Umarkets

Despite the fact that Umarkets has existed since 2008. Before that, it worked only with European and Middle Eastern markets. The owner of the brand is Market Solutions Limited, also known for crypto-platforms TradeAllCrypto and Maxitrade. Registered in St. Vincent and the Grenadines, the company for some reason publishes a Cypriot head office number.

Is there anything else that the service provider hides other than its location? Is Umarkets a scam or a safe way to make money on assets? Let’s study everything carefully and draw conclusions.

 

 

Terms of trading with Umarkets

Umarkets offers 4 types of dollar accounts for forex trading:

• “Mini.” – with a starting deposit of $500, a transaction volume of $10,000 and a modest set of options (online chat only).
• “Standard.” – With a minimum deposit of $5000, a deal size of $10,000 and access to the full functionality of the platform, including the Autochartist technical analysis service.
• “Gold.” – with a deposit of $10 000, the volume of transactions from $50 000 and advanced features (in addition to those voiced, offered SMS-signals (get the signals), VIP manager support, telephone consultations on a dedicated line and additional promotions).
• “Platinum.” – with a deposit of $35,000, the volume of transactions of $150,000 and the ability to receive personalized reports, as well as to trade in conjunction with the company’s specialists, in addition to what the first 3 types provide.

There is also one cent account with a minimum entry requirement of $50 (it is not listed in the table, but is mentioned in the description to it). Scalping in Umarkets is allowed, but as the provider states, the most suitable for this kind of strategy are Gold and Platinum accounts. The leverage is quite high – 1 to 200, which in combination with large deposits creates a risk not only for beginners but also for professional traders. Manual transaction execution time, as prescribed in the user agreement, is on average 3 minutes. You can use a free demo account, which is available for 14 calendar days after registration, as a training tool. Trading is carried out not on real assets, but its efficiency is many times higher than when investing real currency, because the company’s goal is to attract customers, their investment in the platform.

There are many analytical and educational materials: economic calendar, currency rates forecasts, calculators (margin, risk, stop order level, position size, point value, pivot levels, etc.), glossary, education center (a collection of reference materials combined into categories), articles, webinars, blog and news (Forex Trading Training). You can contact the support team by phone, email, Skype, feedback form, online chat on the website umarkets.com and Umarkets communities in social networks.

 

 

Platform umarkets.com

Umarkets works with two platforms:

• MetaTrader 4 (MT4). Popular, though somewhat outdated, terminal with rich functionality (30+ trading tools, 3 types of charts with interactive options, support for all types of assets, sound and PUSH notifications, online chat, additional plugins/settings, etc.). Available in downloadable formats for PC and mobile platforms.
• xCritical. Development Quant ROI Ltd. with 170+ trading tools, the ability to create your own investment portfolio, risk manager, built-in technical advisor, online chat, etc. Presented in a web version for online trading without installing it on your personal device.

 

Client funds are placed in dedicated (segregated) accounts, separate from the company’s assets. Security of transactions is ensured by firewalls and SSL certificates. Payments are processed according to the international PCI Directive 1. Market Solutions Limited trading servers are located in specialized data centers of SSAE level 16.

Umarkets broker quotes

At Umarkets you have access to about 70 currency pairs – from the most common (AUD/CAD, AUD/USD, EUR/USD, GBP/CAD, etc.) to the less common (EUR/ZAR, USD/CNH). The execution model – ECN. However, liquidity providers are not named by the broker, so it is not possible to check the accuracy of quotes. Among the reviews of users on serious sites there are mentions that the values of the charts of the same timeframe were different. This is an indirect sign that the provider may well be adjusting the data provided to the client.

 

Demo Yumarkets account

As it was already mentioned, beginners of exchange trading and just wishing to assess the risks are given access to a free demo account Umarkets, in which within 14 days from the date of activation you can use the virtual assets (“doughnuts”) without making a real deposit. However, registration is required to access the demo account. Subsequently, you will be able to connect a trading account to the already created account by adding a balance.

 

 

Mobile application

For trading from mobile devices Umarkets provides the application xCritical Mobile. Its features are the same as in the PC version:

• Online quotes for currencies, stocks, commodities, indices.
• Autochartist Technical Analysis.
• One-Click Transactions.
• Switching between accounts.
• History and Analytics.

The functionality is available to owners of devices running iOS 10.3 or later (see the list of supported models on the software page) and Android 5.0 or later.

 

Bonuses at Umarkets

In addition to the demo account, the Umarkets bonus program includes cashback, account insurance, referral program and investments. Cashback of 30% is credited on the first deposit. It is rounded up, if you deposited the minimum $500, you will receive $150 as a gift. At the same time, in order to save the balance (so that the bonus is not “burned”), you must meet the trading conditions based on the formula:

• For bonus amounts up to $10,000 = deposit/bonus percentage/100.
• For bonus amount from $10,000 to $30,000 = deposit/bonus percentage/200.
• For a bonus amount greater than $30,000 = deposit/bonus percentage/300.

Even withdrawal will not be available if you have not “closed” the minimum volume of transactions. Which is quite tricky when you calculate how much you would need to earn. Insurance applies to deposits between $500 and $5,000. You get 100% of the amount on your balance, which will compensate for losses if you lose. However, even if you are successful later on, you will not be able to receive a payout until you have earned 10,000 times your allotted amount. Frankly speaking, the conditions look simply bondage.

 

The investment program is essentially providing your assets to work with the Umarkets banking algorithm (the same trading robot). You choose the amount of investment, fund a special account and wait for the results.

“Recommend us to a friend” involves rewards in the amount of 15-22% from the turnover of users who have come to the platform through your unique (referral) link. It is provided in a personal cabinet and is placed on the site, social network page, blog or chat.

 

Deposit and withdrawal

To deposit and withdraw funds on Umarkets are used:

• Bank Transfer.
• Maps Mastercard, VISA, MIR.
• Payment Systems: Neteller, Skrill, Orangepay, Wallet One.
• Crypto Wallets (Crypto Wallet).

They are available/unavailable depending on the client’s location and country of registration. Taxes and commissions (for transfers, currency conversion, etc.) are not compensated by the company – you pay them yourself.

Important pointIn order to have access to operations on the account (deposit, withdrawal, orders), you must undergo verification and upload scans of two documents proving your identity (passport, driver’s license, passport), one document proving your residential address (for example, utility or Internet bills) and your bank card. This is done through your personal account (section “Documents”). Minimum withdrawal amount is 50 USD. You must make at least 5 independent trades in order to be able to request a withdrawal without commission from the broker. This is stated in the user agreement.

 

Complaints about Yumarkets

There are a lot of negative reviews on the network about the broker’s work. The visitors of the official forums and feedback threads tell about how the broker cheated them: “drained” all the funds and froze access or simply refused to withdraw / ignored the request.

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Umarkets broker regulator

On the broker’s website umarkets.com says that its owner, Market Solutions Limited, is regulated by St. Vincent and the Grenadines and has a certificate of compliance number 24310 IBC 2017 dated 10/18/2017. A screenshot of the document is even provided. However, this regulator is not trusted by market participants, as it does not provide information about companies and legal support to users. In fact, any claims you will solve inside the company, based on the terms of the user agreement (Terms and Conditions).

Important point: at the legal address of the organization – Suite 305, Griffith Center, PO Box 1510 Beachmont, Kingstown, St. Vincent and Grenadines – several other brokers are registered, managed by other legal entities in general. These are, for example, STForex (STForex Ltd.), Alpari (Alpari Ltd.), Siriusfn (Siriusfn Ltd.) and GlobalTradeInvesting (CORPINVEST Ltd.).

• View Market Solutions Limited certificate at umarkets.com

• Read the broker’s user agreement

User agreement umarkets.com

The User Agreement defines the rights and obligations of the broker and his clients to each other. That’s why we strongly advise you to read the document before you start trading. In this review we are going to analyze just a few provisions of the policy, so that you get at least a general idea about it. For example, the operator has the right to block your account (temporarily or permanently) at any time – “for any reason and at his own discretion” – and therefore all the funds in it.

Among the reasons voiced for this kind of action are your breach of contract, refusal to provide supporting information, loss of guarantees, death, incapacity, liquidation of the legal entity (if you were registered as such). And yet, the wording “at one’s own discretion” practically erases these boundaries.

Only one account is created per user. The following wording of the agreement is interesting: “you have no right to harass the company, its employees, contractors or other agents in any way. How should this be understood? Are, say, phone calls or emails harassment? It’s not entirely clear. In addition, the provider explicitly writes that its exchange rates may not match market rates. How to trade using its platforms is unclear.

Losses and damages resulting from the use of any Umarkets resources are not compensated. You perform all actions at your own risk.

 

Is Umarkets a scam?

Umarkets offers at least unfavorable trading conditions:

• High deposits with high leverage encourage the user to quickly “drain” their balance;
• The bonus program requires participants to huge wagering (you need to increase your balance by 100, 200, 300 times to be able to withdraw earnings received during the action);
• Transactions are executed within 3 minutes, and rates (it is spelled out even in the user agreement) may not match the real ones.

In this case, the broker has no obligations, and you also have no right to “bother” him (whatever that means). The regulator of the service provider is not considered reliable. And the clients themselves on the official forums say that they have not been able to solve the issue with the payment of their earnings. In general, everything demonstrates the fact that Umarkets is a scam. We do not recommend to use the services of this operator.

Instead of risking your money and cooperating with an unreliable (and non-client-oriented) broker, we recommend exploring the possibilities of those market companies that will offer you a real opportunity to earn, will not shift all responsibility for trading, platform operation, withdrawal, etc. on your shoulders, will always help on your issue. And of course, such brokers have existed on the market for a long time, have positive reviews from traders, have an excellent reputation and are the undisputed leaders. For example, they are Alpari (go online), FinmaxFX (go online), Just2Trade (go online), etc.

 

Conclusion

Umarkets is not presented in the best possible light:

• Unbeneficial terms and conditions of the bonus program.
• Lack of guarantees and commitments.
• Numerous stories of cheating customers.
• Incentivize traders to deposit as much money as possible.

All of the above are classic characteristics of scammers. Be careful and don’t believe the beautiful wording on the site umarkets.combecause you can’t get your money back.