Find out conditions and features through this United Markets Capital review
United Markets Capital is a subsidiary of PM Invest Consult in Sofia, Bulgaria. The company’s main products that it offers to customers are Contracts for Difference in assets such as currencies, cryptocurrencies, commodities and company shares.
In our United Markets Capital review, we will be focusing on the company’s legal documentation such as its regulatory entity and license. Compliance with European regulation due to its geographical location as well as its trading conditions compared to the rest of the market participants.
United Markets Capital Review – what are the first impressions?
To keep it as short as possible, we need to say that we weren’t too impressed by United Markets Capital’s website design, layout, and transparency. The information was very hard to come by, or if there was any, it barely answered any questions we’d have about the broker’s activities.
In fact, some images that appear on the website seem to have been directly taken from a Google search of the corresponding metal or any other query. This mostly applies to the trading accounts which we will get into detail a bit later in the review.
United Markets Capital scam is a reality
It’s unfortunate to say it so blatantly without having discussed any prior evidence, but it is our belief that the United Markets Capital scam is a definite possibility and in fact a reality. This conclusion is based on the fact that the company does not possess any kind of regulatory license from the Financial Supervision Commission of Bulgaria. And when we say company, we mean both UM Capital and its parent PM Invest Consult. The only thing available on them is that they’re simply registered.
It’s unknown whether or not they’re a foreign or local country, but either way, the FSC regulation clearly states that information about the executives needs to be disclosed and at least one of them needs to be Bulgarian.
Not even complying to ESMA
We know that expecting United Markets Capital scam to comply with ESMA regulations is an empty hope, but still, there were some hints that they were following the rules.
One of which was when we first saw their trading conditions, of which the leverage was marketed as a maximum 1:30 cap, the official cap with ESMA regulated regions.
However, we then found out that the company is ready to boost that cap to 1:200 as long as the traders prove their professionalism. Yes, ESMA has said that if the traders prove their competence in the financial markets they can be offered additional benefits that are restricted to regular clients, but there was nothing mentioned about increasing the leverage cap, which immediately translates into leverage remaining a restricted luxury.
Not only is United Markets Capital violating the law of Bulgaria, but it’s also contradicting EU-wide guidelines on how to conduct financial service provision.
Unlicensed with mediocre conditions
We’ve turned it into a theme on our website that, whenever we find out that a company is a scam, we give them an alternative review within the review as if they were a legitimate brokerage, that is exactly what we’re going to do with this United Markets Capital review right now.
You’re already aware of the leverage cap which is 1:30 on major currency pairs and that much can pretty much be skipped over. When it comes to spreads we were unable to find anything mentioning them, which is quite concerning. Whenever brokers hide their trading conditions it’s because they want you to register, and to register you need to make a deposit.
Anyway, let’s glance over this part as well and focus on the United Markets Capital account types. There are six available in total that comes in different shapes and sizes.
The smallest account has a minimum deposit of 250 euros, while the largest one has around 25,000 euros. But, there are also two more accounts that are closed off only for professional and VIP customers which could have even higher minimum requirements for deposits.
The deposits themselves can be conducted through various methods. These include payment methods such as Maestro card, Visa, Mastercard, Bitcoin, and various other local and EU providers.
There’s only one software available which seems to be custom made and comes with a mobile application.
In terms of diversity we’d say that United Markets Capital is above average, but when it comes to their trading conditions like leverage, deposits and “unconfirmed” spreads they’re struggling to combat the rest of the market. This is purely based on them refusing to disclose information about their spreads, which is usually a deciding factor when comparing CFD brokers.
Is United Markets Capital worth it?
No, it’s definitely not worth it simply because it’s such an obvious scam. Our United Markets Capital review was designed to look at the broker from a neutral standpoint, that’s why halfway in the review we had to forget our findings of regulation and compliance. But even with that exception, the broker turned out to be just a mediocre option compared to its competition.