TopForexBrokers.Net team does not trust this broker and advises you not to sign up with it. For the most efficient service, we recommend you to contact our chargeback experts that can educate you and support you on your journey of restoring your lost deposit. All of the invested money gets stolen in the process, and recovering it becomes a job for a professional. Despite the disclaimers, the firm seems to offer their services to EEA citizens, which has prompted more than a few warnings from FCA, CONSOB, MFSA, CNMV, CMVM (reposted by FSMA), FSC and FI. “The broker has a license from the regulator, which controls the activity and is able to resolve potential disputes. The refer-a-friend promotion is one of the most widely used offers across the industry.
Well, all their instruments are CFDs as with many other brokers. 67 currency pairs are provided for trading which is a decent number. Every once and a while, a new broker enters the Forex market, and expensive marketing campaigns are launched to attract potential investors. However, not all of those brokers are legitimate and professional, and some of them are created for malicious reasons. That is why it is vital to learn as much as possible about each broker you want to sign with, and our UMarkets review will provide you with enough facts about this particular trading provider.
Also, UMarkets offers an Islamic account, as well as a demo account for training and practice. Depositing 500 USD with the broker who lost or canceled its license recently is a huge risk. We would not recommend our readers open an account with this broker. For such amount, clients are equipped with features found in the Gold account, plus one-on-one trading and personal share market reports are made available. Since CFDs are exposed to high level of risks, it is necessary to conduct an assessment about this broker.
You can transfer the money using your VISA or MasterCard, or you can opt for an account on Neteller. The possibility of fraudulent activities is always high in the global financial world, and investors should always be careful when investing their funds. The same situation applies to the potential UMarkets scam, and some background check is necessary when planning to invest your hard-earned money. Currently, the broker’s website is owned and operated by TS Software Ltd. Gold Account- On top of the features that the Standard account offers, Gold account adds extra features including SMS signals, VIP manager, personal telephone line, and special promotions.
High spreads and lack of transparency regarding fees only add to the red flags found so far. The asset selection is adequate for most traders, but the pricing environment remains excessive. Traders are also faced with above-average deposit requirements which, given the aforementioned expansion plans, appear out of reach for the target markets. On the positive side is the availability of the XCritical trading platform, a genuine competitor to MT4, which is provided only as the sub-standard basic version. Education is where Umarkets delivers an excellent product with tremendous value. New traders have access to a range of well-presented written content and video tutorials.
Sadly, the point in establishing a successful brokerage business is not in the number of collected blacklists. Success lies in offering security of funds, negative balance protection, compensation scheme, and an overall genuine, transparent and lucrative trading experience. Interested traders need to consider this before accepting them. Some traders will benefit from them, while others will find the stipulations burdensome. Umarkets is fully transparent about the rules, allowing traders to make an informed decision.
I found the website user-friendly, which was ideal for a first-time user. However, I didn’t like its lack of passive income opportunities and short-term trading options. It also segregates client funds from company funds, ensuring they are not used for operational purposes.
The decision to use UMarkets as a broker is up to you, but without much information about the company, it is hard to recommend them. When it comes to trading accounts and conditions, UMarkets broker does not bring anything revolutionary to the world trade scene. The broker explains trading accounts but does not provide a clear and informative explanation of each of them. UMarkets offers five different trading accounts called Mini, Standard, Silver, Gold, and Platinum. All of the accounts have super expensive spreads starting from 2.5 pips. The spreads are lowest for the Platinum accounts at 1 pip which is the industry average and nothing amazing, to say the least.
Investors are advised to be cautious and only engage https://traderoom.info/why-users-choose-umarkets-forex-broker/ with entities authorized by reputable financial services regulators. The MFSA emphasizes the importance of verifying the authorization of entities offering financial services before engaging with them. Recently came to Forex-Market, first tried on a demo account, even knowing that the demo is always and everywhere all good.
Traders need to deposit $5,000 to gain access to the Standard account, where all features are available. The Gold and Platinum accounts require deposits of $10,000 and $35,000, respectively, without contributing any significant advantages. Investing in assets such as stocks, bonds, cryptocurrencies, futures, options, and CFDs involves considerable risks. CFDs are especially risky with 74-89% of retail accounts losing money due to high leverage and complexity. Cryptocurrencies and options exhibit extreme volatility, while futures can also lead to significant losses.
Finally, it uses Secure Sockets Layer (SSL) encryption to protect client data during transmission, providing you with safety and trust. If you’re uncertain about FBS’ offerings and services, my compilation of its pros and cons can help you gauge if the platform is ideal for you. FBS Markets holds a Trading.Biz evaluation score of 7.3, reflecting a comprehensive review across multiple parameters. This thorough evaluation ensures that you, as a potential trader, have all the necessary information to make an informed decision.
The costs mentioned are between 0.005% and 0.015% of the transaction size. After 90 days of inactivity, a monthly maintenance fee of 5% applies. Traders also will incur a 5% fee if a withdrawal is requested before they have executed five trades.
Umarkets scam is also a recurring tag if one is to search for the broker on the internet. The company’s credibility deteriorates overtime as it continues to receive backlash about financial wipeouts and inattentive customer support. Mini Account- For a minimum deposit of $500, clients are provided with a minimum transaction amount of 0.1 lot. An online chat feature is also available to easily access trading support.
Since UMarkets is not a regulated broker there is no guarantee, unfortunately, your withdrawal request will be successful. You can try to submit money withdrawal through the trading account area, in regulated environments requests should be processed within 1-2 business days. But with unregulated Broker, there is no any regulation about that.
