Why Doesn’t Umarkets Suck
Umarkets are trying to operate with at least a veneer of respectability, registered in Belize and a member of the FinaCom. They provide trading on CFDs through a web-based platform and MT4 with assets in all categories.
Why Does Umarkets Suck
Umarkets get a lot of complaints about money and trading accounts. If you take them at face value it seems like this broker takes advantage of traders with their bonus and account activity policies, not the kind of thing we like our readers to get involved with.
Is Umarkets A Scam?
Umarkets may not be a scam but there are some warning signs. The first is the complex nature of ownership, they are registered in Belize but this does not mean regulated and the actual owners are listed in Cyprus (no CySEC regulation for the brokerage, FYI). Along with this is a bonus policy that leaves me with chills. They allow you to withdraw your deposit but no profits of any type until the rollover is met. The rollover is $10,000,000 (yes that’s right, $10 million) for every $1,000 you deposit, that’s insane. Plus, they say they may take the bonus away, and all the proceeds, without warning if you don’t meet their volume or balance requirements.
Should I Open An Account With Umarkets
Umarkets is an online broker owned and operated by Maxi Services LTC, a Belize registered International Business Company number #147,304. The company address is #35 New Road, POB 1708, Belize City, Belize. Maxi Services LTD is in turn owned by Quant ROI, 116 Gladstonos m., Kyprianou Tower, Limassol Cyprus. They also list Fairiprises LTD, the Sycamores, Clonslaugh Woods, Clonslaugh, Dublin, the Republic of Ireland as their registered agent. This company is not regulated but is a member of the FinaCom, a third-party independent oversight company providing complaint resolution services for the international trading community.
Umarkets is a full-service CFD broker offering services through a web-based platform and MT4 interface. They list assets in all categories including cryptocurrency, forex, stocks, indices, and commodities. The platform is clean and easy to use, complete with a fully featured chart and over 170 trading tools. They also offer Autochartist, early closure features and leverage up to 1:200 on most assets.
Metatrader users will like the platform. It is easy to connect to and allows the use of EA’s and other tools only available to MT4. There is also a mobile platform for tablets and phones so you can trade anywhere, anytime. One thing I don’t like is that it is designed to be a day trading service. Positions that are left overnight are charged an overnight commission.
The asset is pretty good. The commodities include gold versus the dollar and euro, silver the same way, Brent crude, WTI crude, and natural gas. Forex pairs include all the majors and about 3 dozen minor pairs. Cryptocurrencies are traded as CFDs but include 14 of the top traded tokens on the market. Indices include all the world’s major North American, European, and Asian markets as well as about 100 individual stocks.
Umarkets gets a lot of complaints dating back to the companies found in 2014. The complaints all center around money and how bonus ties up profits, account balances disappear and access to accounts are denied. To their credit, Umarkets tries to address the complaints but there are no signs of resolution in the forums I visited.
Umarkets Regulatory Warnings
Maxi Services LTD doing business as Umarkets warned by Spain’s CNMV 10.26.2018
Australia’s ASIC warns Umarkets could be involved in scams. ASIC warns against Umarkets.
Trading Bitcoin With Umarkets
You can trade Bitcoin with Umarketsusing CFDs. They list 14 top-ranked cryptocurrencies that can be accessed through the web-based platform or MT4 interface. They also offer leverage up to 1:200, much higher than EU-regulated brokers.
User Friendliness 18/20
The platform is actually pretty decent and comes with a lot of tools. They also have an MT4 interface which is nice. What I don’t like is the pushy sales team.
Number of Assets And Expiry 18/20
They have a wide range of assets, and cryptocurrency, so they score points here. Expiry is open-ended on spot positions and spreads are tight.
Commissions, Support, And Effective Return 12/20
Commissions are the name of the game with this broker. They use a spread from which they make money and then they charge you a 5% fee every time you turn around. Things that can earn a fee include account inactivity or not trading enough before you make a withdrawal. Support is there to help you deposit and returns are what you make them.
Deposit, Payment, And Bonus 12/20
Deposit is easy and can be done by wire, credit card, or eWallet. Payments are safe but may take up to two full weeks before they show in your bank account if you use a wire. There is a bonus but don’t take it. It will not tie up your deposit but it will tie up all your profit and open your account to risk.
Website Extra’s 10/20
Lot’s of features on this platform, it really is too bad their reputation is less than stellar.
Umarkets Overall Ratings: 70/100