the money. They closed everything and my account ended up with -66$. Seriously, forget then.

Marc 10/12/2017

dispute and suspicion of fraud

can someone please get back to me as soon as possible as money has been deducted from my account my name is Mpho Ntleru my contacts is 073 794 6926 thank you.

mpho ntleru 08/18/2017

Umarkets: beaware

this is totally time waster company I join almost months now try to withdraw but no success try call the but no answer so please any one want to join don't go there is more good company in market but this one is scammer and time waster
be carefull don't put your hard earning money on it.

sher 08/07/2017

f*ck sh*t

They are not regulated with any regulating bodies. Its a shit company. Avoid investing with this company. You stolen my husband money. Trust me all of you go to hell.

lily otten 07/25/2017

umarkets: scammers, they don't allow me to withdraw

they are not allowing me to withdraw.... i lost my money because of the broker named jeff. that broker is not allowing me to withdraw and he is asking for more!!! i cant work on this anymore. i will file a lawsuit about them

Sahada 07/25/2017

Umarkets: broken promises

this guys...made me loose all my money.. by promising signals...and the insurance for my account if I lose...but knw they are not giving me a thing the only thing they keep on pushung me to put more cash..realy who are this guys..are they scammes..

charly 07/23/2017

Very bad

They get my phone number from no where , and keep calling me to tell me about them , keep calling and keep calling for non stop even when i told them i'm busy. What a shitty company.

LYS 05/22/2017

very bad experiance with this brocker

first i deposite 500 doller.then they give bonus.after some days i got profit.i requested for withdrawal.they told you not able to windrow money because that gave bonus.they need to cover some volume.i was accept after i deposite more 2000 doller i got profit .but they not give any singile doller till my lost of my all money.there some commission they everyday cut from account..if you call company they not pick call..dont invest one doller also...

hassan safeer 04/25/2017
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