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Is Umarkets a scam broker?
UMARKETS is an offshore forex broker registered in St. Vincent and Grenadines. It offers four types of accounts. Also, it offers ECN one account with very little information about it. Before trading with this broker you must follow this scam broker review.
The accounts provided by the broker are Mini, Standard, Gold, and Platinum with the minimum deposit of $500, $5000, $10000, and $35000 respectively. All other information regarding spreads, leverage and trading environment is missing from the website. All the account types provide non-commission based trading accounts, along with the fixed and variable spreads. This change in the spreads is depended upon the choice of platform. Fixed spreads are offered one MetaTrader 4 and variable spreads are offered on the desktop-based platform. The broker also provides an Islamic account. Sadly, the micro-lots are missing. With the deposit of $500, one can get access to the Mni account. This deposit amount is high considering the offshore nature of the broker.
UMARKETS provides more than 2 pips spread on EUR/USD in both the platforms. These spreads are high compared to the market average of 1.5 pips on EUR/USD. The broker offers a variety of currency pairs, CFDs, indices, shares, commodities and cryptos. The UMARKETS mentions several features of their platforms in relation to the safety of the funds on its website. Unfortunately, it does not talk about international financial authority who can oversee its operations. The only reliability of this broker comes from MetaTrader 4 which is time tested and trusted by traders around the world. But this platform can be used by scam brokers. This alone does not guarantee the security of the trader’s funds. We have seen such a combination of unregulated firms and high trading amounts are unsuccessful.
The broker offers a 30% welcome bonus and 100% insurance. For extra income, it also offers a referral bonus. But to withdraw these bonuses one must fulfill a certain criterion of the trading volume. The following payment and withdrawal methods are provided by the UMARKETS: all types of credit and debit cards, bank and wire transfer, Neteller, different e-wallets, etc.
Is UMARKETS scam or legit?
The absence of regulating authority makes it hard for traders to invest. This is the red flag. To conclude this UMARKETS forex broker review, we can say this broker can be a scam broker and funds are at the high risk. Stay away from this scam broker and avail the services of regulated, reliable and trustworthy brokers available in the market.