Every once and a while, a new broker enters the Forex market, and expensive marketing campaigns are launched to attract the potential investors. However, not all of those broker houses are legitimate and professional, and some of them are created for malicious reasons. That is why it is vital to learn as much as possible about each broker house you want to sign with, and our UMarkets review will provide you with enough facts about this particular trading provider.
What to know about UMarkets broker
The possibility of fraudulent activities is always high in the global financial world, and investors should always be careful when investing their funds. The same situation applies to the potential UMarkets scam, and some background check is necessary when planning to invest your hard-earned money. For example, we discovered that UMarkets is a broker established in 2014, and it is under the ownership of a corporation called “Maxi Services Ltd.” However, the actual “issue” with UMarkets is not in the structural organization of the company, but more in the lack of proper licenses and seals of approval, which are crucial in the Forex market.
UMarkets FX broker – license and regulations
Even though their website does not offer a lot of information, we managed to gather the most relevant facts about this broker by reading other UMarkets reviews and by using the most reliable sources. For instance, UMarkets is a broker with a license from a regulatory body in Belize, and this agency is called IFSC. The license number for UMarkets is 60/338/TS/16, but even with all these facts – it is evident that an off-shore corporation such as “Maxi Services Ltd” does not have a proper trading license, and UMarkets is not displaying a seal of approval from any reputable regulatory body. The fact that they are members of the RBA (Russian Banks Association) and the ARBR (Association of Regional Banks of Russia) has less significance in the overall credentials of UMarkets.
UMarkets types of accounts review
When it comes to the trading accounts and conditions, UMarkets broker does not bring anything revolutionary to the world trade scene. What this means is that clients can choose between four general categories of accounts, which includes Mini, Standard, Gold, and Platinum account. The lowest amount you will need to deposit to start the Mini account is $500, which is a very high number and such a demanding requirement will deter most beginners. Also, UMarkets offers and Islamic account, as well as a demo account for training and practice.
Another important element of our negative UMarkets opinion, besides the lack of license, is hidden in the fact that this broker uses two version of their trading software. A popular MetaTrader4 terminal is more than sufficient to satisfy the needs of the traders, but UMarkets also added their proprietary software solution for web-based trading, and this platform is, of course, called WebTrader. Investors can choose between commodities, stocks, and indices, and tight spreads are also something this broker is using as a promise to attract and entice potential traders.
UMarkets broker bonuses and trading benefits
Of course, to further increase the data that we used to form our UMarkets opinions, we had to explore the bonuses and trading incentives that this broker offers to their clients. For example, they will give you a 30% welcome bonus, but this campaign is time-limited. However, UMarkets offers other gifts and promotions, and you could make a profit by using their Refer-a-Friend feature.
Banking methods at UMarkets Forex broker
Every professional trading company should provide efficient payment protocols, and when it comes to deposits and withdrawals with UMarkets Forex broker, you can choose between credit cards or e-wallets. In other words, you can transfer the money using your VISA or MasterCard, or you can opt for an account on Neteller. Allegedly, all the transactions are protected with an SSL encryption, but this safety measure is not enough to convince us that your funds will be safe and secure with this unlicensed trading provider.
The lack of educational material is a major drawback when it comes to the quality of user experience that we had with the UMarkets broker, and that is also one of the reasons why our UMarkets FX broker review is not painted with more positive colors. However, it seems that their teams can be reached 24/7, and they are accessible via phone, Skype, e-mail or live chat.
UMarkets review: the verdict
UMarkets is still a young company, and they could still improve the quality of their services in the upcoming period. But, we do not encourage you to invest in an unreliable off-shore broker since this can be a very dangerous endeavor for your overall financial situation.