Umarkets Review 2024: Is it a scam?

Umarkets Review 2024: Is it a scam? title=

This Trading Platform is available in Ukraine

1.3/5

Umarkets has garnered mixed feedback from users across various review platforms. Some traders appreciate the platform's range of trading instruments and user-friendly interface, noting that it provides a decent experience for both new and seasoned investors. There are mentions of responsive customer service which is seen as a plus by several clients.

However, there is also a fair share of criticism. A number of reviews point out issues with withdrawal processes, claiming delays and complications when trying to access their funds. Additionally, concerns have been raised about account managers being overly persistent, which some users find intrusive and uncomfortable.

It's important to note that while positive reviews highlight satisfactory trading conditions, the negative remarks—especially regarding fund withdrawals—tend to stand out and may cause potential users to approach this broker with caution. As always, due diligence is advised before engaging with any trading platform.

Min. deposit
$500
Website address
Demo account
Yes
Currency
EURUSD
Supported languages
AraEngRusSpa
Active
Yes
Payment Methods
Bank WireCredit/Debit cardsNetellerQIWISkrillWebMoneyYandex Money
Pros
  • Multiple account types
  • Islamic account option
  • MT4 platform support
  • Managed accounts
Cons
  • Not regulated by top-tier authorities
  • Inactivity fees
  • Limited educational resources
Awards
None
Bonus
Varies by promotion
Instruments
CommoditiesCryptoForexIndicesStocks
Min. trade price
Depends on asset
Regulated By
IFSC
MetaTrader 4
Yes
MetaTrader 5
No
cTrader
No
OmniTrader
No
AlgoTrader
No
TradingView
No
Trading Central
No
Autochartist
No
eSignal
No
STP Account
No
ECN Account
No
DMA Account
No
MAM Account
No
PAMM Account
No
LAMM Account
No
Demat Account
No
Mobile Apps
Yes
Margin Trading
Yes
Volatility Index
No
Spot Trading
Yes
Perpetual Swaps
No
ELWs
No
REITs
No
AI / Machine Learning
No
Robo Advisor
No
P2P Trading
No
Negative Balance Protection
Yes
VPS Hosting
No
Tournaments
No
Demo Competitions
No
Managed Accounts
Yes
Market Maker
Yes
Auto Trading
Yes
Social Trading
No
Copy Trading
No
Trade Signals
Yes
Islamic Account
No
Inactivity Fee
Yes
Guaranteed Stop Loss
No
Stock Exchanges
Major global stock exchanges
Commodities
Gold, Silver, Oil, and others
Forex Trading
Yes
Forex GBPUSD Spread
Varies
Forex EURUSD Spread
Varies
Forex EURGBP Spread
Varies
Forex Assets
50+
Crypto Spread
Varies
Crypto Lending
No
Crypto Staking
No
Crypto Mining
No
Crypto Auto Market Maker
No
Crypto Coins
BTC, ETH, XRP, and others
Binary Options
No
Payout Percent
N/A
Expiry Times
N/A
Ladder Options
No
Boundary Options
No
Show all >>

* The amount that will be credited to the account in the case of a successful deal

* General Risk Warning: Your capital might be at risk

Trustpilot Real Time Reviews

Star

The Trustpilot rating is 1.3,
according to 57 reviews

4.5 Stars
gadjet pro
gadjet pro
stars
ua
I’m quite pleased with the broker’s work. Good trading conditions, bonuses, demo account. The training is very informative and understandable, there is nothing superfluous. Technical support always answers the questions and really helps. There were no problems with conclusions for a month. I have an accessible interface. I have disadvantages as such I didn’t notice, there was nothing stopping my work.

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Denis Gagarin
Denis Gagarin
stars
ru
This trading company is very good. I started my acquaintance with the site with a game on a demo account. I got good results and decided to open a cash account with 50% newcomer bonus, although I knew that this is a big risk and that it is much easier to play not for money. I really liked the interface, which is pleasant to the eye and clear. I was also pleased with the many possibilities of withdrawal and Deposit and their speed. There is some small problems, but they are in all companies and everything is stable and clear.

View all

Diz Like
Diz Like
stars
ua
No, advertising also does not blend something specially. Most likely this is a representative brokeer of a major company. And if not, then a very unreasonable broker. And apparently with the zero budget, so that it is a great official to be so much. We seem to be from the distant past. The more marketing refer to another Agea company. If someone decides to open an account, then only in your fear and risk. Good luck!

View all

Kim Panezh
Kim Panezh
stars
ru
Recently came to Forex-Market, first tried on a demo account, even knowing that the demo is always and everywhere all good. I decided to take a course before the opening of the real, learned about the bonus newcomer 50%. While I do not regret, anyway, no slippage. Output only once, the whole process took a little less than an hour. Not seeing anything yet direct "wow", but everything is stable and clear.

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Dang Canh
Dang Canh
stars
in
Incredible and stable trading company. Umarkets is more like a broker who specializes in cryptocurrency.

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Corj Shmals
Corj Shmals
stars
gb
Umarkets inspirtes confidemce. I started trafing here recently, but I already managed to withdraw my first money. They withsrew it without any problems, even faster than stated in the terms, deapite the fact it was the first withdrawal. I recommend trading here! We recommend it to everyone. Good day for you

View all

Content

We’re seeing the global online brokers market continue to grow at a compound annual growth rate of 7.8%. With industry value set to increase in the coming years, more people have become receptive to trading online. One such online broker that has caught traders’ attention is UMarkets.

The broker’s motto is “Our advantages, your possibility”, and in this article we’ll investigate how true this promise is. UMarkets has the typical CFDs for shares, commodities, and indices, but you can also build small profits with the scalping strategy. While the broker does not cater to residents of the United Kingdom, traders from around the globe can use it.

I’ll be explaining everything you need to know about UMarkets from my firsthand experience using the platform. This brief piece will bring you up to speed with UMarkets, its features, and how it compares with other online brokers in terms of functionality.

Pros and Cons of UMarkets

Pros of UMarkets Cons of UMarkets
Provides MetaTrader platforms Unregulated broker
xCritical Trading platform offered Very low customer ratings
Provides AutoChartist Wide spreads
Includes a well-stocked educational center High minimum deposit

Why Should I Pick UMarkets?

UMarkets may not top any charts as a global leader, but it is as innovative as you would expect from a modern platform. The broker was incorporated in the Republic of the Marshall Islands in 2020.

I found that its features are robust enough to accommodate different styles, including volume-based trading techniques. Shortly after registration, I clicked on the “my accounts” tab, and then I clicked on “trade.” A pop-up appeared which gave me a brief tour of the platform. With UMarkets, you can trade the following:

  • Shares
  • Indices
  • Commodities
  • Forex
  • Cryptocurrencies

The available instruments can cater to most of your trading needs, unless you want to push into bonds and treasuries. You will get the basic features for your online trading, with enough support for desktop and mobile devices. Even so, you get fewer charts for smart trading than you would from industry leaders.

If you’re still interested in a broker with a wide range of assets to trade, then consider Forex Club.

This online broker offers a few incentives to entice traders and keep them returning. First, you can start with a demo account that exposes you to all the features available on the platform for just two weeks. It is the best approach I recommend for people trying online trading for the first time.

UMarkets also offers a 30% bonus on your first deposit to trade with, which is an excellent way to give new users extra legroom to land profits. Referring a friend also earns you a bonus on the platform. Most importantly is the 100% insurance. Deposits from $500 to $5,000 get 100% insurance when trading on the news.

Regulation

UMarkets is an online broker incorporated in the Marshall Islands which operates under the provisions of the Marshall Islands Business Corporation Act. Furthermore, the broker provides services to the global market except for people in high-risk or non-cooperative jurisdictions. The latter is as defined by:

  • The Financial Action Task Force (FATF)
  • The Caribbean Financial Action Task Force (CFATF)

This online broker adheres to the Data Protection Act of 2019 and the General Data Protection Regulation (GDPR). These regulations ensure optimal data safety for users. However, it is worth noting that UMarkets is not overseen by any regulatory body, which is a strike against it for traders who are more cautious when registering with brokers.

Security – How Safe are My Funds in UMarkets?

If you’ve been in the online trading business for as long as I have, you’ll know that regulations and licenses are just a part of many determinants of an online broker’s reliability. You also need to look into the security features to know how safe your funds will be once deposited.

That said, I found that UMarkets has a robust security policy for its transactions. You will get the following safety features:

  • Encrypted communications between data servers and clients
  • SSAE 16 certified data centers for trading
  • Level 1 PCI-certified payment services for financial transactions
  • SSL encryption for data transfers between the servers
  • Tight-knit firewalls and SSL software for data protection during transmission

These advanced physical and software security features are in line with industry standards. You can relax your mind when trading on the platform.

Account Types for Users

Unlike most online brokers that offer single accounts to traders, you can get started with UMarkets on multiple fronts. The progressive price point allows flexibility to trade within your budget. Furthermore, each account has unique services that make them suitable for specific purposes.

You must understand what you get with these accounts before registering with UMarkets. John Maynard Keynes once said, “The market can stay irrational longer than you can stay solvent.” Hence, you want an account that gives you more leeway against the market.

  • The Mini Forex account: This entry point is excellent if you want to begin with small capital. It costs $500 to open an account and start trading. Also, it is the best approach to learning about trading, the 80/20 rule, and styles.
  • The standard account: Trading begins at $5,000, and you can have deals as much as $10,000. Traders with experience can opt for this account.
  • The gold forex account: This type fits the bill if you want to raise the bar and profit more. You can leverage up to $50,000 in deals with a $10,000 minimum deposit.
  • The platinum account: Expert traders who want to go all in can opt for this account. It costs $35,000 to register, but you can leverage up to $135,000.

Customer Support at UMarkets

Customer service is what you expect from a platform with excellent trading services. After thoroughly navigating the UMarkets’ website, I found several support channels, with a dedicated claims department for disputes. Thus, you have a more streamlined process optimized for quicker responses. UMarkets offers the following methods of contacting customer service:

  • Multiple telephone lines
  • Multiple emails
  • Skype support
  • Direct mail
  • Live chat

However, I didn’t find a “Frequently Asked Questions” section, which is odd. Nevertheless, chatting with a representative in real time more than makes up for that. You can also use the telephone service if you prefer talking to typing.

Further reading

Trading Platforms and Deposit Options

UMarkets’ trading services are available on two important platforms: the online Xcritical platform and the mobile platforms. The former is its primary tool for desktops, Macs, and mobile web browsers.

It brings a few capabilities, including:

  • Over 170 trading instruments
  • Investment portfolio creation
  • Limit orders for risk management
  • Trading history
  • Technical advisor Autochartist
  • Duplicate and lock trades

Xcritical is the more robust trading platform, as it offers more features. You can still access it on your mobile device, but you will lack the advantage of having a bigger screen. Buttons and text may be smaller if you use the desktop site on your smartphone.

Trading with your mobile device gives you portability. You can take your smartphone anywhere, place orders, and profit from a favorable market. Furthermore, the mobile application is available for Android, iOS, and Huawei users. The application is available in their respective app stores, or you can download the installation files from the website. Here is how to download the file:

  1. Open the website on your mobile phone or PC.
  2. Click “Platforms” at the top of the screen.
  3. Click “Mobile platforms” from the drop-down menu.
  4. Scroll until you find options to download from the app stores.
  5. Pick the appropriate device and click install.

UMarkets supports several payment service providers. By clicking on the “Deposit” tab, you will see payment options such as AstroPay, WebMoney, Visa, cryptocurrency, and wire transfer.

Further reading

Handy Features for Traders at UMarkets

This online broker has features that give traders an edge when trading financial instruments. I wouldn’t call them revolutionary, but they are useful for developing a strategy.

Go to the “Trader”

Go to the “Trader” tab on the web page, and you will find the following:

  • Calculators: UMarkets has several calculators, including Fibonacci for forex, margin, pivot point, position sizing, and risk management. These tools can help shape your strategy and provide the bedrock for sound trading decisions. They may take a while to get used to, but the effort will be worth it.
  • The economic calendar: Learning how to use the economic calendar can help your trades. You can filter the calendar to show what you want. It even allows the direct use of keywords to narrow the results.
  • Autochartist: This tool helps traders predict market movement. It is only available to registered users on UMarkets.
  • The spread table: This tool shows the spread on all the financial instruments. It will help give you an overview of potential trades before you make them. Nevertheless, you will still get the spread once you open a trade.

The tools mentioned above are decent. However, the online broker misses out on automation like MetaTrader 4, MetaTrader 5, etc. These features go a long way.

Further reading

Training

I also found a large library of webinars, articles, lessons, and glossaries on the UMarkets website filled with apt trading materials. New traders can jump on the opportunity to learn to trade.

Even professional traders will take one or two things away from this section. As Marty Schwartz said, “My attitude is that I always want to be better prepared than someone I’m competing against. The way I prepare myself is by doing my work each night.”

The education center contains videos on crucial aspects, including forex trading, market analysis, strategies, stocks, etc. While you shouldn’t expect an all-in-one training facility, Umarkets will get you started. Then, you can advance your skills for better profits.

Further reading

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