Umarkets forex broker is an offshore firm offering diverse asset classes including forex and cryptocurrency among others. Its flagship trading platform is Xcritical along with MT4. Being an unregulated broker, the broker offers several promotions bannered by generous trading bonuses and high leverages.
Find out if Umarkets is your preferred trading brand by reading this detailed Umarkets forex broker review.
This Umarkets review will revolve around the broker’s trading features and conditions as well as products and services offerings. It will also highlight some Umarkets customer reviews to know what traders have to say about its services. Lastly, this review also will address controversial issues and maligning claims thrown at the broker’s way.
Umarkets forex broker has been servicing the trading sector since 2014. Umarkets caters to private investors as well as corporations including banks, hedge funds, etc.
It started operating in the European region and expanded its services to the Asian region and Latin America. Umarkets established partnerships with several major banks in Europe and Asia including HSBC, the biggest financial institution in the European Union.
Trading Accounts and Conditions
Umarkets’ forex trading offering is one of its patented services as it features commission-free trading. It showcases a wide option of currency pairs. It has a pip calculator to make it easy for traders to calculate the currency pair value.
Umarkets offers Islamic forex accounts which are also known as swap-free forex accounts. These accounts are basically roll-over interest-free accounts as an adherence to the Islamic principle of neither taking nor receiving interest from another party.
Umarkets also offers different spreads depending on the account type. Using the web platform, Umarkets uses a fixed spread while the MT4 platform features a floating spread.
Trade execution timeframes also vary in different trading platforms. The web platform usually takes 3 minutes while the MT4 terminal may or may not have a timeframe.
Umarkets trading services also include customer support languages such as English, Spanish, and Arabic. Moreover, special perks and benefits await first-time account users. Umarkets’ welcome bonus is gifted to traders upon their first deposit.
Traders can optimize learning trading and its complexities through its available demo account.
Trading Platforms and Software
Another facet of this Umarkets review is the trading platform offerings of the broker.
Umarkets boasts of XCritical as the brand’s flagship trading platform.
The broker claims that its MetaTrader 4 platform is an ideal trading platform for both novice and experienced traders. Its user-friendly interface enables traders to trade profitably with minimum efforts with the help and support of its market analysis tools be it fundamental or technical. The compatibility of the MetaTrader 4 with all internet browsers allows traders to gain easy access to the online financial markets with ease and success.
Umarkets also employs a mobile platform. This mobile app gives trades access to an array of trading instruments and allows on-the-go traders to execute trading activities anytime, anywhere. It is both available on iOS and Android.
Payments are made more convenient and easier as credit cards, Visa and Master Card and bank transfers are some of the methods clients can choose from. Umarkets methods of payment also feature online systems including Neteller and CashU as additional options for clients to fund their accounts.
Umarkets’ security of funds is powered by technical and physical measures to protect all its data systems. It utilizes firewalls and Secure Sockets Layer (SSL) software to secure all information when transmitting.
Umarkets Customer Reviews
The broker has got both positive and negative customer reviews online. Primarily, Umarkets is hounded by several fraud-related claims presented on some review sites. But in this segment, we will focus on two contrasting Umarkets customer reviews that seem to carry the most sensibility.
The first one is from a client named Malcolm from Australia. He posted this review recently. Here’s what he had to say:
“I have traded using Umarkets for about two years. After I lost about USD $15,000 over the period and had only USD$63 in my account, I tried to get that money back so I could close the account. I am not arguing about the loss – they were my trades. I cannot get anyone to answer me. My “expert” got promoted and won’t answer. I filled in the form required to close the account but she used the excuse that she missed it when she got promoted. Someone did get back to me at one point, but that happened at a time when my wife of 55 years died of brain cancer. I was occupied with other matters. So they just remain silent.
When I look at my account now, even the $63 is gone – it now shows zero balance. I have a new expert assigned to me, but she will not answer. I want to know where my money has gone. I also want to be able to get my transaction history for taxation purposes. I have kept copies of my emails. Nobody wants to know me now because I am not funding my account.
This company is a disappointment. I have asked what bank my money was placed with, but that question was ignored also.
I should have known that a company headquartered where it is can be suspect. Now I refuse to trade with any company outside Australia.”
-Malcolm McCowan (Sydney, Australia, August 10, 2020)
The client’s concern seemed legitimate and reconcilable. However, it is best for the client to review the terms and conditions of the broker concerning clients’ trading funds.
Contrary to the first review, here’s positive feedback from a client named Dennis.
“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.”
-Dennis Gagarin (Sept. 11, 2019)
This review points out the broker’s holistic trading services. It also highlights good customer support provided by the broker.
Going down the wire, this Umarkets review will weigh on the controversial claims that Umarkets is a scam. Several online customer reviews have it that Umarkets is a fraud and tagged it as Umarkets scam.
To be fair, it is true that Umarkets is an unregulated brokerage firm and is registered as an offshore broker. However, Umarkets was not proven guilty of any legal violation or case. Hence, despite some claims that it is a fraud, Umarkets remains to be of service to many traders online across the globe. More so, it tries to uplift its services by imposing more policies to counter money laundering, fraud, and other financial-related concerns.