Umarkets is an online exchange that allows its clients from around the world to participate in trading with a wide variety of financial instruments. The broker currently offers its services to over 80 countries around the world and is registered in St Vincent and the Grenadines.
However, looking at Umarkets’ customer reviews, there seems to be few mixed comments around the internet. In order to see if there is any weight to any of this, we will take a brief look at some of the features and services that this online brokerage provides and see if it does hold up to its reputation or not.
Umarkets Customer Reviews
As online brokerage reviews can always be forged, it is imperative to check what other clients say about a broker. Interestingly enough, there are an equal amount of positive and negative Umarkets customer reviews that can be found on a majority of websites. Below are just a fraction of the positive as well as the negative claims:
“This is absolutely fantastic… Fantastic support too, couldn’t [have] asked for a better company to go by. I never leave reviews for companies either, but this one I just had to.” – Larry
“These people are scammers and will keep everything you deposit with them. Stay well clear. I managed to get everything refunded with help of Mrs Kate and her team.” – Patrick
As with most online brokerages, Umarkets forex broker does get its fair share of fraud and/or scam claims from its customers. However, with the reviews delving into both extremes as well as the lack of any coverage of reported incidents, it can be hard to pinpoint if Umarkets truly is a scam or not.
However, looking at the broker in a fair light, we will briefly delve into how Umarkets operates and what it offers.
Umarkets: Services and Offerings
While Umarkets forex broker offers the following services to clients residing in almost any part of the globe, some offers may differ depending on the location of the client. Services are also blocked for residents in the United States due to legal restrictions.
• Trading Instruments
Umarkets offers a wide variety of tradeable assets to choose from spanning over Forex pairs, Company Shares, Indices, Commodities, and Cryptocurrencies.
• Account Types
As of writing this Umarkets forex broker review, the broker currently has four trading account types – the Mini Forex Account, the Standard Forex Account, the Gold Forex Account, and the Platinum Forex Account.
The Mini Forex Account can be opened with a minimum deposit of $500, where clients can trade commission-free with spreads starting from 2.5 pips. It has a minimum trading volume of 1 lot and features an online chat.
The Standard Forex Account can be opened with a minimum deposit of $5,000, where clients can trade commission-free with spreads starting from 2 pips. It has a minimum trading volume of 5 lots. It also features an online chat, additional platform access, and an automatic charting system.
The Gold Forex Account can be opened with a minimum deposit of $10,00, where clients can trade commission-free with spreads starting from 1.7 pips. It has a minimum trading volume of 1 lot. It also features an online chat, additional platform access, and an automatic charting system. It also has an online chat, additional platform access, an automatic charting system, SMS signals, a VIP manager, and a direct hotline.
The Platinum Forex Account can be opened with a minimum deposit of $35,000, where clients can trade commission-free with spreads starting from 1 pip. It has a minimum trading volume of 1 lot. It also features an online chat, additional platform access, and an automatic charting system. It also has an online chat, additional platform access, an automatic charting system, SMS signals, a VIP manager, a direct hotline, and one-on-one trading advisor.
In addition, Umarkets also has an Islamic swap-free account for Muslim clients who follow practice the Sharia Law. The online brokerage also offers a Demo Account, that clients can access for free in order to test out the trading platform’s features in a risk-free environment. However, after a few run-throughs of the Demo Account, it is evident that it does not always factor in real-life scenarios and hence, the outcome may not be similar to a live trading environment.
• Trading Platform
Umarkets mainly incorporates the MetaTrader4 (MT4) trading platform by MetaQuotes. MT4 is one of the leading trading platforms in the industry, most notable for its easy-to-use interface, lightning-quick execution time, and flexible customizability. It features real-time market quotes as well as over 80 pre-installed technical indicators, charting tools, and automated trading options, to name a few.
It is available for desktop, web browser, and mobile for iOS and Android.
In addition, Umarkets’ own trading platform named XCritical is apparently the most widely-used in its clientele. XCritical comes with an in-built Autochartist tool, trading signals, and strategy materials. It is capable of instantly executing orders of over 170 financial instruments.
It is also available in for mobile platforms.
• Payment Options
Payment options include credit/debit cards, bank wire transfers, and online payment services such as Neteller and Skrill. Deposits and withdrawals can also be done with cryptocurrency.
Withdrawals are usually processed within the same day, though it could take more if requests are done outside of business hours. Bank transfers usually take one to three business days to process, though some options can take a few seconds.
Bank processing fees may apply depending on which service has been chosen. Online payment services may charge additional fees for deposits or withdrawals.
Most of the details listed in this Umarkets review may often be subject to change. Therefore, for updated information, please check the broker’s official website.
Umarkets: Is it safe?
Safety and security are the two most important aspects that every online brokerage must look into. It protects its clients and assures that its operations have met with industry standards.
While Umarkets is a registered company in St Vincent and the Grenadines. unfortunately, there seems to be a lack of any evidence of Umarkets being regulated by any authoritative financial entity. This would mean that any potential client could be a target for Umarkets scammers due to a lack of jurisdiction.
In conclusion, Umarkets offers a decent online trading experience with the choice to use from a variety of intuitive trading platforms, and educational materials.
Some things to note as of writing this Umarkets review, however. The broker does have a high minimum deposit and its spreads can be expensive when compared to other brokers.
One of the biggest downsides to Umarkets is that it is not regulated by any authoritative financial entity, making the entirety of its client base prone to Umarkets scammers. Of course, while there are not many incidents that tarnish the brokers reputation, it can be said that there are other brokers that offer the same services and trading conditions but with proper regulation to boot.