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Forex

Umarkets Review - Is it scam or safe?

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

RATING: 2 / 9 REVIEWS
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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

                                                    

Forex
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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

 

 

Traders` reviews for Umarkets

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
Forex
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