Organic search of Umarkets across the worldwide web render a curious amount of reviews with tags such as “Umarkets scam” and “Umarkets cheat”. While bearing questionable compound word choices, the idea is understandable: that Umarkets is seen as a fraudulent entity that exists to scam individuals that it had lured to its fictional services.
This is such a harsh accusation for a brokerage that is actually owned by a known solutions company. To let readers in on the literature that the review team produces, it is worthy to note that this would not be the first time that Umarkets would go under this review team’s microscope. Fact of the matter is, the review team’s assessment of the broker’s services stand. The team had only furthered the discussion through the addition of other points.
Umarkets is known in the trading industry as a CFDs broker and solutions provider. As already made known, the broker is owned by Market Solutions LTD.
Umarkets has been operating since 2008. However, it was only on October 2017 that the firm had been registered in Saint Vincent and the Grenadines. The name, Maxi Markets LTD had been used by the legal entity to conduct operations within Belize. And while the ownership of the brokerage had been passed across different entities, the matter stands that the company is in good terms with HSBC, considered to be by the European economic terrain as its largest bank.
When one is to consult the Umarkets site, it does not shy away from declaring that its clientele had already reached a total of 1,200,000 clients from over 87 countries across the globe within its industry tenure of 12 years.
The Umarkets Forex Broker: What to Expect from This Review
Employing an exhaustive methodology to scrutinize all of Umarkets’ offers and services, the review aims to render a pointed and well-informed assessment of the brokerage’s over-all capability. This is geared towards providing the readers of this review with objective bases to either decide for or against the firm.
This review will be looking into the following facets of the broker’s services:
- Trading Instruments
- Offered trading platforms
- Available trading accounts
- Fee structures
Umarkets clients are given access to a number of asset classifications namely, 70 currency pairs, 16 cryptocurrency pairs, Commodities through 9 CFDs, 17 Index CFDs, and 141 Equity CFDs. This brings it to a total of 253 assets within the 5 sectors that Umarkets has its feet in.
What the review team had observed with its asset offering is that it is able to present them excellently. The site goes through a detailed walkthrough of the basic facts of the assets and what are the ideal assets that novice traders can get their hands into.
Another thing that the review team observed is that with the provision of these assets bears the potential of building a multi-faceted and strong investment portfolio.
Offered Trading Platforms
Umarkets offers two trading platforms:
- xCritical Trading Platform
xCritical is seen by 8 out of 10 traders to be reliable and efficient in conducting trades. This platform offers Autochartist with a minimum deposit of $5,000.
- MetaTrader 4
Hailed as the industry favourite, MT4 has a number of highly-purposeful trading tools which includes numerous trading indicators, a wide array of trading assets, and wholly customizable charts. It also allows a number of third-party add-ons.
With the provision of these accounts, Umarkets clients are provided with highly efficient platforms.
Available Trading Accounts
Umarkets offers 4 different trading accounts that interested traders can choose from :
- Mini Account
Opening this account requires a deposit of $500. This account does not grant access to all features that the firm offers.
- Standard Account
For a deposit of $1,000, users can already open a Standard Account. This account allows for the access of all Umarkets’s features.
- Gold Account
A minimum deposit of $10,000 is required to open a Gold Account.
- Platinum Account
A minimum deposit of $35,000 is required to open a Platinum Account
Apart from these, Swap-Free accounts or Islamic Accounts that adhere to Sharia Law are also available to clients.
The review team had noted certain things about these accounts. It is to the contention of the team that the $500 minimum deposit to the Mini account is a reasonable requirement given that should the trader be required of a lower deposit amount, it would be highly likely that the money would easily be consumed by preliminary trades.
With the Gold and Platinum accounts the difference in required deposit seems to be unjustified in that they bear no significant differences.
Umarkets clients are privy to the following fees:
- Forex and metals CFDs are commission-free
- Energy, cryptocurrencies, equity, and index CFDs carry fees
- EUR/USD spread listed at 2.5 pips in the Mini account
- Spread is reduced to 1.0 pips in the Platinum account
- Commissions for all assets range between $3 to $7 per side
- Cyptocurrencies range between $10 and $20
- After 90 days of inactivity, a monthly maintenance fee of 5% is charged
- Traders incur a 5% fee for withdrawals requested before 5 trades are executed
For a brokerage accused of being a scammer, Umarkets had done well with disclosing the charges it implements for services and features offered.
Umarkets Customer Reviews
Based on the reviews that it had gathered, the review team supposes that the firm conducts serious and effective service. It is highly likely that the accusations of fraud are baseless and may stem from the lack of how trading works. Here are a few of the positive reviews that the team had gathered in its research:
17/07/2019 13:59 GMT+8
The broker has a convenient web platform MT4, and a mobile application is also available. What I particularly like is the presence of six main trade assistants: informers and graphics for market analysis; tool specification; economic news; training center, economic calendar; articles and lessons. I trade mostly currency pairs and crypts, weighing the risks. There are interesting bonuses: an insurance bonus for trading on news and real profit for trading on a demo account.
22/07/2019 19:02 GMT+8
I like the umarkets broker because you can trade currency pairs both with floating and fixed spreads. Even though the floating spreads can be lower than the fixed ones, I prefer the latter. You can immediately calculate the profitability of the deal even if you trade on the important news, without speculating about possible extensions. Umarkets is a good broker. It withdraws money without any problems. I started there with the mini account, and now I switched to the standard one (min. 5000$) and I want to reach the platinum account with the minimum of 35000$.
17/07/2019 10:34 GMT+8
Umarkets, with which I trade, doesn’t cause me any trouble. The only weak link in the trading proces is me. If I didn’t hurry, I wouldn’t risk that much, and my profit would be much higher. It’s a reliable broker with good conditions for trading. Besides the traditional assets there are many cryptocurrencies. You get a 1:5 leverage for crypto. And for some assets it reaches 1:400. The money’s withdrawn fast (of course if you have something to withdraw).
16/07/2019 13:29 GMT+8
The broker specializes in cryptocurrency. This is even seen in the number of crypts in relation to other assets. But now it’s just the second big wave of cryptocurrency boom, which gathers everyone to join in making money. Now the crypt profitability on Umarkets is about 4% per day. And this is not a chapel. Where there’s crypt, there is money.
Umarkets scam? Hardly. With all the points discussed through this review it can easily be assumed, as already mentioned earlier, that Umarkets gets a bad rap due to users’ lack of knowledge and the non-acceptance of apparent market risks.
However, the readers of this review are still advised to conduct further research and due diligence so that they themselves can come up with their own objective assessment of Umarkets.