Forex brokers exist in a variety of form factors, and not all provide the same level of service or product quality. That is why, in addition to providing individual trading providers, we do thorough research, and our UMarkets review follows suit.
This implies that if you continue with our study, you’ll learn all there is to know about this sector, equipping you to decide whether or not to invest your money.
Due to the fact that UMarkets is a broker that is controlled by a bigger Belizean organisation named “Maxi Services Ltd,” it is obvious that a UMarkets scam is operating. In other words, we caution our readers from investing their hard-earned funds in offshore businesses, since they may never see them again.
However, this broker seems to be regulated by a specific regulatory organisation in Belize, dubbed the IFSC. One of the primary reasons we are sceptical of this broker firm is that it clearly lacks a worldwide reputation and integrity.
Additionally, UMarkets was founded in 2014, indicating that the company is still in its infancy and that we may see some quality improvements in the near future.
UMarkets is a relative newcomer to the global Forex market, which enables the business to integrate cutting-edge trading techniques into its daily activities and operations.
This broker, according to their website, provides adjustable leverage and competitive spreads, as well as a variety of trading promotions and incentives to entice gamers to visit their site. Naturally, trading begins with a deposit and the creation of an account, and this broker offers the following basic account kinds.
UMarkets Account Types
Naturally, no UMarkets review would be complete without evaluating the broker’s diverse range of trading accounts, and this broker does not disappoint in this regard. This implies that you’ll have a choice of four packages: Mini, Standard, Gold, or Platinum.
A minimum deposit of $500 qualifies you for the Mini account, while a deposit of $150.000 qualifies you for the “luxurious” Platinum account. However, like they say in movies, do not attempt this at home! Additionally, UMarkets provides Sharia-compliant traders Islamic accounts, as well as a demo account option.
Asset Class and Instruments
While trading stocks, commodities, and indices may be a lot of fun, dealing with an untrustworthy broker can soon turn sour. That is also why, before writing our UMarkets review, we examined the trading platform’s features, and it seems as if their trading portals add extra complexity for their customers.
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More precisely, UMarkets operates on the basis of two software platforms, one of which is well-known among traders. While MetaTrader4 is a widely used trading platform among other brokers, we’re not sure why UMarkets offers their own WebTrader software in addition to MT4.
Referral Program and Bonus
As we all know, trading firms utilise incentives and other gifts to tempt and recruit new clients, as well as to retain existing ones. According to the majority of UMarkets reviews, this broker provides a variety of bonuses and rewards, but none of them substantially increase your trading capital.
In comparison to other brokers on the market, you will get a 30% welcome bonus, which is not excessive. Additionally, if you utilise UMarkets’ Refer-a-Friend option to bring a new customer to their website, you will get a bonus.
If you decide to invest with this broker, you should be aware that you may conduct transactions using a variety of financial instruments, including credit cards and e-wallets.
Customer assistance is available 24 hours a day, seven days a week through phone, e-mail, Skype, or live chat, according to the website.
UMarkets User feedback
As our evaluation of this broker gained traction, we saw an increase in favourable comments about UMarkets. On the other side, these evaluations were created by complete amateurs, indicating that they were paid and clearly fabricated.
To conclude our UMarkets FX broker review, we can only reiterate the most critical points mentioned earlier in the article, the majority of which are linked to the broker’s absence of a legal licence. Additionally, there are additional “minor” problems that lead us to believe that this trading company is not completely legitimate and trustworthy.
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